Bank account for seasoning and good interest rate

[Lacrimas]

Hello everyone,

 

Right now I have my money for the spouse extension locked away in a 0% interest account, is there anyone that put their money in a savings account with a decent interest rate? And if yes with which bank?

 

Thank you

[DrJack54]

For extension based on marriage the money must be seasoned for 2 months only plus (for some imm office) under consideration period.

So you want advice on how to maximize you interest on that. Do the sums. Clearly not a financial planner.

[Lacrimas]

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

[DrJack54]

5 minutes ago, Lacrimas said:

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

Just to clarify. People using money in bank for extension based on retirement might shop around for FD account to obtain some interest.

Those on extensions based on marriage only need money in the bank for 2 months then unlike retired folk can use the 400k. I suggest most would use a savings account. That is an everyday account can be used for living expenses and annual extensions. The interest will be very low. Forget about chasing few baht. 

 

 

[Lacrimas]

8 minutes ago, DrJack54 said:

Just to clarify. People using money in bank for extension based on retirement might shop around for FD account to obtain some interest.

Those on extensions based on marriage only need money in the bank for 2 months then unlike retired folk can use the 400k. I suggest most would use a savings account. That is an everyday account can be used for living expenses and annual extensions. The interest will be very low. Forget about chasing few baht. 

 

 

Well, some bank accounts can give you up to 1.5% but I don't know if they meet the immigration requirements. An extra 20.000 baht is better than nothing. 

[ubonjoe]

1 minute ago, Lacrimas said:

Well, some bank accounts can give you up to 1.5% but I don't know if they meet the immigration requirements. An extra 20.000 baht is better than nothing. 

I am not sure that any fixed term account has that high of an interest rate now.

Immigration will accept one if it allows withdrawals without delay or a penalty other than loss of interest.

 

[DrJack54]

1 minute ago, Lacrimas said:

Well, some bank accounts can give you up to 1.5% but I don't know if they meet the immigration requirements. An extra 20.000 baht is better than nothing. 

Whatever. If you know of these banks with 1.5% interest then open an account with them. The funds must be available for instant withdrawal with loss of funds other than interest.

BTW outline where you arrived at 20kbaht

[Lacrimas]

2 minutes ago, DrJack54 said:

Whatever. If you know of these banks with 1.5% interest then open an account with them. The funds must be available for instant withdrawal with loss of funds other than interest.

BTW outline where you arrived at 20kbaht

Suppose you have 1.5 million in the bank, you get about that. 

[DrJack54]

Just now, Lacrimas said:

Suppose you have 1.5 million in the bank, you get about that. 

I'm outta this thread. It's foolish. If your placing 1.5million in a Thai bank then state that in your thread heading. With that amount it has zip to do with this forum. Suggest you move to banking forum. Nonsense.

[Mavideol]

34 minutes ago, Lacrimas said:

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

dream on  555

[Mavideol]

6 minutes ago, Lacrimas said:

Suppose you have 1.5 million in the bank, you get about that. 

with an amount like that some banks will (may) turn you away.... this is Thailand man, land of billionaires

Edited March 13, 2021 by Mavideol

[Lacrimas]

Ok thanks everyone 

[Peterw42]

OP, depending on what you think your home country currency will be doing in the future, you may want to look at a foreign currency account from a Thai bank, dollar, pound etc.

No spectacular interest rates but you may gain longer term if exchange rates vary. Exchange can go down and you are not impacted, exchange goes up and you can change it to baht

Accepted by Thai immigration

[fishtank]

Most banks offer a fixed account with interest around 1 to 1.5% depending on length of term.

Not great but better than nothing.

[Moonlover]

1 hour ago, ubonjoe said:

I am not sure that any fixed term account has that high of an interest rate now.

Immigration will accept one if it allows withdrawals without delay or a penalty other than loss of interest.

 

I'm getting 0.5% on a 6 month TD from Krungsri. I would reckon it's much the same whichever bank you go to.

[bkk6060]

I tried the lump in the bank and realized what a foolish dead money waste it was I repatriated it all.  Kind of like buying a condo.

Now, I just do the monthly requirement transfer.

Some hate to hear it but, you would be better off just using an agent.  Let's say the agent rate is 15,000 b that is about 2% of the 800,000.  You can make a lot more then the 15,000 by investing in a simple index fund.  Since I repatriated my funds, I have basically doubled the 800,000 b I had sitting here making about zero. And before some blah blah about agents, with the current situation they I bet are encouraged by authorities.  Maybe it happens but, never heard of an agent submission being rejected or any enforcement other then some illegals/immigrant workers being dinged.

Takes some math and a little investment knowledge to figure it all out I guess.  Bottom line is, your 800,000 b is dead money sitting working for nothing.  Up to you.

[fishtank]

2 hours ago, bkk6060 said:

I tried the lump in the bank and realized what a foolish dead money waste it was I repatriated it all.  Kind of like buying a condo.

Now, I just do the monthly requirement transfer.

Some hate to hear it but, you would be better off just using an agent.  Let's say the agent rate is 15,000 b that is about 2% of the 800,000.  You can make a lot more then the 15,000 by investing in a simple index fund.  Since I repatriated my funds, I have basically doubled the 800,000 b I had sitting here making about zero. And before some blah blah about agents, with the current situation they I bet are encouraged by authorities.  Maybe it happens but, never heard of an agent submission being rejected or any enforcement other then some illegals/immigrant workers being dinged.

Takes some math and a little investment knowledge to figure it all out I guess.  Bottom line is, your 800,000 b is dead money sitting working for nothing.  Up to you.

Who mentioned 800,000?

[Moonlover]

2 hours ago, bkk6060 said:

I tried the lump in the bank and realized what a foolish dead money waste it was I repatriated it all.  Kind of like buying a condo.

Now, I just do the monthly requirement transfer.

Some hate to hear it but, you would be better off just using an agent.  Let's say the agent rate is 15,000 b that is about 2% of the 800,000.  You can make a lot more then the 15,000 by investing in a simple index fund.  Since I repatriated my funds, I have basically doubled the 800,000 b I had sitting here making about zero. And before some blah blah about agents, with the current situation they I bet are encouraged by authorities.  Maybe it happens but, never heard of an agent submission being rejected or any enforcement other then some illegals/immigrant workers being dinged.

Takes some math and a little investment knowledge to figure it all out I guess.  Bottom line is, your 800,000 b is dead money sitting working for nothing.  Up to you.

I completely agree. I would never fall into the trap of having immigration dictate to me what I can and (mainly) cannot do with my own money.

However, the O/P isn't talking about a retirement extension. He said spouse (i.e. marriage) extension.

[foreverlomsak]

4 hours ago, Lacrimas said:

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

Standard savings accounts with Bangkok Bank and SCB each gave me roughly 0.25% interest PA in December 2020 (less 15% tax withholding) payable every 6 months, one has 800K+ for Immigration only, the other the balance varies depending on how much I transfer and spend during the Interest period but not the interest rate.

[DFPhuket]

The Bank of Thailand provides a summary of bank interest rates here: https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

There is no such thing as a decent interest rate right now. 

[khunPer]

On 3/13/2021 at 10:52 AM, Lacrimas said:

And if yes with which bank?

Long term 12-month fixed account interest rate is low at the moment, as almost everywhere, pays around 0.5 percent p.a. at the moment.

I use both Bangkok Bank (0.5%) and SCB (0.5%).

About a year ago the interest rate was 1.5 percent p.a. – it might come up again, it's been low before.

[digger70]

On 3/13/2021 at 5:20 PM, Lacrimas said:

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

Sorry Dude at the moment there are None that will give you a good return.

[recom273]

The wife has a bit of cash and is always on about buying some gold (jewelry) so I had an idea to to give her some cash to open a fixed term account and lock away the cash.

Kasikorn offered 0.4 or 0.5 - someone else mentioned http://www.icbcthai.com/ in a previous thread, they offered 1% on a million at 1 year term. We called in last week, I gather they are “farang” friendly.

I would love to know where I can get 1.5%, you certainly couldn’t get near that from a UK bank at the moment, her money from her business is just sitting there doing nothing, so 1% is better than a poke in the eye. 

[kwak250]

Interest dropped from 1.5% to 0.5% in the last 2 years so if this carries on i will have to pay them to look after it..

[Susco]

8 minutes ago, kwak250 said:

if this carries on i will have to pay them to look after it..

Happens already in some western countries

[Susco]

2 hours ago, recom273 said:

I would love to know where I can get 1.5%,

I see this on the icbc website

 

[tgw]

On 3/13/2021 at 5:20 PM, Lacrimas said:

I mean, I just want a bank account with a good interest rate that can be used for my yearly extension. Sorry if I wasn't clear enough 

I think there haven't been good interest rates since... ummm.... for about 25 years ?

 

[scubascuba3]

All the rates have dropped, best fixed deposit with the banks I had an account with was 0.6%,  Krungsri MJD account has 1%

[daveAustin]

C'mon fellas, why the invective, chap asked nicely? Wanting to claw back a bit of beer money is only natural. Have also pondered this in the past but eventually came to the conclusion that it is not worth the effort to chase down a few baht.

Bottom line, banks won't pay now and you'll be lucky to get more than 0.5, which is albeit more than most western banks. Better off with a flexible account and drawing it down to invest elsewhere... bearing in mind you're not supposed to repatriate these funds, blah blah..

[jacko45k]

8 hours ago, kwak250 said:

Interest dropped from 1.5% to 0.5% in the last 2 years so if this carries on i will have to pay them to look after it..

That is the next step... I had a UK account that once paid very good interest recently drop to 0,01% p.a Tempted to move it to Thailand to get that attractive 0.5%!

Edited March 15, 2021 by jacko45k