Bangkok Bank 11 Month Fixed - Foreigners Allowed?

[sfokevin]

I’m looking to do my visa 800k deposit at Bangkok Bank and see they have a special 11 month interest account (see link below)... The term say one must be “Thai Individual”... Are foreign residents not allowed?...

 

Also if someone does have this account how do you handle rollover?... They state it will rollover to a standard 3 month account... Can you make it so it rolls over for another special 11 months?

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Deposit-Campaign

[Pib]

Sure appears the 7, 9 and 11 month deposits are for Thais only.   But the 4 month is for any individual with a Thailand residence which means Thais or farangs.   

 

I use to get Bangkok Bank fixed deposits for around 3 years...but stopped when interest rates dropped across the board.  I remember having a 15, 11, 7 and 4 month fixed deposits....I just picked what the best promotional deposit was at the time.   I used a fixed account to hold my retirement extension of stay Bt800K funds.  Now if I remember right even at that time the fixed deposit terms for the higher paying deposits said for Thai only also, but I was still able to open the fixed account as a lowly farang.

 

I see the bank still has the same policy now and before regarding what happens when the fixed deposit matures--it automatically rolls over into their 90 day fixed deposit...you keep the same account number....and will continue to roll over like that until you come in a pick a new fixed deposit. 

 

Your other choice is come in right after the account matures and pick a different fixed deposit to roll it over into...pick the best deal at the time.  That's what I use to do.  What happens then is the old account number/passbook is closed and a new account number/passbook created.

 

Now, I even did a rollover (i.e., old acct closed/rolled over into new one) one time well within the 3 month window before applying for my retirement extension of stay at Chaeng Wattana/Bangkok.  Actually that occurred the first time I rolled over a fixed deposit and thought I would keep the same account number---but no, they closed the account and opened a new one....all done at the same time...in one combo type transaction....and I thought I would get to keep the old account number.  But actually a new fixed account was opened with new account number/passbook, money transferred from old acct which is then closed, and now your new account is funded.  Really two transactions but done in the same setting...kinda like a combo transaction. 

 

Anyway I was surprised the old account had been closed....well within the 3 months before I apply for my extension.  The bank rep said not to worry....just show both bank books and mention you rolled over the funds same day to a new account. 

 

So, on that day I was setting in front of the immigration officer reviewing  my annual extension application the officer immediately noticed the seasoning in the new account was not long enough....I had only provide the new account passbook for review.  I then showed the old passbook and explained the rollover and the officer was fine with that....took copies of that passbook...and then approved my extension. 

 

But I never did that again (i.e., rolling over the money during that 3 month pre-application seasoning period which is now 2 months) just to play it safe with immigration.  One time I let a matured fixed deposit automatically rollover and stay in a 90 day fixed deposit for about a month until I got my new extension....then I went and rolled the funds over into the highest paying fixed account at the time. 

 

 

Edited June 12, 2019 by Pib

[Vacuum]

I

18 minutes ago, Pib said:

Sure appears the 7, 9 and 11 month deposits are for Thais only. 

I opened the 11 month fixed account two weeks ago, no problems.

[Pib]

7 minutes ago, Vacuum said:

I opened the 11 month fixed account two weeks ago, no problems.

Not surprised....like I said in my earlier post they opened fixed accts for me also years back although their advertisement at the time said for Thais only.

[sfokevin]

So it looks like the 11 months is doable... But I don’t like the idea of them closing and opening a new account to maintain/rollover to a similar high interest term!... A new account number is just something else to potential set off Immigration! and my plan is to make this as Immigration foolproof as possible...

 

Maybe be just a 3 year term... curious?... with a three year term is the interest paid annually or at the end of three year?... I ask for Thai tax reasons... I understand that anything under 20k is not taxable (refundable) but if they pay all three years at one time that payment would be over 20k...

Edited June 12, 2019 by sfokevin

[kokesaat]

There's a problem with fixed terms.......at least for me in the past.  In my experience with SCB and Bangkok Bank, when they mature, they don't roll over into the same account number.   That could cause problems with immigration.

As for term accounts for Thais only, I recently inquired with CIMB about their fixed accounts....they told me I couldn't.  I showed them my pink ID and they said I could.  I didn't.....because I didn't want to dick with immigration rules

 

[sfokevin]

8 minutes ago, sfokevin said:

with a three year term is the interest paid annually or at the end of three year?...

Found my own answer...

 

[Pib]

Yes...when I had a 15 month Bangkok Bank fixed account interest and tax was paid on the anniversary date and then again when the account matured 3 months later.

And keep in mind on a fixed account 15% tax is withheld on interest earned regardless of total interest earned...even when far below 20K interest per year. Earn even 100 baht interest on a fixed account and a 15 baht tax withholding is applied.

[Delight]

My understanding is that BKK will pay 1.625% P.A

Currently for a 11 month period.

Less the 15% tax as mentioned earlier

If untouched it drops to 1.5% PA

 

However you have to leave it there for a further  12 months to obtain the 1.5%.

 

Mine finishes in September. I will simply transfer to a new 11 month account-assuming that this type is still on offer.

This is my visa extension money -so it stay with them until I die.

Edited June 12, 2019 by Delight

[Brunolem]

On 6/12/2019 at 1:22 PM, Vacuum said:

I

I opened the 11 month fixed account two weeks ago, no problems.

So did I last week... 

 

From my experience, the immigration is not really focused on the account number, but rather on the amount, and more especially on the letter from the bank stating that this amount has been kept with them for so many months. 

 

For the record, they also have what they call Bualuang Thanasarn Plus accounts, which they open on a bank book similar to the one of a fixed account. 

 

The interest rate is 1.7%, paid every 6 months, without tax... until the end of this month... starting July 1st, these accounts will also be taxed at 15%.

Edited June 13, 2019 by Brunolem

[HHTel]

I opened a fixed deposit account with BKK Bank only yesterday.  Took around 15 mins.  1.5% paid annually on it's anniversary.

[Pib]

Keep in mind that Bangkok Bank offers "promotional/special" fixed accounts and regular fixed accounts.  The promotional fixed account where signup is usually only available for a few months is basically an upgraded regular account where the interest may be little higher,  shorter term like 1.5%pa for 9 months compared to 1.5%pa for 12 months, different early withdrawal penalties, different amounts which can be deposited later, etc.   Additionally the eligibility may be different....like a regular fixed account Thai or farang can sign up.  But for a promotional fixed account they may limit that to Thais only like the second link below where "supposedly" the 7, 9, and 11 month special fixed accounts are for Thais only but the special 4 month account is for Thai or farang.  

 

Regular Fixed Account

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Fixed-Deposit-Account

 

Special (promotional) Fixed Account

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Deposit-Campaign

 

 

[Vacuum]

I got the 11 month "specal" fixed account.