Perhaps worthy of a heads up:

BAY has an instant access account that pays 2.9% where the interest is calculated/accrued daily and posted to the account monthly, limit two withdrawls per month, looks like a hard to beat winner to me.

I've been spreading cash around various banks to keep below the 1MB deposit protection ceiling in all of them and was running out of options. That account will do.

Standard Chartered offer a slightly higher rate with fewer restrictions but they don't have branches anywhere I want to go to.

Have you seen anything else that's decent? CIMB has a 5 month fix at 3.3% but I've not seen much else that's decent, I'm also trying to spread my funds around but am running out of banks, almost impossible to stay under the 1 mill. rule.

it is extremely wise to stay within the guarantee limit of 1mm Baht or less!

reason: should your bank go belly-up then your grandchildren or the grandchildren of your heirs will praise your wisdom and be very grateful that the Thai supreme court will rule in their favour any time soon and force the guaranteeing body to pay them the million you deposited a century ago.

Who said sarcasm is a uniquely British trait!

I've been spreading cash around various banks to keep below the 1MB deposit protection ceiling in all of them and was running out of options. That account will do.

Standard Chartered offer a slightly higher rate with fewer restrictions but they don't have branches anywhere I want to go to.

So the max you can have in any thai bank account with protection is one million baht? Is tha correct? thanks

KTB offer 3.9% on a 10 month deposit http://www.ktb.co.th/en/news_promotion/3_financial_products.jsp

Thanachart manager told me they will be bringing in new rates this month - over 3%

For people who don't know which Bank BAY is, it's the Krungsri Ayuddhya Bank

http://en.wikipedia.org/wiki/Bank_of_Ayudhya

So the max you can have in any thai bank account with protection is one million baht? Is tha correct? thanks

As far as I know today it's 50MB and from August it will be 1MB.

should your bank go belly-up then your grandchildren or the grandchildren of your heirs will praise your wisdom and be very grateful that the Thai supreme court will rule in their favour any time soon and force the guaranteeing body to pay them the million you deposited a century ago.

As far as I'm concerned any guarantee is better than no guarantee. There is always the possibility, however remote, that they may pay out.

Have you seen anything else that's decent? CIMB has a 5 month fix at 3.3% but I've not seen much else that's decent, I'm also trying to spread my funds around but am running out of banks, almost impossible to stay under the 1 mill. rule.

For instant access CIMB still have the Speed Savings at 2.75% (conditions apply) as discussed previously. TMB is OK at 2.25%. Stanachart at 2.5%

Time-deposits are another matter and the special offers (which are the only ones worth having) seem to change quite often.

So the max you can have in any thai bank account with protection is one million baht? Is tha correct? thanks

As far as I know today it's 50MB and from August it will be 1MB.

Full details here:

http://www.thailawforum.com/thai-deposit-insurance-law.html

Have you seen anything else that's decent? CIMB has a 5 month fix at 3.3% but I've not seen much else that's decent, I'm also trying to spread my funds around but am running out of banks, almost impossible to stay under the 1 mill. rule.

For instant access CIMB still have the Speed Savings at 2.75% (conditions apply) as discussed previously. TMB is OK at 2.25%. Stanachart at 2.5%

Time-deposits are another matter and the special offers (which are the only ones worth having) seem to change quite often.

CIMB has closed down its speed savings with mutal fund link, they've sold their quota apparently.

Have you seen anything else that's decent? CIMB has a 5 month fix at 3.3% but I've not seen much else that's decent, I'm also trying to spread my funds around but am running out of banks, almost impossible to stay under the 1 mill. rule.

For instant access CIMB still have the Speed Savings at 2.75% (conditions apply) as discussed previously. TMB is OK at 2.25%. Stanachart at 2.5%

TMB has just changed to 3% for their No Fixed account.

CIMB has closed down its speed savings with mutal fund link, they've sold their quota apparently.

Still being advertised on their website so the closure may be regional.

TMB has just changed to 3% for their No Fixed account.

Not quite. I got a translation (the T&Cs are not given in English) and apparently they pay 3% until the end of July for new deposits only. The rate then goes back down.

I saw the ad and checked it out as I thought it was probably too good to be true.

CIMB has closed down its speed savings with mutal fund link, they've sold their quota apparently.

Still being advertised on their website so the closure may be regional.

It's the mutual part they've stopped selling, nationally, you can still buy a bill of exchange if so inclined.

It's the mutual part they've stopped selling, nationally, you can still buy a bill of exchange if so inclined.

My 1000B must have overwhelmed them!

So the max you can have in any thai bank account with protection is one million baht? Is tha correct? thanks

As far as I know today it's 50MB and from August it will be 1MB.

Full details here:

http://www.thailawfo...urance-law.html

thank you for that info..i was just getting ready to transfer a failrly large sum into one bank but guess i better rethink that...

one for the road of the fearful ones who think their shitty

debt laden bank in their home country is safer than...

So the max you can have in any thai bank account with protection is one million baht? Is tha correct? thanks

As far as I know today it's 50MB and from August it will be 1MB.

Full details here:

http://www.thailawfo...urance-law.html

thank you for that info..i was just getting ready to transfer a failrly large sum into one bank but guess i better rethink that...

We each need to assess how much risk we're willing to absorb in this repect so there's no one answer that fits everyone. I would not place more than the insured limit with say RBS but I'm happy to go 140% of the insured limit with Nationwide (UK). Ditto Thai banks, I have three mill, with BAY and just about the same with Kasikorn whilst Thanachart will never see more than 1 mill. of my funds. I wouldn't let the 1 mill. insurance ceiling put you off completely.

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

one for the road of the fearful ones who think their shitty

debt laden bank in their home country is safer than...

Thanks Naam

These Asian banks are not practising fractional reserve banking? They're only lending out what they have in accounts?

one for the road of the fearful ones who think their shitty

debt laden bank in their home country is safer than...

Thanks Naam

These Asian banks are not practising fractional reserve banking? They're only lending out what they have in accounts?

Fractional reserve banking only exists in text books. Banks are not generally constrained by holding reserves against depositors' cash, although China does impose a high ratio in an attempt to restrain the banks' otherwise 'lend to infinity' policy.

But anyway, in your sense the reserve ratio is the ratio of liquid (cash, central bank account, government securities) stuff held against the depositors' deposits. This ratio is 6% in Thailand and next to <deleted> all in Europe and on a voluntary basis in the UK.

The loan book does not come into this ratio.

A loan/depositor ratio above 100 indicates the banks have been funding themselves from other sources such as borrowing from other banks, the money market and, as a last stop, the central banks will dish out as much as they need almost free in the west.

So, at 80% or so most of the Asians are looking OK, but Thailand has a nasty little spike up there, and I wonder where this funding is coming from. Naam has unfortunately not provided the source of his report.

The problem is that if depositors decide to take out their money, then the bank has to either find new funding or sell off its assets, namely the loan book, which is a step onto the slippery slope..... A step the Europeans are desperate to avoid.

Edited June 8, 201214 yr by 12DrinkMore

The problem is that if depositors decide to take out their money, then the bank has to either find new funding or sell off its assets, namely the loan book

correct! and there is no bank on this planet which does not have to sell off assets even if only 15% of the deposits are withdrawn.

Fractional reserve banking only exists in text books

but it's one of the preferred dead horses the gloom&doomers like

to flog and surpassed only by the godzillion trillions of derivatives

which every Bill, Buck, Hank and Joe (i mustn't forget Bubba)

repeats on an hourly basis without knowing what a derivative is.

p.s. some naïvos think derivatives are a new strain of the swine flu virus

What tax is payable on Thai Banks interest payments?

What tax is payable on Thai Banks interest payments?

Savings accounts are taxed at 15% at source on interest over THB 20K per year. All fixed rate term deposits taxed at 15% regardless of the amount. Non tax payers are able to reclaim tax paid via the local tax office.

What tax is payable on Thai Banks interest payments?

Savings accounts are taxed at 15% at source on interest over THB 20K per year. All fixed rate term deposits taxed at 15% regardless of the amount. Non tax payers are able to reclaim tax paid via the local tax office.

money market funds are offered free of tax.

To sum up then is this the best at this time?

KTB offer 3.9% on a 10 month deposit