best bank for a savings acc. of 1M THB

[notrub]

I just tried to google best Thai bank and got back a bunch of information that means little to me.  As in, I don't understand it.

 

Is there a Thai bank that pays interest on a foreign currency account?  Which bank and what kind of account offers the best, tax free, rates on 1M THB (or so) please?  Fixed term account is OK as I don't plan to use the money except for visa renewal.

 

Thanks very much in advance.

[Matzzon]

No, there is nothing good, and hardly nothing ok. Just pick your poison.

[Liverpudlian]

As above.

[IvorBiggun2]

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

[saengd]

You talk about a foreign currency account and in the same breath ask for advice on how to invest 1 million baht....which currency do you want to invest?

 

Foreign currency interest rates in Thailand are very poor to non-existent, by the time you ay account fees you'll be lucky to break even.

 

THB Fixed Deposit accounts will give you around 1.3% for one year currently, not huge but it's something.

 

 

[thequietman]

59 minutes ago, IvorBiggun2 said:

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

Tell me more please regarding the 4% option. Thanks in advance.

[thainet]

1 hour ago, IvorBiggun2 said:

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

Not in Thailand..what country are you referring to?

[saengd]

Just now, thainet said:

Not in Thailand..what country are you referring to?

Thailand....there are several credit unions that offer decent savings interest rates but they require membership for people such as civil servants, nurses, teachers or police.

[thainet]

1 hour ago, saengd said:

You talk about a foreign currency account and in the same breath ask for advice on how to invest 1 million baht....which currency do you want to invest?

 

Foreign currency interest rates in Thailand are very poor to non-existent, by the time you ay account fees you'll be lucky to break even.

 

THB Fixed Deposit accounts will give you around 1.3% for one year currently, not huge but it's something.

 

 

After the Bank of Thailand downgrade on interest rates last Thursday, I think you'll find the highest Fixed Deposit rate now at any Bank (for perhaps 7 and 12 mths is only 1% and taxable 15% on the interest).

[thainet]

1 minute ago, saengd said:

Thailand....there are several credit unions that offer decent savings interest rates but they require membership for people such as civil servants, nurses, teachers or police.

So as that is not accessible to most foreigners, then where does the 4% come from?.

[saengd]

5 minutes ago, thainet said:

After the Bank of Thailand downgrade on interest rates last Thursday, I think you'll find the highest Fixed Deposit rate now at any Bank (for perhaps 7 and 12 mths is only 1% and taxable 15% on the interest).

A few of the Thai banks offer specials which are mostly teaser rates for top tier customers, CIMB is one who offers their Preferred Customers over 1.8% on a max. of 5 million. Those banks are basically buying deposits. And the 15% tax can be avoided by showing the bank your tax ID, if you have one.

Edited February 10, 2020 by saengd

[saengd]

2 minutes ago, thainet said:

So as that is not accessible to most foreigners, then where does the 4% come from?.

4% is probably one of their savings interest rates. Those credit unions offer cheap loans to members along with high rates of savings interest, there is some sort of subsidy in place to support those things but it's considered to be one of the perks of having a fairly low paying job.

[IvorBiggun2]

9 hours ago, thequietman said:

Tell me more please regarding the 4% option. Thanks in advance.

You need to locate a Credit Union near to where you live and ask them for information. Different Union different rates.

 

9 hours ago, thainet said:

Not in Thailand..what country are you referring to?

 YES in Thailand At the end of 2018 there were just under 2,000 Credit Unions in Thailand

 

9 hours ago, thainet said:

So as that is not accessible to most foreigners, then where does the 4% come from?.

The high rate in our Union is only given to Thais based on a fixed term. The lower rate is not fixed and can be accessed with no penalty.

 

9 hours ago, saengd said:

it's considered to be one of the perks of having a fairly low paying job.

Neither me or my wife work.

Edited February 10, 2020 by IvorBiggun2

[IvorBiggun2]

Further to the above.

 

puchooay

•  

Quote

 

• Super Member
•  
•  

•  #5

Posted August 11, 2016

It is indeed a co operative set up and run by teachers. Many teachers use it to borrow and invest.

 

When a teacher borrows the payments are taken at source from their monthly salary.

 

Anyone can invest if they are introduced by a teacher. The money must be invested in a Thai name.

 

 

Edited February 10, 2020 by IvorBiggun2

[thainet]

1 hour ago, IvorBiggun2 said:

You need to locate a Credit Union near to where you live and ask them for information. Different Union different rates.

 

 YES in Thailand At the end of 2018 there were just under 2,000 Credit Unions in Thailand

 

The high rate in our Union is only given to Thais based on a fixed term. The lower rate is not fixed and can be accessed with no penalty.

 

Neither me or my wife work.

Interesting info---learn something new every day.

[saengd]

1 hour ago, IvorBiggun2 said:

Further to the above.

 

puchooay

•  

 

Deposits in credit unions are not covered by the governments deposit protection insurance (DPA) plus there is hardly any financial oversight or regulation of those 2,000 credit unions. 

 

Ask yourself, do you feel lucky!

[Antonymous]

OP, just shop around and take the best rate that you can find, but make sure that the bank is covered by government protection.

 

A good one, for example, is Islamic Bank. I have invested in their fixed deposit for many years as they always offer some of the best rates and are covered. I have just taken out a 24 month at 1.6% (this is after the recent BOT cut).

[saengd]

If you have a million to invest in a fixed deposit account, consider breaking it into four deposits of 250k each. That way, if you unexpectedly need money in the middle of the term you can cash in just one deposit and leave the others in place, you don't have to loose all your interest. If you can stagger the maturity dates throughout the year, all the better.

[Matzzon]

On 2/10/2020 at 1:50 PM, IvorBiggun2 said:

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

Sure the OP just want to totally lose control over his million baht by putting it in his wife´s name. ???? Seriously, I would really like to hear all your brilliant ideas.

However, the 4% ain´t that bad actually. For a person with 10M baht, that would give the 400k to show for an extension based on marriage every year. Ok, don´t go there! I know you do not need the 400k because the person already have 10M baht. Just a calculated example of what the profit would equal to.

 

However, I person that ain´t been able to scrape 10M baht together in his life, have no possibility to safely relocate to a foreign country anyway. That´s just my opinion. Shouldn´t take any chances in life. ???? 

Edited February 12, 2020 by Matzzon

[tf6122]

On 2/10/2020 at 9:00 PM, saengd said:

Thailand....there are several credit unions that offer decent savings interest rates but they require membership for people such as civil servants, nurses, teachers or police.

I don't understand how OP could use this route for visa since the account would be in a Thai name

[justin case]

On 2/10/2020 at 7:50 PM, IvorBiggun2 said:

A Credit Union fixed term will give you 6% if in your Thai wife's name. For your extension put it in your name at 4% interest accessible anytime.

excuse me, what bank is that ? is this real ? could this be in a teenager child's name ?

 

[justin case]

55 minutes ago, saengd said:

If you have a million to invest in a fixed deposit account, consider breaking it into four deposits of 250k each. That way, if you unexpectedly need money in the middle of the term you can cash in just one deposit and leave the others in place, you don't have to loose all your interest. If you can stagger the maturity dates throughout the year, all the better.

that is great advice, but I will have to wait till next year...

[saengd]

29 minutes ago, justin case said:

excuse me, what bank is that ? is this real ? could this be in a teenager child's name ?

 

Credit union, as mentioned previously, BUT uninsured.

[IvorBiggun2]

On 2/11/2020 at 8:09 AM, saengd said:

Deposits in credit unions are not covered by the governments deposit protection insurance (DPA) plus there is hardly any financial oversight or regulation of those 2,000 credit unions. 

 

Ask yourself, do you feel lucky!

Complete tosh. Doom forecaster.  

[saengd]

5 minutes ago, IvorBiggun2 said:

Complete tosh. Doom forecaster.  

Really?

 

https://forum.thaivisa.com/topic/652850-credit-union-execs-accused-of-embezzling-bt12-billion/page/2/

 

Then, google "Klongchan Credit Union Cooperative board" and read the Bangkok Post article about fraud.

Edited February 12, 2020 by saengd

[maprao]

Am I missing something I thought money deposited for extensions had to be in the sole name of the person seeking the extension. 

 

There any credit union or option open to a Thai wife etc is not an option 

[IvorBiggun2]

38 minutes ago, tf6122 said:

I don't understand how OP could use this route for visa since the account would be in a Thai name

Christ do you people not have brains. First of all immigration do not accept CU's as banks. Well they did initially for 2 years when I first used the CU and decided after that they wouldn't. Anyway, obviously you can't use the fixed term account as you need to remove the savings and put it in a Thai BANK for the 3 months prior to extension renewal. So you have a 4% saving account which you use to move money about for said purpose. Any monies you don't need to play about with you put it in your wife's name and get the 6%.

[saengd]

FEARING A large number of defaults on loans given out by savings and credit union cooperatives, Agriculture and Cooperatives Minister Grisada Boonrach has set up a sub-committee to find solutions within 30 days.

 

A source at the Cooperative Promotion Department said three savings cooperatives – one for teachers, another for railway personnel and the third for policemen – were facing illiquidity due to alleged graft. The committee was working to investigate and solve the problems as bankruptcy could affect many members, the source added.

 

 

https://www.nationthailand.com/national/30353185

[gk10002000]

On 2/10/2020 at 9:00 AM, thainet said:

After the Bank of Thailand downgrade on interest rates last Thursday, I think you'll find the highest Fixed Deposit rate now at any Bank (for perhaps 7 and 12 mths is only 1% and taxable 15% on the interest).

yes but just the other day another topic mentioned that the taxes can be claimed back if one makes below I think 300,000 thai baht.  So if retired and not making money in Thailand, I guess you can keep the little interest earned

[saengd]

Just to complete the picture on Credit Unions:

 

There is just under 2.000 credit unions in Thailand, those with assets over THB 5 bill. are subject to BOT oversight but that's only 134 of them, the remainder is not.

 

A quick google on the subject of credit unions, fraud and financial oversight will reveal plenty of articles.