Bank Term Deposits Rates...

[jphasia]

On 7/13/2023 at 9:48 AM, BenStark said:

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All normal deposit accounts that can be withdrawn at any time

I followed your advice from another thread when you mentioned about SCB EZ account. As I already have a Krungsri MTD with over the max 1M on it so with less interest (0.5 instead of 0.9).

I went to my SCB branch, open an EZ account and drop 2M on it, which is the maximum for the 1.5%.

As I mentioned in the other thread, I am not good at investment but lucky enough to generate a good amount of cash flow every month.

Another question: do you see a real risk to keep such amount in the bank as it's look like the Thai banks seems in trouble now (I read that on the news) and protection from DPA is only 1M per bank?

I might follow your advise again and open another account in UOB. I am also considering buying some gold which i believe is secure investment.

 

[oxo1947]

On 7/12/2023 at 5:38 PM, keithsimmonds said:

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

Is that compounded ?

Are you saying that they credit your account on a daily bases ?

[BenStark]

21 minutes ago, jphasia said:

As I already have a Krungsri MTD with over the max 1M on it so with less interest (0.5 instead of 0.9).

Take note, you will receive only 0.5% on the whole amount, not only on the amount above the limit, and it's 2 million

I have not heard anything about Thai banks being in trouble.

[jphasia]

12 minutes ago, BenStark said:

Take note, you will receive only 0.5% on the whole amount, not only on the amount above the limit, and it's 2 million

I have not heard anything about Thai banks being in trouble.

Ok. So as I reduced the balance on the MTD less than 2M but higher than 100,000b , i will get 0.9%. Not much but better than nothing...

It was easy to open the EZ account because I already have a standard saving account in SCB for years. Will try UOB too.

Not sure also about what I have seen in the news, it was about difficulties of the banks to get the loans repaid by the clients (as the economy is low).

[gamb00ler]

10 hours ago, oxo1947 said:

Is that compounded ?

Are you saying that they credit your account on a daily bases ?

Typically accounts accrue interest based on the daily balance but only pay out the interest semi-annually.  These accounts are described as interest accrues daily and is compounded semi-annually.

[keithsimmonds]

On 7/16/2023 at 7:48 PM, oxo1947 said:

Is that compounded ?

Are you saying that they credit your account on a daily bases ?

No it is not compound interest. The interest total is added every day but only able to be withdrawn/transferred  on June 25th  and December 25th