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Tmb 2.5% Interest Instant Access

CNXBKKMAN
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CNXBKKMAN Silver Member

CNXBKKMAN

Posted
Posted

Has anyone opened one of these accounts? Is it the best deal for a saving account? Are there easy ways to compare what the different banks offer regarding interest? I have a SCB account with 3 months notice on withdrawals which only pays half the interest of TMB.

CWMcMurray Gold Member

CWMcMurray

Posted
Posted (edited)

Yes these types of "Step up Accounts" are very good for money that you are likely not going to need to dip into but want to have access "just in case". Most financial planners say that you should have 3 months expenses as a 'cash reserve' and this type of account is perfect for that.

You start off with a low interest rate the first few months and then if you do not withdraw the money the interest raises at the end of each period, but if you need to withdraw the money you can do so at any time.

You can also break up the amounts so that you do not have to loose the higher interest rates on all of the funds iff you have to withdraw a little bit. For example, if you have 200,000 thb, you can break it up into 4 chunks of 50,000, so if you need any funds you can pull out 50,000 and leave the other 150,000 in the step up account. Also even though you have what is in essence 4 chucks of 50,000 thb, you only need one bank book.

Edited by CWMcMurray
CNXBKKMAN Silver Member

CNXBKKMAN

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  • Author
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My understanding of the TMB account is you get the 2.5% from day one. There is no loss of interest if you withdraw the next day, 30 days later or 90 days later. Its an account with instant access, no minimum time the cash has to stay deposited and pays the same sort of interest SCB BBL give with their 12 month deposits acccounts.

artbottomup Explorer Member

artbottomup

Posted
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My understanding of the TMB account is you get the 2.5% from day one. There is no loss of interest if you withdraw the next day, 30 days later or 90 days later. Its an account with instant access, no minimum time the cash has to stay deposited and pays the same sort of interest SCB BBL give with their 12 month deposits acccounts.

Just opened an account to take advantage of this & can verify that this is correct. However, they only allow 2 withdrawls per month & my understanding is no limit per withdrawl. Also, it seems that interest is paid bi-annually in June & December.

WeeGB Silver Member

WeeGB

Posted
Posted

Is this the highest interest available in Thailand? I'm looking to move my 800K retirement deposit out of Bangkok Bank, their Phetchabun branch is hopeless, every year I get messed around by them over the letter for immigration. They've asked for a week's notice of when I want the letter, have told me the letter can only come from the head office in Bangkok, and then they have the temerity to charge 200 Baht when I eventually win my argument with their staff and manager! I leave the money untouched, so I'm looking for a decent rate of interest, with a bank that understands the immigration letter business, and can provide it the day I request it. Any advice appreciated.

lopburi3 Legendary Member

lopburi3

Posted
Posted

Is this the highest interest available in Thailand? I'm looking to move my 800K retirement deposit out of Bangkok Bank, their Phetchabun branch is hopeless, every year I get messed around by them over the letter for immigration. They've asked for a week's notice of when I want the letter, have told me the letter can only come from the head office in Bangkok, and then they have the temerity to charge 200 Baht when I eventually win my argument with their staff and manager! I leave the money untouched, so I'm looking for a decent rate of interest, with a bank that understands the immigration letter business, and can provide it the day I request it. Any advice appreciated.

You seem to have a branch problem. My (Latphao) branch required letter from head office first time (next day) but next year demanded they provide and they did thereafter (have not used for a few years however). Any branch manager can sign off on such a letter so some are more accommodating that others. Bangkok Bank this week as a 15 month fixed deposit at 3% available if you just want to move to another office.

bigwilly Senior Member

bigwilly

Posted
Posted

Hi Darrel,

Just a little more info, today I just opened the No fixed account promising a 2.5% interest.

I had no problems at all using the Jomtien branch, the lady Kat, was very helpful, and even took me to my Kasikorn bank to withdraw the funds, she assured me that the account is fine for the immigration requirements and the bank will issue the required letter, the account has a passbook but no ATM card, internet banking is fine and I just registered in 5 minutes using the User ID supplied by the bank and a temporary password sent by SMS to my cell phone, note I was informed that internet transfers from this account can only be done within the TMB network of accounts you can not do direct debit for bill payments, 2 free unlimited withdrawls per month, additional withdrawls are available but there is a charge of 50Baht per time. I was also informed that the rate of 2.5% is to be reviewed in August and could go up or down, lets see!!

These are the facts of my experience and todate am happy with the service, particularly as it was raining hard and the lady used her own car to rum me about and pick up a Million Baht, staff at Kasikorn didnt look impressed as my "assistant" was still wearing her TMB uniform and ID card. I am currently on the retirement visa (extension of stay) Non Immigrant type O.

best of luck. Big willy.

This TMB account is actually rather good. Think I will open one for my retirement visa deposit.

http://www.tmbbank.c...-account-en.php

As it is the Thai Military Bank there may even be the possibility of a bonus if they win a skirmish or something. :)

Darrel Platinum Member

Darrel

Posted
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Thanks for the extra info. May wait until August to see what happens to the rates.

Presumably there is nothing stopping you from opening a second low-interest account with them that does have an ATM/direct debit function, and using the high-interest one as a feeder? You could use the internet banking to do the feed transfers, once or twice a month.

CNXBKKMAN Silver Member

CNXBKKMAN

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  • Author
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I went to open an account today but could not as they require a "long stay" visa of at least 9 months. I have the 30 day stamp in my passport at the moment. I tried three different branches in Chiang Mai. Two were keen to open the account but were stopped when they called head office.

lopburi3 Legendary Member

lopburi3

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Standard Charted is advertising a 2.75% plan today. Appears to be similar to TMB with limit of two withdrawals per month. Not said but appears interest may be paid monthly. Did not see on website yet.

jfchandler Ruby Member

jfchandler

Posted
Posted

The Thai commercial banks' interest rates in the marketplace are pretty closely linked to the Bank of Thailand's stated rate...which they have been increasing lately...

It's pretty unusual for any one Thai bank to stray too far from the national target rate... Usually, they're nibbling around the edges, and making their terms or conditions a bit different from the others.... There's usually not much meaningful competition on the rate itself.

Thus, as the posts illustrate, TMB isn't alone... BKK Bank has something different, a time deposit, with a better rate... Standard has something similar with a slightly better rate. I'm assuming the others have other things too in the same general neighborhood..

I was doing a cash deposit the other day at a BKK Bank branch, and saw a big banner about the 3% offer...though I didn't stop to inquire about the details.

Correct me if I'm wrong, but don't they all also have a standard 15% tax withholding cut taken out.... And, frankly, I'm not a big fan of the accounts that want to pay interest twice a year... much prefer the steady stream of monthly credits.

Darrel Platinum Member

Darrel

Posted
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Standard Chartered has an eSaver account that pays 2.5% with no restrictions.

Shame they dont have a branch in Pattaya.

ExpatJ Gold Member

ExpatJ

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Thai inflation rate is currently over 4% pa so an account returning 2.5% still means you are losing 1.5% of your cash every year. Sad fact for all of us with cash in accounts no matter where you are really..

OlafStapleton Advanced Member

OlafStapleton

Posted
Posted

Today, went to TMB Chang Puak branch (Near Tops in Chiang Mai)

Open account please, I say

Need work permit, they say

No I don't, I say

Can not, need long term VISA they say (after they looking at passport with new 1 year VISA)

How long you need, I say, already have new 1 year VIsa and point in passport (think English speaking person not read English)

They wander off for 5 minutes, come back

Can not open this type of account for foreigner, they say

Why your internet site advertise this account in English, why my friends get account at other branch, I say

10 minutes of phone calls later

Yes can do, we never have foreigner as customer before (big surprise to me)

Whole process takes 50 minutes, much typing and photocopy, many phone calls.

They speak good English, better than me, but don't know rules for their own bank!

So anyone in CM want account, TMB Chang Puak branch now knows can do.

thaicbr Diamond Member

thaicbr

Posted
Posted

Am i correct in saying that with these accounts i can pay extra funds in on a monthly basis and still get the benefit if the higher interest? Like the saving accounts back in the UK.

OlafStapleton Advanced Member

OlafStapleton

Posted
Posted

Am i correct in saying that with these accounts i can pay extra funds in on a monthly basis and still get the benefit if the higher interest? Like the saving accounts back in the UK.

yes

Darrel Platinum Member

Darrel

Posted
Posted

Thai inflation rate is currently over 4% pa so an account returning 2.5% still means you are losing 1.5% of your cash every year.

Indeed, though it is better to lose that than to be getting even less interest and losing more.

  • 2 weeks later...
lopburi3 Legendary Member

lopburi3

Posted
Posted

But it requires deposit of 200k or more.

3.50% p.a. interest rate

Bangkok Bank has launched a new

5-month Fixed Deposit Account offering an interest rate of 3.50 percent per annum with a minimum deposit of 200,000Bt. The new rate will be available from today until 29 July 2011 at any Bangkok Bank branch.

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