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[CallumWK]

2 minutes ago, Pattaya57 said:

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

 

Get off your high horse, I never said you said that, I referenced to the screenshot in your previous post.

[CallumWK]

33 minutes ago, Pattaya57 said:

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

 

And who told you Thai only?

 

 

 

And before you ridicule me again, Krungsri clearly mentions in their terms and conditions which accounts are for Thai nationals only

 

 

Edited 4 hours ago by CallumWK

[couchpotato]

36 minutes ago, Pattaya57 said:

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 

 

Can you explain your Time deposit more clearly.

You will not be getting 1.8% per month. 

Normally special 3, 6, 7, 10 Monthly deposit accounts (ie: lower then 12 mths are prorated as interest is always p.a.)

So your 7 mths deposit is actually 1.05% (prorated from 12 mths at 1.8%).

I am not trying to be dense here, just asking if you would work out the actual % you are actually being paid each month, not over the period of the whole 7 mths. (I would suspect it is only perhaps 0.25%). Thanks for checking as I think this is an important point.

 

ie:

[Pattaya57]

40 minutes ago, couchpotato said:

Can you explain your Time deposit more clearly.

You will not be getting 1.8% per month. 

Normally special 3, 6, 7, 10 Monthly deposit accounts (ie: lower then 12 mths are prorated as interest is always p.a.)

So your 7 mths deposit is actually 1.05% (prorated from 12 mths at 1.8%).

I am not trying to be dense here, just asking if you would work out the actual % you are actually being paid each month, not over the period of the whole 7 mths. (I would suspect it is only perhaps 0.25%). Thanks for checking as I think this is an important point.

My Time Deposit pays 1.8% annual interest and I accrue pro-rata 0.493% interest per day (as I can renew after 7 months, I will recieve 0.493% x 365 days = 1.8% after 12 months). This concept is no different to a 24 month time deposit paying 1.8% interest, you will accrue 0.493% per day for 2 years.

 

On my actual 805k deposit, I receive 1231 baht per month interest on 31 day months and 1191 baht on 30 day months. This is paid into my regular savings account on the 20th of each month. This means my 805k time deposit balance never changes.

 

Edited 3 hours ago by Pattaya57

[Pattaya57]

Correct math is 0.00493% interest per day in post above which I can no longer edit. In that case I could have just made it 0.005% per day for simplicity 😆 

Edited 3 hours ago by Pattaya57

[topt]

1 hour 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. 

 

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.

 

Perhaps not take too long as apparently BOT reduced the main rate by .25% today to 2.25%...... However this being Thailand you never know - 

 

The reduction was posted in another thread but I had to really search to find confirmation -

https://www.reuters.com/markets/asia/thai-central-bank-unexpectedly-cuts-key-rate-by-25-bps-2024-10-16/

[Pattaya57]

7 minutes ago, topt said:

Perhaps not take too long as apparently BOT reduced the main rate by .25% today to 2.25%...... However this being Thailand you never know - 

Thanks, I heard it was coming but didn't know it had already happened today. I'll head into Krungsri on Friday after the holiday and hope it hasn't changed yet.

 

Edited 3 hours ago by Pattaya57

[CallumWK]

3 minutes ago, Pattaya57 said:

Great, now the baht will be even stronger 😞

 

 

When interest rates are lowered, the national currency tend to get weaker, not stronger

[sometimewoodworker]

@couchpotato Interest rates are always given as the percentage that will be paid if you hold the account for one year,  365 or 366 days. So the longer more accurate term is “percentage per calendar year”

 

The fact that the interest may be paid out for shorter periods, such as 1 month, does not change the the % per year rate. You can do the math to calculate the exact day, week or month amount but the %er annum is fixed

[sometimewoodworker]

12 minutes ago, Pattaya57 said:

Thanks, I heard it was coming but didn't know it had already happened today. I'll head into Krungsri on Friday after the holiday and hope it hasn't changed yet.

 

It will have, I have never known banks to lag behind a drop in rates, though the may not raise them that quickly.

[it is what it is]

On 4/10/2024 at 1:00 PM, agogohome said:

I'm receiving 2.2% with a Kasikorn bank Seniors account. 😀

 

awful rate mate, i'm getting 5.2% fixed rate set up last year, and 4.6% on one set up this year, in the uk though 😁