Which Bank To Put 800K In For A Year?

[Seeall]

1 minute ago, worgeordie said:

Bigger interest rates, Bigger risk, are they covered by the Government

1 Million THB guarantee,as with Banks,in case they go tits up,or if Manager

buggers off with all the funds.?

regards Worgeordie 

Which credit unions?  names/links please....

[BobBKK]

14 hours ago, JetsetBkk said:

I have them on my list of banks to inquire, so I'll ask them about opening a new account every year. Seems ridiculous to me.

Never done that in 11 years here with BB.

[worgeordie]

2 minutes ago, Seeall said:

Which credit unions?  names/links please....

I have no idea, ask ivorbigun2, he has funds in them I think,

I was just commenting you get more interest,but higher risk,

I think they are just local credit unions,lending to local

people,would be interesting to see what collateral they

require before giving out loans,

regards Worgeordie

[thainet]

1 hour ago, IvorBiggun2 said:

Credit Unions will give a farang 4% in a savings account here in Thailand. 6% if you're Thai and you do it 'Fixed Term'.  Right bring on the knockers.

Bit of an off topic post really, as these type of accounts are basically only open to Thai citizens, and only 1:1000 farang might be eligible in some way. So this is not somewhere for guys to park their 800k for immigration purposes.

[IvorBiggun2]

47 minutes ago, thainet said:

this is not somewhere for guys to park their 800k for immigration purposes.

Never done me any harm over the years.

 

1 hour ago, Seeall said:

Which credit unions?  names/links please....

I/we use the Buriram Teachers Credit Union.

 

https://forum.thaivisa.com/topic/1147669-best-bank-for-a-savings-acc-of-1m-thb/

[thainet]

5 minutes ago, IvorBiggun2 said:

Never done me any harm over the years.

 

I/we use the Buriram Teachers Credit Union.

 

https://forum.thaivisa.com/topic/1147669-best-bank-for-a-savings-acc-of-1m-thb/

As I said a few maybe eligible (you probably through your wife being a teacher?), but for most others it is not feasible, and therefore not relevant to the thread of 'What bank to put 800k'. 

[Pib]

Bangkok Bank really has two types of "fixed accts" when it comes to whether they automatically roll over into another term of identical length or to a 90 day fixed term.

 

A few years back when fixed interest rates were much higher Bangkok Bank offered "promotional/special" fixed term accts at a higher internet rate than a normal fixed acct of same term length.  For example let's say the standard fixed term of 12 months was paying 2%; their promotional fixed term of 12 months might pay 2.5%.  The window to sign up for the promotional fixed term was limited to usually around two months. So, sign up during that two month promotional windows and you got 2.5%.  But sign up out of that window and your only got 2%. 

 

Now with those promotional fixed terms when they matured they automatically rolled over into a standard 90 day fixed term....and would continue to roll over into another 90 day fixed term until you came in and rolled the funds over into say another promotional or fixed term.  If you did roll the funds over into another fixed term, say a 6 or 12 month term, it was a complete new acct opening with new acct number and you had to comply with whatever policies were in place to open a new acct.

 

But when you open a standard fixed term when it matures it rolls over into another fixed term of identical length paying whatever interest is standard for that time.   Say you were in a standard 12 month term...it matured...it rolled over into another 12 month term...same acct number. 

 

So, depending on whether your opened a promotional/special fixed term or a standard fixed term when the term matures it will roll over differently.  A promotional into a 90 day fixed term.....a standard into another standard fixed of equal length.  

[IvorBiggun2]

1 hour ago, thainet said:

you probably through your wife being a teacher?

My wife IS NOT a teacher. She received an invitation from a friend, ex teacher, to join. In Thailand if there's a will there's a way.

 

Quote

these type of accounts are basically only open to Thai citizens

I did have an account giving 4% in which I kept my 800,000 for my extension. All went smoothly for a couple of years as immigration accepted a Credit Union as being a bank. Different senior officer saw it as not being a bank and refused my extension. We now keeps my 400,000 in our joint account. I pull it out 2 months before my extension date and put it my Bangkok bank account. Job done.

[Tuvoc]

So for those people who are paranoid about keeping their 800k in Thai banks because it is "not safe",  how much safer could you get than the state owned Krung Thai bank ?  

[JetsetBkk]

5 minutes ago, Tuvoc said:

So for those people who are paranoid about keeping their 800k in Thai banks because it is "not safe",  how much safer could you get than the state owned Krung Thai bank ?  

That's my "Current account" bank, with ATM card, and always has been my current account bank. I used to maintain >800K in the account for Immigration until I suddenly got ill and stuck in hospital on 6-hourly antibiotic drips costing 25K baht/day.

 

That's when I realised my 800K current account would go below 800K if I stayed there much longer and would cause problems with Immigration. So after I left hospital I decided to "park" 800K in a fixed term deposit account. Krung Thai rates were either low or not available because I was "farang". Hence I went to SCB. And now SCB have very low rates.

[Tuvoc]

Yes you can't win !

 

Personally I'd be comfortable with SCB or BKK, but for the more seriously risk-averse people Krung Thai has to be the safest, the government would surely not let it fail.

[Leaver]

On 5/18/2020 at 8:28 AM, Tuvoc said:

So for those people who are paranoid about keeping their 800k in Thai banks because it is "not safe",  how much safer could you get than the state owned Krung Thai bank ?  

Sate owned means accounts can be frozen, accounts can be "taxed."  Limits on withdrawals can be placed on account.  Seen it in Greece and in Cyprus. 

 

Do you really have enough faith in the Thai government to let them take care of your money?    

[JetsetBkk]

Latest rates from various banks in Phuket's "Central Festival" shopping mall:

 

Krungsri bank "Mee Tae Dai" account: 1.1%, interest paid monthly

Bangkok bank: 0.75%

Thanachart: eSavings account 1.5%. First you have to open another account and transfer money to the eSavings account. What a hassle.

CIMB: 1.2% for 11 months

Kasikorn: 0.65%

 

 

Couldn't find a "LH Bank", but I was tired of looking TBH.

[FritsSikkink]

Mine

[JetsetBkk]

2 minutes ago, FritsSikkink said:

Mine

Your what?

[FritsSikkink]

Just now, JetsetBkk said:

Your what?

Bank

[Leaver]

21 hours ago, JetsetBkk said:

Latest rates from various banks in Phuket's "Central Festival" shopping mall:

 

Krungsri bank "Mee Tae Dai" account: 1.1%, interest paid monthly

Bangkok bank: 0.75%

Thanachart: eSavings account 1.5%. First you have to open another account and transfer money to the eSavings account. What a hassle.

CIMB: 1.2% for 11 months

Kasikorn: 0.65%

 

 

Couldn't find a "LH Bank", but I was tired of looking TBH.

Makes for a higher risk, lower reward, visa criteria to meet. 

 

Not worth it. 

[JetsetBkk]

3 hours ago, Leaver said:

Makes for a higher risk, lower reward, visa criteria to meet. 

 

Not worth it. 

It's a lot of hassle, let alone the risk. Even for a 0.2% increase in return, it's only 2,000 baht on a million. Hardly worth the time and diesel. Maybe if I'm in town with some time to waste I might go to Krungsri, after I've gone to the SCB and withdrawn a load.

 

Isn't there some way to transfer this money electronically, i.e. without carrying a paperbag full of cash from one bank to another?

[Leaver]

19 hours ago, JetsetBkk said:

It's a lot of hassle, let alone the risk. Even for a 0.2% increase in return, it's only 2,000 baht on a million. Hardly worth the time and diesel. Maybe if I'm in town with some time to waste I might go to Krungsri, after I've gone to the SCB and withdrawn a load.

 

Isn't there some way to transfer this money electronically, i.e. without carrying a paperbag full of cash from one bank to another?

i was suggesting it's not worth the risk in any Thai bank, just for a visa. 

[topt]

On 5/22/2020 at 10:23 PM, JetsetBkk said:

Isn't there some way to transfer this money electronically, i.e. without carrying a paperbag full of cash from one bank to another?

Yes if you have internet banking set up with both accounts.

[lopburi3]

30 minutes ago, topt said:

Yes if you have internet banking set up with both accounts.

You only need internet banking with the account transferring the money - you can send money to any bank/account number.

 

Has anyone checked into using a fixed deposit for the 800k and obtained a secured credit card on that basis?  Would be one way to cover short term shortfalls without the need to withdraw from the 800k account.  Yes you would have payment of interest but that would likely be better than losing extension of stay for most people.

[topt]

1 hour ago, lopburi3 said:

Has anyone checked into using a fixed deposit for the 800k and obtained a secured credit card on that basis?  Would be one way to cover short term shortfalls without the need to withdraw from the 800k account.  Yes you would have payment of interest but that would likely be better than losing extension of stay for most people.

Last year, or before, I seem to remember a couple of people mentioned they had done that and all of a sudden (it had not been done previously) the bank chopped the balance amount in the letter to deduct the "secured" amount of whatever it was.

Again from memory the TVers who reported it said it was Bangkok Bank but my memory could be faulty on that one. 

[Leaver]

On 5/24/2020 at 4:28 PM, lopburi3 said:

Has anyone checked into using a fixed deposit for the 800k and obtained a secured credit card on that basis?  Would be one way to cover short term shortfalls without the need to withdraw from the 800k account.  Yes you would have payment of interest but that would likely be better than losing extension of stay for most people.

That could be dangerous for many here.