Bank Savings Interest Rates 2021

[gamb00ler]

3 hours ago, asiaexpat said:

Tax ID number is same as number on Pink ID card. 

 

3 hours ago, skatewash said:

It can be the same or different.  If you acquired your Tax ID number prior to having a Pink ID card it will very likely be different.  If you present your Pink ID card when you acquire your Tax ID number it will very likely be the same.

When I put on my software guy hat, I believe @skatewash is likely correct.

[opporna]

Thanks to everyone in this thread. I've learned a lot here.

From the information, I just opened a Mee Tae Dai account at Krungsri. I used my passport, driver's license and the Chanote from my condo in my name. (About 1% interest for those who haven't been following.) I received a bank book there.

I also opened an SCB Easy account at 1.5% using the same ID. This account has no passbook, and I'm not sure if I could use it for retirement visa 800,000 baht purposes at immigration at Jomtien/Pattaya. They said I could at the bank but I'm skeptical. has anyone had any experience with this.

I went to LH Bank at Terminal 21 and they said I can't open an account as I don't have a pink card nor am I on a yellow book (yet). They did imply I could if I got one (both?) of those things sorted.

I'm also interested in the Kasikorn LIne BK option and I intend to spend more time checking that out and will report back (if I don't get too lazy).

Am I missing any other good options? Given the protection of only a million baht per bank, it's nice to know all the possible good accounts avaiilable.

 

 

[skatewash]

6 minutes ago, opporna said:

Thanks to everyone in this thread. I've learned a lot here.

From the information, I just opened a Mee Tae Dai account at Krungsri. I used my passport, driver's license and the Chanote from my condo in my name. (About 1% interest for those who haven't been following.) I received a bank book there.

I also opened an SCB Easy account at 1.5% using the same ID. This account has no passbook, and I'm not sure if I could use it for retirement visa 800,000 baht purposes at immigration at Jomtien/Pattaya. They said I could at the bank but I'm skeptical. has anyone had any experience with this.

I went to LH Bank at Terminal 21 and they said I can't open an account as I don't have a pink card nor am I on a yellow book (yet). They did imply I could if I got one (both?) of those things sorted.

I'm also interested in the Kasikorn LIne BK option and I intend to spend more time checking that out and will report back (if I don't get too lazy).

Am I missing any other good options? Given the protection of only a million baht per bank, it's nice to know all the possible good accounts avaiilable.

 

 

I would mention only that if you acquire a Thai Tax ID number from the Thai Revenue Department and have that number added/associated with any bank account you open you will save yourself having 15% tax withheld from the first baht of interest earned.  This will potentially save you from having to file a Thai Personal Tax Return in order to get back the withheld interest.

You should get a Thai Tax ID card from your local Thai Revenue Department.  It's the size of a credit card but printed on business card stock.  The 13 digit number can be the same as your yellow house registration book ID number or your pink ID card number, or it can be a new number created for you.  You can explain that you need the Thai Tax ID card because you intend to file a Thai Personal Income Tax Return to claim back your interest withheld from a Thai bank account.  That is a legitimate and sufficient reason for needing a Thai Tax ID number, you do not have to be working in Thailand.

[opporna]

Thanks, yes I have one and used it while opening the above accounts, but forgot to mention it. It's good to remind people that it's important.

[skatewash]

On 12/4/2021 at 7:34 PM, opporna said:

Thanks to everyone in this thread. I've learned a lot here.

From the information, I just opened a Mee Tae Dai account at Krungsri. I used my passport, driver's license and the Chanote from my condo in my name. (About 1% interest for those who haven't been following.) I received a bank book there.

I also opened an SCB Easy account at 1.5% using the same ID. This account has no passbook, and I'm not sure if I could use it for retirement visa 800,000 baht purposes at immigration at Jomtien/Pattaya. They said I could at the bank but I'm skeptical. has anyone had any experience with this.

I went to LH Bank at Terminal 21 and they said I can't open an account as I don't have a pink card nor am I on a yellow book (yet). They did imply I could if I got one (both?) of those things sorted.

I'm also interested in the Kasikorn LIne BK option and I intend to spend more time checking that out and will report back (if I don't get too lazy).

Am I missing any other good options? Given the protection of only a million baht per bank, it's nice to know all the possible good accounts avaiilable.

 

 

Just to confirm:  You successfully opened a SCB EZ Savings account?  The reason I ask is that the terms and conditions state that one must be "a Thai resident," which is a bit vague and ambiguous.  I live no where else but Thailand, hold and have held a retirement extension of stay for years, and own a freehold condo unit in Thailand, but I am not a Permanent Resident or a Thai Citizen.

[shortstop2]

1 hour ago, skatewash said:

Just to confirm:  You successfully opened a SCB EZ Savings account?  The reason I ask is that the terms and conditions state that one must be "a Thai resident," which is a bit vague and ambiguous.  I live no where else but Thailand, hold and have held a retirement extension of stay for years, and own a freehold condo unit in Thailand, but I am not a Permanent Resident or a Thai Citizen.

I am in the same boat as you but don't own a condo,    I opened up an SCB EZ account last June at the Pattaya Central Festival branch.  It was pretty painless.

 

They told me that they could not stop the 15% tax withholding but I think the bank rep didn't want to do something she hasn't done before.  Yesterday, I gave it another try and used Google Translate and the rep sent me to a rep at another window and she was on the phone then copied the number on my Tax ID card and gave me the impression that there won't be anymore withholding but won't know for sure until the end of June as interest and withholding is semi-annual.

 

Is there any place on the website that shows this status?

 

On 12/4/2021 at 7:34 PM, opporna said:

From the information, I just opened a Mee Tae Dai account at Krungsri. I used my passport, driver's license and the Chanote from my condo in my name. (About 1% interest for those who haven't been following.) I received a bank book there.

I also opened an SCB Easy account at 1.5% using the same ID. This account has no passbook, and I'm not sure if I could use it for retirement visa 800,000 baht purposes at immigration at Jomtien/Pattaya. They said I could at the bank but I'm skeptical. has anyone had any experience with this.

I also have these 2 accounts but don't want to risk immigration problems so continue to keep 800K in my Mee Tae Dai account.  It's a shame that I am foregoing 4K baht in interest but worth it for the peace of mind.

Edited January 6, 2022 by shortstop2

[skatewash]

3 minutes ago, shortstop2 said:

Is there any place on the website that shows this status?

No, not that I know of.  I was able to see the change in withholding was effective in a month as the Mee Tae Dai account pays interest monthly.  Had to wait longer for the Bangkok Bank regular savings account because as you said that's only paid semi-annually.

[gamb00ler]

4 hours ago, skatewash said:

Just to confirm:  You successfully opened a SCB EZ Savings account?  The reason I ask is that the terms and conditions state that one must be "a Thai resident," which is a bit vague and ambiguous.

I'm on Non-Imm "O" visa with retirement extension and of course NO work permit.  I successfully opened SCB EZ Savings account using my passport, residency certificate and Tax ID card at the Big C (not Extra)  branch on the superhighway.  That happened in Sep. '21.

 

I'm hoping to use it for my retirement extension after my next one in Feb.  I download my statement every month.  I did notice that if there is NO activity in the month the statement doesn't show the balance anywhere.  I do a small transfer via mobile from another account if no other activity in that month to ensure the balance is in fact shown.  Immigration probably will not be satisfied with the downloaded statements so I'll probably need to get a 12 month printout from the branch.

[Yellowtail]

5 hours ago, shortstop2 said:

I am in the same boat as you but don't own a condo,    I opened up an SCB EZ account last June at the Pattaya Central Festival branch.  It was pretty painless.

 

They told me that they could not stop the 15% tax withholding but I think the bank rep didn't want to do something she hasn't done before.  Yesterday, I gave it another try and used Google Translate and the rep sent me to a rep at another window and she was on the phone then copied the number on my Tax ID card and gave me the impression that there won't be anymore withholding but won't know for sure until the end of June as interest and withholding is semi-annual.

 

Is there any place on the website that shows this status?

 

I also have these 2 accounts but don't want to risk immigration problems so continue to keep 800K in my Mee Tae Dai account.  It's a shame that I am foregoing 4K baht in interest but worth it for the peace of mind.

How are you foregoing the 4K interest?

[gamb00ler]

On 12/4/2021 at 7:34 PM, opporna said:

From the information, I just opened a Mee Tae Dai account at Krungsri. I used my passport, driver's license and the Chanote from my condo in my name. (About 1% interest for those who haven't been following.) 

 

12 hours ago, Yellowtail said:

How are you foregoing the 4K interest?

The 4K comes from the difference in interest rates between the SCB EZ account(1.5%) and the Mee Tae Dai account (~1%) at Krungsri.  The .5% difference in rates on the 800K used for @shortstop2's retirement extension is 4,000 ฿ per year.

Edited January 7, 2022 by gamb00ler

[edwardandtubs]

I've got a million baht sitting between a Kasikorn and Bangkok Bank standard savings account. I'm leaving the country for 9 months and would like to earn a bit more interest. Any recommendations for an account that can be opened on a tourist visa?

[gamb00ler]

8 hours ago, edwardandtubs said:

I've got a million baht sitting between a Kasikorn and Bangkok Bank standard savings account. I'm leaving the country for 9 months and would like to earn a bit more interest. Any recommendations for an account that can be opened on a tourist visa?

I suggest you try and get a Fixed Deposit account at one of the banks where you already have accounts.

 

I see Bangkok bank offers a 9 month term.  Try calling them at 1333.  They have staff that speak English fairly well.

 

Kasikorn offers can be seen here: https://kasikornbank.com/en/rate/deposits/20211125-Deposit-Rates-EN.pdf

 

[EricTh]

On 12/4/2021 at 7:48 PM, skatewash said:

I would mention only that if you acquire a Thai Tax ID number from the Thai Revenue Department and have that number added/associated with any bank account you open you will save yourself having 15% tax withheld from the first baht of interest earned.  This will potentially save you from having to file a Thai Personal Tax Return in order to get back the withheld interest.

You should get a Thai Tax ID card from your local Thai Revenue Department.  It's the size of a credit card but printed on business card stock.  The 13 digit number can be the same as your yellow house registration book ID number or your pink ID card number, or it can be a new number created for you.  You can explain that you need the Thai Tax ID card because you intend to file a Thai Personal Income Tax Return to claim back your interest withheld from a Thai bank account.  That is a legitimate and sufficient reason for needing a Thai Tax ID number, you do not have to be working in Thailand.

That's only true for certain banks but not SCB.

 

I asked SCB to key in my THai tax id for this purpose but they said that their system doesn't accept any tax ID.

 

 

 

[skatewash]

1 hour ago, EricTh said:

That's only true for certain banks but not SCB.

 

I asked SCB to key in my THai tax id for this purpose but they said that their system doesn't accept any tax ID.

 

 

 

When opening my SCB EZ Savings account at SCB they accepted my Thai Tax ID Card.

[skatewash]

4 hours ago, EricTh said:

That's only true for certain banks but not SCB.

 

I asked SCB to key in my THai tax id for this purpose but they said that their system doesn't accept any tax ID.

 

 

 

Quote

Interest payment period:

Twice a year: Every 25th June and 25th December. For individual customers, withholding tax at a rate of 15% is applicable to total savings interest receivables at all banks over 20,000 baht per year, or interest not meeting the requirements of savings interest tax waiver as specified by the Revenue Department. For juristic person customers, withholding tax is applicable by type of juristic person. 

https://www.scb.co.th/content/dam/scb/personal-banking/product-sales-sheet/deposits/ez-savings-account-en.pdf

Above would imply that they recognize the savings interest tax waiver as specified by the Revenue Department.  Part of that waiver requires your Thai Tax ID to be associated with your account.

Of course, I won't really know if it got set-up correctly until 25 June when I hope to see an entry for interest earned and not an entry for tax withheld.  That will be the proof of the pudding. ????

[moontang]

Saw CDs over 2% in the US.

First time in a few years..10 year 2.1%....

[gamb00ler]

6 hours ago, EricTh said:

That's only true for certain banks but not SCB.

 

I asked SCB to key in my THai tax id for this purpose but they said that their system doesn't accept any tax ID.

The SCB staff probably used the phrase that when translated correctly means:

I don't know how to do what you ask.  Please go away so I can check my phone.????

 

SCB would NOT open the EZ savings account for me without the tax ID.  I checked my Dec. '21 statement and the interest paid entry on Dec. 25 (Merry Christmas) did not have a corresponding tax withholding entry.

Edited February 11, 2022 by gamb00ler

[StayinThailand2much]

The interest rate for my Krungthai Bank account has been the same for the past 15 years: zero.

[skatewash]

18 minutes ago, StayinThailand2much said:

The interest rate for my Krungthai Bank account has been the same for the past 15 years: zero.

Give Krungsri Bank's Mee Tae Dai savings account paying 1% APR earned daily, paid monthly a try.

Also, EZ Savings account from SCB is paying 1.5% APR if balance less than 5 million (Note you are only covered by deposit insurance in Thailand up to 1 million baht per bank).

[EricTh]

5 hours ago, skatewash said:

When opening my SCB EZ Savings account at SCB they accepted my Thai Tax ID Card.

Strange, I opened the same account but they refused to key in any Thai Tax ID. Is your branch in Chiang Mai?

 

[EricTh]

1 hour ago, gamb00ler said:

The SCB staff probably used the phrase that when translated correctly means:

I don't know how to do what you ask.  Please go away so I can check my phone.????

 

SCB would NOT open the EZ savings account for me without the tax ID.  I checked my Dec. '21 statement and the interest paid entry on Dec. 25 (Merry Christmas) did not have a corresponding tax withholding entry.

 

I asked them several times when they told me that they don't key in tax id. They kept on repeating the same thing 'no tax id  in system'

 

The answer is a firm no from them. There were two officers involved. They thought that I didn't understand but I do.

 

Is yours in Chiang Mai? Which branch is it?

Edited February 11, 2022 by EricTh

[gamb00ler]

4 minutes ago, EricTh said:

Is yours in Chiang Mai? Which branch is it?

Yes, it's at the Big C on Superhighway.  It's not the Big C Extra that is close to Central Festival.

 

Adding the tax ID is probably only relevant for foreigners.  The staff at Bangkok bank and Kasikorn bank had to call their support line to find out how to do it.

Edited February 11, 2022 by gamb00ler

[EricTh]

2 minutes ago, gamb00ler said:

Yes, it's at the Big C on Superhighway.  It's not the Big C Extra that is close to Central Festival.

Is it the Big C just before  Promenada but after Makro? 

[gamb00ler]

1 minute ago, EricTh said:

Is it the Big C just before  Promenada but after Makro? 

Yes... I had to think a minute because I always come from the opposite direction than you.

 

Access to that Big C is great because of the tunnel under the superhighway.

Edited February 11, 2022 by gamb00ler

[EricTh]

Just now, gamb00ler said:

Yes... I had to think a minute because I always come from the opposite direction than you.

I am coming from Central Festival.

 

I will pay them a visit and see whether they can key in my tax id. Thanks.

[skatewash]

56 minutes ago, EricTh said:

Strange, I opened the same account but they refused to key in any Thai Tax ID. Is your branch in Chiang Mai?

 

No, in Phuket.

[skatewash]

46 minutes ago, gamb00ler said:

Yes, it's at the Big C on Superhighway.  It's not the Big C Extra that is close to Central Festival.

 

Adding the tax ID is probably only relevant for foreigners.  The staff at Bangkok bank and Kasikorn bank had to call their support line to find out how to do it.

Yes, the normal Thai National ID number is their tax id number.  It would only be an issue for foreigners.  And not all foreigners know to ask and it's only been a few years that they've had mandatory tax withholding on savings account interest.  Bank employees probably don't have to do this often or ever.

[keithsimmonds]

1 hour ago, skatewash said:

Give Krungsri Bank's Mee Tae Dai savings account paying 1% APR earned daily, paid monthly a try.

Also, EZ Savings account from SCB is paying 1.5% APR if balance less than 5 million (Note you are only covered by deposit insurance in Thailand up to 1 million baht per bank).

SCB Ez is paying 1.5% up to 1 million...

[matchar]

26 minutes ago, keithsimmonds said:

SCB Ez is paying 1.5% up to 1 million...

I just checked the website and you are right...when I opened mine about 6 months ago it was up to 2 million though and they haven't notified me of any changes...does anyone know if existing customers are affected?

[matchar]

And good luck to anyone trying to open a Krunsgri account. I tried 2 different branches with my work permit, passport and Thai driving license but they kept telling me this was not enough due to some crazy new rules and handed me a badly translated list of requirements.