I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

SCB do but the interest rates are poor 🍻

Kasikorn does, even on its basic savings account, but the amount is not worth worrying about.

14 minutes ago, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

 

I have three accounts with Krungsri (Bank of Ayudhya) and all receive interest.

As others have said, interest rates in Thailand are not great.

1 hour ago, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

Perhaps you didn't ask the bank service center the questions that will clarify your situation.  The bank may have accounts that pay no interest.

 

Call the bank service center and verify what type of account you have and ask them if you are eligible for a savings account that pays interest and what documents will they require to open an interest bearing account.

 

I am currently earning interest on savings accounts at Krungsri, Kasikorn, SCB (1.5%) and Bangkok banks.

 

I get minimal interest on my Bangkok Bank savings account.

Spend it, as if saving money in a Thai bank, it's worth less tomorrow than it is today.   If interest paid, it's less than 1.5%, while inflation is 5-10% yearly, and I'm being kind.

 

SPEND IT 

 

Or, invest it ...

... elsewhere out of TH

... IF having trusting partner, then buy land as investment in TH.  That's what we do, and best investment around IMHO

Siam

Commercial

Bank                    does.

12 hours ago, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

They all do. However, it's a common scam where someone who works in the bank takes all the interest that foreigners should get. 

One school I taught in, I realized that no one was getting interest and found out who was taking it. The bank worker came to see the head of school and pleaded for us to take the interest but not to ask for arrears as she could have been in big trouble. 

KRUNGSRI bank pays interest in THB and USD and EUR -fixed for 3-4 months

I get 0.60% on my savings account with Bangkok Bank and 1.8% with my fixed account. 

Bangkok Bank does. But a very low rate. 

I've been using Bangkok bank since 1985 and always got interest on savings account.  Years ago the interest was taxed if it was over 10 000 thb, but now it's taxed under and above.   It's paid out end on June and December.

On 1/6/2025 at 3:05 AM, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

Both my savins accounts in Bangkok Bank and SCB pays interest.

On 1/6/2025 at 9:05 AM, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

 

What absolute <deleted>.

Yellow Bank.  GH Bank.  SCB.

SCB do. Won’t change your life style though at the rate they pay. 

On 1/6/2025 at 9:05 AM, teacherofwoe said:

Krungthai doesn't pay interest on savings accounts to foreigners.

 

Two possibilities:

 

1.  You have a foreign currency account or current account that pays zero interest.

 

2.  Your savings account has a zero balance, thus no interest.

 

https://krungthai.com/en/personal/deposits/217/44

The Bank of Thailand has a chart on their website that lists all commercial banks' interest and fixed deposit rates. Savings accounts are mostly paying 0.25% while fixed deposit accounts vary based upon the length of term. 

I’ve had a small amount with Bangkok Bank for the last 6 years, just so I can auto pay my electricity bill. Never received any interest until last month, when a bit of interest was credited, together with withholding tax. Had changed nothing in the account, hadn’t even deposited any money for months. Bit of an irritation, as the amount is negligible, but I’ll have to declare it on my Australian tax return (I’m now careful to be present for less than 179 days each calendar year in Thailand).

On 1/6/2025 at 9:05 AM, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

That's not true. My annual Thai tax refund MUST be credited to my Krungthai account, and it gets interest paid on 30th June & 31st December each year. It's just an ordinary savings account.  ttb pay interest on their non-fixed account, but to have a non-fixed account you MUST have an ALL FREE account (no interest paid & no bank fees). The all free account has a debit card, and to access funds in the non-fixed you need to transfer down to the all free account and then either withdraw or transfer the funds. I'm sure other banks also have accounts that pay interest, has nothing to do with whether you are a foreigner or not. The only aspect that being a foreigner impacts is the interest is subject to 15% tax, which you can claim back each year between January-March.

18 hours ago, Neeranam said:

They all do. However, it's a common scam where someone who works in the bank takes all the interest that foreigners should get. 

You're going to have to back up that ridiculous allegation of fraud and theft by all Thai banks.

On 1/6/2025 at 9:05 AM, teacherofwoe said:

I just got off the phone to Krungthai bank service canter to ask why the bank hasn't paid any interest. I was informed that Krungthai doesn't pay interest on savings accounts to foreigners. Are there any banks that pay interest to savings accounts held by foreigners?

Probably the best, easiest to use, but limited to 2 free withdrawals per month is Krungsri (Bank of Ayudhya Public Company Limited

As far as I know, all banks do. I bank at Krungsri (Ayudhaya) and Bangkok Bank, and they both pay me interest. It's not much, but they do pay it. 

Bangkok Bank pays a little bit of interest annually.  They also charge some tax or fee, also.

They have a branch in New York City.  It's an American bank. 🇺🇸

1 minute ago, SiSePuede419 said:

Bangkok Bank pays a little bit of interest annually.  They also charge some tax or fee, also.

They have a branch in New York City.  It's an American bank. 🇺🇸

But it's not a retail bank, you can't open an account there.

9 minutes ago, chiang mai said:

But it's not a retail bank, you can't open an account there.

You open the account in Thailand and wire money to the American branch from your American bank account as a domestic wire transfer, FWIW.  I'm not a tax accountant or lawyer but I suspect it has benefit over international wire transfers.

2 minutes ago, SiSePuede419 said:

You open the account in Thailand and wire money to the American branch from your American bank account as a domestic wire transfer, FWIW.  I'm not a tax accountant or lawyer but I suspect it has benefit over international wire transfers.

You used to be able to make ACH transfers from a US retail bank, via BBL NY but that now leads to restrictions here on the receiving end, or so I understand. The point is, customers cannot open an account there, it is not a retail bank.

What gets me is even if they pay some interest, you find Thais are getting paid more...... Racism and double standards

Update:

I went to my branch and they went through all of my details. They said, and I still can't believe what I heard, that my phone number details were wrong as the clerk had entered my phone number one digit short which is why they didn't pay the interest. Needless to say I withdrew my money. I had to wait 24 hours, but I'll be taking my business elsewhere.