Bank Savings Interest Rates 2021

[how241]

Thanks for the updates.  Nice to see some better Thai rates.  I have seen banks in the USA offering 5% for a 1 year CD(fixed account).  Hopefully,  after the next Fed meeting, Thailand will push up the rates a little more. I don't expect to see 5%  anytime here. 

[how241]

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

Maybe they have not updated their rates as I am not seeing some of these higher rates yet.  Also this site might not show promotional rates or offers. 

[Don Chance]

You could invest the money and get 10% return per year.  So really it is costing you $2300 USD a year for a retirement visa. Minus -2% then it is down to $1850 a year.

[JimmyJ]

3 hours ago, Don Chance said:

You could invest the money and get 10% return per year.  So really it is costing you $2300 USD a year for a retirement visa. Minus -2% then it is down to $1850 a year.

What are you investing in to get 10%?

[how241]

19 hours ago, JimmyJ said:

What are you investing in to get 10%?

You can hold stable coins at Nexo and earn 10%,  paid out daily with no lock up.  You need to hold some Nexo coins to earn the 10% but you can also earn 8% and not have to hold any other coins. Interest is paid daily and there is no lock up so you can withdraw anytime.  Yes, I understand that it is NOT a bank. 

[gamb00ler]

On 2/23/2023 at 1:17 PM, moogradod said:

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

The Pro-Fit high interest savings account at LH is for Thai citizens only.  They may not be farang friendly 

[moogradod]

7 minutes ago, gamb00ler said:

The Pro-Fit high interest savings account at LH is for Thai citizens only.  They may not be farang friendly 

I was not aware of that, sorry. My Wife, Thai CItizen, has one account there, that is where I got the information from.

[JimmyJ]

On 2/23/2023 at 5:46 PM, how241 said:

I have seen banks in the USA offering 5% for a 1 year CD(fixed account).  

Banks in the USA offering up to

4.55% on standard Savings accounts (Withdraw anytime, no penalty), federally insured for 250k.

(Rates can change at anytime).

Edited February 24, 2023 by JimmyJ

[moontang]

[Henryford]

On 2/23/2023 at 6:29 PM, Don Chance said:

You could invest the money and get 10% return per year.  So really it is costing you $2300 USD a year for a retirement visa. Minus -2% then it is down to $1850 a year.

"invest" in a crypto haha. Is it run by Sam Bankman-Fried?

[DrJoy]

14 hours ago, moogradod said:

I was not aware of that, sorry. My Wife, Thai CItizen, has one account there, that is where I got the information from

Only for Thai citizens who hold a valid Thai ID card.

 

 

• For individuals of Thai nationality only,  aged over 15 years
• Open an account in the name of an individual (Unable to open a joint account)
• The interest rates shown in the media refer to the Bank's interest rate announcements. You can check the current interest rates at the bank's website or branch. 
• Conditions and interest rates are as announced by the bank.
• This deposit product is protected by the Deposit Protection Agency in the amount specified by law.

 

https://www.lhbank.co.th/th/personal/deposits/pro-fit-digital-savings/

[moontang]

In my 8 years on Retirement extensions with the 800k...I did best with CIMB..but that Mae Tae Dai or similar from Krungsri was easiest to document and get processed...the young IO didn't like the FDs

[brianthainess]

On 2/11/2022 at 9:02 AM, skatewash said:

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

I don't even have a Thai Tax ID Card, they opened an account for me, but i had to take the missus along 

[brianthainess]

On 2/23/2023 at 6:29 PM, Don Chance said:

You could invest the money and get 10% return per year.  So really it is costing you $2300 USD a year for a retirement visa. Minus -2% then it is down to $1850 a year.

How much do you pay your agent ? 

Edited February 25, 2023 by brianthainess

[skatewash]

3 hours ago, brianthainess said:

I don't even have a Thai Tax ID Card, they opened an account for me, but i had to take the missus along 

A Thai Tax ID card is not required in order to open a bank account, but I was trying to get them to recognize that I provided my Thai Tax ID number to them when opening the account so that they could waive (as Bangkok Bank and Krungsri Bank have) 15% automatic tax withholding on interest earned on the account.  Some have been successful at doing this but I have not been able to get my particular SCB branch to do this for me.  So this year I filed a Thai Tax Return (P.N.D-90) to have the withheld amount refunded.  If I could get SCB to not withhold the tax in the first place I would not have to file a Thai Tax Return.

[how241]

9 hours ago, Henryford said:

"invest" in a crypto haha. Is it run by Sam Bankman-Fried?

Nexo has had no involvement or losses with any of the cryptos that recently have gone bankrupt or had similar issues.  I don't want to hijack this thread into a crypto thread.  End of crypto posts. 

[how241]

On 2/23/2023 at 6:29 PM, Don Chance said:

You could invest the money and get 10% return per year.  So really it is costing you $2300 USD a year for a retirement visa. Minus -2% then it is down to $1850 a year.

You are correct.  With the low rates that the Thai banks are paying ,  keeping the 800K does cost some lost interest(lost money).  It is certainly not a free visa.  I know that some people use agents to avoid keeping the 800K in the bank but even that will cost 12K-15K  and I am not comfortable with the legality of it.  No free ride.  On a non-related issue, I don't know why immigration doesn't charge a small fee for the 90 day report. It would give them a large additional income stream.  Most things done at any Gov't offices will require a fee.  I won't be making this suggestion to them...hahaha

[how241]

I have recently seen interest rates of 7.4%-8.5%  at major Vietnam banks and 6%-7% at Cambodia Banks for 8-12 month accounts.  As a foreigner, has anyone recently opened any accounts with them ?   What was your experience?  Do you think it is risky ?  I was reading that they offer accounts in US dollars and Thai baht, along with their own currency.  What do you think ???

[Yellowtail]

26 minutes ago, how241 said:

I have recently seen interest rates of 7.4%-8.5%  at major Vietnam banks and 6%-7% at Cambodia Banks for 8-12 month accounts.  As a foreigner, has anyone recently opened any accounts with them ?   What was your experience?  Do you think it is risky ?  I was reading that they offer accounts in US dollars and Thai baht, along with their own currency.  What do you think ???

Will they give you that rate on a USD or THB account? 

[how241]

5 minutes ago, Yellowtail said:

Will they give you that rate on a USD or THB account? 

I just did a 'quick' read on the banks website so I am not sure.  It looks like the Vietnam banks don't pay interest on dollar accounts but I could be wrong.  It looked like the Cambodia banks paid interest on THB.   Again, I am not sure as I only did a quick read at one banks website.  That's why I am hoping to get recent info from people that have actually made accounts with them.

[Yellowtail]

47 minutes ago, how241 said:

I just did a 'quick' read on the banks website so I am not sure.  It looks like the Vietnam banks don't pay interest on dollar accounts but I could be wrong.  It looked like the Cambodia banks paid interest on THB.   Again, I am not sure as I only did a quick read at one banks website.  That's why I am hoping to get recent info from people that have actually made accounts with them.

Bank failure notwithstanding, there is also risk with currency fluctuation. 

 

My interest earning immigration account was a lot more attractive before the Baht went south and I started getting 3% in the US. 

[how241]

22 minutes ago, Yellowtail said:

Bank failure notwithstanding, there is also risk with currency fluctuation. 

 

My interest earning immigration account was a lot more attractive before the Baht went south and I started getting 3% in the US. 

I think the largest banks are relatively safe.  Vietnam has good growth potential.  I liked the idea of having a Thai baht account,  thus avoiding the exchange rate drama.  In the US,  getting 3-4.5% is common but I like to keep some money closer to where I live.  I have lived in Thailand for 12 years but Vietnam might be another place to try out. 

[how241]

1 hour ago, Yellowtail said:

Will they give you that rate on a USD or THB account? 

Cambodia bank -rates on USD

https://www.cab.com.kh/home_detail?page=en&product_id=1c383cd30b7c298ab50293adfecb7b18

[Yellowtail]

41 minutes ago, how241 said:

Cambodia bank -rates on USD

https://www.cab.com.kh/home_detail?page=en&product_id=1c383cd30b7c298ab50293adfecb7b18

Try opening an account and see how it goes, $100 minimum might be fun is you can do everything online.  

 

Open a USD and a KHR with the same amount and see how they do.

 

Might be interesting...