Why Are Deposit Rates So Pants?

[mike1963]

Hi all, why are the deposit rates (source my SCB easy fund) so low- currently between 3% and 3.5% ? My friends have a Thai mortgage and pay around 8%!!

The differential is huge in comparison to say UK. Is there a way of having deposits here that attract a decent rate of interest? As I am currently getting 6% in UK?

Am building a house next year and need to transfer fairly large sums and once those sums are here would obviously like to get a decent rate, SCB in the meantime tell me that is the best rate!!! Baht / Sterling rate favourable at the moment but put off by low interest.

Any thoughts

Thanks

Mike

[Farma]

Has anyone had experience at opening a Thai credit union account. It would offer a better interest rate. The wife tells me her credit union is paying 8% interest on deposits at the moment.

[Misty]

Hi Farma,

Can you tell us the name of the Thai credit union your wife has an account with?

Cheers, Misty

Has anyone had experience at opening a Thai credit union account. It would offer a better interest rate. The wife tells me her credit union is paying 8% interest on deposits at the moment.

[mike1963]

Hi Farma just googled tcu and nothing clear came up - do you have full details please

Regards

Mike

[Farma]

Misty

It’s one for members of her medical profession. I don’t know the correct name for it but believe you have to be from that profession to be a member. She made a large deposit this morning and that’s how I know the interest rate.

Mike after hearing that interest rate this morning I thought it would be a good alternative if possible for non Thais to join. Hopefully others have had experience opening Thai credit union accounts and can offer advice.

Edited November 1, 2007 by Farma

[mike1963]

Farma, thank you for that

8% wow maybe I can convince them I'm a gynaecologist, doubt it though!

[Digitalbanana]

Hi all, why are the deposit rates (source my SCB easy fund) so low- currently between 3% and 3.5% ?

I have never used Thai bank accounts to make money. Not only are rates low, but last time I looked the rates for foreigners were lower still (less than 1%). Not sure if this applies to foreigners with work permits though?