Bank of Thailand reveal what Thais keep in their savings accounts - and it's not much

 

 

Latest figures from the Bank of Thailand show what Thai people throughout the country keep in their savings accounts.

Workpoint News reporting the story said that 88% of all savings accounts have less than 50,000 baht. 

And accounts with more than 1 million baht make up only 1% of all accounts. 

At the moment - according to figures from February - there are 94.4 million bank accounts of all types including savings and fixed accounts.

Of these 83 million are savings accounts. 

Some 73 million of these accounts have totals under 50,000 baht or 88%.

There are 3 million accounts containing 50,000 -100,000 baht.

There are 4 million accounts with 100,000 to half a million baht.

Some 900,000 accounts contain savings of 500,000 to one million. 

There are also 900,000 accounts that have more than 1 million baht in them or around 1% of the total.

 

Source: https://workpointnews.com/2018/05/06/บัญชีเงินฝาก-ออมทรัพย์/

 

-- © Copyright Thai Visa News 2018-5-10

7 minutes ago, snoop1130 said:

Some 73 million of these accounts have totals under 50,000 baht or 88%.

Easier to say that the other 12% are in 'official positions'.

Damn dude, let the locals enjoy their lives without being looked down.

10 minutes ago, RichardColeman said:

Easier to say that the other 12% are in 'official positions'.

Another one who cant help himself.

Corruption is everywhere man..even 'good old back home'.

I am gonna have an extra beer tonight, as I finally belong to the 1%.

30 minutes ago, snoop1130 said:

Some 900,000 accounts contain savings of 500,000 to one million. 

How many of these are expat retirees seasoning their mandatory 800k 
edit: yeah I know this was a breakdown of Thai finances - just couldn't hold it in 

I'm sure lower income people in the "West" are a lot worse off as they tend to have access to lots of high interest credit, its happening here now, wont be long before they are as indebted as the West!

The Thai economy is doing awesome, but why aren't most Thais ?  Could there be two tiers ?

 

sensible people, interest rates on savings accounts have been awful for years. i wouldn't tie up my money an a savings account ata pathetic rate of interest, it doesn't make sense unless you have a specific reason for doing so. people are obviously being smart with their money, nothing wrong with that.

I don't bother to keep my money here. And smart people don't keep money at bank so this is good news.

50 minutes ago, Expatthailover said:

Another one who cant help himself.

Corruption is everywhere man..even 'good old back home'.

a lot quicker post today,

regards Worgeordie

15 minutes ago, shady86 said:

I don't bother to keep my money here. And smart people don't keep money at bank so this is good news.

 

Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 

i see it's not reporting where the Thai Billionaires are hiding

their money,and I suspect it's not Thailand.

regards Worgeordie

I just heard recently that 19 million people in the UK have less than 100 pound in the bank....

 

On the figures above the thais are doing ok?

Of course this doesn't take in to account the piles of cash that some Thais hide under their beds. In particular the older generation.


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1 hour ago, snoop1130 said:

Workpoint News reporting the story said that 88% of all savings accounts have less than 50,000 baht

There's a typo here......they meant to say just.....accounts.

 

Only 1% above 7 digits? I guess they didn't check with Singapore or Switzerland.

5 minutes ago, Dmaxdan said:

Of course this doesn't take in to account the piles of cash that some Thais hide under their beds. In particular the older generation.


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they'd better be careful when the notes with the previous king's face on them cease to be legal tender, especially if they dont have a bank account to pay them into...

well the answer to this is obvious

 

put it in a bank account and someone might ask where it came from

 

Funny thought -

 

If Thailand did what India did and set a date were all current thousand baht notes became invalid forcing people to exchange them …… boy would that be interesting 

12 hours ago, SoilSpoil said:

 

Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 

Absolutely true that a million in ready cash is the most sensible of plans for the Farang. Life comes at you fast. 

14 hours ago, jabis said:

How many of these are expat retirees seasoning their mandatory 800k 
edit: yeah I know this was a breakdown of Thai finances - just couldn't hold it in 

with thai debt at a record HIGH, I think you might be RIGHT.

 
Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 

I keep my money overseas which have higher interest. Medical insurance takes care of my medical expenses.

14 hours ago, worgeordie said:

a lot quicker post today,

regards Worgeordie

But just as repetitively boring. 

15 hours ago, shady86 said:

I don't bother to keep my money here. And smart people don't keep money at bank so this is good news.

I keep my cash money in a Vietnam bank and have done so for 10 years. At that time it paid 14% on one year term deposit. Now it pays only a lowly 8%. Never had a problem. They always pay on time. 

Puahhh!!!!

3 minutes ago, Cadbury said:

I keep my cash money in a Vietnam bank and have done so for 10 years. At that time it paid 14% on one year term deposit. Now it pays only a lowly 8%. Never had a problem. They always pay on time. 

Looks like you're a winner . NOT?

 

15 hours ago, Expatthailover said:

Another one who cant help himself.

Corruption is everywhere man..even 'good old back home'.

Exactly!

 

My friend from the UK was complaining the other day about a corrupt official in England. I told him not to bash the UK because it happens in Thailand, too. He looked at me like I was a complete wrongun. He even had the cheek to ask me, "What's that got to do with anything?".

 

Some people, huh? 

16 hours ago, snoop1130 said:

There are also 900,000 accounts that have more than 1 million baht in them or around 1% of the total.

Of which 98% are held by high-ranking army or police personnel, government officials, politicians, businessmen, monks and/or their maids, gardeners, drivers, pool boys, cooks, butlers, secretaries, personal trainers, spiritual consultants and other assorted close aides?

43 minutes ago, Cadbury said:

But just as repetitively boring. 

His record is certainly stuck in a groove, an endless loop. 

Considering the 'illusion of wealth' in Thailand is totally dependent on debt supplied by predatory lenders, and that the average Thai isn't just cash-strapped but deeply in debt, it should come to no shock that Thais have little to no savings and that most live from paycheck to paycheck, or from loan to loan.  When the financial house of cards implodes, again, the banks and lenders will moan and groan that they 'never saw it coming' as they cry to the government to socialize their losses and make them whole.  But this isn't a surprise to the banks - they know exactly what is going on and they actively shape the crumbling, over-extended fiscal environment. 

17 hours ago, snoop1130 said:

There are 3 million accounts containing 50,000 -100,000 baht.

Hummmm.  Foreign retirees?