Which bank or financial institution give the best rates on saving

[ezzra]

Looking to deposit fare bit of funds in a long term saving account, any recommendations as to which bank or

financial institution gives the best rates at the moment?...

[Oldie]

24 minutes ago, ezzra said:

Looking to deposit fare bit of funds in a long term saving account, any recommendations as to which bank or

financial institution gives the best rates at the moment?...

Look here 

 

https://www.bot.or.th/English/Statistics/FinancialMarkets/InterestRate/_layouts/application/interest_rate/IN_Rate.aspx

 

Some banks like Krungsri have special offers not listed there. 

 

Edited November 2, 2020 by Oldie

[CharlieH]

MOVED to correct forum.

[landosmiles]

14 hours ago, Oldie said:

https://www.bot.or.th/English/Statistics/FinancialMarkets/InterestRate/_layouts/application/interest_rate/IN_Rate.aspx

 

Thank you for sharing this. However, from looking at the rate sheets on the individual bank websites, it seems like a number of the banks have separate column for rates for foreigners, which is often (/sometimes?) lower than the bank's standard rate?

 

14 hours ago, Oldie said:

Some banks like Krungsri have special offers not listed there. 

 

When I last checked the special offers from Krungsri and one or two other banks a couple of months ago, the terms and conditions stated that they were not available to foreigners?

 

 

In case it's helpful, earlier this year I collected the direct links to the interest rate pages for about 15 banks - you can find them in column B at https://docs.google.com/spreadsheets/d/1xUTT2oE3ZuHpLXXWPHeU3FPpN1t109CUMYFnqvwboG4/ 

[PatOngo]

Banks are robber barons, offering less than 1%, better to invest short term in gold!

[Oldie]

2 hours ago, landosmiles said:

 

Thank you for sharing this. However, from looking at the rate sheets on the individual bank websites, it seems like a number of the banks have separate column for rates for foreigners, which is often (/sometimes?) lower than the bank's standard rate?

 

 

When I last checked the special offers from Krungsri and one or two other banks a couple of months ago, the terms and conditions stated that they were not available to foreigners?

 

 

In case it's helpful, earlier this year I collected the direct links to the interest rate pages for about 15 banks - you can find them in column B at https://docs.google.com/spreadsheets/d/1xUTT2oE3ZuHpLXXWPHeU3FPpN1t109CUMYFnqvwboG4/ 

 

I never saw differed savings rates for foreigners at banks I use. Bangkok Bank, Kasikorn and Krungsri. Perhaps the government banks might have. In respect of good rates (what one can forget at the moment) I have been using for very many years 

 

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

 

You can make 2 withdrawals every month. If this is a problem then simply open more accounts. 

 

I looked at your Excel sheet. Not bad. Why can't you open accounts at some banks? 

 

In respect of bonds - the people need to be aware that they cannot be used for the immigration to show money for instance for an retirement extension. I saw a lot of surprised people because of this already... 

 

In respect of exchange rates here is a very good site. It is updated several times a day. Don't forget to select the rates for notes or transfers (TT). And of course you have to select the currency. I saw that you know it already - perhaps helpful for others. 

 

https://daytodaydata.net

 

Last thing. In respect of foreign currency accounts people need to know that they are not covered by the government deposit insurance. Perhaps something that gets more important at such times like now. But I still hope the best... Until August next year it is 5 Mio Baht and then they indent to reduce it to 1 Mio Baht- per Bank and not per account! 

 

Edited November 2, 2020 by Oldie

[shortstop]

6 hours ago, Oldie said:

Until August next year it is 5 Mio Baht and then they indent to reduce it to 1 Mio Baht- per Bank and not per account! 

I have a Mee Tae Dai account with Krungsri and have finally managed to stop them from withholding tax.

 

Next year, I'll be looking to open another high interest account.   Has anyone been able to avoid tax withholding with a SCB Jad Tem account

[Mavideol]

try Malaysia banks, some have good rates for FCA

[Oldie]

11 minutes ago, shortstop said:

I have a Mee Tae Dai account with Krungsri and have finally managed to stop them from withholding tax.

 

Next year, I'll be looking to open another high interest account.   Has anyone been able to avoid tax withholding with a SCB Jad Tem account

If you give them your tax ID they "normally" should not charge the withholding tax as long as you are below the 20k Baht interest income limit. What is their problem? 

[shortstop]

7 minutes ago, Oldie said:

If you give them your tax ID they "normally" should not charge the withholding tax as long as you are below the 20k Baht interest income limit. What is their problem? 

At Krungsri they wanted my official Tax ID card rather than just a statement from the Revenue Office with my Tax ID number.  The Revenue Office said they don't issue ID cards anymore.   Finally got it sorted by going to Soi 9 Police and Pattaya City Hall then back to the Revenue Office in order for me to get what my branch at Krungsri wanted.  

 

I've heard that there was an issue with getting withholding removed for the SCB Jad Tem accounts, hence my question.

 

It was easy for me to get the withholding removed at Bangkok Bank and Kasikorn but they don't seemto accounts similar to Krungsri's Mee Tae Dai or SCB's Jad Tem.

[4MyEgo]

Interest rates are historically low at the moment, you would be better off becoming a loan shark with returns as high as 20% ????

 

[Oldie]

31 minutes ago, shortstop said:

At Krungsri they wanted my official Tax ID card rather than just a statement from the Revenue Office with my Tax ID number.  The Revenue Office said they don't issue ID cards anymore.   Finally got it sorted by going to Soi 9 Police and Pattaya City Hall then back to the Revenue Office in order for me to get what my branch at Krungsri wanted.  

 

I've heard that there was an issue with getting withholding removed for the SCB Jad Tem accounts, hence my question.

 

It was easy for me to get the withholding removed at Bangkok Bank and Kasikorn but they don't seemto accounts similar to Krungsri's Mee Tae Dai or SCB's Jad Tem.

This piece of paper with the ID and the stamp and signature of the Revenue Department is the only thing I needed at Krungsri at a branch in Pattaya. As you said correctly there is no card anymore. It took them 3 attempts to get it right. But after my complaint they refunded me the tax that should not have been withdrawn. Since they didn't cancel the tax payments themselves I got them refunded from the Revenue Department too and so I got the tax refunded twice. I didn't want to complain again... ???????? I had troubles enough with them because of their mistake. 

 

Edited November 3, 2020 by Oldie

[Oldie]

22 minutes ago, 4MyEgo said:

Interest rates are historically low at the moment, you would be better off becoming a loan shark with returns as high as 20% ????

 

How much do you have to pay to other people... ? 

[shortstop]

6 minutes ago, Oldie said:

This piece of paper with the ID and the stamp and signature of the Revenue Department is the only thing I needed at Krungsri in the Central Mall Pattaya. As you said correctly there is no card anymore. It took them 3 attempts to get it right. But after my complaint they refunded me the tax that should not have been withdrawn. Since they didn't cancel the tax payments themselves I got them refunded from the Revenue Department too and so I got the tax refunded twice. I didn't want to complain again... ???????? I had troubles enough with them because of their mistake. 

 

The branch manager really helped me out as I was with her and a driver for four hours making the various stops so did not want to press the point about refunding prior withholding as due to Covid I will most probably be in Thailand early next year to file and receive my refund. 

 

I filed on Jan 2nd or 3rd this year for 2019 and did not actually get my refund until June or July.  I don't mind the wait, but cashing the refund coupon would be problematic if I'm out of the country.

 

So hopefully I'll never have to file again after my 2020 refund. 

[Oldie]

3 minutes ago, shortstop said:

 

So hopefully I'll never have to file again after my 2020 refund. 

#MeToo You are not alone with your hope... ????

[xtrnuno41]

It will not be that long , you will have to pay for putting money on the bank, you will get negative interest.

Here it is almost like that, the banks know it would have consequences, so thats why still interest, like 0.1%.

Guess when customers will have that negative interest, they will take their money out and hide it again in old socks. 

[Oldie]

10 hours ago, xtrnuno41 said:

It will not be that long , you will have to pay for putting money on the bank, you will get negative interest.

Here it is almost like that, the banks know it would have consequences, so thats why still interest, like 0.1%.

Guess when customers will have that negative interest, they will take their money out and hide it again in old socks. 

At very many European banks you pay already negative interest rates for the EUR or CHF (Swiss Franc). If you are lucky it is only for higher amounts. In the worst case they even close your account if you have a lot of money at them. In respect of the CHF it is a reaction to the negative interest rates of the EZB so that the CHF does not rise too much against the EUR. In the end the EZB is responsible for both negative interest rates. People saving lose a lot of money. But not a single government seems to care what the EZB does. Also the people losing money do not seem to care. The EZB can do what it wants and it does. And their freedom to do what it wants is even protected by laws. Unbelievable how much power a few people have...

 

Edited November 3, 2020 by Oldie

[offset]

If you get a tax code can you claim any tax from the last years if so how do you do it

[landosmiles]

On 11/3/2020 at 6:38 AM, Oldie said:

I have been using for very many years 

 

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

 

I just found their February post about it, which mentions to open the account in the Krungsri app. In the Krungsri app I see an 'Open Online Saving' button. I'm unsure if the "Online Saving" account is the same thing, including because the next page is in Thai, but it brings me to a page mentioning 1.5% which does seem to match one of the Mai Tee Dai rates, and I did some Google Translation... But proceeding to the next screen results in a large error message that it's only available to Thai nationals.

 

I earlier posted about SCB's own special product, as well as Krungsri's other 'Growth Savings' account, as both also state foreigners are excluded - a screenshot is in my post.

 

On 11/3/2020 at 6:38 AM, Oldie said:

I never saw differed savings rates for foreigners at banks I use. Bangkok Bank, Kasikorn and Krungsri.

 

Bangkok Bank's rate sheet and Krungsri's rate sheet have columns on the right labeled "Non-residents" with a 0% savings interest rate. Kasikorn says their rates for non-residents are the same as for Thais.

 

On 11/3/2020 at 6:38 AM, Oldie said:

Why can't you open accounts at some banks? 

 

I was originally trying to open an account so that I could transfer 10 million baht into a fixed deposit accoubt with them so that I could obtain a non-B 'investment' type visa and explained as much to them, but I was coming from / holding a short-term visa at the time, so that's where a lot of the data in my spreadsheet of Thai banks and their rates originated.

 

Even after obtaining the non-B visa 'investment' (non work permit) type visa, 1) TMB and 2) Land and Houses (LH) banks were still strait 'No's to opening a normal savings account.  One or two SCB branches also said no even afterwards, but I found a different SCB branch that eventually allowed me to open a normal savings account on my non-B (non work permit).

 

Thank you @Oldie!

Edited December 8, 2020 by landosmiles

[Leaver]

7 hours ago, landosmiles said:

I was originally trying to open an account so that I could transfer 10 million baht into a fixed deposit accoubt with them so that I could obtain a non-B 'investment' type visa

Makes for an expensive visa, should they fail.