I'll need to deposit thb 800,000 into a Thai bank in May 2020 ('extension of stay - retirement')

Just wondering which Thai bank has the best term deposit accounts (easiest to open & highest interest rates)?

Obviously, the account will need to satisfy Jomtien Immigration's bank deposit policy (no penalties if withdrawing funds before the full term other than loss of interest)

Currently I have a saving account at TMB.

Bangkok Bank (Central Festival, Pattaya) require a document from Jomtien Immigration verifying my (hotel) address before they'll allow me to open an account.

I'd prefer to avoid this type of bureaucracy if at all possible.

Cheers

CIMB pays up to 2% on some of their fixed deposits. 

3 hours ago, swordfisch said:

I'll need to deposit thb 800,000 into a Thai bank in May 2020 ('extension of stay - retirement')

Just wondering which Thai bank has the best term deposit accounts (easiest to open & highest interest rates)?

That's 5 months away if you are saying you will deposit it in May. I would suggest you come back then and ask again as the landscape may have changed........

if you need it there for 2 months before May that is still a while away.....

If TMB thought you were good enough to be allowed a savings acct., they are your best bet for term deposits too. Presumably. they now know that you are a customer, not a criminal.

 I have just opened a 3 year fixed account with Krungsri Bank (Bank of Ayudhya)

1.85%  -less 15% tax

Easy to open

The staff did not know that this type of account existed.

Read about it on their website.

Edited December 27, 20196 yr by Delight

7 minutes ago, Delight said:

 I have just opened a 3 year fixed account with Krungsri Bank (Bank of Ayudhya)

1.85%  -less 15% tax

Easy to open

The staff did not know that this type of account existed.

Read about it on their website.

No surprise they did not know, anything other than deposit or withdraw gets then scratching their head and calling for help

Krungsri Mee Tae Dai Savings pays 1.3% (interest paid monthly) and is not a fixed account so can withdraw funds at any time.

Whatever bank/account you choose make sure that the passbook can be easily updated to show immigration...

This link to the Bank of Thailand shows all the banks rates https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx You can use it check rates on a daily basis if you want.

GSB. 2,25 % : 36 months fix deposit

SCB Jad Tem, up to 1.5%.

 

Last week I went to open one of these fixed term savings accounts with Krungsri Bank , was told cannot , need yellow book.

Today , went to LH (Land & House) Bank , was told cannot , need Work Permit.

what the <deleted> is wrong with these people , I am putting money IN to the bank , not asking for a loan!

I give up!

7 hours ago, barryw52 said:

This link to the Bank of Thailand shows all the banks rates https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx You can use it check rates on a daily basis if you want.

The BOT list doesn't show specials that are run by individual banks, you'll need to check each one in person to see what these are.

8 hours ago, sfokevin said:

Whatever bank/account you choose make sure that the passbook can be easily updated to show immigration...

Do you get a passbook with a Fixed Term Account, which you cannot add to? 

4 hours ago, me4175 said:

SCB Jad Tem, up to 1.5%.

 

 So 0.5% of 100,000 is 500 Bht, less 15% tax = 425 Bht, about 1.165 Bht a day! Over 100,000 and you'll be on 2.3 Bht  day.! Put 100,001 in the account. LOL

Edited December 28, 20196 yr by wgdanson

13 minutes ago, wgdanson said:

Do you get a passbook with a Fixed Term Account, which you cannot add to? 

No I have Bangkok bank which will update no problem (without a deposit or withdrawal)... But others (Like Kasikorn) have reported issues when wanting in to have their passbook updated... My warning was where shopping to ask and understand what is needed to update your passbook for immigration purposes - You don’t want to be surprised the day before you need to do your extension...

 

 

Edited December 28, 20196 yr by sfokevin

43 minutes ago, wgdanson said:

Do you get a passbook with a Fixed Term Account, which you cannot add to? 

I have several that can't be added to, each one has a passbook (UOB)

5 hours ago, Mamasun said:

GSB. 2,25 % : 36 months fix deposit

Yes I opened one of this. In Bangkok (IconSiam) was easy to do without the need of a work permit.

 

But anyway to give to the OP the best rates now is not a lot of help. As in 2 Months there can be a better one or a actual good one maybe already be gone.

1 hour ago, wgdanson said:

 So 0.5% of 100,000 is 500 Bht, less 15% tax = 425 Bht, about 1.165 Bht a day! Over 100,000 and you'll be on 2.3 Bht  day.! Put 100,001 in the account. LOL

No.  You will only get the higher rate of 1.5% on the 1 baht over the first 100,000.  That first 100,000 baht will remain at 0.5%.

On 12/28/2019 at 9:04 AM, glamont002 said:

Krungsri Mee Tae Dai Savings pays 1.3% (interest paid monthly) and is not a fixed account so can withdraw funds at any time.

More than 2 withdrawals a month pay 50 baht ATM fee.

On 12/28/2019 at 9:04 AM, glamont002 said:

Krungsri Mee Tae Dai Savings pays 1.3% (interest paid monthly) and is not a fixed account so can withdraw funds at any time.

This is what i use. The interest is not the highest but it's the most flexible and can be used as a normal bank account, with debit card etc. No tax payable.

5 minutes ago, Henryford said:

This is what i use. The interest is not the highest but it's the most flexible and can be used as a normal bank account, with debit card etc. No tax payable.

From this year Krungsri started withholding tax on their Mee Tae Dai Savings account (as did all other banks on all types of savings accounts). If you have a tax ID you can show that to your bank and they will stop withholding tax, but unfortunately not all bank employees will know how to achieve that.

Edited December 29, 20196 yr by Sophon

On 12/26/2019 at 6:46 PM, Gweiloman said:

CIMB pays up to 2% on some of their fixed deposits. 

less 10% tax ?

On 12/28/2019 at 9:04 AM, glamont002 said:

Krungsri Mee Tae Dai Savings pays 1.3% (interest paid monthly) and is not a fixed account so can withdraw funds at any time.

It use to be 1.3%.  It's now 1.1% (as of 18 Dec 2019) unless you very recently opened an acct via online where they still give 1.3% for amounts less than 100K. See below partial quotes from their 18 Dec and 12 Nov 2019 deposit rates schedule.  All rates at the weblink below.

https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

 

Effective 18 Dec 2019

 

Effective 12 Nov 2019

On 12/26/2019 at 6:46 PM, Gweiloman said:

CIMB pays up to 2% on some of their fixed deposits. 

Problem with CIMB is that they need a Thai citizen as guarantor and that guarantor must accompany the foreigner to the bank.

 

I doubt many people here are that close to any Thai citizen unless she's your spouse...

Edited December 29, 20196 yr by EricTh

On 12/27/2019 at 12:28 PM, Delight said:

 I have just opened a 3 year fixed account with Krungsri Bank (Bank of Ayudhya)

1.85%  -less 15% tax

Easy to open

The staff did not know that this type of account existed.

Read about it on their website.

Most staff anywhere are useless these days.. its the younger generation I guess, or perhaps employers demand to much and the staff have no time to use a brain.

On 12/28/2019 at 1:13 PM, Mamasun said:

GSB. 2,25 % : 36 months fix deposit

I mentioned this before, is it available to non-Thais?

1 hour ago, recom273 said:

I mentioned this before, is it available to non-Thais?

open it in your child's name ? no fuzz

On 12/27/2019 at 9:59 AM, allane said:

If TMB thought you were good enough to be allowed a savings acct., they are your best bet for term deposits too. Presumably. they now know that you are a customer, not a criminal.

When I checked with them recently you must hold a work permit. Retirees and other long term stayers are barred from opening an account with them.

3 hours ago, recom273 said:

I mentioned this before, is it available to non-Thais?

Yes it is !