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

 

 

[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.

 

[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 😆 

[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.

 

[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 

 

[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

 

[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 😀

 

[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 ... 

[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.  :)

[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)

[oldcpu]

7 hours ago, KhunHeineken said:

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. 

.........

 

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.  🙂

 

By "retirement visa" I assume you mean a non-immigrant type-O for reason of retirement.  In which case it DOES provide more benefits than someone on a 30-day visa exemption stamp.

 

Most Thai banks will NOT allow one to open a new bank account on a 30 day visa exempt.  Most Thai banks WILL allow one to open a Thai bank account on a non-immigrant type-O visa.  For someone who hopes to spend years in Thailand, a Thai bank account is incredibly useful, not to mention necessary when go for 1-year extensions on their permission to stay.

 

Speaking of extensions, one can NOT get a 1-year extension of one's permission to stay on a 30-day visa exemption stamp. One CAN obtain such on a 90-day type-O non-immigrant visa.

 

So there ARE benefits of a type-O non-immigrant visa (for retirement purposes) over a 30-day visa exemption stamp, DESPITE what you posted.    

 

I urge caution for anyone on a Visa exempt thinking they can just waltz in to Thailand and open a bank account.

 

....

 

Now reference the 800k THB (retirement) or 400k THB (marriage) in a Thai bank when on a Type-O for a 1 year extension on one's type-O visa's permission to stay in Thailand , unlike yourself,  some do consider it the proper legal approach , and for them being fully legal is important to them.   They don't think it strange to do things 100% legally, even if it may be more expensive than arguably walking on a thin legal fence when using an agent when one does not have the per-requisite funds.

 

Don't get me wrong.   I am not one to put down those who use an agent, but neither am I one to put down those who follow the letter of the Thailand law.

 

One great thing about Thailand, IMHO, is it has many different visas and also for some visas different approaches to do such - which can suit the needs and approaches of different people. I believe this is a good thing, and not strange at all that some like to take a different approach.

[motdaeng]

20 hours ago, KhunHeineken said:

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.  :)

 

thank you for your detailed reply.  

 

- how many banks have gone bankrupt in the usa and europe compared to thailand?  
- in australia, interest rates for savings are good, while in many other countries, they’re even lower than in thailand.  
- do you have to pay taxes on your interest and savings in australia?  

- you got about 3.5% more interest in australia, that means about 28'000 thb (not 41'200 thb)
- in thailand, bank deposits are guaranteed up to 1 million baht.  

- you don’t trust thai banks or the government, yet you live in thailand full-time and spend your hard-earned money here!

- instead of legally applying for a 1-year permit, you choose to support ("donate") criminals by paying for an illegal service.

  not only that, you hand over your passport for several days to criminals in thailand for this illegal act.  

 

i really wonder who the strange one is in this situation …  

[JohnnyBD]

2 hours ago, motdaeng said:

- you got about 3.5% more interest in australia, that means about 28'000 thb (not 41'200 thb)

It's probably less of a difference for some, because I believe those using the 800k method only has to keep 800k in the bank for 2 mths prior to getting their 1-year extension, then they can withdraw 400k to use for living expenses. That way, they can xfer less and leave more money in their home country if the interest rates are higher. I am fortuante to be on a LTR visa, so I don't have the bank requirements anymore and I don't need to pay an agent to avoid the bank requirements.

[KhunHeineken]

On 11/20/2024 at 6:27 AM, Pattaya57 said:

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)

The currency exchange is irrelevant, if you have no intention on exchanging it. 

 

Meanwhile, you are only getting 1.8% interest on your 800k baht.  All so you can only pay 1900 baht for your extension, and don't have to pay an agent. 

 

41,200 - 15,000 (average price for agent) = 26,200.  (note - this is an average price for an agent)

 

26,200 - 1900 (the cost you pay)  = 24,300.

 

Basically, I am 24,300 baht better off, and don't have to deal with immigration and queues. 

 

Some might suggest your extension actually costs you 26,200 + 1900 = 28,100, not because it actually does, but because the losses your 800k baht incurs in Thailand in order to be able to pay 1900 for your extension. 

 

As another member stated, "there are some really strange people out there." 

[KhunHeineken]

6 hours ago, JohnnyBD said:

It's probably less of a difference for some, because I believe those using the 800k method only has to keep 800k in the bank for 2 mths prior to getting their 1-year extension, then they can withdraw 400k to use for living expenses. That way, they can xfer less and leave more money in their home country if the interest rates are higher. I am fortuante to be on a LTR visa, so I don't have the bank requirements anymore and I don't need to pay an agent to avoid the bank requirements.

I believe the "seed" money must be in a Thai bank 2 months before the annual extension application, and remain there for 3 months after the extension is granted.  

 

As I have said, I use an agent, so have never had to worry about any of this, so correct me if I am wrong.  I crunched the numbers some years ago, and decided it was more cost beneficial, and less risky, to just use an agent. 

 

If what I am saying is correct, that's the loss of use of the 800k for 5 months of the year, so, for 5 months of the year, you can get around 1.8%, as another member posted he was getting. 

 

As I posted, a bank in Australia is offering 5.15% interest.  (link provided previously)

 

800,000 x 5.15% = 41,200.

 

41,200 / 12 months = 3,433 baht interest per month. 

 

3,433 x 5 months = 17,165. 

 

That's a lost of 17,165 in interest, which is actually more than the average cost of an agent, and that's just for 5 months. 

[gamb00ler]

2 hours ago, KhunHeineken said:

As I posted, a bank in Australia is offering 5.15% interest.  (link provided previously)

800,000 x 5.15% = 41,200.

41,200 / 12 months = 3,433 baht interest per month. 

3,433 x 5 months = 17,165. 

That's a lost of 17,165 in interest, which is actually more than the average cost of an agent, and that's just for 5 months. 

The correct loss of income (ignoring taxation and transfer fees) is:

800000 * (5.15% - 1.8%) / 12 * 5 = 11,167  for 5 months

400000 * (5.15% - 1.8%) / 12 * 7 = 7,817 for the other 7 months if you send 400K back to the 5.15% account

[Pattaya57]

How did a simple thread about current interest rates in Thai banks turn into a discussion on whether you should use an agent for visa instead of bringing your 800k baht to Thailand?