[Post 452] More banks in Singapore to offer money lock feature, but take-up rate low among young adults

Summary

At least three more major banks in Singapore including HSBC, Maybank and Standard Chartered are set to offer a money lock feature as early as June this year. Banks that already started offering the function last November say that while the number of people choosing to protect their savings is growing, most of them are older customers. Young adults make up as little as 15 per cent of the safety feature users. CNA’s Nasyrah Abdul Rohim reports.