Word Association (2024)

[pj123]

We are looking for a savings account with a Thai bank that locks in the initial deposit for 3 - 5 years. No withdrawals allowed over the three or five years. The account will be to deposit money left to a child in a will. The idea is to protect the money from his ***** of a mother who is eager to get her hands on it. Has anyone seen a product like this with a Thai bank? Thanks

[Kwasaki]

Don't know what country your from and I understand what you want to do.

There are many banks in Thai accessable on internet with many types of investment plans.

Open a Thailand bank account in the childs name only, that is if your able to do so.

There maybe restriction.

If it were me in your situation I would do the following without question.

The money in question I would leave in a high intrest account or a bond in your own country.

You then leave instructions with that bank whatever, it is, that you wish to do.

My reason for this is if you put the money in a Thai bank for a child, I don't say it probably !!! it will end up in the wrong hands for sure.

I am sure you will get other replies that may be of more help. Good luck with your quest.

Edited August 2, 2010 by Kwasaki

[thaibutty]

Considering the very low interest rates on saving accounts in Thailand I would not open one for that purpose. Better to open in your home country with as a fixed deposit account, and the kid will enjoy even more of the money in a few years.

If it has to be in Thailand, you could open a joint account. There will be no ATM card issued and it is only possible to withdraw any funds, if both of the account holders are signing the papers. Can be done with any bank, I have one with Siam Commercial Bank and no problems at all.

[aussiebebe]

You can open a Children's savings account with the Government Savings Bank, http://www.gsb.or.th/index_en.php, but the child's mother can easily close this, unless she doesn't know about it. The website has the info in Thai, but not in English.

In terms of willing a child money, just save it in an account with a Thai bank in your own name and hire a lawyer to draft your will and register it at the district office.

[PattayaParent]

Opening an account offshore UK in a childs name is possible but only with a few banks although I don't think there are any 3-5 year term deposits available so put it in a regular savings account and just leave it for 3 to 5 years. BBI have one with 1% interest but a maximum deposit of 25,000 GBP, RBS have one with only 0.5% interest.

The account will be in both your name and the child's and can only be accessed by you until the child is 7 I think, at which time the child can also sign for withdrawals.

Alternatively open a term deposit in your own name and make a will, edit: interest rates are around 3% I think for a 3 year bond.

It will all depend on how much you're talking about as to what would be cost effective with exchange rates etc. I assume the money is in THB?

Edited August 2, 2010 by PattayaParent

[PattayaParent]

BBI have a 3 year bond at 4% and a 2 year bond at 3.75%

[pj123]

BBI have a 3 year bond at 4% and a 2 year bond at 3.75%

Thanks for the replies. All parties and money are in Thailand so it has to be a Thai bank. Account has to be in the child's name but out of his and his mother's control for 3 years minimum. Which bank is BBI?

[AnnyLing]

BBI is not a bank !

[PattayaParent]

Bradford and Bingley International, an international offshore savings bank which is part of the Santander banking group.

Can't you transfer the funds to UK?

[AnnyLing]

Bradford and Bingley International, an international offshore savings bank which is part of the Santander banking group.

Can't you transfer the funds to UK?

All parties and money are in Thailand so it has to be a Thai bank.

[gregb]

I don't know exactly what your circumstances are, but an option you might consider if these are your personal assets and not marital assets is to simply buy physical gold and put it in a safe deposit box at the bank that only you can access. Then, make a will that gives the contents of that box to your child in the event of death.

You can't do this if they are marital assets, because then the wife needs simply to divorce you and sue for half the contents of the box. But if they are truly your personal assets you had before marriage (I'm assuming you're legally married, if not then you have an even stronger case), then there is no legal way for her to get at them.

Gold is likely to do substantially better than any bond during the coming years, and with physical gold there is no paper for her to play tricks with or claim that the originals were lost. The only way to get the asset is to gain access to that box, and there is no legal way for her to do that if you don't grant it.

And then you aren't locked into a specific time period either. You can keep it there for any period you want from a few months to a few years. If a better option comes along down the line, you simply take it out and cancel the box.

Don't know if this is practical or desirable in your situation, but I would consider this before I thought about locking money up in a CD earning less than 1%.

The other way, of course, is to buy property in the child's name. The mother can't touch it then. The child won't be able to sell or lease the property without a court order until he is 20 years old. And the court will only order it if it is in the interests of the child, not the mother.

Edited August 3, 2010 by gregb

[PattayaParent]

Bradford and Bingley International, an international offshore savings bank which is part of the Santander banking group.

Can't you transfer the funds to UK?

All parties and money are in Thailand so it has to be a Thai bank.

Sound like he's stuffed then if it's a case of not wanting the mother to get at it.

How old is the child? Why is the 3 years a specific requirement?

[pj123]

Thanks for the responses. Just to confirm. It needs to be a Baht account in a Thai bank or some other Thai investment fund. Must be in the child's name and in their control. No trustees or third parties involved in the account. So gold not appropriate. To stop the child accessing the money it needs to be locked away for 3 years. In the complicated circumstances 3 years are appropriate. I don't want to go into details. Far too messy. I'm not directly connected to the people involved. Just trying to find solutions/options for them. Thanks.

Edited August 4, 2010 by pj123

[pj123]

The other way, of course, is to buy property in the child's name. The mother can't touch it then. The child won't be able to sell or lease the property without a court order until he is 20 years old. And the court will only order it if it is in the interests of the child, not the mother.

The property idea is interesting. We will look into that. Thanks!

[aurelius]

Bangkok Bank has a special offer at the moment... (37 months)

http://www.bangkokbank.com/BANGKOK%20BANK/PERSONAL%20BANKING/INVESTMENTS%20AND%20FIXED/FIXED%20DEPOSITS/Pages/StepPlus_new.aspx