Tmb 2.5% Interest Instant Access

[OlafStapleton]

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.

Thank you, I open this account yesterday.

What happen after 5 month?

[12DrinkMore]

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.

Thank you, I open this account yesterday.

What happen after 5 month?

It automatically gets reinvested at the three month rate, currently 1.625%

So you need to check what is the best rate and then go there.

[thaicbr]

" interest rate of 3.50 percent per annum"

I'm never sure how this works but it says per annum. which is 12 months. So is it 3.5% for the 5 months or a pro rata of that 3.5%

[OlafStapleton]

" interest rate of 3.50 percent per annum"

I'm never sure how this works but it says per annum. which is 12 months. So is it 3.5% for the 5 months or a pro rata of that 3.5%

and is interest paid after 5 months. so i close account and take money and put elsewhere then

[Darrel]

I'm never sure how this works but it says per annum. which is 12 months. So is it 3.5% for the 5 months or a pro rata of that 3.5%

Pro rata, of course. The 3.5 is the annual equivalent.

[aurelius]

<br /><b>5</b> months? How odd.<br />

<br /><br /><br />

Good if you want spare cash for xmas or new year though.

[jfchandler]

By comparison, the absolute best nationally available, FDIC-insured CD rates I'm aware of in the U.S. right now are 3.1% APR for 7-year CDs and 3.5% APR for 10-year CDs from IGOBanking.com...

No one else in the FDIC insured world is even close...even for the longest terms, with pretty much everything now under 3%.

iGObanking.com® is an online division of Flushing Savings Bank that enables consumers to open and fund deposit accounts directly from the convenience of their personal computer. Additionally, it's a simple, smart, and secure way to actively control your money online while earning a highly-competitive interest rate on a savings or CD account.

iGObanking.com® is an online division of Flushing Savings Bank, FSB, and a FDIC insured institution established in 1929. Accounts at iGObanking® are FDIC insured to the maximum allowable limits.

[Naam]

sorry, overlooked answer.

Edited July 7, 2011 by Naam

[John 1]

SCB have a 11 month account, 1-4mths 2%, 5-8mths 3% 9-11 7% overall average 3.727% paid every 4 months then at end of term.

[soap]

U.O.B bank have a 15 month account for falang paying 3.85% overall average

[hyperdimension]

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.

Darrel, I assume you went ahead with opeining two accounts - one is the high-interest one and the other a normal low-interest one with ATM card.

I like this arrangement for the security in case you lose the ATM card - most of your savings would remain safe in the high-interest account.

So have you been able to use internet banking to transfer money from one account to the other?

Is it possible to deposit straight into the account from any TMB branch either via counter or Cash Deposit Machine?

[Darrel]

Darrel, I assume you went ahead with opeining two accounts - one is the high-interest one and the other a normal low-interest one with ATM card.

No. In the end I just opened the no fixed account and I use my KBank ATM for withdrawals. I may modify this soon as I now have a TMB branch very close to where I live, but no Kbank branch. I also intend to be doing much more travelling next year, and so the TMB facility for nationwide withdrawals would be useful.

So have you been able to use internet banking to transfer money from one account to the other?

As far as I know you can.

Is it possible to deposit straight into the account from any TMB branch either via counter or Cash Deposit Machine?

Yes.

Oddly when I opened the no fixed account the cashier offered me an ATM card, though I couldn't work out how it was supposed to work, or whether she was going to open another instant access account for it.

[fletchsmile]

..

Edited November 29, 2011 by fletchsmile

[hyperdimension]

Thank Darrel for your response, though after reading the English web page of the no-fixed account things still seem unclear.

It has the following information:

• TMB electronic banking channel
  1. Waive fee for cash deposit through TMB Deposit machine (Cross branch/Cross province)
  2. Waive fee for money transfer within TMB through TMB Internet Banking and TMB M-Banking (Cross branch/Cross province). However, money transfer to other banks, Bill Payment and E-Payment are not allowed for TMB No Fixed Account
  3. Transactions through TMB ATM and TMB Phone Banking is not allowed for TMB No Fixed Account
• TMB No Fixed Account is not allowed to use with all type of electronic cards
• Direct debit service or setting as a linked account to transfer money out is not allowed for TMB No Fixed Account

What worries me are:

"money transfer to other banks"... "are not allowed for TMB No Fixed Account"

"setting as a linked account to transfer money out is not allowed"

Can anyone clarify these? I'd like to be able to transfer money via internet banking from the No-fixed account to an account from which I can withdraw money via ATM whenever I need some cash.

[Darrel]

I suspect that you just have to open a regular savings account at the same time, and do your online transfers from that.

The no-fixed account is limited to 2 withdrawals per month anyway, which makes it pointless for day to day bill paying etc.

[hyperdimension]

I suspect that you just have to open a regular savings account at the same time, and do your online transfers from that.

OK, so I guess you are allowed to transfer money via internet banking from the no fixed account even though the account is not set as a "linked account", i.e. not linked with the plain savings account.

Though earlier you said that you use a Kasikorn account to do ATM withdtrawals, so I was wondering how you could do so when "money transfer to other banks"... "are not allowed for TMB No Fixed Account".

One thing I find quite unattractive is that interest is "paid twice a year, in June and December." I would prefer to be paid monthly. So are there any good alternatives at other banks?

[Darrel]

Actually it's really simple for me as I have a TMB and KBank next door to each other, and a TMB about 10m from where I live. So I either just withdraw with my passbook or move cash.

I'm not bothered about when the interest is paid, just as long as it's paid.

[chiang mai]

L & H Bank, 2.75% instant access, no tax with held if interest under 20k, interest paid in June and Dec,

[hyperdimension]

I think bi-annual payments instead of monthly or daily reduces the compounding effect, because the extra interest that is calculated each day is not added onto the principal. It depends though on the actual interest rate they use in the daily interest calculation. Is the daily interest rate written anywhere, e.g. on the account statement?

Using the compound interest formula and some algebra, if compounding daily, the equivalent daily rate of "2.5% per annum" is 6.76533 * 10^-3%. But would a different (higher) rate be used if compounding monthly or bi-annually to compensate for the fact that the compounding effect is diminished?

[chiang mai]

I think bi-annual payments instead of monthly or daily reduces the compounding effect, because the extra interest that is calculated each day is not added onto the principal. It depends though on the actual interest rate they use in the daily interest calculation. Is the daily interest rate written anywhere, e.g. on the account statement?

Using the compound interest formula and some algebra, if compounding daily, the equivalent daily rate of "2.5% per annum" is 6.76533 * 10^-3%. But would a different (higher) rate be used if compounding monthly or bi-annually to compensate for the fact that the compounding effect is diminished?

Absolutely correct, but I don't know of any banks that compound interest daily in Thailand.

[hyperdimension]

Absolutely correct, but I don't know of any banks that compound interest daily in Thailand.

I don't either; it was just easier to derive the formula for. So how about monthly compounding high-interest savings accounts, do they exist? Or are they all bi-annual compounding?