Retirement Visa Deposit - Banks offering decent interest rates?

[Snook]

Hi

Anyone know a Thai bank or other eligible investment offering something like decent interest rates for the 800K deposit needed for retirement visa? My bank - Krungsri - offers less than 1%!

Thanks :)

[Peterw42]

Check with your local immigration as some of them insist the 800k is in an oncall account and not a term deposit.

[BobTH]

Land and Houses Bank are going to be about your best bet and you do not tell how long of a duration you are looking for, that makes a difference you know. For a 12 month fixed they are at 1.7% and for a 3 month they are at 1.45%.

[worgeordie]

31 minutes ago, BobTH said:

Land and Houses Bank are going to be about your best bet and you do not tell how long of a duration you are looking for, that makes a difference you know. For a 12 month fixed they are at 1.7% and for a 3 month they are at 1.45%.

I think you have to have a work permit to open a fixed account at L&H bank,

at least that's what they told me,it seems all rates offered are under inflation rate.

regards worgeordie

[KittenKong]

44 minutes ago, Snook said:

Anyone know a Thai bank or other eligible investment offering something like decent interest rates for the 800K deposit needed for retirement visa? My bank - Krungsri - offers less than 1%!

 

Not so. Krungsri has the the Mee Tai Dai account that pays 1.3%

 

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

 

and you may be able to get 1.8% from CIMB for 24 months or more, though they are a bit vague.

[BobTH]

21 minutes ago, worgeordie said:

I think you have to have a work permit to open a fixed account at L&H bank,

at least that's what they told me,it seems all rates offered are under inflation rate.

regards worgeordie

I currently have a fixed account at L&H bank and I do not have a work permit. I did have to show them a rental agreement the first year but since then if I keep the same account and just re-negotiate the terms when they come due, nothing more is required. I am currently getting 1.8% on a 10 month fixed which comes due on December 1, 2017. I opened this account on Feb. 1, 2016 so unless they have changed their rules it is doable without having a work permit. I am on a retirement extension of stay and I did this at their main office in the Q House at the intersection of  Rama 4 Road and Sathorn Road here in Lumpini, Bangkok. 

[williewolf]

Kasikorn super senior 1.6% plus a bit of accident insurance as well. Accepted by immigration, (Bangkok)

[Antonymous]

This is a popular topic it seems. Was covered in this thread last month:

 

https://www.thaivisa.com/forum/topic/1000157-banks-for-retirement-extension-in-thailand/

[amvet]

5 hours ago, Peterw42 said:

Check with your local immigration as some of them insist the 800k is in an oncall account and not a term deposit.

I never heard of one not taking a term deposit account.  I think you are wrong.  If not please specify which ones don't take term deposits.  Thank you.

[henry15]

GSB bank 1.25% on  a 10 month fixed account. and don't have to pay the 15% governmemt tax  on intrest.

 opend this account  on 07.08.2017 and its  due on 07.06.2018

[Peterw42]

5 minutes ago, amvet said:

I never heard of one not taking a term deposit account.  I think you are wrong.  If not please specify which ones don't take term deposits.  Thank you.

I recall reading it in a similar thread on here. A couple of guys were complaining that their immigration office didn't let them have the money in a long term deposit. I makes some sense as the idea of the 800k is to be spent to support you. Its obviously not being spent if its in a 5 year term deposit.

I think part of the problem may have been that the investment accounts didnt have a bankbook.

[jgarbo]

5 hours ago, Peterw42 said:

Check with your local immigration as some of them insist the 800k is in an oncall account and not a term deposit.

Yep. They (naturally) want your money on call for short time (overnight) trading. If they offered a term deposit I'd guess they'd demand ~ Bt 1.5 million. this way's better. Wife's a banker.

[jgarbo]

35 minutes ago, henry15 said:

GSB bank 1.25% on  a 10 month fixed account. and don't have to pay the 15% governmemt tax  on intrest.

 opend this account  on 07.08.2017 and its  due on 07.06.2018

Pull it out 89 days before your renewal, stick it in a saving a/c and show them. I've never bothered. I keep the putative 800k in a share trading a/c, where I can make 5%/ mth (-10% tax) then transfer into savings before the 90 day deadline.  

[jgarbo]

1 hour ago, williewolf said:

Kasikorn super senior 1.6% plus a bit of accident insurance as well. Accepted by immigration, (Bangkok)

Good news. The icy grip is loosening...

[jgarbo]

23 minutes ago, Peterw42 said:

I recall reading it in a similar thread on here. A couple of guys were complaining that their immigration office didn't let them have the money in a long term deposit. I makes some sense as the idea of the 800k is to be spent to support you. Its obviously not being spent if its in a 5 year term deposit.

I think part of the problem may have been that the investment accounts didnt have a bankbook.

Nobody cares about "support". They follow the rules, not interpret them, like some silly farang. Don't argue. Smile & accept what they say. Then go away and work it out. 

[roobaa01]

1. immigration allows for a fixed account or savings acc .written down in their rules, however the 800 k must be accessible. thereto, the 800k must never be lower in case of premature withdrawing with penalty loss of interest.

 

2. lh bank 12 months fixed 1.7 % less 15 % tax net interest 1.445 % better than any other bank.

 

3. lh bank acc. can be obtained with extension based on retirement plus residence certificate issued by the immi office.

 

wbr

roobaa01

[jgarbo]

Just now, roobaa01 said:

1. immigration allows for a fixed account or savings acc .written down in their rules, however the 800 k must be accessible. thereto, the 800k must never be lower in case of premature withdrawing with penalty loss of interest.

 

2. lh bank 12 months fixed 1.7 % less 15 % tax net interest 1.445 % better than any other bank.

 

3. lh bank acc. can be obtained with extension based on retirement plus residence certificate issued by the immi office.

 

wbr

roobaa01

Wow. Too complicated for me. How much actual money is saved? Note: My currency is Leos, by which I value all other things. 

[topt]

Surprised no one has mentioned the pinned thread in Business/Banking etc forum - go to last page however.......

 

[xylophone]

6 hours ago, Peterw42 said:

Check with your local immigration as some of them insist the 800k is in an oncall account and not a term deposit.

Have had my funds in term deposits every year for the past 10 when getting my extension based on retirement and they have always been accepted at Phuket Immigration.

 

PS. Looked at your post again Peterw42 and you did say that "some of them" so in some instances you could be right! 

[amvet]

12 minutes ago, roobaa01 said:

1. immigration allows for a fixed account or savings acc .written down in their rules, however the 800 k must be accessible. thereto, the 800k must never be lower in case of premature withdrawing with penalty loss of interest.

 

2. lh bank 12 months fixed 1.7 % less 15 % tax net interest 1.445 % better than any other bank.

 

3. lh bank acc. can be obtained with extension based on retirement plus residence certificate issued by the immi office.

 

wbr

roobaa01

See, you are going to scare the guy.  He can get a bank account at any big "Bank of Bangkok bank" if problems just go down the street to another one.  Put 800,000 in any kind of account ( for 2 months first time then 3 months) that you can withdraw in a day and have a bank book and on the day you go to Immigration get a letter from the bank manager (100 baht) that says you have 800,000 baht in the bank.  Don't listen to people who post on here except UbonJoe as they are trying to scare you that's what passes for fun in some expat countries.  

[amvet]

11 minutes ago, topt said:

Surprised no one has mentioned the pinned thread in Business/Banking etc forum - go to last page however.......

 

What is BAY bank and what is name of account?

[topt]

1 minute ago, amvet said:

What is BAY bank and what is name of account?

Unfortunately when I tried to post just the link it came up with the start of the thread so that is 2012 hence the 2.9%......

I could not post the link without it but that specific post is obviously not relevant today,

BAY = Bank of Ayudhaya/Krungsri - BAY is the SET moniker.

[murraynz]

i have just put my 800k with bkk bank @ 1.25% for 6mths---i think the speial deal was 1.75% for 12mths...patheti realy, but i dont like having money sitting idle...

[amvet]

28 minutes ago, murraynz said:

i have just put my 800k with bkk bank @ 1.25% for 6mths---i think the speial deal was 1.75% for 12mths...patheti realy, but i dont like having money sitting idle...

The difference between 2% and 7% on 800k in the bank is about the price of one good beer a day.  I wouldn't get too upset about it.  Still a beer is a beer I get that but in the scope of things it is really a piddling amount of money.

[gk10002000]

3 hours ago, Peterw42 said:

I recall reading it in a similar thread on here. A couple of guys were complaining that their immigration office didn't let them have the money in a long term deposit. I makes some sense as the idea of the 800k is to be spent to support you. Its obviously not being spent if its in a 5 year term deposit.

I think part of the problem may have been that the investment accounts didnt have a bankbook.

Yes and some have reported that they really want to see you drawing money down out of that account, prior to you then topping it off again. This shows you are spending money and not getting by from working in Thailand.  Of course they then don't ask how you got the money to top off the account again, so it is a bit non-sensible.  Since one can seemingly keep getting 800 K baht cash into the country every year, I would suggest you could qualify and affirm that you meet the income method.  that way you keep your money invested in your home country and just transfer over what you need.   I mean, 800k/year is equivalent to 65K baht a month.   Granted some people just have chunks of cash and don't have it invested earning regular dividends and interest.  Also, I have read reports where even if on the income method, some places wanted to see those monthly transfer transactions to Thailand.  I myself would not make the transfers monthly as that has costs.  I easily meet the income method but would only transfer funds over maybe quarterly or even just twice a y ear, since I would be traveling back to the States once a year for sure anyway and would take back another 10,000 USD each trip.

[bazza73]

10 hours ago, Peterw42 said:

Check with your local immigration as some of them insist the 800k is in an oncall account and not a term deposit.

Not the case with CM Immigration, they've been accepting my term deposit 800K for about 5 years now. Just a letter from the bank to confirm it is on continuous deposit.

If the OP can achieve the 65K baht monthly income, much better to do it that way.

[bazza73]

2 hours ago, amvet said:

The difference between 2% and 7% on 800k in the bank is about the price of one good beer a day.  I wouldn't get too upset about it.  Still a beer is a beer I get that but in the scope of things it is really a piddling amount of money.

The difference between 2% and 7% on 800k in the bank is the price of a new scooter or a week's holiday in Vietnam. Every year.  I don't drink every day, so maybe my perspective is different to yours.

[Maestro]

8 hours ago, amvet said:

The difference between 2% and 7% on 800k in the bank is about the price of one good beer a day.  I wouldn't get too upset about it.  Still a beer is a beer I get that but in the scope of things it is really a piddling amount of money.

 

You are talking about 800k Baht in the bank, I presume. What bank pays 7% interest?

[jacko45k]

13 hours ago, amvet said:

I never heard of one not taking a term deposit account.  I think you are wrong.  If not please specify which ones don't take term deposits.  Thank you.

I believe if the account can be closed without notice, simply loss of interest, it is deemed accessible and hence acceptable. Individual IOs might be more the problem.

[bazza73]

13 hours ago, gk10002000 said:

.  Also, I have read reports where even if on the income method, some places wanted to see those monthly transfer transactions to Thailand.  I myself would not make the transfers monthly as that has costs.  I easily meet the income method but would only transfer funds over maybe quarterly or even just twice a y ear, since I would be traveling back to the States once a year for sure anyway and would take back another 10,000 USD each trip.

All I needed at CM Immigration was  a Stat Dec from my embassy ( Australia ) stating my monthly income in AUD. The embassy personnel didn't even want to see any proof to support the Stat Dec, although I had it ready in case.

Neither did Immigration.

Immigration does not care how frequently the money is transferred, as long as the total transactions in a year add up to more than 780,000 baht (12X65000). I can't say if that's a calendar year, or the preceding year of the retirement visa.