Hang Seng Bank has introduced the “Money Safe” Account to enhance fraud prevention and safeguard customer assets.

Developed under the guidance of the Hong Kong Monetary Authority (HKMA), the new feature allows personal banking customers to lock some or all of their deposits in a dedicated account, protecting funds from unauthorised access or scams.

Money placed in a “Money Safe” Account cannot be withdrawn or transferred via online, phone, or ATM channels.

Customers must visit a Hang Seng branch in person for identity verification and additional authentication to unlock funds, close the account, or adjust the locked amount.

Hang Seng first piloted an interim version of the service in May for customers aged 65 and above at selected branches.

It is now available to all personal banking customers and applies to individual and joint Current, Savings, and Time Deposit accounts in Hong Kong Dollars, Renminbi, and major foreign currencies.

Locked deposits will continue to accrue interest at standard rates, with higher returns available for Time Deposits.

Rannie Lee, Head of Wealth and Personal Banking at Hang Seng, said:

“By working closely with the HKMA to launch ‘Money Safe’ across the Bank, we’re providing customers with an additional safety net to help prevent avoidable financial losses. We will continue to invest in anti-fraud technology and public education to stay ahead of evolving threats.”

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