Saving Accounts Interest Rates

[bttao]

What is the interesr rate on Savings Accounts?

How much difference between Regular and Fixed accounts?

[ubonjoe]

Not visa related moved to here.

[worgeordie]

They are below inflation thats for sure.

regards worgeordie

[55Jay]

That website you've posted in your OP, if you look at the whole thing, answers your 2 fairly broad questions.... unless I'm missing something? 

https://thailand.deposits.org/

 

Beyond that site, keep tabs on the Jobs/Banking thread here, guys often post latest fixed account promotions/offers as and when they run across them.  Or visit a mall and do some bank window shopping on your own. 

 

Are you looking for a place to stash roughly 800k Baht? (Immigration)

 

[simoh1490]

UOB, 16 months, 1.70%.

[Rhys]

52 minutes ago, 55Jay said:

That website you've posted in your OP, if you look at the whole thing, answers your 2 fairly broad questions.... unless I'm missing something? 

https://thailand.deposits.org/

 

Beyond that site, keep tabs on the Jobs/Banking thread here, guys often post latest fixed account promotions/offers as and when they run across them.  Or visit a mall and do some bank window shopping on your own. 

 

Are you looking for a place to stash roughly 800k Baht? (Immigration)

 

    Where would be a good place then?  800K requirement and time restriction and all.

[55Jay]

See some good rates on the bank rate link ^.   But until OP return and states his objectives, hard to say.   I did notice afterward that he's posted the same Q in more than one area on TVF, so maybe he's GTG already.  Dunno.

[bttao]

11 hours ago, 55Jay said:

That website you've posted in your OP, if you look at the whole thing, answers your 2 fairly broad questions.... unless I'm missing something? 

https://thailand.deposits.org/

 

Beyond that site, keep tabs on the Jobs/Banking thread here, guys often post latest fixed account promotions/offers as and when they run across them.  Or visit a mall and do some bank window shopping on your own. 

 

Are you looking for a place to stash roughly 800k Baht? (Immigration)

 

YES...

Yes, because some expats mentioned immg denied visa renewal because they don't see any funds being imported/added or spent ... just parked.

So, it makes me wonder if it's not better to have US Embassy affidavit for income instead...

Is the affidavit done just in one session... or have to wait until the next day?

 

[simoh1490]

50 minutes ago, bttao said:

YES...

Yes, because some expats mentioned immg denied visa renewal because they don't see any funds being imported/added or spent ... just parked.

So, it makes me wonder if it's not better to have US Embassy affidavit for income instead...

Is the affidavit done just in one session... or have to wait until the next day?

 

In practice, you need both, the 800k plus money that you'll spend each day for living expenses, if those two things are the same pot of money a fixed term account is not going to work. If there are two different pots of money, one for the 800k guarantee and one for living expenses, the fixed term account will work but you're probably best advised to take details of the second account with you at visa renewal time since Immigration may well want to see what you're using to live off - the risk here is that Immigration could suspect you're working in Thailand illegally and that income provides for your living expenses.

 

Also, the US Embassy affidavit is not without risk. I'm sure it has not escaped the attention of Immigration that it's pretty easy to get one of these on a self-certified basis and that some people have abused the system, it would not surprise me in the least if there is a clamp down on them at some point.

[StevieAus]

3 hours ago, simoh1490 said:

In practice, you need both, the 800k plus money that you'll spend each day for living expenses, if those two things are the same pot of money a fixed term account is not going to work. If there are two different pots of money, one for the 800k guarantee and one for living expenses, the fixed term account will work but you're probably best advised to take details of the second account with you at visa renewal time since Immigration may well want to see what you're using to live off - the risk here is that Immigration could suspect you're working in Thailand illegally and that income provides for your living expenses.

 

Also, the US Embassy affidavit is not without risk. I'm sure it has not escaped the attention of Immigration that it's pretty easy to get one of these on a self-certified basis and that some people have abused the system, it would not surprise me in the least if there is a clamp down on them at some point.

 

3 hours ago, simoh1490 said:

In practice, you need both, the 800k plus money that you'll spend each day for living expenses, if those two things are the same pot of money a fixed term account is not going to work. If there are two different pots of money, one for the 800k guarantee and one for living expenses, the fixed term account will work but you're probably best advised to take details of the second account with you at visa renewal time since Immigration may well want to see what you're using to live off - the risk here is that Immigration could suspect you're working in Thailand illegally and that income provides for your living expenses.

 

Also, the US Embassy affidavit is not without risk. I'm sure it has not escaped the attention of Immigration that it's pretty easy to get one of these on a self-certified basis and that some people have abused the system, it would not surprise me in the least if there is a clamp down on them at some point.

Early last year 2017 the Australian Embassy at the request of Thai Immigration started requiring proof of your income when you completed the affidavit.

It was withdrawn however when overruled by the authorities in Australia so I was advised.

So you are spot on the Thai Immigration are not stupid they know that in some cases it is being abused.

[ubonjoe]

5 hours ago, bttao said:

So, it makes me wonder if it's not better to have US Embassy affidavit for income instead...

Is the affidavit done just in one session... or have to wait until the next day?

I have used one 10 times without a question from immigration.

The affidavit is done in one short trip. As soon as you sign the affidavit in front of the consular officer and swear it is true and correct it is given to you after he signs it, stamps it put a raised seal from the embassy on it.

You have to make an appointment to do it. Info here: https://th.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/notaries-public/income-affidavit/

[55Jay]

4 hours ago, bttao said:

YES...

Yes, because some expats mentioned immg denied visa renewal because they don't see any funds being imported/added or spent ... just parked.

So, it makes me wonder if it's not better to have US Embassy affidavit for income instead...

Is the affidavit done just in one session... or have to wait until the next day?

Some people seem to have a h ell of a time dealing with Immigration or certain offices over others.  I haven't had that experience, at least not yet. ///

 

Suppose it comes down to what your priorities are with the money.

 

Do you "need" the interest and thus, willing to move it around periodically if another bank is offering a higher return? 

 

Or is the 800k not critical to your portfolio, and thus be content to park it and not fret over interest rates so much. 

 

FWIW,  I did the income letter with US Embassy first 2 years here despite having a goodly sum in a Bangkok Bank fixed account/CD - the residual amount from a larger lump sum I brought in when we first moved here full-time. 

 

When that CD matured in 2014, I moved that block of funds to Krungsi Bank (Bank of Ayudhya), into an account called "Mee Tae Dai".  It's basically a Monkey Market Acct, which you are probably familiar with.  It's currently paying 1.3%.  More than a regular savings account, but typically less than fixed deposits/CDs.  Works for me. 

 

Bangkok Bank is still my main bank for monthly transfers in from the US, and daily transactions, ATM use, etc.  I've used the mostly static Krungsi accounts for Immigration extension purposes 3, going on 4 times now, and never had a problem with them about lack of transactions.

 

[glasswort]

Some people are totally lacking initiative. Go the the bank and ask.

[55Jay]

8 hours ago, bttao said:

Is the affidavit done just in one session... or have to wait until the next day?

One session.  Make appointment online.  Show up, fill out the form, pay fee, swear true and correct to Embassy Officer.  Both times I did it, took about 20 minutes.

[natway09]

Now, back to the interest rates which was the question, not about immigration requirements,

if you shop around & have over 2 mill you can get up to 2%, which is still taxable at source unless get on to 

a fixed investment bank share scheme

[ubonjoe]

1 hour ago, 55Jay said:

Show up, fill out the form

Why not complete it online and print it out before going there. The link I posted earlier has the link for doing it online. 

[55Jay]

Just now, ubonjoe said:

Why not complete it online and print it out before going there. The link I posted earlier has the link for doing it online. 

Minor point but yes, that's what I did.  

[55Jay]

8 minutes ago, ubonjoe said:

Why not complete it online and print it out before going there. The link I posted earlier has the link for doing it online. 

Sorry, UJ, I see now you already addressed the "one session" question.  Delete my redundant post, no problem.

[khunPer]

I'm pt. using fixed accounts in Bangkok Bank, 12-month fixed at 1.5%; and SCB, 12-month fixed at 1.4%; SCB 3--month fixed 0.9%. Government Savings Bank often gives slightly higer interest than other banks.

 

Sometime the banks has a special offer for fixed account in a specified period, with higher interest, or raising interest the longer (more month) the money remain in the account. If used as deposit of fund for application of extension stay, the money shall be possible to withdraw at any time, which you normally can by loosing the interest.

[macahoom]

3 hours ago, natway09 said:

Now, back to the interest rates which was the question, not about immigration requirements,

if you shop around & have over 2 mill you can get up to 2%, which is still taxable at source unless get on to 

a fixed investment bank share scheme

Which bank is offering 2% for over 2 million?