Bank Savings Interest Rates 2021

[EricTh]

7 hours ago, orientalist said:

Regarding the waiving of withholding tax for these "tax-free" accounts, it seems foreigners must prove they pay or are liable for tax in Thailand. For us that means showing them a Thai tax card.

 

 

I did bring my tax id card to show to them but they won't even look at it saying that the tax will NOT be deducted for SCB eazy account. 

[orientalist]

On 8/24/2022 at 6:52 PM, EricTh said:

I did bring my tax id card to show to them but they won't even look at it saying that the tax will NOT be deducted for SCB eazy account. 

I forced my card on them and they did enter it into their computer system during the one hour it took to set up my savings and EZ accounts. Two sets of copies of every page in my passport and alien's book, all signed. So much for Thailand 4.0!

The app isn't so well-behaved on my Android 8.0 phone but I can usually get it to load on the second attempt.

I regret now that I renewed my Senior account at CIMB. 2-3 years ago the interest was good and no tax is withheld, but now it is down to 0.7%. However, if I withdraw the funds I lose my Preferred status and don't get to deal with the hotties in the VIP area. Also, I'd like to keep my money spread around as many banks as possible.

[EricTh]

2 hours ago, orientalist said:

I regret now that I renewed my Senior account at CIMB. 2-3 years ago the interest was good and no tax is withheld, but now it is down to 0.7%. However, if I withdraw the funds I lose my Preferred status and don't get to deal with the hotties in the VIP area. Also, I'd like to keep my money spread around as many banks as possible.

 

How did you manage to open a bank account with CIMB? The last time they required me to have a Thai guarantor just to open up an account there.

Edited August 31, 2022 by EricTh

[orientalist]

3 hours ago, EricTh said:

 

How did you manage to open a bank account with CIMB? The last time they required me to have a Thai guarantor just to open up an account there.

I didn't have too much trouble getting approved since they accepted my PR status, but initially they registered the accounts with my pink card, then changed it to passport 2 weeks later, then changed it again to pink card when I was unable to move the app to a new phone. Shambolic,  really.

But CIMB was only useful for decent interest rates a few years ago. They didn't have many branches and they now have no ATM or other machines at all. They told me to use other banks' ATMs. Lol.

 

[EricTh]

4 minutes ago, orientalist said:

I didn't have too much trouble getting approved since they accepted my PR status, but initially they registered the accounts with my pink card, then changed it to passport 2 weeks later, then changed it again to pink card when I was unable to move the app to a new phone. Shambolic,  really.

But CIMB was only useful for decent interest rates a few years ago. They didn't have many branches and they now have no ATM or other machines at all. They told me to use other banks' ATMs. Lol.

 

It's pretty difficult for a foreigner to open a CIMB bank account back then. 

 

So now it's only 0.7? Just slightly more than the 0.5% for 12 months fixed deposit.

 

Edited August 31, 2022 by EricTh

[orientalist]

3 hours ago, EricTh said:

It's pretty difficult for a foreigner to open a CIMB bank account back then. 

 

So now it's only 0.7? Just slightly more than the 0.5% for 12 months fixed deposit.

 

Yeah, I pointed out this was pretty pathetic for a Seniors account but they replied that is is tax-free - as if saving the 15% tax made it a winner. I claim back all tax from fixed deposits anyway, so it's not an advantage for me.

My biggest concern these days is not to get caught with all my money stuck in fixed deposits, which once happened to me. The Thanachart no-book account (my first no-book a/c) was great but it disappeared in the takeover by TMB. Then I opened a no-tax savings account with Krungsri, which works well and has a book but is now down to 0.90%. So I am happy I could eventually get the no-book account with SCB.

[worgeordie]

Even though the BoT increased the rate by .25% , Bangkok Bank 

decided not to increase the rate to its fixed rate customers , dont

know if they increase rates to debtors or mortgage customers.,but

why won't they....

regards worgeordie

[asiaexpat]

On 9/1/2022 at 8:26 AM, worgeordie said:

Even though the BoT increased the rate by .25% , Bangkok Bank 

decided not to increase the rate to its fixed rate customers , dont

know if they increase rates to debtors or mortgage customers.,but

why won't they....

regards worgeordie

That is why it is named “Fix” since the rate is fix for the term of the account. 

[worgeordie]

2 hours ago, asiaexpat said:

That is why it is named “Fix” since the rate is fix for the term of the account. 

That is why I was expecting a little bit more when

extending it for another 3 months ,on 3 month fixed ....

regards Worgeordie

[Pinot]

Just brought in $40k and looking for my best options. Will check out SCB's Easy Account but my question is what is the next alternative after not using a bank? Say a safe money market account from a broker? 

 

I realize I'm off topic here but maybe you can point me to a different post/thread.

[JAS21]

14 minutes ago, Pinot said:

Just brought in $40k and looking for my best options. Will check out SCB's Easy Account but my question is what is the next alternative after not using a bank? Say a safe money market account from a broker? 

 

I realize I'm off topic here but maybe you can point me to a different post/thread.

How you thought about bonds. There are quite a few companies wanting to run on Bonds. They just keep churning them over. BBB+ reasonably safe.

 

My wife has just done a couple ...one for 1yr and 2m and other I think is for 3years. 4.25%/4.5%  something like that. She gets offers from CIMB as we both have accounts there.

 

Bangkok Bank have a couple on offer at present  2Yr 3.65%  3.5Y 4%....BBB+

[Gaccha]

On 10/26/2022 at 11:29 AM, JAS21 said:

BBB+ reasonably safe.

It's worth pointing out that BBB+ is designated as near junk bond status. Certainly not something I'd characterize as 'reasonably safe', although a lot turns on the meaning of 'reasonable'. At that level of risk, then equity is likely more appropriate. Generally, laymen investing in bonds are deeply risk averse. 

[JerseytoBKK]

On 11/13/2022 at 11:36 AM, Gaccha said:

It's worth pointing out that BBB+ is designated as near junk bond status. Certainly not something I'd characterize as 'reasonably safe', although a lot turns on the meaning of 'reasonable'. At that level of risk, then equity is likely more appropriate. Generally, laymen investing in bonds are deeply risk averse. 

BBB+ is considered investment grade. So is BBB and BBB-. Here are the 3 major rating companies: https://www.fidelity.com/learning-center/investment-products/fixed-income-bonds/bond-ratings

 

The question is how trustworthy are the ratings? Anyone remember the AAA ratings of mortgage backed securities and the 2008 financial crash?

 

The reason I'm looking at this thread is that my GF asked about a bond offering that True just advertised that has a "credit rating of BBB+ with a “positive” outlook from TRIS Rating Co., Ltd. on October 7, 2022." 

 

" in June 2016 when S&P Global Ratings, the world’s leading provider of credit risk research services, acquired a 49% equity stake in TRIS Rating" So does this partnership make TRIS as reliable as any of the big 3?

[Celsius]

I opened HSBC savings account in Canada and they are paying me 4.75% interest. I could literally retire on this money of I sell my property.

[skatewash]

3 minutes ago, Celsius said:

I opened HSBC savings account in Canada and they are paying me 4.75% interest. I could literally retire on this money of I sell my property.

The current inflation rate in Canada is 6.9%.

[JimmyJ]

23 minutes ago, Celsius said:

I opened HSBC savings account in Canada and they are paying me 4.75% interest. I could literally retire on this money of I sell my property.

It's a standard savings account with no hoops to jump through?

 

Does Canada federally insure bank accounts?

 

I assume they can change the interest rate at any time?

Edited November 29, 2022 by JimmyJ

[Celsius]

3 hours ago, skatewash said:

The current inflation rate in Canada is 6.9%.

So what. I live in Thailand.

[Celsius]

3 hours ago, JimmyJ said:

It's a standard savings account with no hoops to jump through?

 

Does Canada federally insure bank accounts?

 

I assume they can change the interest rate at any time?

It's a promo rate, but I can put money into 1-5 year GIC term that pays 5.20% at the moment and have that rate guaranteed for the next 1-5 years. The money is federally insured for 100,000 per account. So if you have 500,000 just open 5 different accounts.

[skatewash]

6 hours ago, Celsius said:

So what. I live in Thailand.

But your money in that account lives in Canada ????

[moontang]

I bought a 30 day CD today..3.8% APR..Bank of East Asia New York ..fdic.

[topt]

5 hours ago, moontang said:

I bought a 30 day CD today..3.8% APR..Bank of East Asia New York ..fdic.

Good for you but presume you mean USD and in bank in US?

If so what is the point of posting it in this thread which is meant to be about Bank Savings Interest rates in Thailand........

[Don Chance]

Can you use these accounts for your retirement visa 800k?

[skatewash]

2 hours ago, Don Chance said:

Can you use these accounts for your retirement visa 800k?

Only Thai bank accounts are considered for meeting the 800k baht requirement for a retirement extension.

 

However, the foreign bank accounts can be used to obtain a Non-OA Visa from your home country.  That can be used to stay almost 2 years in Thailand (with properly timed border run), at which time you can leave and obtain another Non-OA Visa from your home country or you go the retirement extension route outlined in the first paragraph.

[orientalist]

This week LH has a promotion of 1.50% for 3 months. Just until the end of the week, I think.

 

And I discovered that foreigners can now apply at branches for the Pro-fit Digital account and get 1.50% for the first 3 million baht. Minimum balance is 2,000 baht.

 

I seem to recall when they first rolled out Pro-fit the 1.50% was only available if the account application was done online - but that required a Thai ID card so we were out of luck. Now that has changed.

 

They give foreigners a passbook for the Pro-fit digital account because, they say, we don't have a chipped ID card. But SCB and the old Thanachart had no-book digital accounts...

 

Anyway, with a 3 million baht range for the 1.50% it seems to be the best "digital" account in town.

[skatewash]

SCB EZ Savings account 1.5% APR up to 1 million baht balance.  No fixed term.  Has been offered at this rate for at least a year, if I remember correctly.

https://www.scb.co.th/en/personal-banking/digital-banking/scb-easy/open-account/easy-id-e.html#:~:text=Interest rate (p.a.)&text=*Interest rate is 1.5% p.a.,– 10%3A30 pm only.

Note:  you may not want to use this account for your retirement or marriage extension of stay as there is no passbook (if that is a requirement of your immigration office).

[keithsimmonds]

Just noticed my SCB Jad -Tem Savings account has gone from 1% to 1.25%....100,000 to 3million...every little helps,even more so with the UK,s NSI income bond and Direct saver accs ...now up to 2.63%...for those that have money sitting in a UK bank account earning hardly anything?

[how241]

Thanks to all recent posters for their updates.  Hopefully,  rates of 3% will soon be available in Thailand but I kind of doubt it. 

[H1w4yR1da]

The best I've currently seen is SCB 36 months at 1.75% with Epassbook.

Anyone seen better?

[moogradod]

54 minutes ago, H1w4yR1da said:

The best I've currently seen is SCB 36 months at 1.75% with Epassbook.

Anyone seen better?

LH Bank (Terminal 21, Pattaya) 12 months fixed, 1.85%

[H1w4yR1da]

1 hour ago, moogradod said:

LH Bank (Terminal 21, Pattaya) 12 months fixed, 1.85%

Just checked the website.

Interesting.