Best Option To Park Money Short Time..

[LordPoona]

who is offering the best returns on savings accts in thailand?

HSBC or Citibank or Thai banks?

is there an insurance component like FDIC in the US here ? prolly not but ....

where can i go to readup ?

[gregb]

With respect to the Thai bank deposit insurance system:

http://www.inhousecommunity.com/controlPanel/download.php?id=487

Protection of the depositor extends to all types of domestic

money deposits that are denominated in Thai Baht and interest

amounts accruing on the deposits calculable until the date of the

revocation of an affected financial institution’s licence. However,

protection under the Act does not cover non-resident Baht

accounts as these accounts are defined under the Thai exchange

control law.

Effectively, the 1st year unlimited guarantee by the Government

over the deposit of each person at each financial institution will

end on 10 August 2009, which is for a period of one year after

the effective date of the Act. In the 2nd year, the amount guaranteed

will be reduced to 100 million baht. This Government underwritten,

100-million-baht amount will run until 10 August

2010. A 50 million baht protection for the 3rd year will run from

11 August 2010 to 10 August 2011, and a maximum 10 million

baht from 11 August 2011 to 10 August 2012 in the 4th year. The

final amount of minimum protection the Government will accord

each depositor at each financial institution is set at 1 million baht,

and will commence from 11 August 2012, the 5th year of the

effective date of the Act.

So at the current time, the government guarantees the first 50 million baht in any type of deposit account in Thailand, as long as you are living in Thailand. This will drop to 10 million in August of next year.

Rates at the various banks run from 0.5% up to about 2% depending on what you consider to be short term.

[aurelius]

"Living in Thailand" is not the definition of "resident" status. Non-resident accounts are typically held to manage foreign direct investment for reporting purposes. Resident accounts are pretty much all the rest - regardless of where the account holder is living.

A money market fund may be possible for a low-risk liquid short-term investment - no tax on the proceeds and no buy/sell charges - available via the major banks.

[LordPoona]

Thank you both for the help..

the non resident caveat is dodgy but i should be ok at a larger institution like kasikorn or citi or hsbc..

[12DrinkMore]

A money market fund may be possible for a low-risk liquid short-term investment - no tax on the proceeds and no buy/sell charges - available via the major banks.

Money market fund are not covered by any depositor guarantee. Not that I expect any insolvency problems from Thai banks.

For the interest rates, just go to the websites and check them out. You pay 15% tax on interest.

[Naam]

A money market fund may be possible for a low-risk liquid short-term investment - no tax on the proceeds and no buy/sell charges - available via the major banks.

Money market fund are not covered by any depositor guarantee. Not that I expect any insolvency problems from Thai banks.

For the interest rates, just go to the websites and check them out. You pay 15% tax on interest.

money market funds invest mainly in thai corporate debt, therefore any insolvency of thai banks are in this respect irrelevant. not irrelevant however are potential insolvencies of afore said debtors.