Read a few articles on here that suggested it is possible for kids over 8 years old.

 

I'm interested in something for our 3 boys, youngest age is two. All Thai passport holders living in Chiang Mai.

 

Can anyone recommend anything?

Don't believe it's possible to have in their own name if < 14 (?) years old. Account must be in Thai parents name for Thai child, eg. 'Mr Somchai for Master Somchai'. 

Edited November 29, 20187 yr by GavinK

18 minutes ago, GavinK said:

Don't believe it's possible to have in their own name if < 14 (?) years old. Account must be in Thai parents name for Thai child, eg. 'Mr Somchai for Master Somchai'. 

Ok that will work, can be in my wife's name 

Take a look at K-Bank's Taweesub account. Can be opened by a parent for kids under 15 years old. Requires a minimum monthly deposit of 500 baht, and currently pays 2.25%

BUT.......Tax 15 % will be deducted afaik

UOB does a junior savings account for kids up to the age of 15.

On 11/29/2018 at 5:52 AM, stament said:

Can anyone recommend anything?

Possible with two names in an account, where the one name is a parent or legal guardian. You can open both normal accounts and fixed accounts, fx. 12-month fixed for better interest. Many Thais prefers to use GSB (Government Savings Bank) as the government gurantee the money; however all banks will be guaranteed for up to 1 million baht (higher limit at present), GSB used to have a 36-month fixed account. On my last interest rate check for 12-month fixed, Bankok Bank was 1.5% p.a.; SCB 1.4% p.a.; and GSB 1.3% p.a. A 15% tax will be withheld from any credited interest.

 

Another possibility for child savings is a so-called "Fund Book", which most, if not all, Thai banks offers. They are mutual available funds in a variety of choices. Selecting LTF (Long Term Fund) funds, will give tax benefits, but the money cannot be withdrawn before after 7 years (if fund are sold before, tax will apply). You can choose both dividend paying LTFs and accumulating LTFs, typically with 70% invested in bonds and like. You can read more about LTFs in English language here from SCB; it's not a recommendation, just an example, other banks might have similar pages, I'm for example aware for example K-Bank and Bangkok Bank.

 

I've used mainly two LTFs for my child's savings with a nice ca. 3.5% average annual capital gain, and average 2.8% yearly dividend for the chosen dividend-paying LTF, and a slightly better annual capital gain of almost 7% for the accumulating LTF. No tax if following the rules, which is up to 500,000 baht a year in deposit, and up to 500,000 baht a year in withdrawal, but only after minimum 7-years maturing time. You need to reconsider investment policy when a child is 13 years old, as that will be the 7-year limit for tax-free withdrawal by age of 20 years. Please note that I'm referring to historical performance, not predicting the future...????

 

Take a look at K-Bank's Taweesub account. Can be opened by a parent for kids under 15 years old. Requires a minimum monthly deposit of 500 baht, and currently pays 2.25%

Would that be Kasiiorn bank presumably?

 

Possible with two names in an account, where the one name is a parent or legal guardian. You can open both normal accounts and fixed accounts, fx. 12-month fixed for better interest. Many Thais prefers to use GSB (Government Savings Bank) as the government gurantee the money; however all banks will be guaranteed for up to 1 million baht (higher limit at present), GSB used to have a 36-month fixed account. On my last interest rate check for 12-month fixed, Bankok Bank was 1.5% p.a.; SCB 1.4% p.a.; and GSB 1.3% p.a. A 15% tax will be withheld from any credited interest.

 

Another possibility for child savings is a so-called "Fund Book", which most, if not all, Thai banks offers. They are mutual available funds in a variety of choices. Selecting LTF (Long Term Fund) funds, will give tax benefits, but the money cannot be withdrawn before after 7 years (if fund are sold before, tax will apply). You can choose both dividend paying LTFs and accumulating LTFs, typically with 70% invested in bonds and like. You can read more about LTFs in English language here from SCB; it's not a recommendation, just an example, other banks might have similar pages, I'm for example aware for example K-Bank and Bangkok Bank.

 

I've used mainly two LTFs for my child's savings with a nice ca. 3.5% average annual capital gain, and average 2.8% yearly dividend for the chosen dividend-paying LTF, and a slightly better annual capital gain of almost 7% for the accumulating LTF. No tax if following the rules, which is up to 500,000 baht a year in deposit, and up to 500,000 baht a year in withdrawal, but only after minimum 7-years maturing time. You need to reconsider investment policy when a child is 13 years old, as that will be the 7-year limit for tax-free withdrawal by age of 20 years. Please note that I'm referring to historical performance, not predicting the future...????

Sounds interesting are there any articles on this? Minimum monthly contributions?

9 hours ago, stament said:

Sounds interesting are there any articles on this? Minimum monthly contributions?

The link I gave in the text explains about LTFs in English, as stated in my above post.

 

Minimum deposit for opening is often 5,000 baht. No monthly or regular deposits required, you can place a deposit whenever you want. Additional deposits might be lower than 5,000 baht, depending of bank and chosen funds.

 

You might need two names, a minor might not be allowed as owner of a Fund Book – could be the adult as owner, and child as second name – talk to the local bank branch in question about details; eventually check a few different banks.

????