What Thai Bank Give The Higest Interest Rates For Saving Money?

[Sandman77]

Hello!

with this topic i want to find out what bank in thailand have the higest interresr rates on a normal acount depit card and on a money saving acount blocked for many years,who can explain here the details on each bank,last year i opened a acount on siam comercial inphangan,and this year antother on kasikorn bank,because ,i got a refound chechqe from bangkok airways,and ththis bank force me then to open acount there to get my money back

on my normal deposit acount siam comercial give me only 0,75 ,i ask them what i have to do to change the depit visa card into a normal visa for use online book flight etc,the answer was put one hundretthausend bath on the acount then i can change into "real"visa,about the fees on siam comercial the charge 10 bath for sending of each 10000 thb to another thai acount,only when the branch is the same is free of charge.

now kasikorn bank i must ask how the conditions there problem is that not every branch speakas good englisch then i got strange problems in sukomvit toad i open acount the man with bad english on the counter told me,that the send the online pin for online banking by email but never receive now i wanrt to know,the connditions on kasikorn bank to change debit visa into a real visa,are the the same then on siam comercial that the bank keep 50000 bath for garantee,to get a real visa card?

can someone explain the diffrence between siam xomercial and kasikorn?

a coleauge told me that the krung thai bank give no interest rates to farrangs for saving money,only for locals ,is this true?

[12DrinkMore]

I mean, really it has to be said

now kasikorn bank i must ask how the conditions there problem is that not every branch speakas good englisch

Trying to decipher exactly what you are asking is a small medium issue.

If you want a credit card and do not have a work permit, then you have to deposit, I believe, twice the limit of the card. So it's not really a credit card and it does keep the peeps from overdosing and the foreigners from racking up debts and disappearing which is a huge benefit of this system. I would do the same.

The xenophobic interest rate issue was resolved several years ago, you will get the same rate of interest as Thais, which is minimal on transactional accounts, but up to 3% can be had on term deposits.

[SantiSuk]

I understood you perfectly OP and would never be so rude as to criticise someone who was communicating with me in my language. No class.

Unfortunately I do not have the answers to your questions. Whatever else I think about the first respondent I do agree that the Thai banks' security requirements for credit cards are sensible. I remember meeting a foreign prat in a bar who told me proudly how he had racked up $20,000* in Japan on credit cards and skipped the country; I think he expected me to be impressed; I should have said 'w@:anker' and walked out, but instead I just drank up and left.

* don't take it from that that he was American - he was a European of some variety I think.

[powderpuff]

Short answer.

Recently Bangkok Bank was offering 3% fixed for 15 months & no minimum amount.

Can't help you with PIN problems.

A few banks you mentioned I would not consider doing business with.

Bangkok Bank is the big dog.

[katabeachbum]

If you want a credit card and do not have a work permit, then you have to deposit, I believe, twice the limit of the card. So it's not really a credit card and it does keep the peeps from overdosing and the foreigners from racking up debts and disappearing which is a huge benefit of this system. I would do the same.

The xenophobic interest rate issue was resolved several years ago, you will get the same rate of interest as Thais, which is minimal on transactional accounts, but up to 3% can be had on term deposits.

secured deposit for creditcard is approx 120% of credit limit in Ayudhya and Siam Commercial Bank. IOW 80k secured deposit gives gold card 64k baht limit. Having such a small limit is not a problem, as balance can be topped up in any branch nationwide

and 3% on 15 months fixed seems to be the best out there at the moment.

[howzat]

I understood you perfectly OP and would never be so rude as to criticise someone who was communicating with me in my language. No class.

Unfortunately I do not have the answers to your questions. Whatever else I think about the first respondent I do agree that the Thai banks' security requirements for credit cards are sensible. I remember meeting a foreign prat in a bar who told me proudly how he had racked up $20,000* in Japan on credit cards and skipped the country; I think he expected me to be impressed; I should have said 'w@:anker' and walked out, but instead I just drank up and left.

* don't take it from that that he was American - he was a European of some variety I think.

[howzat]

I understood you perfectly OP and would never be so rude as to criticise someone who was communicating with me in my language. No class.

Unfortunately I do not have the answers to your questions. Whatever else I think about the first respondent I do agree that the Thai banks' security requirements for credit cards are sensible. I remember meeting a foreign prat in a bar who told me proudly how he had racked up $20,000* in Japan on credit cards and skipped the country; I think he expected me to be impressed; I should have said 'w@:anker' and walked out, but instead I just drank up and left.

* don't take it from that that he was American - he was a European of some variety I think.

The guy in the bar sounds a complete tossa but you do meet a few around the ex pat watering holes. Bet he was acting the big mover and shaker and buying drinks for every body and paying by credit card.

Interest Rates...Found K.Bank had some good deals but it means locking your money up for 12 months but can check the current offers on line.. Google Kasikorn Bank

[12DrinkMore]

I understood you perfectly OP and would never be so rude as to criticise someone who was communicating with me in my language. No class.

Unfortunately I do not have the answers to your questions. Whatever else I think about the first respondent I do agree that the Thai banks' security requirements for credit cards are sensible. I remember meeting a foreign prat in a bar who told me proudly how he had racked up $20,000* in Japan on credit cards and skipped the country; I think he expected me to be impressed; I should have said 'w@:anker' and walked out, but instead I just drank up and left.

* don't take it from that that he was American - he was a European of some variety I think.

No insult intended, just a bit of fun. As a suggestion, run your native language through

http://translate.google.com/#

and you will get a reasonable translation without the struggle.

Krungsri seem to be the leaders in paying a bit more interest. Their latest is

http://www.krungsri.com/en/promotion-detail.aspx?cids=&cid=&did=373

I would not recommend going for a term longer than nine months, as I expect the Bank of Thailand to be raising rates this year.

[SantiSuk]

Useful information thanks. Those rates are equivalent to about the best you can get in the UK right now - i.e. poor, but worthwhile if you just want to park short/medium term money that you dare not invest in riskier assets.

I suspect that Thai bank deposits come with no, or a much lesser, guarantee than those in Europe (currently 100% guaranteed by the state through regulatory bodies up to Euros100,000 (GBP £85,000).

Anybody know if there is any deposited funds guarantee in Thailand? Don't laugh!

[Daveroc]

Useful information thanks. Those rates are equivalent to about the best you can get in the UK right now - i.e. poor, but worthwhile if you just want to park short/medium term money that you dare not invest in riskier assets.

I suspect that Thai bank deposits come with no, or a much lesser, guarantee than those in Europe (currently 100% guaranteed by the state through regulatory bodies up to Euros100,000 (GBP £85,000).

Anybody know if there is any deposited funds guarantee in Thailand? Don't laugh!

Currently the Deposit Protection Agency in Thailand will fully protect Bank deposits to 50 million baht (GBP 1million approx.) per customer. This will be reduced to 1 million baht in august 2012.

[Darrel]

Currently the Deposit Protection Agency in Thailand will fully protect Bank deposits to 50 million baht (GBP 1million approx.) per customer. This will be reduced to 1 million baht in august 2012.

Bank guarantees assume that the guarantor has money. Iceland wasnt up to the challenge and some might doubt that Thailand could really pay a 50million Baht guarantee if it came to the crunch. (Without printing a shed-load of money.)

Hopefully it wont come to the crunch.

[Darrel]

The xenophobic interest rate issue was resolved several years ago, you will get the same rate of interest as Thais, which is minimal on transactional accounts, but up to 3% can be had on term deposits.

Some farangs say that they still arent getting any interest from savings accounts here. Seems to depend on the bank.

[Naam]

Currently the Deposit Protection Agency in Thailand will fully protect Bank deposits to 50 million baht (GBP 1million approx.) per customer. This will be reduced to 1 million baht in august 2012.

Bank guarantees assume that the guarantor has money. Iceland wasnt up to the challenge and some might doubt that Thailand could really pay a 50million Baht guarantee if it came to the crunch. (Without printing a shed-load of money.)

Hopefully it wont come to the crunch.

do you think the Bank of Thailand should increase it's reserves (which stood end 2010) at US-Dollars 176 billion equivalent to Thai Baht 5 trillion 329 billion 280 million?

[Darrel]

USD reserves wouldnt be much use if the USD crashed.

As I said, if it came to the crunch many would doubt that Thailand (or any other country for that matter) could actually honour these large guarantees. Iceland didnt, Greece and Ireland are bankrupt, Italy, Portugal and Spain are looking dodgy. The UK and the US are so unhealthy it hardly bears thinking about.

These guarantees are there to reassure people, and to support them to an extent if a small bank collapses. If a big bank collapses the authorities step in and take it over, to avoid panic and meltdown (and because it is cheaper than paying out on the guarantees).

"Too big to fail"

Otherwise why increase the cover to 50MB and then reduce it to 1MB again?

[aurelius]

Otherwise why increase the cover to 50MB and then reduce it to 1MB again?

It's decreasing not increasing - currently its an unlimited guarantee - then itfo to 50MB, then 1MB in 2012

[katabeachbum]

LH Bank (Land& House Bank), 3,45% for 12 months

[Darrel]

Otherwise why increase the cover to 50MB and then reduce it to 1MB again?

It's decreasing not increasing - currently its an unlimited guarantee - then itfo to 50MB, then 1MB in 2012

So there has always been an unlimited guarantee on all deposits, until now? It wasn't less at some point?

I think that it increased prior to decreasing.

[katabeachbum]

Otherwise why increase the cover to 50MB and then reduce it to 1MB again?

It's decreasing not increasing - currently its an unlimited guarantee - then itfo to 50MB, then 1MB in 2012

So there has always been an unlimited guarantee on all deposits, until now? It wasn't less at some point?

I think that it increased prior to decreasing.

as i recall, 50 Mbaht was introduced during Thaksin era. and it will be normalized to 1Mbaht next year

dont know why they choose to wait, as increasing interest will rush thai baht, and rush can be reduced by displaying more risk

[lannarebirth]

My wife mentioned there was something on TV this morning from Thai Military Bank stating they noe had an account paying in excesss of 3% from which you could make periodic withdrawls. Didn't sound quite right to me so I went to their website which does not appear to be working. Not a great confidence booster. If anyone learns more about it please post it here, thanks.

[Naam]

as i recall, 50 Mbaht was introduced during Thaksin era. and it will be normalized to 1Mbaht next year

a guarantee for all deposits was introduced in the wake of "Lehman 2008" with a validity of one year and extended two months later (oct 28, 2008) valid till august 2011. initially the guarantee was not limited, later limited to THB 50mm to be reduced to THB 1mm in 2011.

[pkrv]

as i recall, 50 Mbaht was introduced during Thaksin era. and it will be normalized to 1Mbaht next year

a guarantee for all deposits was introduced in the wake of "Lehman 2008" with a validity of one year and extended two months later (oct 28, 2008) valid till august 2011. initially the guarantee was not limited, later limited to THB 50mm to be reduced to THB 1mm in 2011.

One figure just, the other not even close to the value of the FETF

http://www.thaivisa....ttach_id=128854

[chiangmaibruce]

as i recall, 50 Mbaht was introduced during Thaksin era. and it will be normalized to 1Mbaht next year

a guarantee for all deposits was introduced in the wake of "Lehman 2008" with a validity of one year and extended two months later (oct 28, 2008) valid till august 2011. initially the guarantee was not limited, later limited to THB 50mm to be reduced to THB 1mm in 2011.

Year Period Coverage amount (Million Thai Baht)

1 11 Aug 2008 – 10 Aug 2009 Full amount

2 11 Aug 2009 – 10 Aug 2010 Full amount

3 11 Aug 2010 – 10 Aug 2011 Full amount

4 11 Aug 2011 – 10 Aug 2012 Baht 50 million

5 From 11 Aug 2012 onwards Baht 1 million

Just to clarify as there has been some confusion in this thread ... taken from http://www.dpa.or.th...x?menu=22&id=50

This page also mentions the institutions that are covered by the guarantee

[lopburi3]

Bangkok Bank is currently offering 3% on 15 month term of 10k or more opened before 20 June. As mentioned TMB also has some offer they advertise on TV but website useless in my reading.

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Investments%20and%20Fixed/Fixed%20Deposits/Pages/15monthDeposit.aspx

[CMMCB]

Just opened an 18-month fixed deposit account with UOB today, 3.4% interest, paid monthly.

Banks' standard rates can always be found here: http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx)

... but many special offers, often with strange eg. 7-month or 15-month, terms can be more difficult to find.

CMMCB