Indian Woman Strips in Defence Against Theft Claim

[Shane77]

 

Hi. I have a bank account at Krungsri (Bank of Ayudhya) which is called Mee Tae Dai Savings.  I opened this account when I was working in Thailand a few years ago, and I still keep it because the interest rate is okay though there is no term commitment.

 

The thing is that I needed to have at least 100,000 baht to open this account, and my balance of this account will be less than 100,000 soon as I withdraw some money whenever I visit Thailand and I don't work there anymore.

 

Does anyone know if they charge any fee and how much they charge when your account balance goes less than 100,000 baht?  I can't find any information on their website.

 

[niccodemi]

If I remember correctly, you can withdraw twice per month free of charge. When your balance gets below 100k your interest rate is reduced.

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[DLang]

I have mine for years too.

 

I think it was around 3% paid monthly, then, and around 1.5% nowadays. You need 100k baht balance to get that rate. Otherwise it's as good as zero.

 

You can withdraw twice a month without charge, after that it is around 50 baht per withdrawal I think.

 

 

It's good to keep money in, but isn't good as an everyday account. 

[Shane77]

Thanks guys for your comments. Yeah it was around 2.5% when I opened my account, but now it's like 1.3%?

 

If they don't charge any fee when my balance goes less than 100,000, I'll just keep using this account. Some day I'll bring some cash and deposit it to this account when the exchange rate (CAD/THB) gets better. Withdrawing twice a month is good enough for me as I usually stay only 2-3 weeks.

[Oxx]

20 hours ago, DLang said:

Around 1.5% nowadays. You need 100k baht balance to get that rate. Otherwise it's as good as zero.

 

Actually 1.3%.  However, if you go below 100k the rate is 0.6% which, in the current climate, isn't bad.  It's actually double the rate of a Savings Deposit Account (0.3%).

 

 

 

[davehowden]

Is there a maximum amount allowable for each withdrawal ?

[Pib]

6 hours ago, davehowden said:

Is there a maximum amount allowable for each withdrawal ?

No.  Below is from the Krungsri web site regarding their Mee Tai Dai account....info and interest rate current as of 1 Oct 18.  I've had one for around 3 years.   Works fine.  And it only requires Bt500 to open at MTD account.  Whatever branch the OP used to open a MTD account took him for a ride in requiring Bt100K to open the account...now at least Bt100K is needed to get the highest interest rate....less than Bt100K earns a lower interest rate....see rate below.

 

[johng]

Strange how if you have "too much" money in the account it goes back down to 0.6%

So remember just keep less than 50 million there for best rate

[davehowden]

11 minutes ago, johng said:

Strange how if you have "too much" money in the account it goes back down to 0.6%

So remember just keep less than 50 million there for best rate

TIT

[Pib]

1 hour ago, johng said:

Strange how if you have "too much" money in the account it goes back down to 0.6%

So remember just keep less than 50 million there for best rate

Quite a few Thai savings products like that...don't know why...just the way it is.  Maybe the govt/Bank of Thailand don't want too many banking products where people would just tuck their BIG money into versus using that big money to invest in other things, start new businesses which employee more people. etc.

[davehowden]

I assume this type of account is accepted by immigration for the 800,000 baht deposit requirement ?

[KittenKong]

15 hours ago, johng said:

Strange how if you have "too much" money in the account it goes back down to 0.6%

Happens in the UK too.

 

https://personal.natwest.com/personal/_compare_savings_accounts/_savings_builder.html

[KittenKong]

22 minutes ago, davehowden said:

I assume this type of account is accepted by immigration for the 800,000 baht deposit requirement ?

It is.

[Pib]

42 minutes ago, davehowden said:

I assume this type of account is accepted by immigration for the 800,000 baht deposit requirement ?

Yeap....used if for the last 3 years or so for my retirement extension of stay.  Just another savings account (but paying much higher interest) where you can get your money at any time without any interest rate penalty like with a fixed account....comes with a Visa debit card....comes with ibanking...etc. 

 

Now, when you withdraw funds "more than two times a month" there is a Bt50 withdrawal fee....first two times per month is free....3rd and up during that money there is a Bt50 fee.   I don't see a problem with that because since the MTD account pays almost 3 times the interest of a typical savings account and the MTD is focused towards "savers who want to let their money set and grow with just some occasional withdrawals" then charging a Bt50 fee for the 3rd and subsequent withdrawal each month is no big deal in my book.  Heck, since I use that account primarily just to store my big money needed for retirement extension of stay and emergencies I probably average only one withdrawal every three months or so when I transfer some money out via ibanking to top up my Bangkok Bank account which I use for day-to-day living cash.

 

But even if you did need to withdraw money more than two times a month thereby incurring a Bt50 fee per withdrawal for each withdrawal if you had Bt800K setting in the account you are earning & receiving monthly interest of appox Bt875 so that monthly interest earned sure could cover a lot of extra withdrawal per month if a person did want to use the account for frequent monthly withdrawals.

 

A MTD account is simply superior to a regular savings account...I'm surprised it even exists...but it does.  But keep in mind no joint account allowed for a MTD; can be in one person's name only.

[YT3k72Em]

TMB also has a similar option, the "No Fixed" account. It also pays 1.3% but doesn't require 100,000 to get it. All it requires is that you increase your balance each month, increase can be 1 baht if you like. Also has the 2 withdrawals per month limit. You can increase the interest rate to 1.6% if you also have the misnamed "All Free" account and use it 5 times a month.

 

Website is all in Thai unfortunately.

https://www.tmbbank.com/en/accounts/savings/tmb-no-fixed-account.html