Best way to save child's cash in thailand

[Rc2702]

We save a fair bit of cash for our son who is 14 months old.

 

Every 20 and 50 baht goes to him in our house. So far he has about 37k baht.

 

We just stick it in his bank but I'm wondering if there are better ways to save this cash?

 

Some sort of fund where you cannot touch it for a long time or something?

 

Maybe the amount is not enough yet and perhaps at a certain value better options would be available?

 

If you have some info on this I would appreciate your advice.

 

 

[Xaos]

Consider cryptocurrency instead. Might be worth much more in future. Look at bitcoin or ripple

[cooked]

We just put insurance money that we received when our daughter in law died into https://www.gsb.or.th , known as 'Omsinn'. Nobody can touch it until our granddaughter is 15. We needed permission from her father to do this.

Cryptocurrency? What is its value based on? Gold? Petrol? Naivety? Internet speculation?

 

[Rc2702]

3 hours ago, cooked said:

We just put insurance money that we received when our daughter in law died into https://www.gsb.or.th , known as 'Omsinn'. Nobody can touch it until our granddaughter is 15. We needed permission from her father to do this.

Cryptocurrency? What is its value based on? Gold? Petrol? Naivety? Internet speculation?

 

Thanks I'll have Mrs look for it and explain. I could not find that product on their site.

[shaurene]

Crypto currency is just a gamble. Not an investment. Do not invest in anything you do not understand. The suppliers of these currencies can take a runner with the funds anytime. And that currency will just vanish. It has happened to many of them. I have a friend in New Zealand who bought $60,000 worth and a month later they vanished without a trace. 

Have a word with your bank about a long term deposit for the 30+ thou for a 5 year term deposit you should get around 5% or look for a top earning stock that is at a low price than it should be. Like General Electric in the USA  or Boeing  the plane maker. 

Lover the last few days crypto currencies have crashed. A bid crypto supplyer was hacked for billions of dollars. This will never stop.

[TerryLH]

18 hours ago, Rc2702 said:

https://www.gsb.or.th , known as 'Omsinn'

When you talk to them ask about their 'lottery' accounts.

With every 50 baht deposited you get a number.  During the lifetime of the account that number will act the same way a lottery works.  It has the potential to make a lot of extra cash for the account.

I don't think you can add money to 'that' account.  Instead they open up a new account with added money.  The exception is you can roll over winnings into the account.

 

I'm sure that wasn't explained very well.  The bank should be able to do that.

There has been topics on here about this i the past.

 

Good luck.

Terry

[scorecard]

18 hours ago, Rc2702 said:

Thanks I'll have Mrs look for it and explain. I could not find that product on their site.

 

My Thai son has the same Government Savings Bank accounts for his kids (note cannot be touched until maturity age for any reason).

 

Also I took endowment policies for all of son's kids (my grandchildren) with a large very secure life insurance company, pay once a year for 5 years then it sleeps for 10 years then lump sum pay out.Can be re-started again for another block of time when the 5 year contribution period is up. The life insurance company is from Japan and is rated #1 in Japan where banks and insurance companies operate under many very serious laws and are monitored by a government watchdog daily.

Company has many staff in Thailand who can speak excellent English, no push whatever. The same company also has a popular retirement fund policy can be started as young as 1 month, aimed at maturity at 65 yo.

 

PM to me if you want the company name.

[scorecard]

3 minutes ago, TerryLH said:

When you talk to them ask about their 'lottery' accounts.

With every 50 baht deposited you get a number.  During the lifetime of the account that number will act the same way a lottery works.  It has the potential to make a lot of extra cash for the account.

I don't think you can add money to 'that' account.  Instead they open up a new account with added money.  The exception is you can roll over winnings into the account.

 

I'm sure that wasn't explained very well.  The bank should be able to do that.

There has been topics on here about this i the past.

 

Good luck.

Terry

 

That one is difficult to explain best to get a Thai person (who also speaks very good English) to go to / call the bank and get a full explanation.  It is popular, but not everybody wins their lottery (lottery is internal to the bank, not the outside public lotteries).

Edited June 13, 2018 by scorecard

[Krataiboy]

On 6/12/2018 at 9:58 AM, Xaos said:

Consider cryptocurrency instead. Might be worth much more in future. Look at bitcoin or ripple

Just another fiat currency, backed by nothing. Better to buy gold.

[Tengtai]

On 6/12/2018 at 9:58 AM, Xaos said:

Consider cryptocurrency instead. Might be worth much more in future. Look at bitcoin or ripple

Agree 100 %. Takes a bit of learning and maybe not bitcoin or Ripple are the best but as a long term investment cryptocurrencies is a good way of saving money. Gold and silver will also give a better return then a bank account. 

[khunPer]

On 6/11/2018 at 6:25 PM, Rc2702 said:

If you have some info on this I would appreciate your advice.

You can open a bank account with higher fixed interest rate in the child's name together with a guardian's name. A 12-month fixed account will at the moment pay from 1.3% to 1.5% in annual interest, however 15% withholding tax will be deducted. Most Thais will prefer to use GSB (Government Savings Bank) for child savings, but at the moment some private banks pays a littler higher 12-month interest. Compared to an annual overall inflation rate around 1%, the 12-month interest rate, less withholding tax, is just about, or slightly higher, than the inflation rate.

 

Another possibility is to use a normal savings account and an associated so-called Fund Book. That might only be possible in an authoritative person's name, so for example Thai mom, with the child as second name; you can have two names in the accounts. When you have 5,000 baht saved up, you can buy "funds"; i.e. mutual funds. Stick to Thai currency funds – don't consider foreign currency exchange risk, as the money is going to be paid out in Thai bath – and preferably choose the so-called "LTF" (Long Term Funds) that gives tax-benefits; i.e. no taxation when paid out. An LTF can however not be sold without taxation before after 7-years; i.e. a child is minor until 20 year of age, so if the money are going to be withdrawn at that age, you can buy LTFs until the age of 13. There are both accumulating LTFs and dividend paying LTFs. Most, if not all, bank offers them. I have been using both Kasikorn (K-Bank) and SCB LTF, and my child has part of her savings in SCB, combined of both accumulated and dividend paying. There's always risk involved when investing, however over long term equity statistically gives a better capital increase than bank deposits, accumulating SCB LTF2 has for example increased 20% over 5-years (it's not a recommendation, just an example).

 

A long term investment can also be property, but that requires more initial capital; for example village farm land in a Thai citizen child's name under guardian. Village farmland is relative affordable, and likely to increase it's value, and the low title deed can be traded (transferred) between relatives, or other villagers (often traded with Head-of-Village as witness). While holding the land it can be "rented out" for either a part of the harvest, or a fixed annual fee per rai, which typically range from 500 baht to 1,000 baht per rai, some areas slightly higher. Actually the rental outcome is typically in same level as a fixed bank deposit interest, and in some situations even little higher, whilst the land value in average should double over 8 to 10 years (no guarantee that it will, however it could also quadruple).

 

I have used a combination of all three methods, however minimized the fixed bank account to almost zero at the moment. Historically performance is no guarantee ofor future performance, but in my daughter's case, running for 12-years now, it has been (very) good investments in both land and LTFs.

?

[Oztruckie]

Might be worth looking at the stock market, blue chip shares like banks, supermarkets, the type of big business that's going to be around a long time, we all need supermarkets to shop for food and banks to hold our money, with growth and dividends, over a long period can add up quite substantially. 

[Ulic]

There should be a Thai ETF. Pile the cash into that. Set it up as a trust that can't be

touched until he graduates from University or turns 30. 

[observer90210]

Buy a gold Rolex. They gain in value with time.

[Xaos]

We just put insurance money that we received when our daughter in law died into https://www.gsb.or.th , known as 'Omsinn'. Nobody can touch it until our granddaughter is 15. We needed permission from her father to do this.
Cryptocurrency? What is its value based on? Gold? Petrol? Naivety? Internet speculation?
 

What is fiat based on? Nothing mate.
Crypto is decentralized and its future money that ur kid will use when grow up. Goverment and banks are adopting it as we speak even thai banks already sending money with blockchain.

[Xaos]

Crypto currency is just a gamble. Not an investment. Do not invest in anything you do not understand. The suppliers of these currencies can take a runner with the funds anytime. And that currency will just vanish. It has happened to many of them. I have a friend in New Zealand who bought $60,000 worth and a month later they vanished without a trace. 
Have a word with your bank about a long term deposit for the 30+ thou for a 5 year term deposit you should get around 5% or look for a top earning stock that is at a low price than it should be. Like General Electric in the USA  or Boeing  the plane maker. 
Lover the last few days crypto currencies have crashed. A bid crypto supplyer was hacked for billions of dollars. This will never stop.

They can steal ur fiat too.

He bought in to scam simple as that.

Real decentralized crypto u cant do a runner. Simply cuz its decentralized period. Dont talk about something u got no clue about.

[Xaos]

Ripple is being adopted by banks already. Now JP Morgan rummors.

Ripple was the 2017 best performing crypto whooping 36000%

Now go compare with ur bank.

U dont need put all in 1 basket, take a chance buy some may b ur kid be filthy rich in 10 years. Crypto is here to stay mate dont be fooled.

https://qz.com/1169000/ripple-was-the-best-performing-cryptocurrency-of-2017-beating-bitcoin/

https://cryptoticker.io/j-p-morgan-cryptocurrencies-stay/

[cooked]

6 hours ago, Xaos said:

What is fiat based on? Nothing mate.
Crypto is decentralized and its future money that ur kid will use when grow up. Goverment and banks are adopting it as we speak even thai banks already sending money with blockchain.

I buy as much gold as I can. If you don't believe in fiat currency (paper currency) then you should believe in cryptocurrencies even less. They are only worth something as long as people will accept it in exchange for services or goods. Try explaining that to a border guard pointing a gun at you, here, do you have internet?

CC will be gone in a few years.

People get so indignant when I mention this. 

http://www.sb.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15

[FritsSikkink]

On ‎6‎/‎12‎/‎2018 at 9:58 AM, Xaos said:

Consider cryptocurrency instead. Might be worth much more in future. Look at bitcoin or ripple

Or it will be worth nothing

[FritsSikkink]

6 hours ago, Xaos said:

What is fiat based on? Nothing mate.
Crypto is decentralized and its future money that ur kid will use when grow up. Goverment and banks are adopting it as we speak even thai banks already sending money with blockchain.

Very safe indeed:

 

https://coingeek.com/south-korean-exchanges-blame-north-korea-recent-crypto-heists/

[Xaos]

Very safe indeed:
 
https://coingeek.com/south-korean-exchanges-blame-north-korea-recent-crypto-heists/

Again u dont store it on online exchanges but on cold storage wallet offline.

Noobs gets hacked

[Xaos]

On 6/15/2018 at 5:14 PM, FritsSikkink said:

Or it will be worth nothing

Listen if u pick right project its a win 

Have look at Matrix Ai Network, with chinese gov support, and exclusive One belt one road contracts. Thats largest project in human history, new ancient silk road. Worth thrillions.

 

Now google it and think about it, thank me later.

 

Heres good start

 

https://medium.com/@cryptolite01/matrix-ai-network-man-review-b5a052576047

 

https://medium.com/@keithtuskey/the-biggest-crypto-partnership-the-world-has-and-will-ever-see-2903f65ab107

 

 

Ps.

 

Dont invest in crypto made by collage kids.

 

Theres coins made by top world industry leaders with deep gov connections including usa. Bassicaly its new stocks, u invest in companies.

 

Theres new crypto indexes, now NASDAQ doing it for example.

 

2 weeks ago chinese president said its future 30 may https://www.cnbc.com/2018/05/30/chinese-president-xi-jinping-calls-blockchain-a-breakthrough-technology.html

 

Heres Example what im on about good coins, take a look, with usa gov IBM partnerships. https://privatebin.net/?958a83436b4c7b2c#C93vpMFfD9/Ji/K+3eHezLWgAE1vSPyvv8LevMvteiU=

 

 

Edited June 16, 2018 by Xaos

[Xaos]

32 minutes ago, Xaos said:

Listen if u pick right project its a win 

Have look at Matrix Ai Network, with chinese gov support, and exclusive One belt one road contracts. Thats largest project in human history, new ancient silk road. Worth thrillions.

 

Now google it and think about it, thank me later.

 

Heres good start

 

https://medium.com/@cryptolite01/matrix-ai-network-man-review-b5a052576047

 

https://medium.com/@keithtuskey/the-biggest-crypto-partnership-the-world-has-and-will-ever-see-2903f65ab107

 

 

Ps.

 

Dont invest in crypto made by collage kids.

 

Theres coins made by top world industry leaders with deep gov connections including usa. Bassicaly its new stocks, u invest in companies.

 

Theres new crypto indexes, now NASDAQ doing it for example.

 

2 weeks ago chinese president said its future 30 may https://www.cnbc.com/2018/05/30/chinese-president-xi-jinping-calls-blockchain-a-breakthrough-technology.html

 

Heres Example what im on about good coins, take a look, with usa gov IBM partnerships. https://privatebin.net/?958a83436b4c7b2c#C93vpMFfD9/Ji/K+3eHezLWgAE1vSPyvv8LevMvteiU=

 

 

 

And just to give you idea about OBOR

 

 

[Xaos]

On 6/15/2018 at 4:56 PM, cooked said:

I buy as much gold as I can. If you don't believe in fiat currency (paper currency) then you should believe in cryptocurrencies even less. They are only worth something as long as people will accept it in exchange for services or goods. Try explaining that to a border guard pointing a gun at you, here, do you have internet?

CC will be gone in a few years.

People get so indignant when I mention this. 

http://www.sb.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15

This is lame article FUD

 

"Yes, but what’s it for?"  - its decentralized money, protected cryptographically, it cant be altered or manipulated, trustless p2p money transfers. Store of value. 

 

And BTC is technologically backward, we in 2018, theres much better coins, backed by big companies. 

 

Dont confuse real conis with shitcoins made by kiddos

 

Heres Gold chart as of 16.06 LOL

 

  

Edited June 16, 2018 by Xaos

[cooked]

13 hours ago, Xaos said:

This is lame article FUD

 

"Yes, but what’s it for?"  - its decentralized money, protected cryptographically, it cant be altered or manipulated, trustless p2p money transfers. Store of value. 

 

And BTC is technologically backward, we in 2018, theres much better coins, backed by big companies. 

 

Dont confuse real conis with shitcoins made by kiddos

 

Heres Gold chart as of 16.06 LOL

 

  

Jesse Colombo predicted the last crash and is predicting another one soon. Inevitable if you want to read about it. Gold prices go up quite strongly during recessions.

Why are the Chinese and Russian governments buying gold? Of course, they must be stupid. Bitcoin and co are OK, if you have money to gamble with, short term profit is probably on the cards. 

As I wrote before, people get indignant when anyone writes something negative about artificial currencies. When governments decide that they don't like it, they will close it down, as they already have in China.

 

[poanoi]

On 6/12/2018 at 9:58 AM, Xaos said:

Consider cryptocurrency instead. Might be worth much more in future. Look at bitcoin or ripple

lottery can propel fortune even higher, right now is 1 billion euro jackpot

online gaming

[Xaos]

lottery can propel fortune even higher, right now is 1 billion euro jackpot
online gaming

Small chances of winning tho.

[poanoi]

11 minutes ago, Xaos said:

11 hours ago, poanoi said:

lottery can propel fortune even higher, right now is 1 billion euro jackpot
online gaming

Small chances of winning tho.

yeah, but the odds of those unsupported cryptocurrencies

being worth much more 15 years from now is also very small.

i would buy a large portfolio of stocks for safeguard + interest

over gamble a childs future, let the kid gamble it away if any