High Interest Savings. Suggestions Please.

[beginner]

Has anyone any ideas for cash from long term investment.    2m THB up.

[Mavideol]

3 minutes ago, beginner said:

Has anyone any ideas for cash from long term investment.    2m THB up.

try singapore

 

Best USD Fixed Deposit Rates Singapore (Dec 2023): DBS, UOB, OCBC & More

 

https://blog.seedly.sg/best-usd-fixed-deposit-rates-singapore/

[how241]

In Thailand,  Krungsri has some fixed-locked accounts in the 2-2.6% range.  I know that's not very good but I don't think you will get better in Thailand.  Some crypto sites have much better rates but that's another story and carries much higher risks than a bank.

[ukrules]

2 minutes ago, how241 said:

Some crypto sites have much better rates but that's another story and carries much higher risks than a bank.

 

Indeed, some of them offer far larger payouts - suspiciously high. Look into the rabbit hole that is named 'MSTY'

But one of the more normal ones is Kraken where you can bond your currency for 30 days and receive 6.5%, they make the money to pay this by lending it to crypto traders who use leverage - the safety net here is that when they (the traders) lose it all it's just grabbed back - the interest rates they charge these borrowers is far in excess of 6.5%.

Now I don't know if this rate varies depending on your balance but this is just plain old USD sitting in a trading account on a crypto exchange that's been going since about 2012 or 2013 - a very long time.

The pay out weekly and as such it goes directly into the allocated 'pile' of your USD that's earning 6.5% per year immediately.

So you get weekly payments, put a million dollars in there are you can soon find yourself earning a couple of million Baht per year from this alone, compounded weekly.

The 30 day notice period when you cancel it does not pay any interest at all though so that needs factoring into the calculation.

There's more than one way to make money out of the crypto industry and you don't even need to own any.

[Will B Good]

Whatever you do......"eggs in baskets" must be your the guiding principle.

[ukrules]

1 hour ago, Will B Good said:

Whatever you do......"eggs in baskets" must be your the guiding principle.

 

Yeah I guess, but lets not forget about the bank insurance reductions over the last few years in Thailand.

Bank insurance levels in Thailand over recent years :

 

2008 - Whatever you've got = unlimited?
2011 - Reduced to 50 million Baht

2012 Reduced to 25 million Baht

2015 - Reduced to 15 million Baht

2016 Reduced to 5 million Baht

2021 - Reduced to 1 million Baht.

They're getting ready for something.....

[KhunLA]

If you are renting, and seems you'll be in TH for a long time, then consider buying a condo.   Put the 2M in a higher interest account, even if 2-2.5%.

 

Borrow the money for the condo, using that account as 100% security (collateral against mortgage), so no income needed, or buy flat out, which ever works best for you.

 

Your ROI is the lack of paying rent.  

 

2M condo @ minimum worth ~15k a month rent saved = ~100% ROI in about 12 years, and still have the principle / equity of condo, and no real risk of losing money.   As rents go up, ROI is higher.

 

If your situation changes, you can always rent it out, or sell.  No loss, as long as in it for first 5 yrs.    Should break even on a quick sale, if needed.  Although 5 years of 15k a month saved (900k), is a nice return also.