Deposit with 17% interest rate?

[NoDisplayName]

1 minute ago, asf6 said:

I haven't been confused by anything. We both agree on the figures but you are just confused by what you think I think. My earlier posts made it clear (to me at least) that when I was talking about the interest for a year I was talking about equivalent rate for the year. Obviously the promotion is only for 158 days. 

How much interest do you receive after 158 days?

[asf6]

Just now, NoDisplayName said:

How much interest do you receive after 158 days?

Read my earlier posts. It's there.

[NoDisplayName]

2 minutes ago, asf6 said:

Read my earlier posts. It's there.

Well, okay then.

 

Good luck arguing with the bank manager when you don't get the promised 3.5% over an entire year when all that was promised was a 5-month annualized promotional rate.

[asf6]

1 minute ago, NoDisplayName said:

Well, okay then.

 

Good luck arguing with the bank manager when you don't get the promised 3.5% over an entire year when all that was promised was a 5-month annualized promotional rate.

You haven't read my posts then. You are just here to argue for the sake of it.  

[NoDisplayName]

3 minutes ago, asf6 said:

You haven't read my posts then. You are just here to argue for the sake of it.  

Yes, I've read them.

Quote

Yes. I've done the maths. On a deposit of 100,000 baht you would get interest of 3501 baht. 

That 3501 baht is 3.5% for one full year.  You don't get that.

You only get the promotional rate for 158 days = 1515 baht.

What comes after (days 159-365) is unknown.

[Chivas]

Bizarrely enough have been building a position (nearly complete) on a stock with a near 17% dividend paid quarterly because of its drop in SP

I wont name it outright as would be rightly accused of ramping but they are certainly out there if you look

[asf6]

10 hours ago, asf6 said:

For the 158 days, you would earn 1,515 baht interest on 100,000 baht. 

10 hours ago, asf6 said:

10 hours ago, asf6 said:

27 minutes ago, asf6 said:

I was talking about equivalent rate for the year. Obviously the promotion is only for 158 days. 

an equivalent rate for the year. 

Over the 158 days, you would earn the equivalent of 1.515% of your deposit. 

.

 

It's clear to me. 

[asf6]

30 minutes ago, asf6 said:

 equivalent rate for the year. Obviously the promotion is only for 158 days. 

It's clear to me. 

 

*Sorry, I don't seem to be able to nest quotes. 

[NoDisplayName]

11 hours ago, asf6 said:

You are doing it the wrong way around.

Work out the interest for a year at an interest rate then divide the number of days by 365. That will give you the interest on that rate for that number of days. Do that for each rate. That will give you the total interest for 158 days. Then you multiply it by 2,31 to get an equivalent rate for the year. 

Okay.........I guess I was confused with this bit.  it appeared you were trying to work out the actual annual percentage rate of interest you'll be getting, but that would be impossible without knowing what interest rate is offered after the promotional period.

[Bday Prang]

2 hours ago, jphasia said:

This is interesting. I also have a MTD account and notice that.

However, what would you advise if you have more that 2M to store in the bank?

At the moment, I have more than 2M in my MTD account. Same as you, the bank manager advise me to reach 5M to get the privilege....but yes, I don't see the interest of that too.

I have several account in Thailand in different banks. So I thinking to move the over 2M to Bangkok bank, SCB...but the interest will be still less than 0.9%.

Just to be clear, I am not arguing here. I am only not very good at where to store my extra cash, so I am open to advises.

I was in Krungsri bank last week and asked them advises. Fixed deposit...but they only told me that MTD is the best interest so far?

Before salting large amounts of money away in any bank account, it would be wise to establish how much (if any) would be guaranteed in the event of the banks collapse  In the UK It used to be around £80,000 in Thailand I have heard a figure of 1 million baht mentioned, but never got round to checking that out

[Goodboybkk]

1 million

 

https://www.dpa.or.th/en/articles/view/protection-limit

 

GSB and BAAC are not on DPA list. Anyone knows why?

[moogradod]

42 minutes ago, Goodboybkk said:

1 million

 

https://www.dpa.or.th/en/articles/view/protection-limit

 

GSB and BAAC are not on DPA list. Anyone knows why?

GSB as a government owed bank in comparison to Bangkok Bank or SCB etc. provides a 100% protection. At least that is what I have heard and they mention it as well on their web page. They do not say explicitely "not only 1'000'000.--" but to me 100% is as well 5M if your savings in their account are 5M. But why not ask them directly ?

 

For BAAC I am not sure. I doubt that they do not have any protection at all, although this could be the case if this is the reason why they are not on the list. But this is a guess.

Edited May 13, 2023 by moogradod

[bignok]

17% of course it is not real.

[torturedsole]

4 hours ago, asf6 said:

I haven't been confused by anything. We both agree on the figures but you are just confused by what you think I think. My earlier posts made it clear (to me at least) that when I was talking about the interest for a year I was talking about equivalent rate for the year. Obviously the promotion is only for 158 days. 

There's no doubt that the prevailing interest rate will fall off a cliff from and including day 159 so my question would be, can you withdraw principal and interest at the end of the 158 day term, penalty-free? If not, then the promotion is obviously all smoke and mirrors.

 

 

[billd766]

22 hours ago, Goodboybkk said:

Yes, I am sure.

Open Bangkok post website, then click business.

2 state banks are offering 17% interest rate : BAAC and GSB 

From the Post of 12 May.

 

You are mostly correct, BUT it is ONLY for 111 days and then it reverts to 4.23% per annum.

 

Is it an election bribe? 

[BenStark]

3 minutes ago, billd766 said:

From the Post of 12 May.

 

You are mostly correct, BUT it is ONLY for 111 days and then it reverts to 4.23% per annum.

 

Is it an election bribe? 

To be honest, I sign up right away for a 4.23% per annum deposit, which is 3 times as much as other banks offer, and more than double the BOT rate.

 

I still smell a rat.

[NoDisplayName]

1 hour ago, BenStark said:

To be honest, I sign up right away for a 4.23% per annum deposit, which is 3 times as much as other banks offer, and more than double the BOT rate.

 

I still smell a rat.

Some online banks are offering decent interest rates with no funny stuff.  Discover bank has 3.75% FDIC insured no minimum available, but that's for your dollars not held hostage in the Thai banking system.

[BenStark]

9 minutes ago, NoDisplayName said:

Some online banks are offering decent interest rates with no funny stuff.  Discover bank has 3.75% FDIC insured no minimum available, but that's for your dollars not held hostage in the Thai banking system.

I thought this topic was about Thai banks? Now, check how many Baht you get for 1 US$ today, and gt back to me in 1 year.

 

What you mean with your money get held hostage in Thai banks? I can withdraw mine each and every day, and can send it back to my home country as well

[couchpotato]

37 minutes ago, NoDisplayName said:

Some online banks are offering decent interest rates with no funny stuff.  Discover bank has 3.75% FDIC insured no minimum available, but that's for your dollars not held hostage in the Thai banking system.

What a lot of rubbish.....

[Neeranam]

On 5/12/2023 at 10:18 PM, Goodboybkk said:

Yes, I am sure.

Open Bangkok post website, then click business.

2 state banks are offering 17% interest rate : BAAC and GSB 

Interesting, thanks for the link.

[Neeranam]

I get up to 19% from a US bank on my Polkadot, but it takes 28 days to unstake if I need it. 

https://blog.kraken.com/post/5943/earn-up-to-12-returns-staking-polkadot-and-cosmos-starting-august-18/

Edited May 14, 2023 by Neeranam

[BenStark]

On 5/12/2023 at 10:18 PM, Goodboybkk said:

Yes, I am sure.

Open Bangkok post website, then click business.

2 state banks are offering 17% interest rate : BAAC and GSB 

I don't see anything. Are it ads that are invisible because of my browser settings?

 

Anyway, when state banks start offering that kind of interest, then it's time to start worrying.

[itsari]

Try opening a bank account in Vietnam . You may get your 17 percent there .

[Goodboybkk]

This is the 10-day "17%" interest-rate deposit advertisement.

https://www.gsb.or.th/promotions/money-expo-bkk66/

Edited May 14, 2023 by Goodboybkk

[StayinThailand2much]

On 5/13/2023 at 12:47 AM, BenStark said:

Without a work permit you get ZERO at GSB.

Same at KTB.

[Neeranam]

On 5/13/2023 at 12:47 AM, BenStark said:

Without a work permit you get ZERO at GSB.

Not true, they have to give you interest. It's a common scam when they tell you you can't get it.

[BenStark]

Just now, Neeranam said:

Not true, they have to give you interest. It's a common scam when they tell you you can't get it.

You can't open an account at GSB without a work permit.

 

Many banks have accounts that pay interest to Thais only. KrungThai is one of them

 

 

[Neeranam]

2 minutes ago, BenStark said:

 

Many banks have accounts that pay interest to Thais only. KrungThai is one of them

 

 

Not true. I once got a former Minister of Finance to act on my behalf when KrungThai refused to give me interest. The outcome, I got interest and the worker who stole the money was nearly fired and would have been if I had pressed charges.