Just opened a savings account with Bangkok Bank.

"Do you want it for 3. 6. 0r 12 months?" I was asked.

"Whats the difference in interest?" I asked.

"Nothing. They are all 3.25%" she replied.

"What all of them?" I said " and if I take out a 3 month one initially. Can I renew it after 3 months?".

"Sorry. Don't know" she said sheepily.

Does anyone know what is going on with savings accounts in LOS?

Does anyone know what is going on with savings accounts in LOS?

Your story reminds me of this saying by George Bernard Shaw: “The single biggest problem in communication is the illusion that it has taken place”

You were talking about a savings account, the bank girl about a fixed deposit account.

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Maestro

Just opened a joint account with my wife, went to collect the cards, only one for her, i had to pay an extra 300baht for mine!

Globeliner, that seems to be the going rate for an ATM card. Some banks may only charge 250 Baht for it, but would you chose a bank based on its fee for the ATM card?

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Maestro

Globeliner, that seems to be the going rate for an ATM card. Some banks may only charge 250 Baht for it, but would you chose a bank based on its fee for the ATM card?

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Maestro

The point being, a 'Joint Account' why only one card issued? No to the last question.

The point being, a 'Joint Account' why only one card issued?

Now, that’s a lot more interesting. I have to guess here, but I think it might be because your wife asked the bank for only one card, a card for herself. Does she also keep the bank book under her own lock and key?

Or it could simply be that the bank didn’t ask your wife if she wanted a card also for her husband and thus she did not ask you if you wanted one.

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Maestro

I deal with UOB Bank, Rangsit branch

Opened a save'n account in my own name, Not Joint!

Also was give'n a credit card, term deposit accounts and health insurance.Ie access to all accounts and frills as locals.

I am not rich! I didn't have to pay anything under the table. I also do not have a work permit! Just a non imm O visa.

Was treated as a normal person.

All questions are answered if not on the spot they have called me with an Answer.

They also have three or four ladies there that speeak english very well!

0.75% for a savings account is terrible.

0.75% for a savings account is terrible.

Open a fixed deposit account instead.

...UOB Bank...health insurance...

Whose health insurance do they sell? I looked at their website and can’t find anything about it. This might be of interest to some expats.

From your comments, UOB seems to know the meaning of customer service, at least your branch does.

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Maestro

most banks have a nominal fee to issue the ATM card and then a annual fee of 100 or 200 baht per year, per card.

I deal with UOB Bank, Rangsit branch

Opened a save'n account in my own name, Not Joint!

Also was give'n a credit card, term deposit accounts and health insurance.Ie access to all accounts and frills as locals.

I am not rich! I didn't have to pay anything under the table. I also do not have a work permit! Just a non imm O visa.

Was treated as a normal person.

All questions are answered if not on the spot they have called me with an Answer.

They also have three or four ladies there that speeak english very well!

I trust my wife

There are two types of savings account, a normal savings account which is just a bank account and pays poor interest, and fixed deposit savings accounts, whereby you choose 3,6,12 months of which you will either leave your money in teh account or pay x baht into the account every month.

Think of the standard savings account as the equivelant of a current account in the West, but without a cheque book and it tallies quite well. The fixed account will NOT have an ATM card or anything attached to it and is what I gues syou would call a deposit account in the West.

They also have three or four ladies there that speeak english very well!

Nice one !

Could,nt resist that...sorry.

I will need to be opening a savings account at some point,,a joint account for me and my(Thai) wife.

I would be grateful if anyone could give me some advice on which bank to approach.

Thanks

Just opened a savings account with Bangkok Bank.

"Do you want it for 3. 6. 0r 12 months?" I was asked.

"Whats the difference in interest?" I asked.

"Nothing. They are all 3.25%" she replied.

"What all of them?" I said " and if I take out a 3 month one initially. Can I renew it after 3 months?".

"Sorry. Don't know" she said sheepily.

Does anyone know what is going on with savings accounts in LOS?

I opened a 3 month fixed deposit with Bangkok Bank around 3 months ago. Having received the same level of help as the OP regarding what happens on maturity I shall have that adventure on the 15th when I go to find out what actually happens at the end of the 3 month term!

gmac

Could,nt resist that...sorry.

I will need to be opening a savings account at some point,,a joint account for me and my(Thai) wife.

I would be grateful if anyone could give me some advice on which bank to approach.

Thanks

No worries!

I have banked with Krungsri " Ayutthaya bank" & Uob bank, both in the Rangsit Future Park mall.

No problems with opening a savings account!

Uob was easy I found to do all the extras if you need them. Ie health/life insurance, Mutual funds, term deposits, credit cards blah blah blah.

I have a joint account and my own accounts.

Just opened a savings account with Bangkok Bank.

"Do you want it for 3. 6. 0r 12 months?" I was asked.

"Whats the difference in interest?" I asked.

"Nothing. They are all 3.25%" she replied.

"What all of them?" I said " and if I take out a 3 month one initially. Can I renew it after 3 months?".

"Sorry. Don't know" she said sheepily.

Does anyone know what is going on with savings accounts in LOS?

I opened a 3 month fixed deposit with Bangkok Bank around 3 months ago. Having received the same level of help as the OP regarding what happens on maturity I shall have that adventure on the 15th when I go to find out what actually happens at the end of the 3 month term!

gmac

Usually at the date of maturity the term deposit account rolls over principal and interest for the same amount of time you originally open the account with though interest rate may differ. If you want a longer or shorter tem account you'll have to open a new fix account.

Could,nt resist that...sorry.

I will need to be opening a savings account at some point,,a joint account for me and my(Thai) wife.

I would be grateful if anyone could give me some advice on which bank to approach.

Thanks

No worries!

I have banked with Krungsri " Ayutthaya bank" & Uob bank, both in the Rangsit Future Park mall.

No problems with opening a savings account!

Uob was easy I found to do all the extras if you need them. Ie health/life insurance, Mutual funds, term deposits, credit cards blah blah blah.

I have a joint account and my own accounts.

Thanks for the info.

Cheers

There are two types of savings account, a normal savings account which is just a bank account and pays poor interest, and fixed deposit savings accounts, whereby you choose 3,6,12 months of which you will either leave your money in teh account or pay x baht into the account every month.

Think of the standard savings account as the equivelant of a current account in the West, but without a cheque book and it tallies quite well. The fixed account will NOT have an ATM card or anything attached to it and is what I gues syou would call a deposit account in the West.

Hi Ben

There is rather more choice than that . There are in fact six different types of account !

Below you will find the rates of each of these accounts at the bank that probably gives the highest rates of any bank in Thailand, namely the Government Housing Bank or Prachasongkkro in Thai. Good luck with your choice.

กระแสรายวัน (Current Deposit)

- กระแสรายวัน (Current Deposit) 0.25

ออมทรัพย์ (Saving Deposit)

- ออมทรัพย์ (Saving Deposit) 1.00

ออมทรัพย์พิเศษ (Special Saving Deposit)

- ต่ำกว่า 5 ล้านบาท (Less than Bt5 million) 3.00

- ตั้งแต่ 5 ล้านบาท ไม่เกิน 10 ล้านบาท (Form Bt5 million) 3.00

- ตั้งแต่ 10 ล้านบาท (From Bt10 million) 3.00

- ตั้งแต่ 20 ล้านบาท (Form Bt20 Million) 3.00

ประจำ (Fixed Deposit)

- 3 เดือน ( 3 Months) 3.75

- 6 เดือน (6 Months) 4.00

- 1 ปี (1 Year) 4.00

- 2 ปี (2 Years) 4.00

- 3 ปี (3 Years) 4.00

- 5 ปี (5 Years) 4.25

ประจำสินเคหะ (Fixed Deposit Sin K-ha)

- ประจำสินเคหะ : อิงอัตราดอกเบี้ยเงินฝากประจำ 1 ปี (Fixed Deposit Sin K-ha) 4.00

ตั๋วสัญญาใช้เงิน (Promissory Note)

- 7 วัน (7 Days) 3.00

- 14 วัน (14 Days) 3.25

- 1 เดือน (1 Month) 3.75

- 2 เดือน (2 Months) 3.75

- 3 เดือน ( 3 Months) 3.75

- 6 เดือน (6 Months) 4.00

- 1 ปี (1 Year) 4.00

- 2 ปี (2 Years) 4.00

- 3 ปี (3 Years) 4.00

- 5 ปี (5 Years) 4.25

So seems like if you have thb and you want a known income now would be a good time to lock in 4%+ for 6 months or more, in light of BOT likley to decrease interest rates any time soon...

4.25% per annum for the next 5 years doesnt seem too bad...

Just opened a savings account with Bangkok Bank.

"Do you want it for 3. 6. 0r 12 months?" I was asked.

"Whats the difference in interest?" I asked.

"Nothing. They are all 3.25%" she replied.

"What all of them?" I said " and if I take out a 3 month one initially. Can I renew it after 3 months?".

"Sorry. Don't know" she said sheepily.

Does anyone know what is going on with savings accounts in LOS?

As someone else said, it's a short term deposit account. You choose the term you want and get the appropriate interest rate.

Your question, ' Can i renew it after three months?' is appropriate, but slightly off-target.

If you choose three months, then the principal and interest earned is returned to you. You then can choose to open another term deposit account. Of course, there is no guarantee what the interest rate will be then - it might have gone up, or it might have gone down.

Caveat emptor, and all that guff.

What taxes are paid on interest earned in thai fixed deposit?

You can get a liquid money market account at many american banks for 4%+

I think it is 15% withholding tax and you have the option in your tax return to include it or not at the year end depending on your tax position.