Deposit with 17% interest rate?

[NoDisplayName]

  On 5/13/2023 at 4:44 AM, 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. 

Expand  

How much interest do you receive after 158 days?

[asf6]

  On 5/13/2023 at 4:46 AM, NoDisplayName said:

How much interest do you receive after 158 days?

Expand  

Read my earlier posts. It's there.

[NoDisplayName]

  On 5/13/2023 at 4:47 AM, asf6 said:

Read my earlier posts. It's there.

Expand  

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]

  On 5/13/2023 at 4:51 AM, 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.

Expand  

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

[NoDisplayName]

  On 5/13/2023 at 4:54 AM, asf6 said:

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

Expand  

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. 

Expand  

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]

  On 5/12/2023 at 6:13 PM, asf6 said:

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

  On 5/12/2023 at 6:36 PM, asf6 said:

  On 5/12/2023 at 6:17 PM, asf6 said:

  On 5/13/2023 at 4:44 AM, asf6 said:

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

Expand  

an equivalent rate for the year. 

Expand  

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

.

Expand  

 

Expand  

It's clear to me. 

[asf6]

  On 5/13/2023 at 4:44 AM, asf6 said:

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

Expand  

It's clear to me. 

 

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

[NoDisplayName]

  On 5/12/2023 at 6:17 PM, 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. 

Expand  

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]

  On 5/13/2023 at 3:24 AM, 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?

Expand  

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]

  On 5/13/2023 at 7:42 AM, 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?

Expand  

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.

[bignok]

17% of course it is not real.

[torturedsole]

  On 5/13/2023 at 4:44 AM, 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. 

Expand  

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]

  On 5/12/2023 at 3:18 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 

Expand  

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]

  On 5/13/2023 at 1:28 PM, 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? 

Expand  

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]

  On 5/13/2023 at 1:34 PM, 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.

Expand  

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]

  On 5/13/2023 at 2:37 PM, 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.

Expand  

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]

  On 5/13/2023 at 2:37 PM, 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.

Expand  

What a lot of rubbish.....

[Neeranam]

  On 5/12/2023 at 3:18 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 

Expand  

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/

[BenStark]

  On 5/12/2023 at 3:18 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 

Expand  

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/

[StayinThailand2much]

  On 5/12/2023 at 5:47 PM, BenStark said:

Without a work permit you get ZERO at GSB.

Expand  

Same at KTB.

[Neeranam]

  On 5/12/2023 at 5:47 PM, BenStark said:

Without a work permit you get ZERO at GSB.

Expand  

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

[BenStark]

  On 5/14/2023 at 3:28 AM, Neeranam said:

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

Expand  

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]

  On 5/14/2023 at 3:31 AM, BenStark said:

 

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

 

 

Expand  

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.