Deposit interest rate paid in Thai banks

[ezzra]

For many years now I'm getting paltry sums in interest on my sizeable amounts deposits in my bank (0.02-0.50% pa) I was wondering if any one has their money in a better yielding banks, no shares no other type of investments, just interest.

[gamb00ler]

SCB has the EZ Savings account currently paying 1.5% up to the maximum of 1M ฿.  There are reports that opening bank accounts by farangs is getting more difficult.  I managed to open one of these in early 2021.  I also managed to get the 15% withholding stopped but several others report that the bank has stubbornly refused to do the same for them.

 

LH bank has their Pro-fit account for Thai citizens only.  It also pays 1.5% up to a maximum balance of 3 or 5 M ฿.   I'm unsure of the maximum as I haven't read the terms and conditions lately.

 

 

 

 

[Henryford]

Apart from SCB above Krungsri offer 0.9% on their Mae Tai Dee account.

[Celsius]

Yes. Last December I went back to Canada, transferred all my savings into Canadian bank and now I am getting $2000 paid monthly on a 500k guaranteed "investment". The savings certificate will expire in December and I am hoping the interest rates will go higher.

 

Why would anyone keep the money in this country? For what?

 

 

[gamb00ler]

SCB fees and rates @

https://www.scb.co.th/content/dam/scb/personal-banking/rates-fees/deposits/deposit-en.pdf

 

Krungsri Bank fees and rates @

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-01052023-en.pdf

 

27 minutes ago, Henryford said:

Apart from SCB above Krungsri offer 0.9% on their Mae Tai Dee account.

I see that if you open the Mae Tai Dee account online rather than in person you get .1% more interest.

 

 

[DrJoy]

18 minutes ago, Celsius said:

Why would anyone keep the money in this country? For what?

Those on marriage or retirement extensions need to keep money in the bank for their annual renewals

[DrJoy]

14 minutes ago, gamb00ler said:

I see that if you open the Mae Tai Dee account online rather than in person you get .1% more interest.

Online account opening is only for Thai national holding a Thai ID card.

 

Further, they need to be registered with NDID as well.

[Celsius]

10 minutes ago, DrJoy said:

Those on marriage or retirement extensions need to keep money in the bank for their annual renewals

 

I am on a marriage extension. I have the bare minimum in a bank account and it is usually out as soon as I get the extension approved.

[DrJoy]

Just now, Celsius said:

 

I am on a marriage extension. I have the bare minimum in a bank account and it is usually out as soon as I get the extension approved.

But the retirees are not so lucky, basically their 800k baht is locked.

They can withdraw half but need to top up to 800k before renewal comes up.

 

Thats a huge sum of money to lock up forever and get interest rate of 0.5%

????

[brianthainess]

1 hour ago, Henryford said:

Apart from SCB above Krungsri offer 0.9% on their Mae Tai Dee account.

And up to 2mil. and 20min to get a years statement if needed. 

[mfd101]

6 minutes ago, DrJoy said:

But the retirees are not so lucky, basically their 800k baht is locked.

They can withdraw half but need to top up to 800k before renewal comes up.

 

Thats a huge sum of money to lock up forever and get interest rate of 0.5%

????

If you're on OA permit then 65K+ a month is the way to go (I think).

[hughrection]

43 minutes ago, gamb00ler said:

SCB fees and rates @

https://www.scb.co.th/content/dam/scb/personal-banking/rates-fees/deposits/deposit-en.pdf

 

Krungsri Bank fees and rates @

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-01052023-en.pdf

 

I see that if you open the Mae Tai Dee account online rather than in person you get .1% more interest.

 

 

Opened with this bank just 4 days ago. Fixed deposit for 4 years at 1.95%.

[hughrection]

2 hours ago, gamb00ler said:

SCB has the EZ Savings account currently paying 1.5% up to the maximum of 1M ฿. 

Have new one now - fixed for 3 years at 1.65%. Opened just over a week ago myself. The blue bank has a similar option. Opened that one bout week ago as well and got 1.65% fixed for 3 years.

[4MyEgo]

57 minutes ago, Celsius said:

I am getting $2000 paid monthly on a 500k guaranteed "investment".

Well done, I am getting $1,812 per month on my $500k split into 2 accounts, in 2 different banks, fixed for 12 month which works out to 4.35%.

 

Government guarantees $250,000 per bank.

 

I pay no withhold tax, I tell them that I have an address in my country of birth, there is an $18,200 tax threshold, if they want to come to get the tax on $3,550 which $0.19c in the $ on the amount greater than $18,200, which is $64.50, then let them come looking for it, I will then deal with it. However I don't believe they would waste their time on this small fish ????
 

57 minutes ago, Celsius said:

Why would anyone keep the money in this country? For what?

Apart from what is required for my extension and annual budget, yeh, not one baht over that transferred annually.

[BenStark]

5 minutes ago, hughrection said:

Opened with this bank just 4 days ago. Fixed deposit for 4 years at 1.95%.

 

3 minutes ago, hughrection said:

Have new one now - fixed for 3 years at 1.65%. Opened just over a week ago myself. The blue bank has a similar option. Opened that one bout week ago as well and got 1.65% fixed for 3 years.

Why would one want to lock up his money for 4 years, and risk losing all interest in case of an emergency, at a time that interests are increasing? In 4 years interest on normal deposit accounts may be higher than that.

 

I get 1.25 and 1.5% at SCB, 1.5% at LH and 1.10% at TTB (paid monthly), UOB 1.25% (paid monthly), and I can withdraw whenever I want.

 

I also have a feeling that this month interests will go up at most banks

[ezzra]

16 minutes ago, hughrection said:

Opened with this bank just 4 days ago. Fixed deposit for 4 years at 1.95%.

4 years to lock up your money is way too long, unless you have other funds elsewhere to just in case.

[foreverlomsak]

1 hour ago, Celsius said:

Why would anyone keep the money in this country? For what?

If I moved my money back to the UK, into the only account I have, (and due to being non-resident I can no longer open interest bearing High Street accounts), and achieve the whopping rate of 0.000% less 20% tax of course.

0.5% less 15% Thai tax withholding is vastly better than 0

[Celsius]

8 minutes ago, foreverlomsak said:

If I moved my money back to the UK, into the only account I have, (and due to being non-resident I can no longer open interest bearing High Street accounts), and achieve the whopping rate of 0.000% less 20% tax of course.

0.5% less 15% Thai tax withholding is vastly better than 0

I went to HSBC, told them I don't live in Canada anymore and I want to take advantage of their interest savings account. They asked me for some documents like proof of address or foreign driver's license. I didn't have anything. I did tell them I file a non resident tax every year and that seemed to be good enough for them. Out of curiosity I checked 12 month savings bonds in HSBC UK - 5%. 

 

 

 

 

 

[KannikaP]

1 hour ago, Celsius said:

Yes. Last December I went back to Canada, transferred all my savings into Canadian bank and now I am getting $2000 paid monthly on a 500k guaranteed "investment". The savings certificate will expire in December and I am hoping the interest rates will go higher.

 

Why would anyone keep the money in this country? For what?

 

 

$2k monthly is $24k pa on $500k. is 4.8% pa. Not too bad.

[gamb00ler]

1 hour ago, ezzra said:

4 years to lock up your money is way too long, unless you have other funds elsewhere to just in case.

For several months the yield curve has been inverted.  That signifies that the market broadly anticipates that interest rates will be dropping.  I would find it hard to criticize anyone's decision to "lock up" the returns that are currently on offer for 4 years.

[topt]

6 hours ago, ezzra said:

4 years to lock up your money is way too long, unless you have other funds elsewhere to just in case.

Remember if in a "normal" Thai fixed account you can take it out usually at any time with just a loss of some interest.

However I have not looked and the fixes referred to may be more like fixed accounts in the UK where you cannot remove before due time. Perhaps @hughrection would comment?