Savings Plan For Tgf

[whoppe78]

I want to set up some sort of savings plan for my TGF. We both have savings acct in Bank Bangkok but both accts. are always low. Want to do some thing separate that she won't touch. Not interested in a life ins. plan because they want to much to start up and the return is low.Any ideas ?. I'm thinking just a basic saving acct. and one that I can do online banking and maybe a good rate on wire transfers. Are any of the banks better than the others in reguards to interest rates.Basically I am open to any suggestions besides all the negative ones I will probably get in this subject.

[dave111223]

I had a TMB fixed monthly saving account which was pretty useful.

You put in a set amount each month (like 5000,10000,or 20000 depending on the account you choose). After 2 years you get all the money + interest.

You can take the money out early *if you really need to*, but lose the interest. I thought it was a good way to save especially for those who have difficulty saving as it feels like paying a bill each month, but at the end you get all the money back.

[CMSteve]

"Want to do some thing separate that she won't touch"

Do you really mean won't touch or can't touch? Either way its small amounts of money and anywhere you go you will get virtually nothing in interest.

Maybe the best thing to do is to put money into your account and pay her an annualization of somewhere around 1%. With online banking you can transfer funds into her account as necessary and wire funds into the "savings" account when you need.

Edited July 20, 2011 by CMSteve

[aurelius]

I just recently explained the monthly saving account in another thread and totally mucked up all the information that I copied in when it was posted multiple times... nonetheless...

The monthly saving a/c is called Sin Mattaya. it is a structure supported by the ministry of finance who generously gives the tax breaks. You are required to decide upfront how much you want to save each month and also the term - the accumulation of all your months savings cannot exceed 600,000 bt (i.e. 25k for 24 months, or 12,500 for 48 months). There are penalties - like loss of the tax benefit and then loss of the preferential interest rate if the funds are withdrawn early or if you stop making regular deposits.

You can use internet banking to make the monthly credits to this account (at Bangkok Bank anyway), or just set up a standing instruction for the duration of the term. It's best not to rely on remembering in my view.

The interest rates are benmarked to the fixed deposit rate with an additional margin.

You could chose not to have this account linked to any atm card, and the only way funds could be withdrawn is if the account is closed - you can just keep the passbook safely hidden and that should be the end of it.

Sin mattaya acct at bangkok Bank

[NALAK]

why the not touch clause, she is your partner surely you can trust her not to access it.

[whoppe78]

why the not touch clause, she is your partner surely you can trust her not to access it.

Its not about trust, it's just that I'm not good at saving money as she isn't any better. When I'm away I send money and if there is a emergency I send more.But if we had a separent acct. that we just put money into and not constantly dip into it we might be able to save money.Plus if our relationship doesn't work out she can have a little nest egg to cushion the blow of being single again.