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

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.

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.

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

Regards

Mike

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, 200718 yr by Farma

Farma, thank you for that

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

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?