Banks for retirement extension in Thailand

[Davejf2017]

The 800,000 that I have in my Thai bangkok bank account is not getting a great interest rate 1% are you allowed to use any Thai bank or are there restricted banks that are recognised by immigration.I look forward to some sound advice.  

[asiaexpat]

One can use any Thai bank and any account that allows immediate withdrawals (savings, fixed or current.) Immigration accepts my LH Bank 12 month fixed account for permitted to stay extensions each year. 

[Boon Mee]

Bangkok Bank. 

Best customer service of any of them. 

[KhunBENQ]

Wish I knew where I get a significantly better rate for such a always accessible fixed deposit.

Times have changed.

 

And don't forget that the full sum has to be there for 3 months only.

For the following 9 months you can use it up full or partial.

Depends on your personal situation.

 

[Boon Mee]

Rat hole it and forget it. Just update the book before going to Immigration for a renewal. 

[rak sa_ngop]

TMB bank has a  "No Fixed Account" which pays a slightly higher rate with immediate no notice withdrawals. Not sure what the current rate is nowadays, maybe close to 2 pc?

 

Only drawback is that when you need to make a copy of your bank book on the day of your extension, you have to go into a bank branch to deposit or withdraw a small amount to get the book updated. (so you cannot start queuing before 8.30 am). With Bangkok Bank you can get the update from one of their passbook update machines with no transaction needed.

[Cybervlad]

38 minutes ago, rak sa_ngop said:

TMB bank has a  "No Fixed Account" which pays a slightly higher rate with immediate no notice withdrawals. Not sure what the current rate is nowadays, maybe close to 2 pc?

Yes, TMB has "No fixed" deposit (up to 1.6% annual interest rate). And very nice package "All free".

But they require work permit in order to open ANY account.

I asked in 2 branches, explain (in Thai labguage) that I don't want to work, I am arranging retirement visa. And I don't ask loan or credit card. I just want bring you 800,000 and keep in your bank. But they only repeat "solly, cannot, you must have workpermit, solly..."
What a stupid rules...
p.s. If someone suggest TMB branch in Bangkok where I could open account without workpermit, I will be much appreciated.

[Antonymous]

I have a no fixed and a savings account at TMB Chiang Mai. No work permit required to open an account with TMB. you have two options; go to another TMB branch, or call head office and get someone senior to call your branch.

 

As for the best interest rate, I have used Islamic Bank of Thailand for years and always got better than anywhere else. Currently my fixed deposit earns 2.6% interest paid monthly. For a new account you'll get less than this, but usually higher than anywhere else.

 

 

 

 

[1FinickyOne]

My experience is that it depends more on the individual branch and then to break it down further, to the manager or whoever might be in charge of this service. Ask questions and hope for the best. 

[Cybervlad]

23 minutes ago, Antonymous said:

As for the best interest rate, I have used Islamic Bank of Thailand for years and always got better than anywhere else. Currently my fixed deposit earns 2.6% interest paid monthly. For a new account you'll get less than this, but usually higher than anywhere else.

Thanks!

 

3 minutes ago, kenk24 said:

My experience is that it depends more on the individual branch and then to break it down further, to the manager or whoever might be in charge of this service. Ask questions and hope for the best. 

Yes. It's why I asked in 2 different branches...

[smo]

On 9/4/2017 at 2:29 PM, Antonymous said:

 

As for the best interest rate, I have used Islamic Bank of Thailand for years and always got better than anywhere else. Currently my fixed deposit earns 2.6% interest paid monthly. For a new account you'll get less than this, but usually higher than anywhere else.

 

 

 

 

Can you tell which term for the 2.6% rate and how easy/difficult it was for you to open your account there? Any documents re work permit, retirement ext. etc. required? thanks