Best Fixed Deposit Deal For 2010?

[sk1max]

My 15 month fixed deposit with SCB has just finished and was wondering if anyone knows which bank has the best deal for a 1 - 2 year fixed deposit. Cheers

[MrWiggle]

not in this country...thats for sure.

Edited January 11, 2010 by MrWiggle

[Sparkles]

All the Banks have web sites which give you the latest rates,don't get too excited though I think most are below 2%. Far better if you can park it overseas in a country that has a favourable rate of exchange

[Thakkar]

Last time we checked, The Government Savings Bank offered a slightly better rate than the rest. There's a branch at the sankampheng/Superhighway intersection.

There are also government bonds that lock you in for three years (maybe more) but pay significantly higher rates than bank deposits.

On the news, there's talk of possibly higher rates soon so you might want to hold off for a week or so and see what happens. Any increase is unlikely to be more than 25 basis points, 50 at the most.

[CMMCB]

This BoT webpage seems to be updated regularly...

http://www.bot.or.th/english/statistics/fi...te/IN_Rate.aspx

CMMCB

[kurnell]

St. George Bank, Australia, 6.8%

[mcgriffith]

Nothing exciting out there now.

Back in August, Bank of Ayudhya had an 18 month at a tiered rate- worked out to ~ 2% average.

In Sept, they had a 10 month fixed at 1.6%.

Read the major papers (BKK Post, Nation)- you'll see the ads when the major banks have a promo.

Around June, due to rather arcane Thai tax laws for banks, the majors try to attract new deposits. I've seen this phenom several years now.

And the above post is correct. Everyone is waiting to see the BoT's interest rate policy.

Hold off a bit, wait a few months.

Aus dollar account @ 6.8% sounds great.

But you have currency risk.

Meaning you live in Thailand, and the Aus dollar goes south like it did horrifically last year.

Not to say this will repeat, but something to be aware of.

[kurnell]

Yes, but the Aussie $ always bounces back.

[uptheos]

Yes, but the Aussie $ always bounces back.

Can you open an account in Australia if you are not a citizen and don't live there and what's the tax?

Is it possible to give a link to the info that says non citizens living outside Oz can please.

Thanks

OK I've edited this - just as I thought not much good unless you're an Aussie.

Who can apply for a St.George Fixed Term Deposit Account<UL>You must be a permanent Australian resident.<LI>If you are less than 18 years old and are a full time student, please contact us on 13 33 30 or visit any branch, we may have some alternate products that will better suit your needs. <LI>Either Single or Joint personal customers may apply.<LI>The online Fixed Term Deposit is for personal customers only<LI>Business Customers who would like a St.George Fixed Term Deposit Account please contact Business Direct on

Edited January 11, 2010 by uptheos

[neverdie]

Yes, but the Aussie $ always bounces back.

Can you open an account in Australia if you are not a citizen and don't live there and what's the tax?

Is it possible to give a link to the info that says non citizens living outside Oz can please.

Thanks

It is possible to open accounts in Australia when you are not a citizen or not living there, but as an Australian I havent needed to do that.

Non Residents pay 10% withholding tax on bank interest.

If you are looking at an Australian Bank it would be hard to beat Suncorp Bank, it has the best term deposit and savings accounts of all the Australian Banks.

I am sure if you look at their site online you will get the answers to opening accounts there, any of the banks.....i suppose.

[neverdie]

Yes, but the Aussie $ always bounces back.

Can you open an account in Australia if you are not a citizen and don't live there and what's the tax?

Is it possible to give a link to the info that says non citizens living outside Oz can please.

Thanks

OK I've edited this - just as I thought not much good unless you're an Aussie.

Who can apply for a St.George Fixed Term Deposit Account<UL>You must be a permanent Australian resident.<LI>If you are less than 18 years old and are a full time student, please contact us on 13 33 30 or visit any branch, we may have some alternate products that will better suit your needs. <LI>Either Single or Joint personal customers may apply.<LI>The online Fixed Term Deposit is for personal customers only<LI>Business Customers who would like a St.George Fixed Term Deposit Account please contact Business Direct on

Interesting information because my thai gf had term deposits in Australia and she was NOT a permeanent Australian resident and they knew that as they mailed her and communicated with her in Thailand. Might just be a St.George thing??? dunno.

[Thakkar]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

[neverdie]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

ICICI Bank stuff is fairly interesting considering they pay and compound interest quarterly, but your point about tax is invalid, as tax is still due, somewhere to someone, the OP would no doubt need to declare what he earnt from there, especially considering that Singapore now has many reciprocal tax agreements with many other countires, failure to declare could cause problems down the track. I see ICICI are offering rates of 6.5% for a term slightly longer than 12 months, which isnt quite as good as some of the Aussie banks for the same term.

[Thakkar]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

ICICI Bank stuff is fairly interesting considering they pay and compound interest quarterly, but your point about tax is invalid, as tax is still due, somewhere to someone, the OP would no doubt need to declare what he earnt from there, especially considering that Singapore now has many reciprocal tax agreements with many other countires, failure to declare could cause problems down the track. I see ICICI are offering rates of 6.5% for a term slightly longer than 12 months, which isnt quite as good as some of the Aussie banks for the same term.

You're right about the tax thing, but it depends on the OP's nationality. He hasn't said whether he's Australian. In the case of placing deposits within Australia, you pay the tax whether you are Australian or not. HK does not tax deposit income. I'm not entirely sure about Singapore, but if I remember correctly, one of the reasons the tax was abolished in HK many years ago was because of competition from Singapore. So I'm assuming Singapore also does not tax interest income.

[justcruisin]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

ICICI Bank stuff is fairly interesting considering they pay and compound interest quarterly, but your point about tax is invalid, as tax is still due, somewhere to someone, the OP would no doubt need to declare what he earnt from there, especially considering that Singapore now has many reciprocal tax agreements with many other countires, failure to declare could cause problems down the track. I see ICICI are offering rates of 6.5% for a term slightly longer than 12 months, which isnt quite as good as some of the Aussie banks for the same term.

You're right about the tax thing, but it depends on the OP's nationality. He hasn't said whether he's Australian. In the case of placing deposits within Australia, you pay the tax whether you are Australian or not. HK does not tax deposit income. I'm not entirely sure about Singapore, but if I remember correctly, one of the reasons the tax was abolished in HK many years ago was because of competition from Singapore. So I'm assuming Singapore also does not tax interest income.

Wespac bank in Aus is offering an 8% for 5 year term payed yearly or 7.8% paid monthly,I inquired and actually was able to open a new account whilst living here,but I ended back with Suncorp as they could match it.

I can't see the interest rates going up much more than that?

[SwaziBird]

Have a look at TMB's " Up & Up " Plan.

Appears to be tiered as follows ;

1st 6 months .75%

2nd 6 months 1.25%

3rd 6 months 1.75%

4th 6 months 4.25%

Appears to be a little better than some of other banks.

Cheers.

[neverdie]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

ICICI Bank stuff is fairly interesting considering they pay and compound interest quarterly, but your point about tax is invalid, as tax is still due, somewhere to someone, the OP would no doubt need to declare what he earnt from there, especially considering that Singapore now has many reciprocal tax agreements with many other countires, failure to declare could cause problems down the track. I see ICICI are offering rates of 6.5% for a term slightly longer than 12 months, which isnt quite as good as some of the Aussie banks for the same term.

You're right about the tax thing, but it depends on the OP's nationality. He hasn't said whether he's Australian. In the case of placing deposits within Australia, you pay the tax whether you are Australian or not. HK does not tax deposit income. I'm not entirely sure about Singapore, but if I remember correctly, one of the reasons the tax was abolished in HK many years ago was because of competition from Singapore. So I'm assuming Singapore also does not tax interest income.

Sure theres a few countries where you can run deposits like these and not pay tax there, but that doesnt mean your exempt from paying taxes on it back in your home or host country, tis my only point, I have seen a few people caught out over the years.

[neverdie]

ICICI bank branch in Singapore give good rates for AUD and other currencies. As good as or better than the rates going in Australia, but without the tax and other restrictions.

National Australia Bank in HK currently offering just under 4% for AUD

ICICI Bank stuff is fairly interesting considering they pay and compound interest quarterly, but your point about tax is invalid, as tax is still due, somewhere to someone, the OP would no doubt need to declare what he earnt from there, especially considering that Singapore now has many reciprocal tax agreements with many other countires, failure to declare could cause problems down the track. I see ICICI are offering rates of 6.5% for a term slightly longer than 12 months, which isnt quite as good as some of the Aussie banks for the same term.

You're right about the tax thing, but it depends on the OP's nationality. He hasn't said whether he's Australian. In the case of placing deposits within Australia, you pay the tax whether you are Australian or not. HK does not tax deposit income. I'm not entirely sure about Singapore, but if I remember correctly, one of the reasons the tax was abolished in HK many years ago was because of competition from Singapore. So I'm assuming Singapore also does not tax interest income.

Wespac bank in Aus is offering an 8% for 5 year term payed yearly or 7.8% paid monthly,I inquired and actually was able to open a new account whilst living here,but I ended back with Suncorp as they could match it.

I can't see the interest rates going up much more than that?

I can. Whilst 8% isnt bad, I reakon we will be able to do a bit better than that by later in this year.

[BEENTHEREDONETHAT]

Have you considered New Zealand it usually is a bit higher interest rate than Australia and does not charge a tax but does have a 2 % of earnings fee. compare that to the Oz 10% for non residents and it makes a difference.

You do have the exchange risk, but then you do anywhere you bank other than Thailand if you live in Thailand. The downside is you have to go to NZ to open the account. Nice to deal with though and if you call first thing in the morning for a wire xfer it usually only takes a couple of hours before it shows up in LOS.

Edited January 12, 2010 by BEENTHEREDONETHAT

[neilrob]

Have a look at TMB's " Up & Up " Plan.

Appears to be tiered as follows ;

1st 6 months .75%

2nd 6 months 1.25%

3rd 6 months 1.75%

4th 6 months 4.25%

Appears to be a little better than some of other banks.

Cheers.

Thanks for the suggestion, SwaziBird. Like the original poster, I just had a 15 month account at SCB mature, so I put the money in this account at TMB, which seems about the best around at present (equivalent to about 2%).

[lukeskywalker]

All this talk of taxes brings up a question. I'm an American expat living here in Thailand now for almost 5 years. I've earned a few hundred dollars (the amount doesn't really matter) in interest on my savings accounts. At the end of each quarter, the banks deposit my interest into my account. Am I not paying my taxes!?

In America, you settle up during tax season, the bank tells you how much they paid you in interest over the year and you then claim it as income and therefore pay tax on it. What's the procedure here? How would it work on a CD too?

Thanks

[neilrob]

All this talk of taxes brings up a question. I'm an American expat living here in Thailand now for almost 5 years. I've earned a few hundred dollars (the amount doesn't really matter) in interest on my savings accounts. At the end of each quarter, the banks deposit my interest into my account. Am I not paying my taxes!?

In America, you settle up during tax season, the bank tells you how much they paid you in interest over the year and you then claim it as income and therefore pay tax on it. What's the procedure here? How would it work on a CD too?

Thanks

On deposit accounts (3 month, 6 month or whatever), my experience is that the interest is credited and underneath that you will see a line where 15% of the interest is deducted for tax. You can see the interest paid and tax deducted by updating your passbook. Incidentally I claim this on my US tax return as foreign tax paid for a credit. On savings accounts they don't seem to deduct tax after crediting the interest---mind you the interest rate is so low on savings accounts that the tax would be very small.

[Ajarnmai]

All this talk of taxes brings up a question. I'm an American expat living here in Thailand now for almost 5 years. I've earned a few hundred dollars (the amount doesn't really matter) in interest on my savings accounts. At the end of each quarter, the banks deposit my interest into my account. Am I not paying my taxes!?

In America, you settle up during tax season, the bank tells you how much they paid you in interest over the year and you then claim it as income and therefore pay tax on it. What's the procedure here? How would it work on a CD too?

Thanks

On deposit accounts (3 month, 6 month or whatever), my experience is that the interest is credited and underneath that you will see a line where 15% of the interest is deducted for tax. You can see the interest paid and tax deducted by updating your passbook. Incidentally I claim this on my US tax return as foreign tax paid for a credit. On savings accounts they don't seem to deduct tax after crediting the interest---mind you the interest rate is so low on savings accounts that the tax would be very small.

On deposit accounts with No WP, you will pay 15% of your interest. If you have a WP, they figure you will be paying taxes directly, so you don't have to pay the 15% to the bank.

Edited January 19, 2010 by Ajarnmai

[Naam]

Sure theres a few countries where you can run deposits like these and not pay tax there, but that doesnt mean your exempt from paying taxes on it back in your home or host country, tis my only point, I have seen a few people caught out over the years.

for a lot of people (depending on their citizenship and country of residence) it DOES mean that they are exempt from paying taxes!

[Naam]

Have you considered New Zealand it usually is a bit higher interest rate than Australia and does not charge a tax but does have a 2 % of earnings fee. compare that to the Oz 10% for non residents and it makes a difference.

You do have the exchange risk, but then you do anywhere you bank other than Thailand if you live in Thailand. The downside is you have to go to NZ to open the account. Nice to deal with though and if you call first thing in the morning for a wire xfer it usually only takes a couple of hours before it shows up in LOS.

says WHO? virtually any bank in Singapore or Hong Kong will open an NZD account for you and pay you net and tax free at least the same percentage (most probably more!) what you get in Kiwi-Land after any "earnings fee" is deducted.

[bangon04]

Sure theres a few countries where you can run deposits like these and not pay tax there, but that doesnt mean your exempt from paying taxes on it back in your home or host country, tis my only point, I have seen a few people caught out over the years.

for a lot of people (depending on their citizenship and country of residence) it DOES mean that they are exempt from paying taxes!

Not so long ago Abhisit made a bit of a fuss about the 15 per cent deducted by Thai banks but it seems nothing actually changed.

I would like to know what is the correct procedure for a Thai citizen to avoid this tax / reclaim it. Is there a specific form to fill in? The banks are not very good at helping their customers in this matter.

[basjke]

Wespac bank in Aus is offering an 8% for 5 year term payed yearly or 7.8% paid monthly,I inquired and actually was able to open a new account whilst living here,but I ended back with Suncorp as they could match it.

I can't see the interest rates going up much more than that?

If any bank (country) is offering me 8% on a bank account at current time then I would look for the writings on the wall.In this world there is no free meal.

[clinique]

we would agree with ICICI Singapore,, great service, good rates and know their stuff !!

[clinique]

we would agree with ICICI Singapore,, great service, good products,, know their stuff too...

as to rates..Anyone who lookd at ONLY the rate they get should look deeper...fees, taxes, penalties,, etc