Best bank for saving money with good interest rate ????

[punchandjudy]

Hi my fellow farangs,

 

I have done searching online and there are so many different banks being suggested with different interest rates.

 

The best I saw was TMB and UOB at 3.5% interest.

 

Can anyone share some information on which bank in Thailand is the best to put money into to save and gain interest in the long term?

 

Thank you very much ????

[CharlieH]

MOVED to Banking forum

[observer90210]

A good interest rate for sure is a criteria, but one may have 2nd thoughts,  if the bank does not have a branch in one's area.

[henry15]

GSB and you don't have to pay 15 % governmemt tax

[zig]

> The best I saw was TMB and UOB at 3.5% interest.

 

Where did you find such rates? I just looked and they seemed to offer 1.5% and 1.45% respectively and that was on 24 months fixed deposits. 

[UKJASE]

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

best i see is 1.85 %.......  where do you see 3.5% ?!

[Sumarianson]

I would also like to know? Instant access to at least part of the money.

[marioc]

On 4/1/2019 at 10:35 PM, punchandjudy said:

The best I saw was TMB and UOB at 3.5% interest.

These are definitely not fixed deposit accounts.... probably something concerning some kind of insurance with yearly or monthly deposits or maybe for people working for the Government.

As far as Fixed Deposit Accounts I couldn't find better than CIMB: 24 months 2.4%

I think if you have more than 1 million you can get 2,5% (preferred customer)

[inThailand]

Most banks saving account interest rates are .5%. Fixed accounts are around 1.3% per annum with a 15% tax. Fund accounts slightly higher, riskier and no tax. 

 

3%+ fund accounts have long disappeared. 

[rickudon]

GSB bank - for Thais ...... Farang not wanted. You MAY get an account if you have a work permit, otherwise, get lost!

 

Those 3.5% rates - often just dubious advertising, step accounts - get say 1% first and 2nd year and 2% year 3 and 4. Then 3.5% year 5. advertised as up to 3.5% but actual rate over term under 2% .....

[punchandjudy]

On 4/2/2019 at 5:23 PM, zig said:

> The best I saw was TMB and UOB at 3.5% interest.

 

Where did you find such rates? I just looked and they seemed to offer 1.5% and 1.45% respectively and that was on 24 months fixed deposits. 

https://www.1213.or.th/App/MCPD/DepositApp

 

I cannot read Thai so if the person I asked to translate for me explained wrong I apologise.

 

Can someone who reads Thai explain this link please?

[manchega]

On 4/2/2019 at 1:47 PM, henry15 said:

GSB and you don't have to pay 15 % governmemt tax

indeed but can an alien open such an account, I know that at many banks staff beleive non thai are forbidden from purchasing short term treasuries

[manchega]

also not convinced banks are good places for saving money, not sure any of these (outside of aforementioned co op) beats inflation.

[punchandjudy]

1 hour ago, manchega said:

also not convinced banks are good places for saving money, not sure any of these (outside of aforementioned co op) beats inflation.

Where do you suggest is good for saving Manchega? Thanks

[RocketDog]

Quick answer: none. 

 

For normal savings accounts, not timed deposits like CDs, bank rates are all s**t, everywhere due to the easy money cool-aid that deeply in debt governments keep dishing out. Savers are simply screwed. 

 

Negative interest rates are in the wind and will be levied as soon as our cash is captive because of transition to a cashless (read helpless) system.

 

Then our money will be completely and and utterly under government control. Just a matter of time. 

[faraday]

^^

A horrible answer, but most probably it will all come true.

 

????