Bank Term Deposits Rates...

[NZAMBOY]

Hi All...i am looking for a Thai bank that has a decent rate for term deposits...hopefully i can get a bit of serious advice here...thanking you all in advance????

[gamb00ler]

The larger Thai banks all have a website where you can find the rates for term deposits in English.

[NZAMBOY]

1 hour ago, gamb00ler said:

The larger Thai banks all have a website where you can find the rates for term deposits in English.

Yes, i've seen that, but i'm asking for recommendation and/or maybe other options...as well, the bank site to which  you're referring desplays the rates in a format that not clear to me...thanks for the suggestion tho????

[jayboy]

2 hours ago, NZAMBOY said:

a Thai bank that has a decent rate for term deposits

Dream on

[howerde]

My deposit rate was increased to 1% from 0.8% recently, when i asked about other accounts' was told not available to foreigners, they might be lazy/simply do not know how to do it or might be true.

[Henryford]

Not good here compared to most of the world now. One of the best is the Krungsri Mai Tai Dee account. Gives 0.9% plus you can use it as a normal account with debit card etc. Only 2 withdrawals a month though. Most others are 0.5% or less. Even the banksters in the UK offer 4%+ now.

 

Edit just remembered SCB do an EZY account 1.5%

Edited July 12, 2023 by Henryford

[ezzra]

KrungSri bank ( bank of Audhaya)give 1.6% p.a if you lock your money for 14 months and 1.3% for 7 months.

[Mike Teavee]

Was in Bangkok Bank doing the Facial Recognition thing a couple of weeks back and the girl doing it was trying to sell me a 4.5 (might have even been 5)% long term deposit account but as "Long Term" seemed to be 12 years I passed. 

 

Currently getting 0.7% on my 6 month Fixed Deposit accounts with them so am going to look around for a new account once I get my Extension out of the way next month. 

  

Hmmm Seems their 10 & 14 month accounts are offering 1.45% interest 

 

 

 

Edit: Scratch that, these are only available to Thai Citizens/Corporates... 

• The 10-Month and 14-Month Fixed Deposit Account are available for Thai individuals, corporates, government agencies, insurance companies, non-profit juristic persons, Financial Institution and Other Funds.

 

Edited July 12, 2023 by Mike Teavee

[gamb00ler]

56 minutes ago, Henryford said:

Edit just remembered SCB do an EZY account 1.5%

Another plus is that SCB raised their maximum balance that will get the 1.5% to 2M ฿ as it was in their original offering.

 

Land and House (L&H) has an account (Pro-Fit) for Thai individuals only that pays 1.5% and I think the maximum for that account is 5M ฿.  I think they also have a minimum balance to earn the best interest rate.

 

Both SCB and L&H pay the interest on daily balance so the accounts are quite flexible.

[DFPhuket]

The Bank of Thailand website updates interest rates daily for all Thai commercial banks. The site is here. Click EN at the top to view it in English. You can see the rates for 3, 6, 12 and 24 month deposits. 

[brianthainess]

6 hours ago, howerde said:

My deposit rate was increased to 1% from 0.8% recently, when i asked about other accounts' was told not available to foreigners, they might be lazy/simply do not know how to do it or might be true.

What bank??

[topt]

5 hours ago, gamb00ler said:

Land and House (L&H) has an account (Pro-Fit) for Thai individuals

Fixed rates for all, including foreigners as far as I am aware, here -

https://www.lhbank.co.th/en/personal/เงินฝาก/deposit-interest-rates/

[shortstop2]

5 hours ago, gamb00ler said:

Another plus is that SCB raised their maximum balance that will get the 1.5% to 2M ฿ as it was in their original offering.

 

 

Both SCB and L&H pay the interest on daily balance so the accounts are quite flexible.

Thanks Gambler, Great news about the revised SCB limit as I don't have to keep my balance at exactly 1M anymore.

 

I know you can see accrued interest at SCB and you can't see it at Krungsri.  I don't believe the interest is compounded daily at SCB though as I don't think you get interest on the interest.   Anyone know the exact details beyond the nominal rate as to the differences in the interest rate algorithm between the Krungsri Mai Tee Dai account and the SCB Easy account? I realize that no matter how it's compounded 1.5% is going to beat a mostly 0.9% account.

[gamb00ler]

6 minutes ago, shortstop2 said:

I know you can see accrued interest at SCB and you can't see it at Krungsri.  I don't believe the interest is compounded daily at SCB though as I don't think you get interest on the interest

I haven't seen where I can find the accrued interest on my SCB EZ Savings account.

 

Most banks accrue the interest daily based on closing balance.  The banks then pay out the interest semi-annually.  You are correct in that there is no interest earned on the accrued interest until it is actually deposited into the account twice yearly.

 

The above method is typically described as:  interest accrued daily and compounded semi-annually.  For the SCB EZ account, the 1.5% interest rate compounded semi-annually, the annual rate (APR) is actually 1.5% + (.75% X .75%) or 1.505625%

Edited July 12, 2023 by gamb00ler

[howerde]

18 minutes ago, brianthainess said:

What bank??

Bangkok Bank, i ask every time i go there, same answer not for foreigner 6 years been going there, i do get the impression they are lazy

[shortstop2]

5 minutes ago, gamb00ler said:

I haven't seen where I can find the accrued interest on my SCB EZ Savings account.

 

On the app tap to view more details.  then when  you see E Passbook Ez savings there is a drop down arrow you can hit and when you do that you will see accrued interest.

[keithsimmonds]

SCB Ez pays approximately 41.10 baht daily on a 1 million baht balance....

[KannikaP]

11 minutes ago, keithsimmonds said:

SCB Ez pays approximately 41.10 baht daily on a 1 million baht balance....

Less with holding tax.

[shortstop2]

7 minutes ago, KannikaP said:

Less with holding tax.

If you have a Thai Tax ID card and are persistent SCB will stop the withholding.  You can get the ID card at a Revenue Office.

[NZAMBOY]

Thanks all for you input????...altho i would like to direct some of my savings to Thailand, where i have a wife and young daughter,  i just can't bring myself to put it in an account earning -1% when in NZ here i have the deposit sitting at 6% on a 6 month term...i could probably find a better rate in Thailand but i'm sure it would be way to risky for my liking and for this time in my life as i'm 75 y.o....

[blackshadow]

go to the banks they will tell you

[Mike Teavee]

On 7/12/2023 at 8:11 AM, Mike Teavee said:

Currently getting 0.7% on my 6 month Fixed Deposit accounts with them so am going to look around for a new account once I get my Extension out of the way next month. 

  

 

Went into Bangkok Bank yesterday to update my Bank Books & noticed that my Fixed Term Deposit that expired 1st July has been rolled over at 1.05%… 

 

Still not great but 50% more than the 0.7% I was getting ???????? 

[BenStark]

On 7/12/2023 at 7:31 AM, Henryford said:

One of the best is the Krungsri Mai Tai Dee account.

That is simply the worst account I can think about.

 

I get 1.25 and 1.50 on 2 accounts at SCB, 1.25 at UOB, 1.10 at TTMB, and 1.50 at LHB.

 

All normal deposit accounts that can be withdrawn at any time

[BenStark]

6 hours ago, NZAMBOY said:

i just can't bring myself to put it in an account earning -1% when in NZ here i have the deposit sitting at 6% on a 6 month term.

Question.

 

If you have a 6 month deposit at 6%, and the currency devalues against the Thai baht by 5% or more during the same period, what have you left?

 

[shortstop2]

1 hour ago, BenStark said:

UOB

Good job maximizing your interest!

 

Does the UOB account have a bank book?  Googling around I see that the 1.25% is a bonus rate if 4 transactions a month but it is not clear to me which accounts are eligible for the bonus.  Which account at UOB do you have.

 

I know some people have not have problems using SCB Easy Account at Immigration for the 800K but I am leery of getting the wrong IO on teh wrong day.

[BenStark]

2 minutes ago, shortstop2 said:

Good job maximizing your interest!

 

Does the UOB account have a bank book?  Googling around I see that the 1.25% is a bonus rate if 4 transactions a month but it is not clear to me which accounts are eligible for the bonus.  Which account at UOB do you have.

 

I know some people have not have problems using SCB Easy Account at Immigration for the 800K but I am leery of getting the wrong IO on teh wrong day.

No bank book, and no transactions needed

 

UOB Stash

 

SCB Jak Tem 1.25%, LHB pro-fit 1.5% and TTMB no Fixed 1.10% all have bank book

[spidermike007]

On 7/12/2023 at 7:49 AM, ezzra said:

KrungSri bank ( bank of Audhaya)give 1.6% p.a if you lock your money for 14 months and 1.3% for 7 months.

I would rather keep cash in a safe, just to spite the banks for being such gangsters. No thanks. 

[FruitPudding]

On 7/12/2023 at 7:23 AM, howerde said:

My deposit rate was increased to 1% from 0.8% recently,

What an insult.

 

On 7/12/2023 at 7:23 AM, howerde said:

when i asked about other accounts' was told not available to foreigners, they might be lazy/simply do not know how to do it or might be true.

Why brother? Banks these days give you nothing.

[NZAMBOY]

4 hours ago, BenStark said:

Question.

 

If you have a 6 month deposit at 6%, and the currency devalues against the Thai baht by 5% or more during the same period, what have you left?

 

 

[NZAMBOY]

Ok, Ok...good analysis and a good point as well, thanks