Who monitors the interest rates banks offer customers and what markers can the public look at to determine if the bank should up interest rates on fixed deposits?

Each time I renew my fixed deposits at a local bank, the bank officer is more eager to talk about unit trusts and other structured or investment-linked products, trying to persuade me to opt out of fixed deposits. This seems to be the trend every time I walk into any bank these days.

I hate to think that banks are deliberately lowering fixed-deposit interest rates to attract people to take up their investment products that not only tie one down but are also uncertain.

Is there anything the authorities can do to tackle this problem many customers are face?

It appears society is veering away from traditional values of hard work and saving, with more banks pushing customers to take up investment products and risking their hard-earned savings in the hands of some unknown fund manager.

James Chi Han-Hsuan