TMB Dream Savings Account

[onera1961]

Here is what I understand. It is tied to the main saving account. If I deposit 25K every month in the main savings account and instruct them to move to dream savings account at the end of the month, I will have a savings of 300K in one year. I can have multiple dream saving account. If I open four of them and tied to the main saving account and deposit 100K in the main savings account, I can move 100K every month to the 4 dream savings account. Or 1.2 mil in one year. 

 

Has anybody opened this type of accounts? Is my understanding correct how it works? 

Please provide your feedback.

 

This accounts won't be used for retirement extension. 

Edited July 20, 2019 by onera1961

[worgeordie]

If you move 25K every month (12) Yes you will have 300K in the dream account,

25x12 = 300, but what is the point ,is the interest higher in the dream account?

regards worgeordie

[onera1961]

10 minutes ago, worgeordie said:

If you move 25K every month (12) Yes you will have 300K in the dream account,

25x12 = 300, but what is the point ,is the interest higher in the dream account?

regards worgeordie

Yes, it is 2.0% and I can open as many dream account as I want tied to one main account. So, if I open 4, I will have 1.2 million. And If I open 8, it is 2.4 million. Trying to maximize 7/8 million that I plan to bring to Thailand in the next 3 years after I sell my condo in Hawaii and apartment in Benidrom. 

Edited July 20, 2019 by onera1961

[NCC1701A]

1 minute ago, onera1961 said:

Yes, it is 2.0% and I can open as many dream account as I want. So, if I open 4, I will have 1.2 million. And If I open 8, it is 2.4 million. Trying to maximize 7/8 million that I plan to bring to Thailand in the next 3 years after I sell my condo in Hawaii and apartment in Benidrom. 

in 2020 accounts will only be insured for 1 million baht. you should look in to this and spread it around more banks.

[GroveHillWanderer]

On the TMB website it says the current rate on a Dream Savings account is 2.5%. However it does say elsewhere that the rate can vary.

 

Bangkok Bank fees & rates

[onera1961]

13 minutes ago, GroveHillWanderer said:

On the TMB website it says the current rate on a Dream Savings account is 2.5%. However it does say elsewhere that the rate can vary.

I think it is 2.5% for 6-months and after that drops to 2%

 

https://www.bangkokpost.com/business/1665064/small-deposits-add-up

[onera1961]

20 minutes ago, NCC1701A said:

in 2020 accounts will only be insured for 1 million baht. you should look in to this and spread it around more banks.

Good point, we will do when the time comes. 

[fletchsmile]

Yes your understanding is broadly correct. You can also withdraw cash from it, but only via the account linked.

 

It's one of if not the highest interest accounts around. 2.5% for 1st 6 months and 2% thereafter.

 

The complete product conditions can be found on this .pdf download link. They are all in Thai, but if your Thai isn't up to it, you can open the .pdf select all the text and cut and paste into google translate the translation is decent as it's simple and short text

 

https://www.tmbbank.com/document/download/3652

 

Or you can go via the link in bottom half of this web page under complete product conditions. Before that is a summary of the product in English

 

https://www.tmbbank.com/en/accounts/savings/dream-saving.html

 

Cheers
Fletch ????

Edited July 20, 2019 by fletchsmile

[onera1961]

40 minutes ago, fletchsmile said:

It's one of if not the highest interest accounts around.

Do you have suggestions of other high interest accounts? I want to park 7/8 mil spread across various accounts earning decent interests.