Celsius Posted October 2, 2022 Share Posted October 2, 2022 (edited) My country raised interest rates. Naturally the savings rates also went up. As a matter of fact back home (where interest rates are still low) I can now get almost 5% on a 1-year deposit. Depositing 500,000 bucks would allow me to live like a medium tier Cheap Charlie in Thailand without touching a principal. I think Thailand interest rates are higher, but they seem to be paying next to nothing on term deposits. Am I correct or am I looking at the wrong places? Edited October 2, 2022 by Celsius Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 8 minutes ago, Celsius said: I think Thailand interest rates are higher, but they seem to be paying next to nothing on term deposits. Am I correct or am I looking at the wrong places? Not sure where you are looking but BOT just raised the bank rate to 1% - just last week - https://www.todayonline.com/world/thai-central-bank-raises-rates-willing-adjust-tightening-necessary-2005236 So way below many other countries. There was an Asean Now news item but couldn't find it quickly Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted October 2, 2022 Share Posted October 2, 2022 The U.S. Fed has been raising target interest rates several times already, and is planning several more increases in the coming year. Best U.S. multi-year CD rates are already now in the 3-4% range, and expected to go higher in the coming months. My Thai deposit account is paying 1%. That's part of the reason the USD has been doing so well against the THB lately, is people are more interested in investing in dollars right now compared to the baht because of the wide disparity in returns. 2 Link to comment Share on other sites More sharing options...
ThailandRyan Posted October 2, 2022 Share Posted October 2, 2022 21 minutes ago, TallGuyJohninBKK said: The U.S. Fed has been raising target interest rates several times already, and is planning several more increases in the coming year. Best U.S. multi-year CD rates are already now in the 3-4% range, and expected to go higher in the coming months. My Thai deposit account is paying 1%. That's part of the reason the USD has been doing so well against the THB lately, is people are more interested in investing in dollars right now compared to the baht because of the wide disparity in returns. Just received an email from my American Express HYS account, that rates are going up to 2.5% Monday. My Credit Union just messaged me as well for a 3% 1 uear CD rate, and a 4% 18 month CD. It us one reason I want to remove my 800k from my Thai account and reinvest it as I am only getting .05%. 1 Link to comment Share on other sites More sharing options...
Celsius Posted October 2, 2022 Author Share Posted October 2, 2022 Well, that makes sense. So I am correct in assuming that no bank in Thailand will pay me 5% interest? 1 Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 11 minutes ago, Celsius said: Well, that makes sense. So I am correct in assuming that no bank in Thailand will pay me 5% interest? Not a proper one.......... For reference where is "back home"? Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 3 hours ago, ThailandRyan said: as I am only getting .05%. Quite a few 1% rates available and even higher in coming weeks. Curious why you have it kept in such a low interest account? Link to comment Share on other sites More sharing options...
tinot Posted October 2, 2022 Share Posted October 2, 2022 (edited) 6 minutes ago, topt said: Quite a few 1% rates available and even higher in coming weeks. Curious why you have it kept in such a low interest account? Curious to know what better offerings you are privy to in the forthcoming weeks?! Cheers. Edited October 2, 2022 by tinot Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 2 minutes ago, tinot said: Curious to know what better offerings you are privy to in the forthcoming weeks?! Cheers. After I posted I thought I should have qualified that. With the Central rate rising one can hope that at some point the banks will increase their rates but yes, it is not certain. Link to comment Share on other sites More sharing options...
tinot Posted October 2, 2022 Share Posted October 2, 2022 38 minutes ago, topt said: After I posted I thought I should have qualified that. With the Central rate rising one can hope that at some point the banks will increase their rates but yes, it is not certain. Right. I thought you might have known of a product or bank. Same as UK. They drag their heels or never pass it on at all. Is the official rate of inflation 8% here? But more than likely much, much, more in actuality. Link to comment Share on other sites More sharing options...
DrJoy Posted October 2, 2022 Share Posted October 2, 2022 4 hours ago, Celsius said: I can now get almost 5% on a 1-year deposit Which country is that? 1 Link to comment Share on other sites More sharing options...
ThailandRyan Posted October 2, 2022 Share Posted October 2, 2022 53 minutes ago, topt said: Quite a few 1% rates available and even higher in coming weeks. Curious why you have it kept in such a low interest account? I updated it 11 months ago and need to wait until the time is up to update the account as I had it set for 12 months. If I need to have the money in the account for my extension of stay, if I do not follow through with the LTR Visa then I will have the account updated to a new rate. Hopefully I just close the account on it's due date so as not to loose the miniscule interest amount and then invest it elsewhere. Link to comment Share on other sites More sharing options...
tinot Posted October 2, 2022 Share Posted October 2, 2022 Is there no comparison sites to highlight what best rates are available? Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 3 minutes ago, tinot said: Is there no comparison sites to highlight what best rates are available? Simplistically no. This thread used to be good to hear about deals Link to comment Share on other sites More sharing options...
topt Posted October 2, 2022 Share Posted October 2, 2022 7 minutes ago, ThailandRyan said: I updated it 11 months ago and need to wait until the time is up to update the account as I had it set for 12 months. If I need to have the money in the account for my extension of stay, if I do not follow through with the LTR Visa then I will have the account updated to a new rate. Hopefully I just close the account on it's due date so as not to loose the miniscule interest amount and then invest it elsewhere. Did you mean 0.05% mentioned in your other post or 0.5%? If the former normally you could have closed, and lost minimal interest and put in another account like SCB Jad Tem or other similar paying close to 1%. I do appreciate it is potentially a PITA as need to keep a good trail for the extension to prove funds. Link to comment Share on other sites More sharing options...
JimGant Posted October 4, 2022 Share Posted October 4, 2022 On 10/2/2022 at 8:43 PM, topt said: Did you mean 0.05% mentioned in your other post or 0.5%? I'm sure he meant .5% (one/half percent), since he could just stick it in a plain vanilla Bangkok Bank savings account and get .25% (one/quarter percent). .05% is .0005, or one/twentieth percent. Not realistic, although I guess it wasn't too long ago you had to pay some banks interest to hold your funds, as the rate of return was negative. Those days are gone, with the arrival of inflation. Link to comment Share on other sites More sharing options...
JimmyJ Posted October 4, 2022 Share Posted October 4, 2022 (edited) USA currently has ordinary savings accounts (all insured up to 250k):: 1 at 3.25% (guaranteed rate for 1 year); 1 at 3.05%; 1 at 3.01%; 1 at 3.00% (altho several people say to avoid this bank); 6 banks at 2.80 to 2.90 range; etc. Edited October 4, 2022 by JimmyJ Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted October 5, 2022 Share Posted October 5, 2022 On 10/2/2022 at 8:34 PM, tinot said: Is there no comparison sites to highlight what best rates are available? There is this BOT website.... but it's lacking in that it only covers each bank's basic savings account rate and their standard fixed account rates for various terms. It doesn't list the various specials and promotions that the various banks offer along the way... So you get the basic standard rates, but not the especially better ones. https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx Link to comment Share on other sites More sharing options...
Celsius Posted October 22, 2022 Author Share Posted October 22, 2022 On 10/2/2022 at 8:28 PM, DrJoy said: Which country is that? Sorry for a late reply. Canada. Link to comment Share on other sites More sharing options...
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