punchandjudy Posted March 11, 2018 Share Posted March 11, 2018 Hello everyone, this is my first post here. Can anyone suggest the best bank to use for long term savings? (Not a day to day account). Is there such a thing as an ISA such as in the UK? I am thinking for example of a bank that will give me the best interest rates and also ability to withdraw as and when I need too. Thank you in advance. Link to comment Share on other sites More sharing options...
jackdd Posted March 11, 2018 Share Posted March 11, 2018 What is a high interest rate for you? Banks here don't pay more than banks in our home countries, so if you want something save and flexible you won't get more than 1 or 2% Link to comment Share on other sites More sharing options...
metisdead Posted March 11, 2018 Share Posted March 11, 2018 Moved to the forum about Banking. Link to comment Share on other sites More sharing options...
worgeordie Posted March 11, 2018 Share Posted March 11, 2018 High interest rates on your deposits, aye I remember them,just about, as it seems to be a lifetime ago.now inflation is higher than what the banks are offering. regards worgeordie 1 Link to comment Share on other sites More sharing options...
thrilled Posted March 12, 2018 Share Posted March 12, 2018 High interest rates.What world do you live in?Maybe at once upon A time.Not anymore. 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 (edited) 1.7% from UOB for 12 months is one of the best available currently, you won't get much higher but that won't cover the increase in inflation each year. BTW there's a long standing thread on this subject, did you read it because you may find something useful there ? Edited March 12, 2018 by simoh1490 Link to comment Share on other sites More sharing options...
henry15 Posted March 12, 2018 Share Posted March 12, 2018 GSB - GHB - BAAC.All 3 are governmentbanks who give an intrest rate above market. And very important you don't have to pay the 15% government tax on your intrest. 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 4 minutes ago, henry15 said: GSB - GHB - BAAC.All 3 are governmentbanks who give an intrest rate above market. And very important you don't have to pay the 15% government tax on your intrest. For most people it doesn't really matter whether 15% tax is deducted or not since if it is, it's easily recovered each year by filing a simple tax return. 1 Link to comment Share on other sites More sharing options...
laislica Posted March 12, 2018 Share Posted March 12, 2018 (edited) Read also the recent threads about how difficult it is to open a bank account and what you need in order to do so. The days that a tourist can go to any bank and open an account seem to have gone. Now if you have a work permit, or are buying a condo, better options Edited March 12, 2018 by laislica removed a not Link to comment Share on other sites More sharing options...
cyberfarang Posted March 12, 2018 Share Posted March 12, 2018 1 hour ago, henry15 said: GSB - GHB - BAAC.All 3 are governmentbanks who give an intrest rate above market. And very important you don't have to pay the 15% government tax on your intrest. BAAC bank, for Thais only. Farlang cannot. Link to comment Share on other sites More sharing options...
Ruin Posted March 12, 2018 Share Posted March 12, 2018 Thanks, Cyberfarang. I had money in the Bangkok Bank at 2.5%pa, deposit account. The tax stung a little though. I will try your suggestion. Link to comment Share on other sites More sharing options...
cyberfarang Posted March 12, 2018 Share Posted March 12, 2018 21 minutes ago, Ruin said: Thanks, Cyberfarang. I had money in the Bangkok Bank at 2.5%pa, deposit account. The tax stung a little though. I will try your suggestion. REPEAT, REPEAT, BAAC bank, for Thais only. Farlang cannot. Link to comment Share on other sites More sharing options...
KittenKong Posted March 12, 2018 Share Posted March 12, 2018 I had money in the Bangkok Bank at 2.5%pa, deposit account. I find it hard to believe that Bangkok Bank is paying such high interest. They are usually near the bottom of the list. Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 29 minutes ago, Ruin said: Thanks, Cyberfarang. I had money in the Bangkok Bank at 2.5%pa, deposit account. The tax stung a little though. I will try your suggestion. REPEAT, REPEAT, "For most people it doesn't really matter whether 15% tax is deducted or not since if it is, it's easily recovered each year by filing a simple tax return". Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 Just now, KittenKong said: I find it hard to believe that Bangkok Bank is paying such high interest. They are usually near the bottom of the list. They're not, it's all in the imagination! Link to comment Share on other sites More sharing options...
abrahamzvi Posted March 12, 2018 Share Posted March 12, 2018 16 hours ago, worgeordie said: High interest rates on your deposits, aye I remember them,just about, as it seems to be a lifetime ago.now inflation is higher than what the banks are offering. regards worgeordie You are correct regarding the present situation. However, I am of the view that interest worldwide will be increased , not that fast, but it will happen. It has already begun in the US and once the EU follows, the rest of the world will follow suit. As I said it will take few years, but I can see interest rates higher than inflation rates in the next 5 years 1 Link to comment Share on other sites More sharing options...
khunPer Posted March 12, 2018 Share Posted March 12, 2018 (edited) 22 hours ago, jackdd said: Banks here don't pay more than banks in our home countries... That's really depending where OP comes from; for example in my country a day-to-day savings account pays from 0.00 percent to 0.20 percent interest, and a fixed accounts from 0.05 percent to 0.90 percent per year, and long term agreements of for example two or three years you can have 1.00 percent, or slightly more, per year; of course before 38% to 57% taxation. Major banks hardly pay any interest, I have 0.00 percent to 0.05 percent, and very long term 3-year fixed at 1.00 percent on retirement pension (great deal..). A day-to-day savings account in Thailand can give around 0.50 percent pa., whilst a 12-moth fixed account in Bangkok Bank pays 1.5 percent pa. at the moment – for comparison SCB is 1.4% and Government Savings Bank 1.3% (I don't check other banks regularly) – withheld taxation on "high" interest is only 15%, which can be claimed back if no other taxable income in Thailand... Edited March 12, 2018 by khunPer Link to comment Share on other sites More sharing options...
orientalist Posted March 12, 2018 Share Posted March 12, 2018 LH Bank has the best fixed deposit rates at present. Of the various special savings accounts, Thanachart's e-savings offers 1.8% if you register PromptPay with them. Sent from my cell phone using Thaivisa mobile app Link to comment Share on other sites More sharing options...
scoutman360 Posted March 12, 2018 Share Posted March 12, 2018 6 hours ago, simoh1490 said: For most people it doesn't really matter whether 15% tax is deducted or not since if it is, it's easily recovered each year by filing a simple tax return. To prevent misleading people, please be more specific. This is only for people who's income fall below certain thresholds, or retired people with no income. Link to comment Share on other sites More sharing options...
scoutman360 Posted March 12, 2018 Share Posted March 12, 2018 The easiest place to look is the BOT (Bank of Thailand) website. They post all the banks and current interested rates. 1 Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 45 minutes ago, scoutman360 said: To prevent misleading people, please be more specific. This is only for people who's income fall below certain thresholds, or retired people with no income. Read it again slowly - "For most people it doesn't really matter whether 15% tax is deducted or not since if it is, it's easily recovered each year by filing a simple tax return". It doesn't matter if you are retired or not, it doesn't matter if your income is very low and it doesn't matter if you're retired with no income, it even doesn't matter if you're Baptist or you voted for Trump, you can still file a tax return and get the tax back. Where some people may not be able to get the tax back is if they earned a lot of money by working in Thailand and they paid tax on that income through the payroll system, even then, however, some tax may be refundable. Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 48 minutes ago, scoutman360 said: The easiest place to look is the BOT (Bank of Thailand) website. They post all the banks and current interested rates. The BOT web page on this subject only covers standard offerings, it does not include specials or one off products which is typically where the headline grabbing rates appear, for that you have to go to a mall and look in the windows of the banks. Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 Also, the long standing thread that covers this subject can be found here, it's pinned in this forum at the top of the page and covers a lot of what's being discussed currently plus latest rates: Link to comment Share on other sites More sharing options...
henry15 Posted March 12, 2018 Share Posted March 12, 2018 8 hours ago, simoh1490 said: For most people it doesn't really matter whether 15% tax is deducted or not since if it is, it's easily recovered each year by filing a simple tax return. There are many people who don't pay taxes in Thailand. Because the don't generate an income in Thailand, and theire country of origin have an agreement with Thailand to avoid double taxing Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 (edited) 39 minutes ago, henry15 said: There are many people who don't pay taxes in Thailand. Because the don't generate an income in Thailand, and theire country of origin have an agreement with Thailand to avoid double taxing And your point is? If a person is resident in Thailand for tax purposes, ie more than 180 days per year, and they earn no income in Thailand there is no point in filing a tax return here, Thailand is only capable of taxing overseas income that is earned AND imported in the same year, I say capable of because in practise they do not. But if a person is tax resident here and they pay tax on their savings account interest, that income can be refunded here by filing a tax return covering only that income and tax. There is a separate and dedicated thread on that subject here: Edited March 12, 2018 by simoh1490 Link to comment Share on other sites More sharing options...
Neeranam Posted March 12, 2018 Share Posted March 12, 2018 I get over 15% with the TMB 50 mutual fund. That's the Thai military bank. Link to comment Share on other sites More sharing options...
simoh1490 Posted March 12, 2018 Share Posted March 12, 2018 2 minutes ago, Neeranam said: I get over 15% with the TMB 50 mutual fund. That's the Thai military bank. That's equities, not bank savings. 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now