Krungsri Mee Tae Dai deposit account now pays 0.25%

[scubascuba3]

Their website is incorrect, it says 1% over 100,000 baht but it's pure garbage, confirmed by a Krungsri branch it's 0.25%

Edited January 13, 2021 by scubascuba3

[JoePai]

Am not surprised, Krungsri is one of the worst banks here

[scubascuba3]

20 minutes ago, JoePai said:

Am not surprised, Krungsri is one of the worst banks here

to be fair it looks like it's just changed, last month I received 1% interest. The best elsewhere seems to be 0.5%, of course the banks don't tell you that the rates have fallen

[Oxx]

The rates at the Krung Sri website were updated yesterday.  I'd believe them over some random report from a bank teller.  Perhaps she was confused by the rate for over 50 million baht deposited?

[scubascuba3]

1 hour ago, Oxx said:

The rates at the Krung Sri website were updated yesterday.  I'd believe them over some random report from a bank teller.  Perhaps she was confused by the rate for over 50 million baht deposited?

I guess I'll know for sure when interest is paid the end of this month

[Pib]

5 hours ago, scubascuba3 said:

to be fair it looks like it's just changed, last month I received 1% interest. The best elsewhere seems to be 0.5%, of course the banks don't tell you that the rates have fallen

 

Hasn't changed since 1 June 2020 (assuming you didn't open the acct online where a person earns a little more below Bt100K)....below is from the 1 June 20 interest schedule.

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-01062020-en.pdf

 

I expect (guess) the 0.25% you see on your printout "really" means if a person had over Bt50M, BUT at the end of each month the bank does a "calculation" to see what you will earn based on which tier balance you actually fell within....and that calculation ends up being  shown as "Previous Cal Rate" showing what you earned last month.   

 

I know my MTD acct has been earning 1% each month since 1 June 2020 since I keep around Bt1M in the acct.

 

 

 

Edited January 13, 2021 by Pib

[scubascuba3]

8 minutes ago, Pib said:

 

Hasn't changed since 1 June 2020 (assuming you didn't open the acct online where a person earns a little more below Bt100K)....below is from the 1 June 20 interest schedule.

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-01062020-en.pdf

 

I expect (guess) the 0.25% you see on your printout "really" means if a person had over Bt50M, BUT at the end of each month the bank does a "calculation" to see what you will earn based on which tier balance you actually fell within....and that calculation ends up being  shown as "Previous Cal Rate" showing what you earned last month.   

 

I know my MTD acct has been earning 1% each month since 1 June 2020 since I keep around Bt1M in the acct.

 

 

 

The bank teller was a bit flustered as she struggled to answer my question, so she could well be wrong, her Knowledge was weak compared with Bangkok Bank and Kasikorn. I'll call Krungsri tomorrow and see what they say

[Pib]

7 minutes ago, scubascuba3 said:

The bank teller was a bit flustered as she struggled to answer my question, so she could well be wrong, her Knowledge was weak compared with Bangkok Bank and Kasikorn. I'll call Krungsri tomorrow and see what they say

What drove you to ask the question initially?  Had you actually experienced a big drop in interest earned which maybe drove your initial question to the bank?

[scubascuba3]

47 minutes ago, Pib said:

What drove you to ask the question initially?  Had you actually experienced a big drop in interest earned which maybe drove your initial question to the bank?

I wanted to move 800k, Thailand interest rate has dropped to 0.5% so I expected interest rates to be poor but checked Bangkok Bank (0.5%), Kasikorn (0.45%) so wondered if Krungsri would have dropped theirs, 1% is relatively high. I'd be more surprised if it's still 1% considering the drop in Thailand base rate

[userabcd]

Why do banks even bother with paying puny amounts of interest anymore on personal savings.

 

It would greatly benefit their business by not having to report the interest to tax authorities and save on all their accounting and reporting charges.

Edited January 14, 2021 by userabcd

[Pib]

Just now, userabcd said:

Why do banks even bother with paying puny amounts of interest anymore on personal savings.

 

It would greatly benefit their business not having to report the interest as income paid to tax authorities and save on all their accounting charges.

Well, I sure hope they keep paying puny interest on my accts rather than not giving me nothing for my money....puny is better than nothing.   

[Kenchamp]

1 hour ago, Pib said:

Well, I sure hope they keep paying puny interest on my accts rather than not giving me nothing for my money....puny is better than nothing.   

Me too. Rather have my puny 800 Baht or so a month than not.And that's on money i'm supposed to keep in the bank here for my visa extension.

[new2here]

0.25% seems to be right at market as that’s only 10bp under the 3mo T-Bill which was sold back in December at an APY of 0.35% 

 

If you’re looking for APYs in the 1.00% range then that’s going to push the maturity out to 7-8 years.. so a 0.25% for a liquid account that has a nominal opening requirement seems to be priced fairly considering the comparative government rate on an T-bill. 

[scubascuba3]

I tried calling Krungsi but you can't get through without a pin so I gave up. I tried a different branch earlier, they are convinced it's still 1%, although the account standing data page showing 0.25% is misleading. So probably it continues to pay 1%. I'll know for sure next month, I guess they could change any time though 

[Susco]

On 1/13/2021 at 2:02 PM, scubascuba3 said:

Edited yesterday at 02:24 PM by scubascuba3

 

How do you get all those details?

[scubascuba3]

Just now, Susco said:

 

How do you get all those details?

staff print it off

[Oxx]

Interestingly, SCB has a similar account, Jad Tem.  It currently pays even more than Mee Tae Dai, at 1.25% for balances over 100K.  Absolutely no reason to think that Mee Tae Dai is 0.25%.

 

 https://www.scb.co.th/en/personal-banking/deposits/savings-account/jad-tem-account.html

[Pib]

Most Thai banks typically have a hybrid type saving acct that pays significantly higher interest rate than a regular savings acct but lower than usually higher interest fixed savings acct.  For Krungsri it happens to be their MTD savings acct. These hybrid accts help draw new customers...and keep old customers when other savings acct lose their luster.

[scubascuba3]

I've just received this month interest and it's 1% so false alarm, good news though, shame staff in Buakhao don't know 

[Pib]

Yea....got my 1% interest payment also.