Any experience with SCB's EZ Savings Account?

[skatewash]

Any experience with SCB's EZ Savings Account?  1.5% APR for balances from 1 to 2 million baht, drops to 0.5% APR for balances over 2 million baht.

I'm considering trying to open one of these accounts and interested in other's experience in doing so and with using the account.

I like Krungsri Bank's Mee Tae Dai Savings Account (1.0% APR for balances from 100k to 5 million baht) and use it for my 800k bank deposit for retirement extension purposes.  

The SCB EZ Savings Account seems like a good account.  It doesn't come with a passbook but as said I wouldn't be using it for immigration purposes as I already have an account for that.

I did find a fairly old (1 Feb 2021) article about e-Savings accounts (ones without a passbook) in the Bangkok Post, which mentions the SCB EZ Savings Account.  Is there anything else out there I should be considering?  I don't want a fixed deposit account, just interested in regular savings accounts with interest above 1% APR.

[Justanotherone]

for THAIS only

 

also the 1.5% ? 

 

15 percent TAX deduction, right ?

 

just saw the interest payout (every 6 months) and deductions

 

it is more like 19.2% tax deducted on interest paid than 15 %

 

 

 

 

[skatewash]

SCB EZ Savings Account Product Sales Sheet:
https://www.scb.co.th/content/dam/scb/personal-banking/product-sales-sheet/deposits/ez-savings-account-en.pdf

Terms and Conditions:
https://www.scb.co.th/content/dam/scb/personal-banking/terms-conditions/deposits/ez-savings-account/tc-ez-savings-account-en.pdf

In particular, I note the following from the Terms and Conditions:
 

  Quote

1. The Applicant shall be an individual and have residence in Thailand.

Residence in Thailand is ambiguous.  Does it mean one must be a Thai citizen, or have Permanent Residence in Thailand?  Or does it mean that one must be living in Thailand on a long-term legal basis such as on annual retirement extensions?  Mine is the latter case.  I live in Thailand on retirement extensions of stay, own a freehold condo unit, and live no place other than Thailand.
 

[skatewash]

23 minutes ago, Justanotherone said:

for THAIS only

 

also the 1.5% ? 

 

15 percent TAX deduction, right ?

 

just saw the interest payout (every 6 months) and deductions

 

it is more like 19.2% tax deducted on interest paid than 15 %

 

 

 

 

I'm not sure it is only for Thais.  It may be, the Terms and Conditions seem to indicate it is only for residents of Thailand but I find that a little ambiguous.  Also, I did run across this post where someone indicated that they had successfully opened an SCB EZ Savings account:
 

The interest rate is stated as being 1.5% APR.

There is a 15% tax withholding on interest earned for a regular savings account UNLESS you have registered your Thai Tax ID with that account, in which case there is only tax withheld if you exceed 20,000 baht in interest (i.e., tax is not withheld from the first baht of interest earned).  Whether the SCB EZ Savings account is considered a regular savings account and falls under this provision I do not know.

[Tom H]

Not for farang on retirement visa. So I gave it to my girl friends name to get the interests.
Dont worry. Its not a gogobar relationsship:). 

Worked since years with higher amounts in the past.

[keithsimmonds]

I have that account and used it for my retirement extension in December(jomtien)...going in the next few days to get a Tax statement from Scb then then off to inland Revenue to get it back.  Only minor drama was the fact that i had changed from Bangkok's Bank pitiful .5% account and the IO initially said that the Ez account was not acceptable..off he trotted to get conformation and came back with"okay No problem".

[scubascuba3]

My limited experience of 2 SCB branches is they can balk when they see a falang, other banks and branches no problem except thanachart  which was backwards anyway.

 

I think can open these accounts, report back when you try, might ask for work permit to scare you away

Edited January 6, 2022 by scubascuba3

[gamb00ler]

1 hour ago, Justanotherone said:

for THAIS only

 

also the 1.5% ? 

 

15 percent TAX deduction, right ?

 

just saw the interest payout (every 6 months) and deductions

 

it is more like 19.2% tax deducted on interest paid than 15 %

 

 

 

 

Last time I looked in the mirror, I didn't appear to be THAI.

 

I successfully opened the SCB EZ Savings account on my second visit.  During the first visit the branch staff couldn't seem to finish setting it up.  I asked if I had a Tax ID number could they finish and they said YES.  The next business day I got my Tax ID.  I took my passport, residency certificate from Imm., a bankbook from Bangkok bank and my Thai Driver's License.  I took those just so I could cover as many request as possible.  I only really needed PP and residency cert.

 

Once I found the right desk, all was done in about 15 minutes.  They gave me a stiff paper card printed on an ancient dot matrix printer with my tax number.

 

SCB was the next stop and that proceeded pretty quickly also.  The branch was the one at Big C (not the Extra one) on the superhighway.

 

[skatewash]

13 minutes ago, gamb00ler said:

Last time I looked in the mirror, I didn't appear to be THAI.

 

I successfully opened the SCB EZ Savings account on my second visit.  During the first visit the branch staff couldn't seem to finish setting it up.  I asked if I had a Tax ID number could they finish and they said YES.  The next business day I got my Tax ID.  I took my passport, residency certificate from Imm., a bankbook from Bangkok bank and my Thai Driver's License.  I took those just so I could cover as many request as possible.  I only really needed PP and residency cert.

 

Once I found the right desk, all was done in about 15 minutes.  They gave me a stiff paper card printed on an ancient dot matrix printer with my tax number.

 

SCB was the next stop and that proceeded pretty quickly also.  The branch was the one at Big C (not the Extra one) on the superhighway.

 

I think I'll give it a try.  Will not have a residency certificate, but will have:

Passport
Yellow House Registration Book (tabian bahn)
Pink ID Card
Thai Tax ID Card
Thai Driver's Licenses
PEA Electrical Bill
CAT Internet Bill
Krungsri Bank and Bangkok Bank passbooks
Lucky Rabbit's Foot

[scubascuba3]

10 minutes ago, skatewash said:

I think I'll give it a try.  Will not have a residency certificate, but will have:

Passport
Yellow House Registration Book (tabian bahn)
Pink ID Card
Thai Tax ID Card
Thai Driver's Licenses
PEA Electrical Bill
CAT Internet Bill
Krungsri Bank and Bangkok Bank passbooks
Lucky Rabbit's Foot

You've got it pretty much covered. If you bow as you go in it will go down well

[gamb00ler]

I had to hurriedly finish my previous post.  I meant to add that no tax was deducted from any of my accounts for the Dec. interest payments after adding my tax ID to all accounts at SCB, Kasikorn and Bangkok bank.

[skatewash]

3 minutes ago, gamb00ler said:

I had to hurriedly finish my previous post.  I meant to add that no tax was deducted from any of my accounts for the Dec. interest payments after adding my tax ID to all accounts at SCB, Kasikorn and Bangkok bank.

That's been my experience at Krungsri Bank (Mee Tae Dai Savings account) and Bangkok Bank (Regular Savings account).  Once they have your Thai Tax ID number they don't do the automatic withholding (15% of interest earned) until you have surpassed 20,000 baht in interest earned.  Fixed deposit accounts still incur the withholding.

[rwill]

Funny that it would have a better interest rate than a fixed account.  I will have to check it out.

[gamb00ler]

37 minutes ago, rwill said:

Funny that it would have a better interest rate than a fixed account.  I will have to check it out.

I agree.  It is also much more flexible as you can take money out at any point with no loss of interest that has already been earned.

 

There should be a veritable stampede of expats moving their fixed deposit accounts to SCB.

[opporna]

5 hours ago, keithsimmonds said:

I have that account and used it for my retirement extension in December(jomtien)...going in the next few days to get a Tax statement from Scb then then off to inland Revenue to get it back.  Only minor drama was the fact that i had changed from Bangkok's Bank pitiful .5% account and the IO initially said that the Ez account was not acceptable..off he trotted to get conformation and came back with"okay No problem".

Thanks very much for the first-hand information. May I ask what kind of documentation of the account you provided them?

 

5 hours ago, scubascuba3 said:

My limited experience of 2 SCB branches is they can balk when they see a falang, other banks and branches no problem except thanachart  which was backwards anyway.

 

I think can open these accounts, report back when you try, might ask for work permit to scare you away

I just opened an SCB EZ with my condo deed and retirement extension at Central Festival, a couple months ago soon after this thread started.

[asiaexpat]

I applied when this account first came about and was told Thais only. Tried to do it for wife (Thai) and told to go into the bank where she open her account. Went there and she was refused the account because she has a USA green card. Gave up and returned to LH bank for 1.5% fixed account. May try agin since some foreigners  seem to have had success.

[skatewash]

Opened an SCB EZ Savings Account today.  Was a good experience even though it took about an hour.  Lots of laughs and chuckles.  I would say about 95% of the work was due to the Internal Revenue Service (IRS) outsourcing their work to foreign banks all over the world. ???? Lots of FATCA compliance documentation and other US-required folderol.  In particular one document, think it was a W8-BEN, had as its second instruction that the form was NOT to be filled out by a US citizen.  That occasioned a lengthy telephone call.  Didn't end up needing to fill that one in.  We all laughed about that one! 

Got the dreaded "Do you have a work permit?" question but my answer of "No" was satisfactory as another SCB staff member said he doesn't need one as he's on a retirement extension.  Lots of staff members were involved in the show, and several telephone calls were made (perhaps to SCB headquarters?).  But all went well in the end.

Things that seem to be needed:

Passport
Yellow House Registration Book (tabian bahn)

Things they made copies of because I waived them around as if they were important:

Pink ID card
Thai Tax ID card (actually had to encourage them to accept this one as I wanted to short-circuit the automatic withholding of tax on interest earned).

I just realized that I didn't get a Debit/ATM card at the bank, but upon playing with the EASY SCB app it appears I can request one using the app for a one-time 100 baht issue fee and 200 baht yearly maintenance fee.

All-in-all it was a painless experience.  Probably would have only taken 20 minutes if the US would confine its regulatory oversight to business entities actually doing business within the US. ???? 

Thanks to all the responders to my OP.  It was very helpful.

[scubascuba3]

54 minutes ago, skatewash said:

Opened an SCB EZ Savings Account today.  Was a good experience even though it took about an hour.  Lots of laughs and chuckles.  I would say about 95% of the work was due to the Internal Revenue Service (IRS) outsourcing their work to foreign banks all over the world. ???? Lots of FATCA compliance documentation and other US-required folderol.  In particular one document, think it was a W8-BEN, had as its second instruction that the form was NOT to be filled out by a US citizen.  That occasioned a lengthy telephone call.  Didn't end up needing to fill that one in.  We all laughed about that one! 

Got the dreaded "Do you have a work permit?" question but my answer of "No" was satisfactory as another SCB staff member said he doesn't need one as he's on a retirement extension.  Lots of staff members were involved in the show, and several telephone calls were made (perhaps to SCB headquarters?).  But all went well in the end.

Things that seem to be needed:

Passport
Yellow House Registration Book (tabian bahn)

Things they made copies of because I waived them around as if they were important:

Pink ID card
Thai Tax ID card (actually had to encourage them to accept this one as I wanted to short-circuit the automatic withholding of tax on interest earned).

I just realized that I didn't get a Debit/ATM card at the bank, but upon playing with the EASY SCB app it appears I can request one using the app for a one-time 100 baht issue fee and 200 baht yearly maintenance fee.

All-in-all it was a painless experience.  Probably would have only taken 20 minutes if the US would confine its regulatory oversight to business entities actually doing business within the US. ???? 

Thanks to all the responders to my OP.  It was very helpful.

Where was this?

[keithsimmonds]

2 hours ago, opporna said:

Thanks very much for the first-hand information. May I ask what kind of documentation of the account you provided them?

 

I just opened an SCB EZ with my condo deed and retirement extension at Central Festival, a couple months ago soon after this thread started.

I just gave them the Bank letter from Scb which showed when i opened the account and the balance at that days date....i also had the actual book/card with me,which the fella then photocopied.

[keithsimmonds]

7 minutes ago, keithsimmonds said:

I just gave them the Bank letter from Scb which showed when i opened the account and the balance at that days date....i also had the actual book/card with me,which the fella then photocopied.

FYI my original account with SCB was opened in Big C Pattaya klang,,,,my second choice as Kasikorn Bank  (also in Big C) wanted a letter from Immigration confirming my address,despite the fact i had Pink Card Yellow Book Passport plus plus plus with my address on...no i aint going to immigration for that bye bye........thankfully no probs with SCB...they even put there app on my phone and showed me how it worked.

The EZ account i opened in Central Festival 5 months later....no dramas.

 

[asiaexpat]

1 hour ago, scubascuba3 said:

Where was this?

Bangkok

[skatewash]

scubascuba3:

Where was this?

 

Karon, Phuket is where the SCB branch is located where I opened the EZ Savings account today.

Edited January 6, 2022 by skatewash