Thanachart Bank launches ‘Ultra Savings Account’ at 1.6% interest per annum

By THE NATION

 

Komchalat Piteeprom, senior director of the bank’s deposit and unit trust product development division

 

Thanachart Bank has launched a mid-year deposit campaign aimed at enticing customers to open an “Ultra Savings Account”, which offers a fixed deposit rate of up to 1.6 per cent per annum.

 

Calculated on a daily basis, the interest will be paid every month for deposits of at least Bt20,000 but no more than Bt50 million. Depositors can also make withdrawals twice a month free of charge. 

 

Komchalat Piteeprom, senior director of the bank’s deposit and unit trust product development division, said: “The Ultra Savings Account become popular among consumers as it incorporates the strong feature of savings deposits in terms of flexibility as well as the strong feature of fixed deposits in terms of high interest rates. The objective of the campaign is to encourage members of the public to grow their savings. Depositors can withdraw cash twice monthly free of charge, after which a service fee of Bt50 will be charged for each withdrawal.

 

“One of Ultra Savings’ key customer groups includes working people who want to start saving or have excess cash. They not only get a good rate of return but can also avoid high-risk or complex investments. It also serves as the first milestone for growing their savings. Ultra Savings also offers flexibility as depositors can withdraw cash in case of emergency with no impact on the interest. Another key group includes SME operators and business owners who are looking for a deposit product which not only offers a higher interest rate than the conventional savings account, but also gives a higher level of liquidity than fixed deposits. The product provides depositors with the power to better manage their cash in line with the changing business environment.”

 

Source: https://www.nationthailand.com/business/30375268

 

-- © Copyright The Nation Thailand 2019-08-24

Follow Thaivisa on LINE for breaking Thailand news and visa info

I once walked into a branch of this bank, and was told I could not open an interest-paying an account because I was a foreigner. Advertisements in English are not always an indication that Thai businesses welcome foreign customers. Sometimes, they just want to appear to be trendy, modern, and connected to the wider world.

3 hours ago, rooster59 said:

1.6 per cent per annum

so ultra that I just shat myself

 

the interests on savings are lower than in Australia but mortgage interest rates way higher

(and not just Australia, but many other countries)

35 minutes ago, HeyHeyHey said:

the interests on savings are lower than in Australia but mortgage interest rates way higher

(and not just Australia, but many other countries)

In Holland the interests on a Saving account with the most bank is 0.02 % even some banks its negative interest. 

I wonder if this will survive the TMB-Thanachart merger?

Since most Thai saving accounts pay .5%, 1.6% is good. Will it be subject to 15% tax?

On 8/25/2019 at 5:16 AM, inThailand said:

Since most Thai saving accounts pay .5%, 1.6% is good. Will it be subject to 15% tax?

Yes, when exceeding Bt20K interest earned per year....for a Thai or farang.   

 

However, for a farang the 15% withholding tax will also apply for "any" amount (i.e., even below Bt20K interest earned) unless you provide your Thai tax ID number.  If providing your Thai tax ID number then only when exceeding Bt20K interest will the withholding tax apply.

i prefer scbank bonus account 2.5, 2.75 % 24,36 months with monthly amounts.

 

wbr

roobaa01

On 8/26/2019 at 1:35 PM, roobaa01 said:

i prefer scbank bonus account 2.5, 2.75 % 24,36 months with monthly amounts.

 

wbr

roobaa01

Link?

2 minutes ago, telboybk said:

Link?

try www.scb.co.th then search for the current interest rate table pdf. file.

 

wbr

roobaa01

Didn't TMB just buy this bank? Yeah I'll pass. Thai military not doing me any favors lately....

2 minutes ago, roobaa01 said:

try www.scb.co.th then search for the current interest rate table pdf. file.

 

wbr

roobaa01

Are these rates better than BKK bank? I like SCB but I've started a BKK bank account to diversify and also Inna few years for social security