Recommendation for a short term deposit of 10mb?

[Chopper]

I have had a 10mb sitting in my Bangkok Bank for the last 3 months as I want to buy a house. Since I have not found somewhere suitable yet, can anyone recommend the best bank to keep this money in where I can access it with a month's notice and receive the best interest rate?

 

Thank you.

[Halfaboy]

What does the bank recommend you ?

[HampiK]

I would suggest you try SCB, as there you still could become 1.5% interest even as foreigner. The only complicated could be to open an account with them.

The money would be available right away. Check for further details with SCB.

Kasikorn and KrungThai also have accounts with 1.5%, but as foreigner you can't open this special accounts ???? 

[moogradod]

14 minutes ago, HampiK said:

I would suggest you try SCB, as there you still could become 1.5% interest even as foreigner. The only complicated could be to open an account with them.

The money would be available right away. Check for further details with SCB.

Kasikorn and KrungThai also have accounts with 1.5%, but as foreigner you can't open this special accounts ???? 

Could you give a very short hint of what "special" accounts these might be ? My Thai wife has accounts with all three banks you mention. But none of those even paying close to what you say. One of the best rates we get is currently 1.2% with ICBC.

 

Thanks a lot for your valuable advice.

[HampiK]

8 minutes ago, moogradod said:

Could you give a very short hint of what "special" accounts these might be ? My Thai wife has accounts with all three banks you mention. But none of those even paying close to what you say. One of the best rates we get is currently 1.2% with ICBC.

 

Thanks a lot for your valuable advice.

That are non bankbook accounts... E-Bank.

For K-Bank for example you can open the E-Deposit accounts in the K-App. it's limited to 100'000 Baht per Account, but you can open more than one of this e-accounts. K-Bank also have the BK account which give a much better interest.

For Krungthai it's a E-account as well. but as I told this only usable for Thai people with a blue Thai ID Card, as you need the laser ID to open the accounts in the App.

 

At SCB it called SCB EZ-Account, but I just checked now, and the 1.5% it's only for the first 2 million baht. after that you "only" receive 0.5%.

 

I hope this helps a little. I think at the moment it's not easy as the interest rates in Thailand were going down a lot in the last 3 years ????. I now only have 2 accounts left with more than 2.2% interest, but one of the finish in July.. the other September 2022. If I knew, that the interest would go down that fast, I would made more longterm deposits.. but after a problem it's always easier to see what would be the best...

 

[Chopper]

15 hours ago, HampiK said:

I would suggest you try SCB, as there you still could become 1.5% interest even as foreigner. The only complicated could be to open an account with them.

The money would be available right away. Check for further details with SCB.

Kasikorn and KrungThai also have accounts with 1.5%, but as foreigner you can't open this special accounts ???? 

 

Thanks very much. I will look into that.

[moogradod]

On 6/2/2021 at 6:35 PM, HampiK said:

That are non bankbook accounts... E-Bank.

For K-Bank for example you can open the E-Deposit accounts in the K-App. it's limited to 100'000 Baht per Account, but you can open more than one of this e-accounts. K-Bank also have the BK account which give a much better interest.

For Krungthai it's a E-account as well. but as I told this only usable for Thai people with a blue Thai ID Card, as you need the laser ID to open the accounts in the App.

 

At SCB it called SCB EZ-Account, but I just checked now, and the 1.5% it's only for the first 2 million baht. after that you "only" receive 0.5%.

 

I hope this helps a little. I think at the moment it's not easy as the interest rates in Thailand were going down a lot in the last 3 years ????. I now only have 2 accounts left with more than 2.2% interest, but one of the finish in July.. the other September 2022. If I knew, that the interest would go down that fast, I would made more longterm deposits.. but after a problem it's always easier to see what would be the best...

 

 

Thanks a lot Hampi ! We do not have any internet banking at all. None of our bank accounts have the possibility to be accessed online. Not really convenient (in fact f.... inconvenient !) but this is Thailand and better be safe than sorry. I suspect from both your username and avatar that you come from a country where I have been living many decades. So no need to explain the difference to you I suppose.

 

But we might soon open online trading accounts and this would mean to rethink this principle. We will see. A 100KTHB restriction is a no-go. We have already enough different accounts. But 1.5% for 2 Million is actually very good nowadays. We did the same as you did - had fixed accounts with more than 2% paying and concluded only for shorter periods (the most was 2 years) because the general consensus was that rates are going up. They did not.

 

I have a question in general about these E-accounts. Why do they pay more than "bank book based" accounts ? Where is the advantage for the bank ? There must be one. Bangkok Bank pays currently 0.375% for 3 months fixed. May money be taken out unlimited or is this the restriction ? We have a saving account with ICBC paying 1.2% where we can access any amount we like. Spreading money over many accounts is as well just a question of cluster risk.

[Susco]

I think Krungsri ( yellow bank) will be your choice, as they give I think currently 1% on a Mee Tae Dai accounts, which you can withdraw at any time.

 

Thannachart gives a bit more on an E-account, but is only if it stays there more than 6 months

 

 

Edited June 4, 2021 by Susco

[Chopper]

1 hour ago, Susco said:

I think Krungsri ( yellow bank) will be your choice, as they give I think currently 1% on a Mee Tae Dai accounts, which you can withdraw at any time.

 

Thannachart gives a bit more on an E-account, but is only if it stays there more than 6 months

 

 

Thank you very much.

[CharlieH]

Troll/flame/off topic and responses all removed.

[Oxx]

On 6/4/2021 at 7:55 PM, Susco said:

1% on a Mee Tae Dai accounts

 

That's reduced slightly if the deposit is over 5 million.

[Yellowtail]

5 hours ago, Oxx said:

 

That's reduced slightly if the deposit is over 5 million.

 

I'm guessing they will let one open multiple accounts...