Term Deposit Bangkok Bank

[brianthainess]

Can anyone give me some info of BKKB term deposit of say 1 m THB. Not needed for my extension as use another bank for that. When I go to the bank and ask all i get is double speak gobberly gook, last time they were trying to sell me an assurance of 10% interest which i was very suspicious of.  I already have an account with them and I'm married. I am aware of the 1m 'guarantee' refund. Thanks.

[userabcd]

Take a look at the term saving accounts on the Bangkok bank web site or,

 

Go into the Bangkok Bank branch and look at their interest rate board for term savings accounts monthly and yearly interest rate deposits, take you pick and invest/open an account for 6, 12 or 24 months.

 

Would avoid those insurance deposit schemes banks offer, they are long term and one does not get all the money back for early withdrawal and the interest rate at the end is the same as a normal savings account.

[couchpotato]

7 minutes ago, userabcd said:

Take a look at the term saving accounts on the Bangkok bank web site or,

 

Go into the Bangkok Bank branch and look at their interest rate board for term savings accounts monthly and yearly interest rate deposits, take you pick and invest/open an account for 6, 12 or 24 months.

 

Would avoid those insurance deposit schemes banks offer, they are long term and one does not get all the money back for early withdrawal and the interest rate at the end is the same as a normal savings account.

Yes the way to do it, but be aware interest rates at most banks now are very very low.

The maximum you'll probably find right now is 0.5% (minus 15% tax).

(I believe Krungsri has a term deposit that yields a better interest, but still under 1%)

 

[userabcd]

12 minutes ago, couchpotato said:

Yes the way to do it, but be aware interest rates at most banks now are very very low.

The maximum you'll probably find right now is 0.5% (minus 15% tax).

(I believe Krungsri has a term deposit that yields a better interest, but still under 1%)

 

Yes, interest rates are now paltry.

 

Last week in Bangkok Bank max interest rate was 0.5%, my wife withdrew her money and deposited it with Krungsri in a Mae Tee Dae account with a 1% annual interest rate (minus witholding tax). It is allowed 2 annual withdrawals without affecting the interest rate, but I think that deposit account is only available to Thai citizens.

Edited November 4, 2021 by userabcd

[DrJack54]

Finance and Banking topic

[ubonjoe]

Not visa or extension related. Moved to the banking forum.

[Gsxrnz]

Every Bank (not just in Thailand) are geared to upsell you all sorts of insurance products.  Even in retail they try and insist and sell the ignorant Farang useless extended warranties.

 

My MO is to let the missus and the bank teller/service waffle on for 20 minutes about the benefits of the product, let the missus translate it for me, and then  say "NO".

 

It's worth the wait just to see the look on their faces.  But recently the missus has caught on and now she says NO for me.  Ruined my shopping experience no end, I can tell you.

[brianthainess]

13 minutes ago, couchpotato said:

24 minutes ago, userabcd said:

Take a look at the term saving accounts on the Bangkok bank web site or,

 

Go into the Bangkok Bank branch and look at their interest rate board for term savings accounts monthly and yearly interest rate deposits, take you pick and invest/open an account for 6, 12 or 24 months.

 

Would avoid those insurance deposit schemes banks offer, they are long term and one does not get all the money back for early withdrawal and the interest rate at the end is the same as a normal savings account.

Expand  

Yes the way to do it, but be aware interest rates at most banks now are very very low.

The maximum you'll probably find right now is 0.5% (minus 15% tax).

(I believe Krungsri has a term deposit that yields a better interest, but still under 1%)

I can only get their site in Thai. I am already maxed out 1m with Krungsri 1.1 interest at present, if you go above 1m then the interest drops to 1% up to 5m then 0.70 I don't really want to deposit more than 1 m with any bank.

[brianthainess]

40 minutes ago, userabcd said:

Go into the Bangkok Bank branch and look at their interest rate board for term savings accounts monthly and yearly interest rate deposits, take you pick and invest/open an account for 6, 12 or 24 months.

It's all in Thai.

[userabcd]

11 minutes ago, brianthainess said:

It's all in Thai.

Open in chrome and do a translate?

[scubascuba3]

SCB has a 1.5% account, i went in two branches yesterday to enquire about PA insurance and they are very average staff so better to avoid if you have a choice

[gamb00ler]

3 hours ago, scubascuba3 said:

SCB has a 1.5% account, i went in two branches yesterday to enquire about PA insurance and they are very average staff so better to avoid if you have a choice

Yes, SCB has the EZ Savings account with 1.5% up to 2M ฿.  Interest is calculated on daily balance and paid at end of June and December.  I don't recall if they offer a debit or ATM card with this account.  I believe you can use their phone app to withdraw from an SCB ATM or send/receive funds as well.

 

SCB couldn't/wouldn't open one for me unless I had a Thai tax ID.  Once I had the ID everything went smoothly.  Another poster said he didn't need the tax ID.  This type of account DOES NOT have a passbook so requires extra effort if used to prove the required balance to Immigration.

 

Also, LH Bank has the Pro Fit savings account but it is only valid for Thai citizens.   Also 1.5% but up to 5M ฿.

Edited November 4, 2021 by gamb00ler

[Oxx]

The Bank of Thailand publishes deposit rates for all Thai banks in English  at https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

 

It doesn't cover the irregular terms (e.g. 4 or 7 months) that some banks offer, often with slightly better rates.

[Chad3000]

13 hours ago, scubascuba3 said:

SCB has a 1.5% account, i went in two branches yesterday to enquire about PA insurance and they are very average staff so better to avoid if you have a choice

I used to love SCB. I've moved much of my money out to BKK bank. It's an equally crappy experience but it's tied in with US social security more easily as well as general international transfers.

[gamb00ler]

42 minutes ago, Oxx said:

The Bank of Thailand publishes deposit rates for all Thai banks in English  at https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

 

It doesn't cover the irregular terms (e.g. 4 or 7 months) that some banks offer, often with slightly better rates.

The link given above seems to only list the normal savings account rates.  It doesn't list either SCB's EZ Savings or LHB's Pro-Fit savings accounts both of which are at 1.5%.

 

It does show that TISCO bank offers up to 2% on savings deposits.  I'm headed there (virtually) now to investigate.

 

UPDATE: the high interest account at TISCO is only for Thai citizens.  The 2% is only if balance is ฿70,000 - ฿100,000.  The account may be jointly held (unclear if foreigner allowed on account).

Edited November 5, 2021 by gamb00ler

[brianthainess]

22 hours ago, userabcd said:

Open in chrome and do a translate?

Just tried that, you have to download the PDF file and that is all in Thai translation not possible. Unlike the Krungsri site with no download needed and all user friendly. 

[brianthainess]

1 hour ago, Oxx said:

The Bank of Thailand publishes deposit rates for all Thai banks in English  at https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

 

It doesn't cover the irregular terms (e.g. 4 or 7 months) that some banks offer, often with slightly better rates.

Thanks for that BKB is 0.05 

 

22 hours ago, brianthainess said:

I can only get their site in Thai. I am already maxed out 1m with Krungsri 1.1 interest at present, if you go above 1m then the interest drops to 1% up to 5m then 0.70 I don't really want to deposit more than 1 m with any bank.

I forgot to add that with Krungsri no tax is payable and with Bangkok Bank only offering 0.50 % and i believe tax is payable (not sure) I am now thinking i'll just take the risk and put more than 1m in Krungsri. 1% no tax to pay & Customer friendly helpful staff.

[gamb00ler]

1 hour ago, brianthainess said:

I forgot to add that with Krungsri no tax is payable and with Bangkok Bank only offering 0.50 % and i believe tax is payable (not sure) I am now thinking i'll just take the risk and put more than 1m in Krungsri. 1% no tax to pay & Customer friendly helpful staff.

Interest earned from all Thai banks is legally taxable.  But, there is a 20K฿ exemption for most residents.  Some banks withhold the Thai tax if there is no tax ID on the account.  I had heard that all banks are supposed to do the withholding in such cases.  Even if you exceed the 20K exemption you still probably won't be liable for taxes because of other exemptions and deductions.

 

You can save the headache of filing for the refund of tax withheld by getting a Thai tax ID.

 

I went to the closest Thai Revenue office and got a tax ID quickly once I got to the correct desk.  I needed passport and Residence certificate from Immigration.  I had 15% tax withheld from the pitiful interest in my Bangkok bank account in December and June.  I didn't get the tax ID until after those interest payments.  I'll find out in Dec if they're still going to withhold.

 

My Thai wife does not have tax withheld from the interest payments by Thai banks.

Edited November 5, 2021 by gamb00ler

[brianthainess]

23 hours ago, gamb00ler said:

nterest earned from all Thai banks is legally taxable.

I believe Krungsri pay tax at source.