krungsri savings account offering 1.7%

[Once Bitten]

My wife has been to krungsri bank to update our MeeTae Dai  savings accounts and while she was there she was asked why she did not move to another type of account that would provide better interest rates and give you access to the funds should you need them at any time .

 

Listening to my wifes outline of the type of account that the bank teller was offering I am wondering which actual account type is being promoted. I have looked at the banks web site and I'm not sure which product my wife was told about . 

 

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

 

My wife asked for written details of the account on offer but was told as the interest rates can fluctuate day by day the bank did not produce any written sales literature. 

 

My wife took a photograph of the written details that the bank teller was showing her and the account promotion poster that was in the banks window.

 

 

 

I'm wondering if any one knows which actual savings account the bank teller was promoting to my wife and what the prospects may be . 
 

 

 

[hathairat2711]

Oops

Edited November 29, 2017 by hathairat2711

[Once Bitten]

10 minutes ago, hathairat2711 said:

Oops

Thanks for the link  , like you say Oops  it seems to be from the year 2013 . but thanks for trying , its appreciated . 

 

I still can't seem to find info on the product my wife was told about  

[Once Bitten]

Well I think Ive managed to find the web page which seems to only be in Thai 

 

https://www.krungsri.com/bank/th/PersonalBanking/DepositProducts/TimeDeposits/step-up-9-months.html#RemarkLink1698

 

I'm not to sure about the google translation , I can't find much more relating to this account . Does any one use this savings  account ?

 

 

[dabhand]

OP, if you go to the Home page on your link the EN version becomes available. That will the allow you to look through all the banking options including details of different savings/deposit schemes plus associated rates/periods.

[macahoom]

 

Yes this account, and similar ones in other banks, will pay 1.7%, but only for a relatively short period of the term. 

 

The average rate over the full term will be much lower.

[meatboy]

this is a step acc.for the first 3months interest is 1.35%,the next 3months its 1.35%, then the last 3months its 1.70%.

that works out 1.45% over the 9months. they wont tell you that as its not a good rate.AVOID.

[Henryford]

Isn't this a fixed account that you can not access during the 9 months, unlike the MTD. The average 1.45% is not much more than the MTD anyway.

[irwinfc]

that is for fixed (or time) deposit account with varying interest rates by duration. the maximum duration is 9 months without rollover. also, you won't be able to touch your money during that period without incurring some penalty.

[how241]

Usually, at the bottom in the fine print,  they give you the total return.   It is 1.45% in this case and they will automatically deduct out the tax, so you real return is lower.  You can claim back that tax.

[shaurene]

Do NOT take what the bank teller offers you.

last your I quiried the tax Krun deducted from my account with 3 mill in it. I went to the manager and he said interest over 20k in a year I taxable by the government. He told me to split the 3M into 2 accounts 1.5 in each and I would not have to pay tax. I did and this year they took the tax out again. I told them about this and they said from 1st January 2017 they total the interest earned from the 2 accounts and it came above 20k so it was taxed. They said it was a new law from 1st Jan 17.

i do not know if you have 2 or 3 accounts in different banks if that would be added to the grant total of interest earned.

They have got you all ways.

[shaurene]

17 minutes ago, how241 said:

Usually, at the bottom in the fine print,  they give you the total return.   It is 1.45% in this case and they will automatically deduct out the tax, so you real return is lower.  You can claim back that tax.

How do you do that. Last year I went to the tax office and applied to claim it back. Waste of time. I got all sorts OD documents from the tax office and letters. I took them to the local tax office and he told me cannot claim it back.

[how241]

4 minutes ago, shaurene said:

How do you do that. Last year I went to the tax office and applied to claim it back. Waste of time. I got all sorts OD documents from the tax office and letters. I took them to the local tax office and he told me cannot claim it back.

You need to first register with the tax office . They will give you a yellow card, which never expires.  Many threads already on how to do this but lately they are making it harder and asking for more papers.

[how241]

14 minutes ago, shaurene said:

Do NOT take what the bank teller offers you.

last your I quiried the tax Krun deducted from my account with 3 mill in it. I went to the manager and he said interest over 20k in a year I taxable by the government. He told me to split the 3M into 2 accounts 1.5 in each and I would not have to pay tax. I did and this year they took the tax out again. I told them about this and they said from 1st January 2017 they total the interest earned from the 2 accounts and it came above 20k so it was taxed. They said it was a new law from 1st Jan 17.

i do not know if you have 2 or 3 accounts in different banks if that would be added to the grant total of interest earned.

They have got you all ways.

You right.  To make things easy on yourself,  you need to keep the amount under what will earn 20,000.  Of course,  it depends on the interest rate.  Now you need to open accounts at different banks so they don't combine it...I heard they are trying to change the law so the total in ALL banks must be under 20,000 or get taxed...So far,  they haven't done that.

[hobobo]

21 hours ago, Once Bitten said:

Well I think Ive managed to find the web page which seems to only be in Thai 

 

https://www.krungsri.com/bank/th/PersonalBanking/DepositProducts/TimeDeposits/step-up-9-months.html#RemarkLink1698

 

I'm not to sure about the google translation , I can't find much more relating to this account . Does any one use this savings  account ?

 

 

The variable rate "step account" has been around for years; I opened one years ago when "median rate" was well over 2%, and the last trimester 2.65%

[Elkski]

So you can split a 3 million retirement amount amount several banks

[SantiSuk]

As said above. The average effective rate is 1.45% with 1.70% only applying to the final step. I have some funds in it myself. It's effectively a fixed account if you want that average rate - otherwise withdrawals will not attract the higher rates. If you are prepared to fix it is better than Krungsri's other accounts (typically 1.3% but these do allow a couple of monthly penalty-free withdrawals, which I find useful and you can have more than one such account thus allowing a fair amount of flexibility while your balance earns something that at least is not trivial (in the current anti-saver climate!)). A fixed account should have a bigger premium over a flexible savings account than this and no doubt there are other fully fixed accounts around in other banks offering better rates?

Edited December 1, 2017 by SantiSuk

[fletchsmile]

On 11/30/2017 at 8:53 AM, meatboy said:

this is a step acc.for the first 3months interest is 1.35%,the next 3months its 1.35%, then the last 3months its 1.70%.

that works out 1.45% over the 9months. they wont tell you that as its not a good rate.AVOID.

You're spot on that it's a step up account at those rates.

 

On the other hand they do quite clearly tell you that the average rate is 1.45%:

- It's the first bullet point in the add, and

- on the rate sheet underneath it also tells you the average is is 1.45% (code 302 - whatever that is)

 

Also it is a better rate than MeeTaeDee, so someone may indeed be interested in it, and it's not necessarily to avoid fro some people. According to that same rate sheet, Mee Tae dee pays 0.6% on balances below 100k. If balances are between 100k and 10million they pay 1.3%. So for all 3 periods in the 9 month step up account the rate is higher than Mee Tae Dee.

 

To OP

 

The name of the account is at the title of the add in the first picture you posted, including the words Set Up 9 (month in Thai)

 

Question really is whether your wife wants to lock in that rate for 9 months or not (average 1.45%), or stay with the Mee Tae Dee at 1.3% (assuming she's 100k - 10 million). The risk being of course being  that interest rates generally may rise after you take it out and MTD rate being a flexible rate goes up.

 

What you should also check is what is allowed or not for withdrawals or not. No mention of that in the ads and the claim to your wife that "she can access it at any time"

 

BTW Stan Chart used to do a similar account called "Marathon Savers" for 1 year (later years only 6 months), with step up interest rates. I used to like using them for my visa account, as like in this scenario they were a bit better than the usual rate. In their case you could make up to 2 withdrawals a month, but you couldn't add more money after a certain cut off date.