Banks to automatically submit savings accounts interest data to RD; interest less than 20,000 baht exempted from tax

[sfokevin]

46 minutes ago, CharlieH said:

 

From Santander.....

"Earn more interest by keeping a higher balance in your account.Monthly interest of 1.50% AER/1.49% gross (variable) paid gross on your entire balance up to £20,000."

You need to Google the meaning of AER (Annual Equivalent Rate)

Edited May 9, 2019 by sfokevin

[MikeN]

16 hours ago, CharlieH said:

 

From Santander.....

"Earn more interest by keeping a higher balance in your account.Monthly interest of 1.50% AER/1.49% gross (variable) paid gross on your entire balance up to £20,000."

That is interest paid monthly, at 1.5% per annum. Which is equivalent to 0.125% per month, but getting the benefit of compound interest.

Completely different to 1.5% per month !

  With all due respect, perhaps you should not be giving financial advice !

[CharlieH]

26 minutes ago, MikeN said:

That is interest paid monthly, at 1.5% per annum. Which is equivalent to 0.125% per month, but getting the benefit of compound interest.

Completely different to 1.5% per month !

  With all due respect, perhaps you should not be giving financial advice !

I wasnt giving financial advice!, I made a comment and I merely repeated what was stated and fhen qualified/clarified it with the full text direct from the bank.

[salavan]

If your British you have to inform HMRC of any untaxed foreign interest up to £2000

[topt]

21 hours ago, salavan said:

If your British you have to inform HMRC of any untaxed foreign interest up to £2000

Not if you are registered as non resident for tax purposes.

[Beggar]

On 5/6/2019 at 4:53 PM, Pib said:

 

 

But maybe this tax report issue was the cause....maybe  Krungsri will stop the applying the withholding tax with the new agreement.  Then again, maybe the MTD account got reclassified as a fixed account by the revenue dept and Krungsri had to start treating it like a fixed account for tax withholding purposes.   I have a old MTD account....had it around 4 years....so far no tax withholding....I earn around Bt17K interest per year based on the average balance I keep.

 

At my accounts there they started already to deduct the tax on Interest payments on May 30th and they will continue like this. They don't care anymore about the 20000 Baht limit. 

[Pib]

17 minutes ago, Beggar said:

At my accounts there they started already to deduct the tax on Interest payments on May 30th and they will continue like this. They don't care anymore about the 20000 Baht limit. 

Don't know which bank you are with, but take a read of below topic/4 Jun post regarding the Krungsri MTD account which is kinda a cross breed between a regular and fixed savings account...and then further down in the thread where I talk what Bangkok Bank told me regarding my regular savings accounts.

 

 

 

 

Edited June 9, 2019 by Pib