Trust Bank introduces money lock feature with digital unlocking capabilities

They need their app and card to unlock their money.

Trust Bank has introduced Trust Lock, allowing them to lock and unlock their money using its app and card.

This is different from similar features introduced by other Singaporean banks, who require their customers to go to a branch or ATM terminal to unlock their funds.

Customers can lock their Savings Pot with “just a couple of taps,” Trust Bank said in a press release. They can lock up to five different Savings Pots.

Once Trust Lock is activated, you can’t move the locked money out until it’s unlocked.  

To unlock, customers will need to log in to their Trust app, tap their physical Trust debit or credit card in their NFC enabled phone, and enter their personalised 6 digital Trust Key.

Money can only be withdrawn after 12 hours of unlocking the funds.