Money Safe

Protect your savings from scams
An extra layer of security to keep your savings secured

What is Money Safe?

Money Safe is the latest anti-fraud and scam measure introduced by the
Hong Kong Monetary Authority (HKMA).

It provides an extra security for your bank deposits. You can lock the fund under Money Safe. The funds subject to Money Safe will be restricted from fund outflows via any transaction types and channels, including cash withdrawal, FPS, local and cross-border transfers, etc., lower the risk of scammers instantly transferring funds outs of the accounts.

Key Features
Extra protection for your deposits
With Money Safe, you can lock part of your idle funds. Once locked, the funds subject to Money Safe are restricted from fund outflows (including cash withdrawal, local and cross border transfers, etc.), helping to lower the risk of financial loss triggered by scams or unauthorized transactions.
Coverage for different accounts
Money Safe is available for Hong Kong Dollar and other currencies provided by the Bank for savings accounts, checking accounts and time deposit accounts. Locked fund could still enjoy interest (if applicable).
Designated channels
  • You can activate or increase the funds subject to Money Safe via online banking, mobile banking or visit branch in person.
  • Providing extra protection as you must visit the branch for verification in person to unlock or reduce the Money Safe amount.
Set Up Money Safe Amount
by Just Few Simple Steps
Mobile Banking
Online Banking
Login to Mobile Banking and select “Security Center” under Menu
Tap “Money Safe Amount Setup/ Maintenance”
Select “Checking and Savings Account” or “Time Deposit Account” tab, and choose the account number and tap “Money Safe Amount setup”
Read the “Important Notice”, “Declaration, Terms and Conditions” and tap “Read and acknowledge all the terms”
Select an account for setting up Money Safe amount
Enter new Money Safe amount and tap “Next”
Please check if the information is correct and tap “Confirm”
Money Safe amount setup completed
Log in Online Banking, select “Setting” and click “Money Safe Amount setup”
Click “Checking and Savings Account” or “Time Deposit Account” tab, and choose the account number and click “Modify”
Read the “Important Notice”, “Declaration, Terms and Conditions” and click “Read and acknowledge all the terms”
Select an account for setting up Money Safe amount and click “Modify”
Set up Money Safe amount and then click “Next”
Please check if the information is correct, and click “Confirm”
Money Safe amount setup completed
Money Safe Frequently Asked Questions
Money Safe Nature and Setup
  1. What types of accounts will Money Safe apply to?
It applies to Time Deposit, Checking Account and Savings Account (including Step Up Savings Account, PREMIER Savings Account, etc.).
  1. Is Money Safe for HKD only?
No, it isn't. Money Safe applies to different currencies provided by the Bank for Time Deposit, Checking Account and Savings Account.
  1. Could I raise one request and set up Money Safe amount for all my accounts?
No, you couldn't. You need to submit Money Safe setup application one by one.
  1. How could I set up the Money Safe amount?
You may set up the Money Safe amount via Online Banking, Mobile Banking or any branch in person. To set up Money Safe amount at Branch, you will need to complete an application form for submission.
  1. How could I release Money Safe?
You MUST go to branch in person for application of releasing Money Safe. So please take your financial needs, health situation, etc. into consideration before you set up Money Safe amount.
  1. Could I release the Money Safe by Online Banking, Mobile Banking, ATM, Smart Teller Machine or Hotline?
No, you couldn't. Customer is required to visit branch in person and submit application form to release the Money Safe.
  1. When will it be effective after submitting the Money Safe application?
If it is done via Online Banking or Mobile Banking, the Money Safe will be in effect immediately. If it is done via Branch, the bank will process your request in 3 business days.
  1. Will there be any alert after the Money Safe has been set up?
Yes, there will be Money Safe SMS alert and email notification.
  1. Will there be any minimum or maximum Money Safe amount?

Checking and Savings account:
Minimum amount: HKD10,000 or equivalent.
Maximum amount: up to the account balance at that time you make the request.

Time Deposit:
Only Principal (P) or Principal + Interest (P+I).

If you are going to branch for Money Safe setup, please make sure the account balance is sufficient.

  1. I may not be able to visit branch in person in coming couple of months to release the Money Safe amount, but I may need to use the funds. What should I do?
If you are unable to visit branch in person to release the Money Safe amount, the Bank could not do it for you. Money Safe is a new preventive measure to protect your deposit accounts from fraudsters, Money Safe enables customers to protect their money from fund outflow by “Lock” deposits. Please set up the Money Safe amount according to your needs.
  1. I am very old and may not be able to go to branch by myself. If I have set up Money Safe and need to get it released, what should I do?
If you are unable to visit branch to release the Money Safe amount, the Bank could not do it for you. Please consider your financial needs and set up a lower Money Safe amount. Or you may consider to sign Power of Attorney at branch and appoint a designated person to operate the account for you.
  1. Is Money Safe applicable to joint account?
Yes. For setting up or releasing the Money Safe amount, customer(s) need to go to branch in person and sign the form according to the signing authority. You may also set up or increase Money Safe amount via Online Banking or Mobile Banking (if applicable).
Checking and Savings account
  1. What will be the difference after I set up Money Safe in my Checking or Savings Account(s)?
For the locked Money Safe amount, you will not be able to do any online transfer or execute any monetary instruction including but not limited to Autopay (i.e. Direct Debit Authorization – DDA), monthly installment settlement and standing instruction, etc.
  1. If there is any penalty induced for unsuccessful Autopay due to insufficient balance as part of the fund is locked by Money Safe under the particular account, will I be compensated?
No. Money Safe setup is initiated by customer according to his/her financial needs and it would be the customer to be liable for any surcharges or consequences for any delay or failure in making payment which may arise as a result of holding funds due to Money Safe.
  1. Will there be any change of interest rate for the account after setting up Money Safe?
There will be no difference.
  1. How to deal with the Checking account with overdraft？
If the Checking account has been approved for overdraft line, the subject Checking account is not allowed for setting up Money Safe. Please transfer money to other Checking or Savings accounts and set up Money Safe accordingly.
Time Deposit
  1. Time Deposit has locked the fund. How could it be protected by Money Safe?
When a Time Deposit is protected by Money Safe, customers should go to branch in person to apply for releasing Money Safe before early uplifting the Time Deposit.
  1. Will Time Deposit with Money Safe be released automatically on maturity?
It depends on the maturity instruction.
  • If only the principal is to be rolled over, the principal will be auto locked in Time Deposit account.
  • If it is Principal and Interest to roll over, the principal and interest in full will be auto locked in Time Deposit account.
  • If the matured Time Deposit is transferred to Checking or Savings account, the fund will be locked in that Checking or Savings account. However, if the Checking account has been approved for overdraft line, the subject amount will be hold and bear the lowest savings interest rate as determined by the Bank from time to time and customer should contact the branch and transfer the fund to another account for setting up Money Safe amount.
  1. If the Time Deposit maturity instruction is to transfer the Principal and Interest to the Checking account with approved overdraft, what will my matured Time Deposit go to?
The fund will be maintained in the Time Deposit account in respective currency. The fund will be entitled to the lowest savings interest rate determined by the Bank from time to time.
  1. If I could not recall that I have set up Money Safe for a Time Deposit. How could I check?
There will be a Money Safe SMS reminder blasted upon Time Deposit maturity and customers could enquire on the Money Safe Setup interface via Online Banking or Mobile Banking.
Important notes:
  1. Money Safe Protection applies to Time Deposit Account, Checking Account and Savings Account only.
  2. You need to set up Money Safe Protection Amount for each account and currency. For newly setup and increasing the protected amount, you may process via Online Banking and Mobile Banking.
  3. Please ensure the information provided is correct and clear.
  4. For Time Deposit, the locked amount must be the Principal or Principal with Interest, according to the maturity instruction.
  5. Please input or state the amount for the designated account to be protected one by one directly for newly setup or adjustment. The minimum amount is HKD 10,000 or equivalent. If you would like to release Money Safe protection, please input or state "0".
  6. For locked matured Time Deposit funds, if it is rollover, it will be hold under Time Deposit Account automatically. It will effect the Money Safe Protection on principal only or both principal and interest according to the maturity instruction. If it is transferred to the Bank's Checking or Savings Account, the funds will be hold under the subject Checking and Savings Account automatically. Please make adjustment for Money Safe Protection amount if needed. If the Checking Account has been approved for overdraft line, please transfer money to other Checking or Savings Accounts for Money Safe Protection. Otherwise, the subject amount will be hold and bear the lowest savings interest rate as determined by the Bank from time to time. Please stay alert for the reminder SMS blasted on maturity day.
  7. Once the Money Safe Protection is in effect, the protected amount will be put on hold and could not be used and processed fund outflow in any form, including but not limited to withdrawals, fund transfers, direct debit authorization and standing instruction related transactions, loan and card repayment, bank fees and charges. If there is any overdraft (or increase in existing overdraft) and fees or charges which may arise as a result of the execution of Money Safe Protection, the Bank will not bear any related expenses and legal liability.
  8. To release the Money Safe Protection, you MUST visit Branch in person, complete and sign the form. You shall be liable for any surcharges or consequences for any delay or failure in making payment which may arise as a result of holding funds due to Money Safe Protection.
The above products and services are subject to the relevant terms and conditions. For details, please refer to the important notes and relevant terms and conditions.