Baht Time Deposits

[Darrel]

For the purpose of meeting the retirement visa requirements I see no simpler solution than to put 800,000Baht on deposit and forget about them. I have a Kbank savings account that pays a small interest rate but the ads on bank shop-fronts suggest better rates are available. They rarely if ever put the details in English though. The websites arent very forthcoming either.

Does anyone know which Thai banks (with branches in Pattaya) offer good rates for time deposits/savings accounts on 800,000B?

Edited January 30, 2011 by Darrel

[triffid]

Those better rates won't be available to foreigners.

[Darrel]

Well, that would appear to be incorrect as Kbank do one such account that seems to be available to anyone with a residence certificate.

I was just hoping that some other BM might know of better rates being offered by other banks, to save me visiting them all in person. I hate all banks, though I must say that Kbank in Pattaya was a million times easier and quicker to open an account with than Santander in the UK.

[aurelius]

Bank rates are all available on line (required by the bank of thailand). search for them.

Promotions that are seen are often either Bills of Exchange (technically not deposits, and not available to Non Residents (i.e. people without a certificate of residency)) or shorter term bond funds, which don't qualify as "savings" for the 800k.

[Naam]

why anybody would think having a time deposit in this interest rate environment (which, from all indications, might change soon) is beyond my comprehension.

but then... chacun à son goût! :jap:

[Darrel]

why anybody would think having a time deposit in this interest rate environment (which, from all indications, might change soon) is beyond my comprehension.

I have to deposit 800,000Baht if I want a retirement visa. I have little choice. It's a small sum and so rather than have it in my regular savings account and having to check all the time that the level isnt too low for too long I would rather put it on time deposit where I dont need to think about it, and leave my savings account for living expenses only. Also the TD will earn more interest. Thai interest rates have been quite stable and close to those available in the West. Some of these fancy accounts allow you to withdraw early without penalty, and of course a 1 or 3 or 6-month time deposit will allow anyone to benefit from better rates at renewal.

[Naam]

I have to deposit 800,000Baht if I want a retirement visa.

sorry, my mistake! did not use my reading glasses when reading the opening post.

[Darrel]

Bank rates are all available on line (required by the bank of thailand). search for them.

Available, yes. Easily and in English? No.

I am a professional IT consultant and I do know how to use a search engine but this information is not readily searchable in the same way as it would be in the West where there are numerous financial search tools. More than one local Thai bank just has a link to a pdf file of a tatty typed document containing a huge list of interest rates with no link back to the corresponding account description.

The whole point of asking here was in case someone happened to know of a good account/rate being offered by a particular bank. If "search for it" is going to be the answer to a request for specific knowledge then we may as well close the forum.

[Darrel]

I have to deposit 800,000Baht if I want a retirement visa.

sorry, my mistake! did not use my reading glasses when reading the opening post.

Mai pen rai. If you need glasses then like me you also qualify for a retirement visa.

[jombom]

Rates for all banks in Thailand are posted daily, by Bank of Thailand. Link is below;

http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

[Naam]

I have to deposit 800,000Baht if I want a retirement visa.

sorry, my mistake! did not use my reading glasses when reading the opening post.

Mai pen rai. If you need glasses then like me you also qualify for a retirement visa.

since six years i am extending mine every year

[GreenSnapper]

Kasikorn has their time deposit rates on their website:

http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

Not very much, and farangs get the same as Thais (as it should be).

[Darrel]

Rates for all banks in Thailand are posted daily, by Bank of Thailand. Link is below;

http://www.bot.or.th...te/IN_Rate.aspx

A good link, thanks, but it doesnt seem to cover accounts with names: only the standard fixed term deposits. Useful though.

My bank is Kbank and I have already checked their offers of course but thanks for that link also.

[aurelius]

Well, that would appear to be incorrect as Kbank do one such account that seems to be available to anyone with a residence certificate.

I was just hoping that some other BM might know of better rates being offered by other banks, to save me visiting them all in person. I hate all banks, though I must say that Kbank in Pattaya was a million times easier and quicker to open an account with than Santander in the UK.

Bank rates are all available on line (required by the bank of thailand). search for them.

Available, yes. Easily and in English? No.

I am a professional IT consultant and I do know how to use a search engine but this information is not readily searchable in the same way as it would be in the West where there are numerous financial search tools. More than one local Thai bank just has a link to a pdf file of a tatty typed document containing a huge list of interest rates with no link back to the corresponding account description.

The whole point of asking here was in case someone happened to know of a good account/rate being offered by a particular bank. If "search for it" is going to be the answer to a request for specific knowledge then we may as well close the forum.

You did say that your alternative was visiting all the branches in person - searching seems to be a reasonable suggestion...

[PattayaParent]

Bangkok Bank had some fixed rate promotions later last year for 12, 18 and 24 month deposits.

They were available to foreigners also and had details oin their website in English.

[GreenSnapper]

Has anybody opened a fixed account with KBank recently?

Any nonsense demanded, like workpermit or other hassles?

I already have a savings account with KBANK, but also consider the fixed account for the same reasons as the OP.

[phukettrader]

Has anybody opened a fixed account with KBank recently?

Any nonsense demanded, like workpermit or other hassles?

I already have a savings account with KBANK, but also consider the fixed account for the same reasons as the OP.

Just opened one with KBANK last month. No problems - just told them I wanted to fix X amount for Y months, signed a couple of forms + copy of passport. Transfer amount from KBANK savings account. All sorted with new account/passbook in 5 minutes!

[Atmos]

I don't know what expectations are - we invested @ 4.50% yesterday with Kasikorn for a 14mth term.

[Sophon]

I don't know what expectations are - we invested @ 4.50% yesterday with Kasikorn for a 14mth term.

I hope you are aware (assuming that you are talking about the "Step-up" promotion) that you do not actually get 4.5% in interest for the whole 14 months. The 4.5% are only given for the last two months:

Month 1-3 = 1.25%

Month 4-6 = 1.75%

Month 7-9 = 2.50%

Month 10-12 = 3.50%

Month 13-14 = 4.50%

So the average interest rate if you keep the funds in the account the whole time comes out at 2.57% (actualy a bit more as you get compound interest since the interest is added every three months). Not a bad rate, especially since you can take the money out at any time without penalties, but not exactly 4.5%.

Sophon

[GreenSnapper]

I don't know what expectations are - we invested @ 4.50% yesterday with Kasikorn for a 14mth term.

I hope you are aware (assuming that you are talking about the "Step-up" promotion) that you do not actually get 4.5% in interest for the whole 14 months. The 4.5% are only given for the last two months:

Month 1-3 = 1.25%

Month 4-6 = 1.75%

Month 7-9 = 2.50%

Month 10-12 = 3.50%

Month 13-14 = 4.50%

So the average interest rate if you keep the funds in the account the whole time comes out at 2.57% (actualy a bit more as you get compound interest since the interest is added every three months). Not a bad rate, especially since you can take the money out at any time without penalties, but not exactly 4.5%.

Sophon

Yes, that makes almost 2.6% per year, not bad for Thai interest rates.

I believe this account is "visa-safe" for the 400K/800K extensions?

Edited February 4, 2011 by GreenSnapper

[12DrinkMore]

I believe this account is "visa-safe" for the 400K/800K extensions?

The only way is to check with your local immigration office. I was caught out last year. The previous year my 800k was sitting in a Money Market fund and was no problem for immigration, last year there was a new official in the office and I was told that this was not acceptable, even though the money could be accessed inside of three days. He suggested I went to Penang, got a tourist visa and then converted it to a non-imm 'o' retirement visa.

Faced with that I asked if I could buy him a cup of tea and "hey presto" all smiles and my retirement visa was secure for another year. I have now opened a "fixed deposit" at 2.25% and had it confirmed that this is OK for this year's renewal.

[exbelg]

_{and how much costed this cup of tea ?}

[Atmos]

Sophon

Thanks - no I wasn't aware of that; makes a difference doesn't it!

Money was my partner's share in recent farm revenue, she's determined to save, save, save - something i am thankful for, her sister invested under same terms; still as you said, 2.6 is better than average.

Don't know how other countries compare, I get 5.1 in NZ, but then less 33.5% tax.

[GreenSnapper]

I believe this account is "visa-safe" for the 400K/800K extensions?

The only way is to check with your local immigration office. I was caught out last year. The previous year my 800k was sitting in a Money Market fund and was no problem for immigration, last year there was a new official in the office and I was told that this was not acceptable, even though the money could be accessed inside of three days. He suggested I went to Penang, got a tourist visa and then converted it to a non-imm 'o' retirement visa.

Faced with that I asked if I could buy him a cup of tea and "hey presto" all smiles and my retirement visa was secure for another year. I have now opened a "fixed deposit" at 2.25% and had it confirmed that this is OK for this year's renewal.

I think funds, even money market funds, are not good to get an extension of stay based on 400/800K. Fixed deposits should be ok from what I hear, but nothing is 100% sure.

On all fixed deposits your interest will be taxed 15%. It may be possible to get the taxes back, has anybody tried that?

[aurelius]

I believe this account is "visa-safe" for the 400K/800K extensions?

The only way is to check with your local immigration office. I was caught out last year. The previous year my 800k was sitting in a Money Market fund and was no problem for immigration, last year there was a new official in the office and I was told that this was not acceptable, even though the money could be accessed inside of three days. He suggested I went to Penang, got a tourist visa and then converted it to a non-imm 'o' retirement visa.

Faced with that I asked if I could buy him a cup of tea and "hey presto" all smiles and my retirement visa was secure for another year. I have now opened a "fixed deposit" at 2.25% and had it confirmed that this is OK for this year's renewal.

I think funds, even money market funds, are not good to get an extension of stay based on 400/800K. Fixed deposits should be ok from what I hear, but nothing is 100% sure.

On all fixed deposits your interest will be taxed 15%. It may be possible to get the taxes back, has anybody tried that?

Yes, you can ask for certificate of tax paid on interest earned from your account home branch, take your passbook to the counter and ask for it.

How much you can claim will depend on your personal income/tax circumstances. If I recall correctly the ceiling that can be claimed is 20k, which implies a huge deposit given today's interest rates - however I could be wrong on this, check further first.

[12DrinkMore]

_{and how much costed this cup of tea ?}

2,000 I guess he wasn't drinking Liptons.....