Bangkok bank fooled / cheated me

[john donson]

A few months ago, went to  Bangkok bank to open a esavings account with 1.5% interest ... Wrote a paper in English and google translated, printed out their publicity with 1.5% clear stated, person in bank spoke ok angrit and still...

 

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

anyone else ?

[OneMoreFarang]

2 minutes ago, john donson said:

A few months ago, went to  Bangkok bank to open a esavings account with 1.5% interest ... Wrote a paper in English and google translated, printed out their publicity with 1.5% clear stated, person in bank spoke ok angrit and still...

 

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

anyone else ?

 

How did they deliver those peanuts?

 

 

[Fat is a type of crazy]

Wouldn't it be pro rata. So as long as you had in the bank you'll get the 1.5 per cent but each 6 months only. Paid monthly is probably more normal but how have you been ripped off. If you closed the account they'd probably credit you what you are owed unless it is like a term deposit with rules for taking funds out of the account. 

[couchpotato]

15 minutes ago, john donson said:

A few months ago, went to  Bangkok bank to open a esavings account with 1.5% interest ... Wrote a paper in English and google translated, printed out their publicity with 1.5% clear stated, person in bank spoke ok angrit and still...

 

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

anyone else ?

Your post is terribly unclear, so cannot make a judgement on what the problem really is.

[steven100]

illegible post, hence no suggestion or advice.  

[Henryford]

I would be interested if it is indeed 1.5%. But their website says "accumulate" e -savings. Is it just a monthly savings type account? When i looked on my BB app  it says this account not available for foreigners.

Edited July 1 by Henryford

[Sandboxer]

Only one fool in this story.

[Gottfrid]

48 minutes ago, john donson said:

A few months ago, went to  Bangkok bank to open a esavings account with 1.5% interest ... Wrote a paper in English and google translated, printed out their publicity with 1.5% clear stated, person in bank spoke ok angrit and still...

 

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

anyone else ?

NO, you have not been scammed and nobody has been cheating you.

[Digitalbanana]

48 minutes ago, john donson said:

instead of the 1.5%

 

anyone else ?

Anyone else want 1.5% annual interest? I doubt it.

[CallumWK]

OP has a post history of banks "cheating" him, but looks more like he isn't the brightest light in the garden shed.

As another poster already pointed out, the e-savings is only available for Thai nationals

[scubascuba3]

He probably was expecting 1.5% each 6 months, understand better how bank accounts work

[mancub]

2 hours ago, steven100 said:

illegible post, hence no suggestion or advice.  

But he was trying his best to write "ok angrit" 😁

[john donson]

not that dumb... I did not get 1/2 of 1.5% (for a period of 6 months, pro rata)

 

 

I got like 1/10 of a half of 1.5%

 

are there banks giving more interest in thailand?

 

my home country gives about the same LOW as here

 

all my money is here

 

since 2011

 

cheated in the way the bank pretends I never send Euros to my Thai FCD account, even I have the proof they 'bought' my euros from my FCD account and converted to THB in 2011

 

as it is more then 10 years ago, they say they cannot make an FET anymore to be able to buy a condo

 

for the people calling me whatever... it is 10M+ baht of savings I can spend, but not buy a condo

 

yeah yeah, you have hundreds of millions of assets and houses... sure

[couchpotato]

37 minutes ago, john donson said:

not that dumb... I did not get 1/2 of 1.5% (for a period of 6 months, pro rata)

 

 

I got like 1/10 of a half of 1.5%

 

are there banks giving more interest in thailand?

 

my home country gives about the same LOW as here

 

all my money is here

 

since 2011

 

cheated in the way the bank pretends I never send Euros to my Thai FCD account, even I have the proof they 'bought' my euros from my FCD account and converted to THB in 2011

 

as it is more then 10 years ago, they say they cannot make an FET anymore to be able to buy a condo

 

for the people calling me whatever... it is 10M+ baht of savings I can spend, but not buy a condo

 

yeah yeah, you have hundreds of millions of assets and houses... sure

Dear John...we just don't understand the what the flick you are going on about. Posts are too convoluted.

[NoDisplayName]

Bangkok Bank (or Kasikorn, etc.) has mutual funds available, and bond funds earning 2-2.5%.  Or you could open a brokerage account and buy Thai stocks....

[NativeBob]

12 hours ago, john donson said:

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

me too. less than 400thb from 100K for six month deposit. Just love it!

[Upnotover]

"A few months".  "6 months".  "all these months".  Hard to follow this tale with it's inconsistencies.  Anyhow, what did the bank say when you asked them?

[NoDisplayName]

13 hours ago, john donson said:

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

E-Savings deposits under 1 million baht will pay 1.50% per year and those over 1 million baht will pay 0.65% per year.

 

[MangoKorat]

2 hours ago, john donson said:

as it is more then 10 years ago, they say they cannot make an FET anymore to be able to buy a condo

Send sufficient funds out and bring them back in again?

[it is what it is]

 

1.5% is peanuts, i'm getting 5.4%

[couchpotato]

7 minutes ago, it is what it is said:

 

1.5% is peanuts, i'm getting 5.4%

Not in Thailand....

[georgegeorgia]

20 hours ago, couchpotato said:

Dear John...we just don't understand the what the flick you are going on about. Posts are too convoluted.

Not everyone has the intelligence level to understand,don't be too hard on  yourself Son.

 

[Henryford]

On 7/1/2024 at 10:55 PM, NoDisplayName said:

 

E-Savings deposits under 1 million baht will pay 1.50% per year and those over 1 million baht will pay 0.65% per year.

 

 

That would be OK for my 800k, i only get 0.9% with Krungsri but the account is not available to farangs.

[freeworld]

On 7/1/2024 at 9:53 AM, john donson said:

A few months ago, went to  Bangkok bank to open a esavings account with 1.5% interest ... Wrote a paper in English and google translated, printed out their publicity with 1.5% clear stated, person in bank spoke ok angrit and still...

 

now I just found out, as they pay out twice a year, I got  peanuts for all these months instead of the 1.5%

 

anyone else ?

How much was your deposit. <1M baht 1.5% interest per annum. >1M baht the interest rate is 0.65% per annum.

 

Looking at BB website for this product it seems to be available only to Thai citizens.

 

Did the bank also withold tax on the interest accrued?

Edited July 3 by freeworld

[JoseThailand]

Maybe he expected 1.5% every month lol

[freeworld]

Lets do a calc at 1.5% interest rate paid bi annually

 

800000 baht generates 12000 baht interest for the year.

 

For half the year that is 6000 baht minus 15% tax, so your 6 month net interest paid is 5100 baht.

 

How much interest did they pay out?

 

[mikebell]

13 minutes ago, freeworld said:

Lets do a calc at 1.5% interest rate paid bi annually

 

800000 baht generates 12000 baht interest for the year.

 

For half the year that is 6000 baht minus 15% tax, so your 6 month net interest paid is 5100 baht.

 

How much interest did they pay out?

 

I've had 800K in a BKK Bank account since June 2019. The bankbook says 1.5000%.  After 5 years my bankbook reads 820,602.30!  I've never touched it; it's there to make my visa easier.  Tax is deducted.  I feel sure I am being underpaid.

[Ohyesuare]

Yeah mine worked out to something like 0.12% interest and then they withhold a chunk of it. Horrible but whatever.

[CallumWK]

1 hour ago, mikebell said:

I've had 800K in a BKK Bank account since June 2019. The bankbook says 1.5000%.  After 5 years my bankbook reads 820,602.30!  I've never touched it; it's there to make my visa easier.  Tax is deducted.  I feel sure I am being underpaid.

 

Another bright light.

If the bankbook mentions an interest rate, that means it is fixed term deposit, which paid 1.5% at the time you opened it in 2019.

Term deposits end on a specified date, and then the balance either get moved to a regular savings account at probably 0.3% or thereabouts, unless you go to the bank and start a new term deposit.

[NoDisplayName]

4 hours ago, Henryford said:

 

That would be OK for my 800k, i only get 0.9% with Krungsri but the account is not available to farangs.

 

While you're waiting to decide, 6-month auto-redemption fund will pay about 2% APR.  This holds Thai government bonds, no tax withholding.

 

You may need to visit a branch to have your online account set up with a mutual fund holding sub-account.  After that, you can buy/sell mutual funds online or with the app.

 

Bualuang Thanarat 13/24 (B13/24)
IPO: July 3, 2024 - July 8, 2024

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Mutual-Funds/Auto-Redemption-Funds/-/media/f937f5e6befe43b88aab2cd8b65d67b0.ashx