Bank Savings Interest Rates 2023

[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 October 16 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 October 16 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 October 16 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 October 16 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 😁

[sometimewoodworker]

14 hours ago, it is what it is said:

 

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 😁

Do please enlighten us as to the relevance of U.K. interest rates on sterling accounts in the U.K. to Thai Baht rates in Thailand?

[Pattaya57]

15 hours ago, sometimewoodworker said:

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

 

I still have hope as they haven't updated rates yet 

 

Edited October 17 by Pattaya57

[sometimewoodworker]

30 minutes ago, Pattaya57 said:

 

I still have hope as they haven't updated rates yet 

 

That should read “I still have hope as they haven't updated the website yet” 😉 

[Henryford]

On 10/17/2024 at 1:46 PM, sometimewoodworker said:

Do please enlighten us as to the relevance of U.K. interest rates on sterling accounts in the U.K. to Thai Baht rates in Thailand?

 

Because people, like me. would not invest in Thailand at 2.2% when i can get 5% in the UK.

[CallumWK]

5 minutes ago, Henryford said:

 

Because people, like me. would not invest in Thailand at 2.2% when i can get 5% in the UK.

 

Sounds as if you have an eye for good investments. Not?

 

[Pattaya57]

12 minutes ago, Henryford said:

Because people, like me. would not invest in Thailand at 2.2% when i can get 5% in the UK.

 

How's that working out for you when the £ has lost 7.9% to the Baht in last 3 months. Would have been better off with Baht + 2.2% in Thailand

 

Edited October 21 by Pattaya57

[sometimewoodworker]

4 hours ago, Henryford said:

 

Because people, like me. would not invest in Thailand at 2.2% when i can get 5% in the UK.

Investing in a currency that you are not actively using is a fools game.
 

To be successful you must be able to either have your money mobile and be actively monitoring the situation, be very lucky, or be able to predict currency movements.

 

Personally I find it way to boring to watch the markets and actively monitor them, but if that floats your boat then go for it.

[Pattaya57]

New interest rates at Krungsri are out after the Central Bank dropped rates by 0.25%.

 

The "Special Time Deposit-7 months" I'm on remains at 1.8% but they have done away with the 10 month one which was 1.9%. Fiixed deposits remain the same also at 2.2% for 36 months, 2.1% for 24 month and 1.7% for 12 months

 

So central rate drop pretty much did nothing to the savings rate 😀

 

Edited October 25 by Pattaya57

[KhunHeineken]

On 10/21/2024 at 1:38 AM, Henryford said:

 

Because people, like me. would not invest in Thailand at 2.2% when i can get 5% in the UK.

I don't even put the 800k baht in an account here when that 800k earns more money back in my home country than what an agent charges here for the extension. 

 

Yet, many retirees here proudly say to me their extension only costs them 1900 baht. 

 

They don't factor in the loss on the 800k baht earning less, not to mention, the risk of the money being in Thailand, where foreigners have no rights.

[motdaeng]

9 hours ago, KhunHeineken said:

I don't even put the 800k baht in an account here when that 800k earns more money back in my home country than what an agent charges here for the extension. 

 

Yet, many retirees here proudly say to me their extension only costs them 1900 baht. 

 

They don't factor in the loss on the 800k baht earning less, not to mention, the risk of the money being in Thailand, where foreigners have no rights.

 

when i read comments like this, i always wonder: do these people live in thailand full-time, and do they not need any money living here? and how much is their monthly budget living in thailand?  

 

these people try to give the impression that they earn a lot and invest their money without any losses, making big profits. but parking 800k thb in a bank account (in a country where they live fulltime) at a low interest rate is beyond their financial means. instead, they go down illegal paths and pay bribes to an immigration officer to look the other way ...

 

there are really some strange people out there ... 

Edited 3 hours ago by motdaeng

[KhunHeineken]

1 hour ago, motdaeng said:

when i read comments like this, i always wonder: do these people live in thailand full-time, and do they not need any money living here? and how much is their monthly budget living in thailand?  

I've been living in Pattaya for several years now. 

 

Of course, I move funds on a monthly basis to cover living expenses.  With WISE, money is in my Thai bank account within seconds. 

 

Should I need more funds to cover something unforeseen, or larger purchases, I just move the money as needed. I also keep a "float" in the Thai bank account.  

 

I'm single, so no need to leave a lump sum to a Thai women should I pass.  

 

1 hour ago, motdaeng said:

these people try to give the impression that they earn a lot and invest their money without any losses, making big profits. but parking 800k thb in a bank account (in a country where they live fulltime) at a low interest rate is beyond their financial means. instead, they go down illegal paths and pay bribes to an immigration officer to look the other way ...

I have never said I am rich.  I have said I am comfortable.  I rent a nice condo with water views. 

 

I rent the condo for the same reason I do not move the 800k baht here, and that is, I will not put any money into a 3rd World Country where I have no rights.  A retirement visa is basically just a 12 month tourist visa.  It gives you no more rights than someone on a 30 visa exemption stamp. 

 

Also, the cost of my condo, invested in my home country, more than covers the monthly rent, and then some, and it's safe, and government guaranteed, and I have the freedom to move if and when I like. 

 

Also, I am not stuck with a depreciating asset where supply massively outstrips demand, thus, driving property prices down.  Not to mention fees, taxes, and maintenance. 

 

I did earn good money when working full time, so did my ex-wife, and our divorce was amicable, and we still maintain contact to this day.  We made some good money during a property boom also, where we flipped some properties at the height of the boom.  

 

Yes, it's the illegal path, but I would rather give the money to the agent, and the immigration officer, than a Thai bank's share holders, and my money is safe, and earning more in my home country.  It's more about risk v reward, than affordability.  

 

1 hour ago, motdaeng said:

there are really some strange people out there

There certainly is.

 

So, here's a link to a bank in Australia.  

 

https://www.judo.bank/personal-term-deposit

 

You will see they are paying 5.15% interest on a 6 month term deposit. 

 

800,000 baht x 5.15% = 41,200 baht per annum. 

 

So, as you can see, it more than covers the agent's fees, and some.  Not to mention, the convenience of the agent.  No immigration queues and bureaucracy to deal with.   

 

What I think is "strange" is people giving a Thai bank a "donation" and then complaining about immigration queues, but them bragging how their extension only cost them 1900 baht.  These people actually think they have saved money.  :)

Edited 1 hour ago by KhunHeineken

[Pattaya57]

Meanwhile, I just renewed my 7 month special time deposit with Krungsri at 1.8% on the 800k.

 

(Done well having my 800k in Thailand last 7 months as $A has dropped 8.1% since July)