Opening An Account In Sons Name.

[epicstuff]

I've had a reasonable lump sum of cash brought over from the UK and its now sitting in my Thai bank account earning no interest.

I'm not married but have a 2 year old son with Thai nationality. if the cash is going to sit there any length of time, whats the best way to make sure its earning me something.?

Can I open up a high interest account in my sons name?

\

If I do will I have control of the account , ie get money out when needed; and will I have to sign over anything to the uncontrolable, other half;

so the GF can help herself to it; or can I get sole signitory rights on the account.

Are there other ways, Off shore accounts etc that might be a better way forward.

I'd be greatful if anyone can give some good advise on it.

thanks

[lingling]

I've had a reasonable lump sum of cash brought over from the UK and its now sitting in my Thai bank account earning no interest.

I'm not married but have a 2 year old son with Thai nationality. if the cash is going to sit there any length of time, whats the best way to make sure its earning me something.?

Can I open up a high interest account in my sons name?

If I do will I have control of the account , ie get money out when needed; and will I have to sign over anything to the uncontrolable, other half;

so the GF can help herself to it; or can I get sole signitory rights on the account.

Are there other ways, Off shore accounts etc that might be a better way forward.

I'd be greatful if anyone can give some good advise on it.

thanks

Thai banks don't open accounts for children. It will be an account in your name with the "for [kids name]" added after your name.

[keenok]

I've had a reasonable lump sum of cash brought over from the UK and its now sitting in my Thai bank account earning no interest.

I'm not married but have a 2 year old son with Thai nationality. if the cash is going to sit there any length of time, whats the best way to make sure its earning me something.?

Can I open up a high interest account in my sons name?

\

If I do will I have control of the account , ie get money out when needed; and will I have to sign over anything to the uncontrolable, other half;

so the GF can help herself to it; or can I get sole signitory rights on the account.

Are there other ways, Off shore accounts etc that might be a better way forward.

I'd be greatful if anyone can give some good advise on it.

thanks

why not just put the money in a fixed term deposit at your thai bank? you should be able to get 3-4 percent depending on the term and amount. not much but better than nothing

[naka]

Keenok's right.

3m, 6m, 9m, 1 year fixed term deposit ... In your own name.

Kasikorn paying 3.75% for 1 year deposit of less than Bt 1m. See below.

Similar for other banks.

KBank fixed rates

Naka.

Edited January 24, 2007 by naka

[backflip]

It is always a pleasure to read a thread where a guy trusts his girlfriend implicitly.

[Nawtilus]

THey do open accounts for kids, my son has one at Bkk Bank...in his name and he is 4yo.

[stoneman]

THey do open accounts for kids, my son has one at Bkk Bank...in his name and he is 4yo.

We tried to open an account for our 3 year old son at Bangkok Bank for a 1 year fixed amount deposit and they refused . They stated that in order to open an account, he must have a Thai ID card...And that he doesn't have. He has a Thai and US passport, but an ID card was required.

So we put it, as an earlier poster suggested, in his mother's name for him.

[Nawtilus]

I just looked at his account, it is a passbook, with his name only in it and I think from memory his mum is signatory. It is also paying interest into it and I would presume as he has an account, he could open a term deposit type account also.

So not sure for yourself, I presume it is the same old story, some branches do, some do not, some staff know and some do not !

[epicstuff]

well , tried the advise here but all i got was a headache, and further confusion.

Bangkok bank wont let me open the high interest account without a work permit.

Will this be the same story all round?

the other query that someone might help me with is ;

the fixed term accounts that they offer, if the information given to me is correct, they say they, for instance, if i deposited a couple of million in a 3 month account then had to withdraw say 100,000 out at short notice , I would loose the interest on all 2 mil. this doesnt sound right.

Are there any normal accounts that operate the same way the do back in the UK where you only lose the interest on money that hasnt had the correct notice?

also there is no K' bank on my little island but any sugestions would be great.