At any given time, banks in Malaysia operate on a two-tier reality: promotional rates, which are attractive and competitive, and board rates, which are substantially lower and often fail to keep pace with inflation.
For many, the transition between these two is a simple matter of clicking on a mobile device or walking into a nearby branch. For senior citizens, however, this gap represents a form of systemic neglect that ignores the physical and digital hurdles that come with ageing.
As a senior myself, I see the irony. We are the generation that built the foundations of these mega financial institutions, such as Maybank and Public Bank, through decades of loyalty. Yet, when our fixed deposits (FDs) mature, we are often “rewarded” by being defaulted into the lowest possible interest rates unless we can physically navigate the hurdles of modern society to demand better.
The barrier of physical presence
It is disheartening that fresh walk-in customers – often younger and more mobile – can easily secure promotional rates, while loyal seniors are left behind. For a person over 60, a trip to the bank is not merely an errand. It can be an arduous task involving the search for elusive parking, navigating heavy glass doors and, for some, the physical strain of managing wheelchairs or walking aids.
While the existence of priority counters is commendable, the deeper issue is that seniors should not have to be physically present at all.
There is a strong ethical and economic case for banks to treat those aged 60 and above with greater consideration.
First, replacing a lifelong pay cheque. Unlike younger workers, seniors rely on interest income to survive. In an era of rising medical and food costs, the difference between a board rate and a promotional rate is not “extra profit”. It can mean the ability to afford quality healthcare and live with dignity.
Second, the digital divide penalty. Banks often hide their best rates behind e-FD portals. This effectively penalises seniors who may have limited digital literacy or who simply trust the security of traditional banking.
Third, loyalty as a liability. Seniors are “sticky” customers. We do not jump from bank to bank for a 0.05 per cent gain. Banks benefit from our stable, long-term capital. Using that loyalty as a justification to keep us on lower rates, assuming we are too tired or too “forgetful” to complain, amounts to exploitation.
A plea for automatic dignity
With the massive profits reported by leading financial institutions, it is time for Corporate Social Responsibility initiatives to move beyond glossy brochures and translate into tangible support for the elderly by strengthening their savings.
One practical proposal is that any Malaysian citizen aged 60 and above should automatically qualify for prevailing promotional FD rates upon maturity, without the need to physically visit a branch or present “fresh funds”.
A call to action
We, as seniors, urge the Association of Banks Malaysia and Bank Negara Malaysia to intervene. It is time to move away from a system that sacrifices the well-being of the elderly in the name of cost-cutting.
We no longer receive physical FD certificates, making it harder to track our life savings. The least banks can do is ensure those savings are working as hard as possible for us.
Malaysian banks must acknowledge the contributions seniors have made to this nation’s development. Do not exploit our lack of mobility. Instead, lead the way in creating a fair, inclusive and compassionate banking system that respects the dignity of the silver generation.
The views expressed here are the personal opinion of the writer and do not necessarily represent that of Twentytwo13.
