Bank Savings Interest Rates 2023

[agogohome]

1 hour ago, topt said:

Do you mean they only accept Thai customers for FCD accounts - as I have a baht fixed deposit account with them for many years?

That is a very good rate for USD though

Exchange rates are the deal breaker. Just because it favours the dollar now, doesn't mean it will in the future. 

[gamb00ler]

In searching the LH Bank site, I noticed that they now allow foreigners to open a Pro-Fit account that pays 1.5% for the first 3M฿ and then 1.75% on the next 47M฿.

[gamb00ler]

25 minutes ago, agogohome said:

Exchange rates are the deal breaker. Just because it favours the dollar now, doesn't mean it will in the future. 

No matter where your money sits.... unfortunately you will always be subject to exchange rate risk.

[brianthainess]

On 4/5/2023 at 10:39 PM, kiko11 said:

Krungthai offers 0.25% interest for savings account. How come I never received any interest whatsoever in the last years? 

If you have a 1yr extension you should be able to open a fixed deposit account fixed deposit of 3 months 1.17% pa, 6mth 1.25, 12mth 1.7 So you have the wrong type of account. 

[villageidiotY2K]

correct me if im wrong, but whats all the hype with 1-2% rate etc etc?

if 2% of 1mil is at around 20,000 baht per annum??

do these retired expats in TH got 50mil baht in their account or something? 

Im honestly am not sure as i dont have retired acquaintances.

 

for myself this come across as thais filling their diesel up cus they heard the news that fuel price will rise 0.50 baht the next day... how much savings did u get for ur diesel? 30 baht?? 

[topt]

3 hours ago, villageidiotY2K said:

correct me if im wrong, but whats all the hype with 1-2% rate etc etc?

What hype?

People have money on deposit and are looking for the best deal. Considering the thread is a year old and the low number of responses suggests something less than hype don't you think.......

 

But then again perhaps your choice of nom de plume was inspired........

[sometimewoodworker]

On 6/2/2024 at 2:34 PM, brianthainess said:

If you have a 1yr extension you should be able to open a fixed deposit account fixed deposit of 3 months 1.17% pa, 6mth 1.25, 12mth 1.7 So you have the wrong type of account. 

And for longer deposits 

[CallumWK]

On 4/9/2024 at 7:01 PM, gamb00ler said:

LH Bank (Thai customers only!) sent an offer to my wife:

I didn't read the actual terms and conditions but in the past they only accept Thai customers

 

Yes you get 5.35%, but you first have to buy $ and at the end of the term exchange them to baht again.

 

The difference between buying and selling rate is about 2%, so that is already only 3.35% left, and that is if the dollar remains stable.

 

Have you looked at the exchange rate this week?

 

And I forgot, I guess that interest is subject to 15% withholding tax, so with the baht getting stronger, and the withholding tax, your 5.35% may actually be a negatvive end result

Edited July 17 by CallumWK

[gamb00ler]

1 hour ago, CallumWK said:

The difference between buying and selling rate is about 2%, so that is already only 3.35% left, and that is if the dollar remains stable.

 

Have you looked at the exchange rate this week?

 

And I forgot, I guess that interest is subject to 15% withholding tax, so with the baht getting stronger, and the withholding tax, your 5.35% may actually be a negatvive end result

LH Bank has the biggest spread between buy & sell exchange rates of the major Thai banks.... about 2% compared to .8% for Bangkok and SCB banks.

 

I think if you wired LHBank funds in US$ and you didn't need to change to ฿ on maturity you could save that 2%.

 

As for the 15% withholding from interest, other Thai banks have stopped it when I gave them my Thai tax ID.  If a bank won't stop the withholding you can easily get all the withholdings refunded if you have little taxable income and take the time to file taxes.

[gk10012001]

Etrade, now Morgan Stanley Premium Savings account is 4.5 %. 

[topt]

10 hours ago, gk10012001 said:

Etrade, now Morgan Stanley Premium Savings account is 4.5 %. 

It is not just you but I really don't understand why people are posting foreign bank interest rates in a Thailand specific thread - well it is supposed to be........

 

UK/Europe/US rates have been far higher than Thailand for more than a few years with over 5% still available from many UK accounts.........

[H1w4yR1da]

Got 2.15% fixed from LH Bank for 11 months.

[Pattaya57]

Got this from Krungsri today. 5.1% on US$ for 6 month FCD

 

[CallumWK]

On 9/16/2024 at 3:26 PM, Pattaya57 said:

Got this from Krungsri today. 5.1% on US$ for 6 month FCD

 

 

Now just calculate how many baht you had to pay for every $ in September, and how many baht you would get back if your account would determine today, and see how much of your 5% is left

[Pattaya57]

3 minutes ago, CallumWK said:

 

Now just calculate how many baht you had to pay for every $ in September, and how many baht you would get back if your account would determine today, and see how much of your 5% is left

Some of us already have US$ accounts we can transfer from

[CallumWK]

3 minutes ago, Pattaya57 said:

Some of us already have US$ accounts we can transfer from

 

And the difference is????

Those US$ in that account were worth X amount of baht if you had exchanged them at that date, and they are now about 10% less

[Pattaya57]

4 minutes ago, CallumWK said:

 

And the difference is????

Those US$ in that account were worth X amount of baht if you had exchanged them at that date, and they are now about 10% less

Don't know what your argument is?

 

If you deposit US$ into a US$ fixed deposit in Thailand and withdraw the US$ back into your US$ account at end of term you have never exchanged to baht so exchange rate is irrelevant 

[CallumWK]

1 minute ago, Pattaya57 said:

Don't know what your argument is?

 

If you deposit US$ into a US$ fixed deposit in Thailand and withdraw the US$ back into your US$ account at end of term you have never exchanged to baht so exchange rate is irrelevant 

 

Thanks for explaining that you consider US$ a collector's item, as I know you are not an American

[Pattaya57]

Just now, CallumWK said:

 

Thanks for explaining that you consider US$ a collector's item, as I know you are not an American

I worked 16 years in the Middle East getting paid currency fixed to the $US so converting to $US had no exchange rate risk

[CallumWK]

34 minutes ago, Pattaya57 said:

I worked 16 years in the Middle East getting paid currency fixed to the $US so converting to $US had no exchange rate risk

 

You are not in the Middle East anymore, you are in Thailand. Good try at deflecting, but no cigar for you

[Pattaya57]

I currently have a "Special Time Deposit" at Krungsri which I am getting 1.8% for 7 month term. I use this for my 800k retirement extension.

 

I have to renew shortly and see they still have the 1.8% for 7 months but also now have a 1.9% for 10 months, so I'm likely to do that. Does anyone know of anything over 1.9% for foreigner 800k deposit?

[sometimewoodworker]

14 hours ago, Pattaya57 said:

I currently have a "Special Time Deposit" at Krungsri which I am getting 1.8% for 7 month term. I use this for my 800k retirement extension.

 

I have to renew shortly and see they still have the 1.8% for 7 months but also now have a 1.9% for 10 months, so I'm likely to do that. Does anyone know of anything over 1.9% for foreigner 800k deposit?

2.20% for 36 months at Krungsri

[Pattaya57]

16 minutes ago, sometimewoodworker said:

2.20% for 36 months at Krungsri

Can we get that one? That was there when I did the 7 month 1.8% but bank officer told me that 2.2% was only for Thais?

[sometimewoodworker]

6 hours ago, Pattaya57 said:

Can we get that one? That was there when I did the 7 month 1.8% but bank officer told me that 2.2% was only for Thais?

Yes you can, I got 2.5% a few months ago

 

these are not limited to any nationality 

[Pattaya57]

5 minutes ago, sometimewoodworker said:

Yes you can, I got 2.5% a few months ago

 

these are not limited to any nationality 

Yeah I had another look at the March rates when I opened my account and realised it was the 2.9% tax free savings account I wasn't allowed to open. 

 

Well done on the 2.5%. So my choices are 2.2% for 36 months, 2.1% for 24 months or a special time deposit at 1.9% for 10 months. Now just have to decide.

 

Edited 2 hours ago by Pattaya57

[sometimewoodworker]

However the account you show is the “grow savings” not the “time deposit” 

Different rules for different accounts 

[sometimewoodworker]

4 minutes ago, Pattaya57 said:

Yeah I had another look at the March rates when I opened my account and realised it was the 2.9% tax free savings account I wasn't allowed to open. 

 

So my choices are 2.2% for 36 months, 2.1% for 24 months or a special time deposit at 1.9% for 10 months. Now just have to decide.

Note on the time deposits you loose the interest if you close out early

 

However I am getting 0.3% more than is available today.

 

So you are taking a risk that rates will not drop, so far I have been successful in deciding to lock my interest rate.

Edited 1 hour ago by sometimewoodworker

[Pattaya57]

14 minutes ago, sometimewoodworker said:

However the account you show is the “grow savings” not the “time deposit” 

Different rules for different accounts 

My account is a "Special Time Deposit - 7 months". It is not a grow savings account.

 

Interest is 1.8% paid monthly into my savings account. Normal time deposit rules apply for early withdrawal 

 

Edited 1 hour ago by Pattaya57

[CallumWK]

30 minutes ago, sometimewoodworker said:

Yes you can, I got 2.5% a few months ago

 

these are not limited to any nationality 

 

That is pretty lousy for a 4 yer term deposit, because according to @Pattaya57 post you can get 2.9% for 2 years.

And i start to ask myself the question, what is behind the interest increasing lately, because BOT hasn't raised the interest rates.

Time to get careful?

Edited 1 hour ago by CallumWK

[Pattaya57]

32 minutes ago, CallumWK said:

That is pretty lousy for a 4 yer term deposit, because according to @Pattaya57 post you can get 2.9% for 2 years.

I never said that, I said only Thai were allowed to open the 2.9% account

 

Edited 1 hour ago by Pattaya57