Affin Bank has launched a new offering called the Affin Savings Vault/-i, a product that is aimed at providing enhanced security against fraud and unauthorised transactions.

Described as a first-in-the-industry within the country, the Affin Savings Vault/-i is a savings account that allows customers to lock their funds in, with no debit transactions allowed to be conducted via the account. This makes it difficult for funds to be hacked digitally, or for unauthorised transactions to be performed.

If you wish to withdraw your funds, you must visit a bank branch in-person to submit your request – complete with a mandatory identity verification process – although you’re allowed to check your account balance via Affin’s online banking website or mobile app at any time. You’ll also have the flexibility to increase the locked amount seamlessly, and to unlock all or part of your funds in the account.

Aside from the enhanced security feature, the Affin Savings Vault/-i service also offers a few other benefits, including competitive daily calculated interest. Specifically, the Affin Savings Vault/-i lets you earn 2.18% p.a. interest if you have a balance of more than RM10,000 in your account; otherwise, you’ll be earning 0.08% p.a..

Note that to open a new Affin Savings Vault/-i, you will need to put in a minimum initial deposit of RM100, whereas the minimum balance required to maintain the account stands at just RM1. Affin also clarified that while new customers can open a new Affin Savings Vault/-i account with the enhanced security features readily enabled, existing customers who already have a savings account with the bank can simply leverage on their existing ones to enjoy similar security perks.

“The introduction of the Affin Savings Vault/-i is timely and showcases the Group’s commitment in providing a safer banking experience for our customers. With the escalating threat of digital scams and cybercrimes, we are raising the bar for security standards to provide our customers with ease of mind, knowing that their funds are safeguarded from any fraud and digital threats,” said the president and group chief executive officer of Affin Bank Berhad, Datuk Wan Razly Abdullah.

Datuk Wan Razly also said that Affin Bank is proud to introduce a new safety feature using existing savings accounts that allow customers to ‘lock up’ funds, in the latest move to guard against scams. It not only lets the bank strengthen its defence against scams and fraud, but also contribute to a national effort to combat similar financial threats.

(Sources: Affin Bank [1, 2, 3], BusinessToday)

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• Affin Bank
• Affin Savings Vault/-i
• Datuk Wan Razly Abdullah
• Savings Accounts