Getting a decent interest rate on my savings

[surreybloke]

Looking at some kind of semi retirement in LOS.   I do have a savings account with the BKK bank.   The interest rate is not worth having.  Fees eat up interest.    I looked at the table of interest rates and it is a joke.   To be honest If I compared the thai legacy banks with the same in the uk the miserable savings rates seem to be the same.      

I have my retirement pots of cash in various less well known institutions here in the uk.   Has anyone come across anything worth looking at in LOS. To be honest I am only looking at a modest investment in LOS.   Maybe enough for visa requirement s   maybe a bit more .    

[dayo202]

Leave your savings in your home country where you should get around 4%.

Here in Thailand SCB have saving account which pays out 1 5%. 

[IvorBiggun2]

I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum.

[bbi1]

Don't keep your money in Thailand.  Keep only a tiny bit in a Thai bank account for living expenses.

 

***Inflammatory comment removed by Moderator.

[HugoFastor]

11 minutes ago, surreybloke said:

Looking at some kind of semi retirement in LOS.   I do have a savings account with the BKK bank.   The interest rate is not worth having.  Fees eat up interest.    I looked at the table of interest rates and it is a joke.   To be honest If I compared the thai legacy banks with the same in the uk the miserable savings rates seem to be the same.      

I have my retirement pots of cash in various less well known institutions here in the uk.   Has anyone come across anything worth looking at in LOS. To be honest I am only looking at a modest investment in LOS.   Maybe enough for visa requirement s   maybe a bit more .    

The only better option is a 1 year fixed deposit at a bank that pays around 2.5%. Bangkok Bank offers them. You can check the rates and terms on their website. But all foreigners in Thailand are subject to a 15% withholding tax on all interest earned. So you will lose 15% on any interest that you earn in a Thai bank. 
 

Rates are higher in the USA and UK because the central banks have raised interest rates to around 5%. In Thailand the central bank rate is half that. So bank interest rates in Thailand are about half as in the West. But rates in the West will likely fall by 50% this year too when central banks start cutting interest rates. 

[HugoFastor]

5 minutes ago, IvorBiggun2 said:

I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum.

I wouldn't keep any money in a small Thai financial institution. I would only keep money in the biggest banks in Thailand for safety reasons. Solvency is always a concern with smaller institutions. Lots of people lost lots of money in the crash of 97 with the small financial institutions and finance companies that went bust. Some of them were paying 13% interest at the time on fixed deposits. It seemed too good to be true at that time and it was.

[connda]

25 minutes ago, dayo202 said:

Leave your savings in your home country where you should get around 4%.

Here in Thailand SCB have saving account which pays out 1 5%. 

Agreed.  If you're from the US, leave you money in the US and buy T-bills.

[Lucky Bones]

17 minutes ago, bbi1 said:

Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses.

I don't think you have thought your comment through. Come back again when you have considered different personal circumstances.

And, be careful using the word "fool."🙃🙃

[KannikaP]

24 minutes ago, bbi1 said:

Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses.

What is your definition of 'a tiny bit'. Retirees need Bht 800k (GBP 20k) to keep their extension plus money for living expenses,  or transfer over GBP 1430 per month. Tiny amount?

Edited March 1 by KannikaP

[noobexpat]

I keep 1.3m in the thai bank. I don't have the visa requirements.

This is for day to day spending etc. Tiny amount, don't care about %

My money is all in the UK.

[Lacessit]

No institution in Thailand available to foreigners gives a decent return on investment. There is more risk to boot.

Best option is to leave money in the home country, where it is also more secure.

I split my money in Australia between two credit unions, and two peer-to-peer lenders.

[couchpotato]

54 minutes ago, bbi1 said:

Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses.

And why is that pray tell.

[scottiejohn]

1 hour ago, HugoFastor said:

So you will lose 15% on any interest that you earn in a Thai bank. 

Which you can claim back.

I do it every two years!

[Lucky Bones]

18 minutes ago, couchpotato said:

And why is that pray tell.

bbi1 seems to have gone quiet.🙃🙃

[KannikaP]

45 minutes ago, noobexpat said:

I keep 1.3m in the thai bank. I don't have the visa requirements.

This is for day to day spending etc. Tiny amount, don't care about %

My money is all in the UK.

That's almost GBP 29000. How long does it last for 'day to day spending before it is gone.

[HugoFastor]

17 minutes ago, scottiejohn said:

Which you can claim back.

I do it every two years!

Small amount and can't be arsed. 

[ExpatOilWorker]

1 hour ago, HugoFastor said:

The only better option is a 1 year fixed deposit at a bank that pays around 2.5%. Bangkok Bank offers them. You can check the rates and terms on their website. But all foreigners in Thailand are subject to a 15% withholding tax on all interest earned. So you will lose 15% on any interest that you earn in a Thai bank. 
 

Rates are higher in the USA and UK because the central banks have raised interest rates to around 5%. In Thailand the central bank rate is half that. So bank interest rates in Thailand are about half as in the West. But rates in the West will likely fall by 50% this year too when central banks start cutting interest rates. 

Where do you see 2.5%???

https://www.bot.or.th/en/statistics/interest-rate.html

[surreybloke]

3 hours ago, IvorBiggun2 said:

I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum.

Ah yes credit unions     I forgot about those.        Not very common in the UK   .     A decent savings rate in the UK is 5 %  plus.    I am just looking at alternatives to the run of the mill legacy banks.   Yes deffo  leave most of it back home

[noobexpat]

2 hours ago, KannikaP said:

That's almost GBP 29000. How long does it last for 'day to day spending before it is gone.

 

Wouldn't know ...top it up every few months.

[ExpatOilWorker]

Do as the rich Thais, open a FCD account.

https://thethaiger.com/news/business/foreign-currency-deposits-surge-in-thailand-due-to-global-rate-hikes