My BKK account 3.5%pa for 5 months fixed term just finished.

Wasn't sure what to do, so went along to the bank to ask.

They paid the interest into my account, deducted 15% for the interest for tax.

Closed the account.

Then opened a new account where I will get 3.25%pa for 7 months fixed term.

If you had a similar account don't forget the interest rate after the 3.5% finishes is much lower, go and get a new account.

Anyone know if I can claim the tax back, I have a Thai wife and kid?

open the account in the wife's name;

IIRC no tax will be deducted on the interest

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

open the account in the wife's name;

IIRC no tax will be deducted on the interest

For some that is not an option as the money is sat there for the yearly visit to Immigration for a new extension

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

Can you provide details on these longer term fixed term accounts, its not on the current Bangkok Bank website. Only 5 & 7 month fixed deposit accounts are available. Myself I am in a 15 month stepped deposit account and would be looking for better terms when it expires.

my 5month fixed ac.just finished tax already deducted,at the end of the year i was told to pick up certificate for tax paid,then claim it back from tax office i am a uk tax payer.there is a post on this in this forum,and my wife also pays tax on her savings she will claim it back.

3.25%pa for 7 months fixed term. cannot figure out why people want a fixed account for only 7 months ? if doing the same again at the end...

BKK Bank also have 3.5% for 24 months and 3.75% for 36 months fixed term, all accounts are less 15% tax on the interest, myself opted for interested to be paid 6 monthly into the savings account, at the end of the term they send a new paper to sign for another 36 months, had the same fixed rate account for 8 years.

Can you provide details on these longer term fixed term accounts, its not on the current Bangkok Bank website. Only 5 & 7 month fixed deposit accounts are available. Myself I am in a 15 month stepped deposit account and would be looking for better terms when it expires.

I sat down and talked, at the time there were short term fixed rates giving better, but could not see the point of changing every few months, so I opted for the 36 months renewable, 8 years on still get 3.75%..... [still have the paperwork showing 3.5% for 24 months and 3.75% for 36 months fixed term] my normal account still show interest rate 1.0%

I have an account at SCB, last week interest was paid rate 2.732% looking back 6 months before shows interest rate was 1.982%

Edit: Friend had an account at HSBC @ 4 something % but at the end of the fixed term the offer was only .60% unless XX amount of millions deposited.

Edited December 14, 201114 yr by ignis

Yes many people can claim back the withholding tax. There have been previous discussion threads on this topic. Try doing a forum search on "withholding tax", "claiming back tax" or similar.

If you can't find the info then let me know and I will dig something out

open the account in the wife's name;

IIRC no tax will be deducted on the interest

what bank is that and what kind of acc.?