7 Month Time Deposit (Interest Earning Acct)

[whatchamacallit]

I know this topic has been discussed many times before but I just want to be sure. My friend has been using a regular savings account to keep his 800K baht for his annual renewal of his retirement visa.

Last December he moved this money into a 7 month time deposit interest earning acct. This will expire in June. His retirement visa expires August 6th. If this money rolls over into another 3 months interest earning account - will this qualify for having had a minimum of 800K for 3 months previous to renewal? Technically this money will still be in the same account with the same account number/book. Is this correct?

If the above is correct, can he just leave this money in this account to continually roll over every 3 months year after year - as he doesn't really need the money for other purposes?

Thank you for your replies.

[Mario2008]

The crucial point will be if he can access the money or not during the period he needs to season his money. If the money is stuck or a fixed period of time immigration might not accept.

[sms747]

I have my 800k in a similar 7 month account that expires the day before I need to renew my extension so i would be interested to know if anyone has had a problem. I don't think the money is actually 'stuck' it's just a question of losing interest if you do take it out. You can still put money into it. Could immigration claim the money had not been in there for 90 days when it gets reinvested after the 7 months, without being taken out of course?

[Mario2008]

If you can take the money out of the account, it should not be a problem. But answers can vary depending on the actual immigration office you will be using.

[NancyL]

This is exactly what I do with my 800,000 baht account, only Bangkok Bank keeps rolling it over into 6 month time deposits. It's one of their orange passbook accounts. Each time it rolls, the account number stays the same. In fact, I update the passbook just once annually, the day before my appointment at Immigration for 12-month retirement extension. Get letter from bank at the same time.

This year I withdrew some funds because the account had grown to well over 800,000 baht thru the years. Sure, enough lost interest on the portion I withdrew, but wasn't prohibited from withdrawing.

Chiang Mai Immigration has never questioned the account, or a roll-over less than 90 days before extension. The only question was last year when they asked about my source of funds for living since I hadn't touched the 800,000 baht account for years. Said Hubby's pension is big enough to support his wife and pulled out the joint Bangkok Bank passbook -- offering to show it to them. The officer just waved it away. Good thing since only a portion of Hubby's pension (less than 65,000 per month) comes into that account and I didn't have the print-outs from the U.S. account to show the rest of his pension income.

[offset]

I have my money on a 6 month fixed account went today to get my letter from the bank and have the book updated only to find out that they could not update to todays date will I have a problem with the immigration tomorrow

[lopburi3]

It should not be a problem but if Bangkok they may ask you to go downstairs to update at branch bank there.

[whatchamacallit]

It should not be a problem but if Bangkok they may ask you to go downstairs to update at branch bank there.

Thank you all for your replies. Yes I put my money with Bangkok Bank (Orange book) - and Yes they will automatically roll over when the 7 month expires and yes it will be the same account.

My worry is that when the time come that I need a copy of my bank book with the current status as I have had no activity there it won't record a change with the current date. What if on the same day, I put more money into this account? Can this be done?

I will be doing my renewal at the Jomtien immigration.

[offset]

I have my money on a 6 month fixed account went today to get my letter from the bank and have the book updated only to find out that they could not update to todays date will I have a problem with the immigration tomorrow

Went and got my extention today with no problems no mention about not having the book updated and was not asked about any other accounts

[colinscarr]

When I do my retirement extensions, last 2 years in Nakhon Sawan, before that in Pattaya; I also take a letter from the bank stating that I had the funds in the account. With the letter being dated the same day as the extension application, the lack of activity on the account does not matter.

[NancyL]

It should not be a problem but if Bangkok they may ask you to go downstairs to update at branch bank there.

Thank you all for your replies. Yes I put my money with Bangkok Bank (Orange book) - and Yes they will automatically roll over when the 7 month expires and yes it will be the same account.

My worry is that when the time come that I need a copy of my bank book with the current status as I have had no activity there it won't record a change with the current date. What if on the same day, I put more money into this account? Can this be done?

I will be doing my renewal at the Jomtien immigration.

Just shove the passbook into one of the Bangkok Bank passbook update machines near their ATMs and it will print a line with your balance and the current date.

[JimGant]

Fortunately, CM Immigration, as Nancy says, has no problems with fixed accounts. And this is fortunate, since several of my US CDs will mature soon -- and if rolled over, the new rates are laughable.

For example, if rolled over into a 3-yr CD the simple interest rate is .0135. If I put into a Bangkok Bank fixed account for 3 years, I'd get .0325 annual simple interest. Lemme see -- 800k baht deposited -- that's over 15,000 baht *more* annually at Bangkok Bank vice a CD at USAA Savings Bank. Real money -- but like with a CD, will need to remain untapped to avoid penalty. But, this is money I shouldn't ever need, even in any forseeble emergency.

So, yeah, fixed accounts should should be on your radar, particularly if you go the bank account route for annual extensions -- and, of course, if that money can be left untouched for a period of time.

But, even if you need to dip periodically into your fixed account, you can "ladder" it with several fixed accounts, all within the same passbook (from the Bangkok Bank website):

Do you know?

You can add multiple deposits to the same account. This gives you the advantage of not having to carry more than one passbook. If you add your deposits over a period of time they will mature at different times which gives you more flexibility when it comes to withdrawing your money.

So, if you need periodic cash flow from your fixed account, just ladder the individual purchases accordingly.

And, if you've had the money in the account for over 3 months -- and you subsequently have to tap it -- you'll still get the same interest rate as a savings account.

So, if you're using a savings account for your annual retirement renewal, you really need to investigate a fixed account (Sadly, tho' some Immigration officers/offices trip over this -- and their eyes might really bulge out if your fixed account passbook was laddered with many sub-accounts. Hmmm.)

Anyway, as my CD's close in on maturity, I guess I need to re-evaluate just how much "risk" I should take with Thai banks......But, for sure, the opportunity cost of putting my "risk free" investments in CD's is substantial.