We’re excited to announce a brand new feature for your Clockwise Current Account: Wallet Locking! This update gives you even greater control over your finances and helps you achieve your savings goals.
Remember our handy Wallets feature, launched back in May? They’re a fantastic way to organise your money, and now they’re even better. With Wallet Locking, you can now secure your wallet funds and prevent withdrawals until a future date that you have chosen.
How does it work?
It’s simple! You can now lock any of your wallets directly within the app. While locked, your wallet can still receive deposits, so you can continue to add funds. However, withdrawals will be restricted until the unlock date you’ve chosen. Think of it as a digital piggy bank with a built-in timer!
What if I need the money sooner?
Life happens. You can close a locked wallet at any time through the app. When you close a locked wallet, any remaining funds will be automatically transferred back to your parent Clockwise Current Account. You’re always in control.
Why use Wallet Locking?
This feature is designed to help you build better financial habits and achieve your goals. Here are just a few benefits:
- Boost your savings discipline: Resist the urge to splurge and keep your savings safe.
- Master your budgeting: Set aside money for specific expenses, knowing it’s locked away until needed.
- Reduce reliance on overdrafts: Ensure funds are available for future bills or planned purchases.
- Protect your emergency fund: Keep your safety net untouched until necessary.
- Commit to your financial goals: Locking your wallet acts as a powerful commitment device, helping you stay on track.
How to Access Wallet Locking:
Simply head to the “My Wallets” tab in your Clockwise app. You’ll see a padlock icon and unlock date displayed next to any locked wallets.
