Best interest rate currently available for a Thai Savings account?

[JimmyJ]

Fairly recently I saw this post:    

 

"gamb00ler 992

 

I successfully opened SCB EZ account that earns 1.5% on the first 1M฿"

 

Is this currently the best interest available for an account that allows withdrawal anytime with no penalties?

 

Thank you.

[MickTurator]

I have been told that the 1.5% interest rate is only available for Thai citizens.

 

Is the account in the name of a thai?

[JimmyJ]

Not my post so don't know, but I called and was told I need Certificate of Residence, not that one needs to be Thai.

 

Is that the best rate you're aware of?

[KhunLA]

1.5 % ... yikes.

 

Spend it, as it's worth more today, against future inflation vs earned interest.

And the best I've seen is 0.9% taxed (15%)

 

Spend it ... 

[EricTh]

There is an account in Krungthai bank for 1.5% but I heard it's only for Thai citizens, can anybody confirm.

 

@JimmyJ

 

1.5% is definitely the highest in Thailand right now. Most banks only give 0.5% for one year fixed deposit.

[gamb00ler]

3 hours ago, MickTurator said:

I have been told that the 1.5% interest rate is only available for Thai citizens.

 

Is the account in the name of a thai?

A lot of people state that it is restricted to Thai citizens....some of them also work for SCB.  But... they're wrong.

 

I'm way too tall,  can't speak or write Thai, and way too light skinned to be mistaken for a Thai but they gave me an EZ Savings account anyway.

 

Initially they did say a work permit was required but they did listen to my suggestion to call their support line to get SCB's actual policy.

 

Land & House Bank also has an account that pays 1.5% for deposits up to 3M฿.  That account is restricted to Thai citizens.

[MickTurator]

Thanks for that gamb00ler.

It was indeed the bank staff  that said I could not have the 1.5% account.

I will try again.

[Liverpool Lou]

On 6/25/2022 at 7:30 PM, EricTh said:

There is an account in Krungthai bank for 1.5% but I heard it's only for Thai citizens, can anybody confirm.

I can confirm that.  All that is necessary is to refer to the KTB website, it's no secret.

[EricTh]

4 minutes ago, Liverpool Lou said:

I can confirm that.  All that is necessary is to refer to the KTB website, it's no secret.

I don't see anywhere it's for Thai citizens only.. Maybe I missed it...

 

https://krungthai.com/en/personal/deposits/212/427

[Liverpool Lou]

On 6/25/2022 at 6:12 PM, MickTurator said:

I have been told that the 1.5% interest rate is only available for Thai citizens.

 

Is the account in the name of a thai?

"Specific Terms and Conditions for Opening the EZ Savings Account

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

 

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

[Liverpool Lou]

2 minutes ago, EricTh said:

7 minutes ago, Liverpool Lou said:

I can confirm that.  All that is necessary is to refer to the KTB website, it's no secret.

I don't see anywhere it's for Thai citizens only.. Maybe I missed it...

https://krungthai.com/th/content/personal/ndid

Thai nationality

Age 15 years and over, not listed in the Thailand/UN Sanction List

[stoner]

won't inflation kill any interest gained and then some ? 

 

maybe invest the money into something that wont lose so much value year over year. 

[gamb00ler]

4 minutes ago, stoner said:

won't inflation kill any interest gained and then some ? 

 

maybe invest the money into something that wont lose so much value year over year. 

I can think of a couple of situations where the bank account is preferable.  Deposits to meet Thai Immigration requirements, short term safe keeping of funds to be used for upcoming expenses such as building a house.  Those are my needs at this time.

[stoner]

14 minutes ago, gamb00ler said:

I can think of a couple of situations where the bank account is preferable.  Deposits to meet Thai Immigration requirements, short term safe keeping of funds to be used for upcoming expenses such as building a house.  Those are my needs at this time.

those might not be the OP needs though. 

[Liverpool Lou]

10 minutes ago, stoner said:

25 minutes ago, gamb00ler said:

I can think of a couple of situations where the bank account is preferable.  Deposits to meet Thai Immigration requirements, short term safe keeping of funds to be used for upcoming expenses such as building a house.  Those are my needs at this time.

Expand  

those might not be the OP needs though. 

Seems from his OP that that is exactly what he does want, why else would he start the thread.

[stoner]

20 minutes ago, Liverpool Lou said:

Seems from his OP that that is exactly what he does want, why else would he start the thread.

good thing gambler didnt start this thread eh.