Bank Savings Interest Rates

[SmoothOperator]

On 8.9.2016 at 11:55 AM, ravip said:

Bangkok Bank says the Deposit protection is up to Baht 15 million

 

here

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/Pages/InfoDepositProtection.aspx

they say:

Which types of deposits are protected?
Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA))

 

 

So what does this mean? Will i (as a foreigner) be protected because of my thai address, or will this protection be only for thai nationals in the end?
 

[ravip]

31 minutes ago, SmoothOperator said:

 

here

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/Pages/InfoDepositProtection.aspx

they say:

Which types of deposits are protected?
Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA))

 

 

So what does this mean? Will i (as a foreigner) be protected because of my thai address, or will this protection be only for thai nationals in the end?
 

It is a bit confusing indeed!

I guess we need to read the Deposit Protection Agency Act - but where is it? Maybe the Bank will have a copy.

• Which types of deposits are protected?
  
  Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA)) i.e. Current Account, Savings Account, Fixed Deposit Account, Negotiable Certificate of Deposit and Certificate of Deposit.
   
• What kind of depositors will be protected?
  
  Any depositor under the Deposit Protection Agency Act, either Juristic or Individual, is eligible for protection. Bangkok Bank Company Limited is also subject to this Act.

[chiang mai]

7 minutes ago, ravip said:

It is a bit confusing indeed!

I guess we need to read the Deposit Protection Agency Act - but where is it? Maybe the Bank will have a copy.

• Which types of deposits are protected?
  
  Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA)) i.e. Current Account, Savings Account, Fixed Deposit Account, Negotiable Certificate of Deposit and Certificate of Deposit.
   
• What kind of depositors will be protected?
  
  Any depositor under the Deposit Protection Agency Act, either Juristic or Individual, is eligible for protection. Bangkok Bank Company Limited is also subject to this Act.

 

Not hard to find:

 

http://www.dpa.or.th/main.php?filename=index___EN

[ravip]

51 minutes ago, SmoothOperator said:

 

here

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/Pages/InfoDepositProtection.aspx

they say:

Which types of deposits are protected?
Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA))

 

 

So what does this mean? Will i (as a foreigner) be protected because of my thai address, or will this protection be only for thai nationals in the end?
 

It seems the protection is for the account type - not the holders nationality, per se.

If you have a normal THB Current, Savings, Fixed Deposit etc account it is covered.

But  Foreign currency, non residence accounts are not >>> file:///C:/Users/A827160/Downloads/article_20160614124407%20(1).pdf

Above is open for correction please.

[Oxx]

23 hours ago, SmoothOperator said:

Which types of deposits are protected?
Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA))

 

So what does this mean? Will i (as a foreigner) be protected because of my thai address, or will this protection be only for thai nationals in the end?

 

Non-Resident Baht Accounts as used here means accounts opened by non-residents for for trading in securities.

 

See section 7 of http://www.dpa.or.th/download/pdf/DPA-FAQ-EN0716.pdf for other account types which aren't covered.

[SmoothOperator]

thanks for the link  http://www.dpa.or.th/

In section 22 they describe what a "Non-Resident Baht Accounts (NRBA)" is.

According to this, our usual 'Savings' or 'Deposit' accounts are protected.

Though we are 'not even' Thai :))

[orientalist]

Bad news on CIMB's Speed Savings account. The rates this month are:

 

0 - 100K 0.40%

100K - 1m 1.00%

1m - 500m 1.45%

 

LH Bank has:

 

5K - 500K 1.00%

500K - 1m 1.45%

1m - 5m 1.55%

(interest paid twice a year)

 

CIMB still has 12 months Preferred fixed deposit at 1.75%. LH has 1.80% for 12 months (and other periods).

[chiang mai]

10 hours ago, orientalist said:

Bad news on CIMB's Speed Savings account. The rates this month are:

 

0 - 100K 0.40%

100K - 1m 1.00%

1m - 500m 1.45%

 

LH Bank has:

 

5K - 500K 1.00%

500K - 1m 1.45%

1m - 5m 1.55%

(interest paid twice a year)

 

CIMB still has 12 months Preferred fixed deposit at 1.75%. LH has 1.80% for 12 months (and other periods).

 

When I checked today the best CIMB rate for Preferred customers is 1.50% for three months, be still my beating heart!!!

[JAS21]

On 07/10/2016 at 4:46 AM, chiang mai said:

 

When I checked today the best CIMB rate for Preferred customers is 1.50% for three months, be still my beating heart!!!

They also have this 2.15% where you trickle in up to 25,000thb each month for two years.

[meatboy]

On 9/8/2016 at 11:55 AM, ravip said:

Bangkok Bank says the Deposit protection is up to Baht 15 million 

What are their best interest rates for savings accounts and how are they compared to other banks?

Thank you.

 

you really need to visit the banks because they never advertise their promotion rates.

we use LH.bank a lot,best rate right now is 1.8% over 12months.fixed with 15% tax.deducted which you can reclaim.

[meatboy]

whats happening with THAI VISA,i have ckicked on quote's this morning and both times not got the right posts.

[meatboy]

this is for JAS 21 your last post,tues.11.49.

the saving plan eg.over 2yrs.we have one that is maturing soon 25k.a month at 3.60 with the thai credit and retail bank.

at this time of posting their new rate is 25k.monthly at 2.80%.

[JAS21]

On 13/10/2016 at 8:22 AM, meatboy said:

this is for JAS 21 your last post,tues.11.49.

the saving plan eg.over 2yrs.we have one that is maturing soon 25k.a month at 3.60 with the thai credit and retail bank.

at this time of posting their new rate is 25k.monthly at 2.80%.

I went in Yesterday (CIMB) to open that account. Waited 30 minutes for them to see if I was eligible.  Gave up and went for lunch and then returned. Eventually they said yes. Waited some while again and after enquiry they said were having trouble inputting data as I didn't have a Thai ID Number.

 

Went home and left it with them. Phone call later said 'cannot'

 

I am on Non 'O' with retirement extension, no WP.  

 

Also they showed me the rate was 2.3%.

 

Thanks I look at the Thai Credit and Retail Bank web site.  

[JAS21]

I bought some thb on the evening (Thai Time) of 11th via Transferwise and BACS's the money to them from my UK Bank shortly after. Later that evening got an e-mail to say they had received my money and that I would receive the thb into my Thai Bank (CIMB) on 14th.  Checked this morning and it is in my account ... impressive

 

Of interest the overall rate  (including costs) was slightly better than  Xendpay.. The Xendpay fee now appears to be non-negotiable.

[meatboy]

3 minutes ago, JAS21 said:

I went in Yesterday (CIMB) to open that account. Waited 30 minutes for them to see if I was eligible.  Gave up and went for lunch and then returned. Eventually they said yes. Waited some while again and after enquiry they said were having trouble inputting data as I didn't have a Thai ID Number.

 

Went home and left it with them. Phone call later said 'cannot'

 

I am on Non 'O' with retirement extension, no WP.  

 

Also they showed me the rate was 2.3%.

 

Thanks I look at the Thai Credit and Retail Bank web site.  

hi jas these savings accs.which are tax free are for thai's only.this also goes for LH.bank

best at the moment which IS available for us is 1.80% over a 12month. LH.BANK.

[chiang mai]

1.4% Preferred savings at UOB, instant access.

[JAS21]

14 minutes ago, meatboy said:

hi jas these savings accs.which are tax free are for thai's only.this also goes for LH.bank

best at the moment which IS available for us is 1.80% over a 12month. LH.BANK.

Thanks ... my wife just phoned and enquired.  Yes Thai Only ... so Mrs Jas will be even better off then ... thanks for the heads up.

 

I am just wondering, if shortly the banks may offer a one off 'bring happiness to the people'  account.  

[Oxx]

53 minutes ago, JAS21 said:

Thanks I look at the Thai Credit and Retail Bank web site.  

 

You are aware that they are tiny - total assets in USD, 81 million.

 

Last time I looked (back in 2014) I couldn't even find a credit rating for them.  The high interest rates reflect the risk.

[JAS21]

3 hours ago, Oxx said:

 

You are aware that they are tiny - total assets in USD, 81 million.

 

Last time I looked (back in 2014) I couldn't even find a credit rating for them.  The high interest rates reflect the risk.

Yes that is the latest figure that I have seen. Of course they are regulated as other Thai banks are in as much as the cover is 15M thb until 2061, 10M until 2062 etc

 

They have been a bank for approx eight years and now have some twenty branches. The evolved from Thai Insurance as I'm sure that you know. A better bet than L&H ... Thanks for the heads up though.

[Oxx]

39 minutes ago, JAS21 said:

Yes that is the latest figure that I have seen. Of course they are regulated as other Thai banks are in as much as the cover is 15M thb until 2061, 10M until 2062 etc

 

They have been a bank for approx eight years and now have some twenty branches. The evolved from Thai Insurance as I'm sure that you know. A better bet than L&H ... Thanks for the heads up though.

 

Remember that with the "cover" it could be months or even years before you actually get access to your money should the bank go under.

[JAS21]

7 minutes ago, Oxx said:

 

Remember that with the "cover" it could be months or even years before you actually get access to your money should the bank go under.

OK ... so in your opinion, what is the risk...anyway it's my wifes money and she is nine years younger than me so should be able to wait for it ...

[Oxx]

2 minutes ago, JAS21 said:

OK ... so in your opinion, what is the risk...anyway it's my wifes money and she is nine years younger than me so should be able to wait for it ...

 

No need to be snippy about it.  I'm simply pointing out that the "guarantee" can cause substantial inconvenience.

[chiang mai]

15 minutes ago, Oxx said:

 

Remember that with the "cover" it could be months or even years before you actually get access to your money should the bank go under.

 

Why would the wait for money under the DPA scheme be any shorter or longer with L&H or a CU than any other bank and why should the financial stability of L&H be of a concern just because they are a smaller asset size than the majors, do you know something we don't or are you scaremongering?

Edited October 14, 2016 by chiang mai

[meatboy]

LH bank are more of a building sociaty,their last quarter results topped all the big boys.

but as the no.1 rule is never invest more than what you can afford to lose.

[JAS21]

I see that CIMB, this month are offering 1.7% for 8 months, preferred a/c. As I have another CIMB a/c maturing soon I'll 'borrow' from my Speed Saving until then. Mrs Jas has just put here second 25Kthb  into the two year 'tcrbank' a/c (2.8%) thanks for the heads up meatboy ...

 

Very poor rates but have to keep the money somewhere. Just thankful for a final salary scheme pension so can happily still stay here ...

[chiang mai]

CIMB is making me nervous with their higher than the market rates, maybe it's just me though.

 

Also, are you sure the 1.7% is not only for Thai's? I believe the best Preferred rate for foreigners (or Tabien Bahn holders)  is 1.5%

[orientalist]

In my experience the CIMB Preferred fixed deposit deals are available to foreigners. It's the special "tax-free" fixed deposit accounts that aren't. Currently, they are offering 1.70% 8 months and 1.55% 3 months to Preferred customers (i.e. those with more than 1m baht on deposit).

 

http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/nov16/

 

LH Bank is still offering 1.80% for 9-24 months.

 

http://www.lhbank.co.th/Content/upload/documents/-8587240557983347808LHbank-rate-saving-28102019.pdf

 

Edited November 6, 2016 by orientalist

[JAS21]

On 06/11/2016 at 6:07 PM, chiang mai said:

CIMB is making me nervous with their higher than the market rates, maybe it's just me though.

 

Also, are you sure the 1.7% is not only for Thai's? I believe the best Preferred rate for foreigners (or Tabien Bahn holders)  is 1.5%

Interesting that comment as they made a phone call before they would progress the opening of it. I  heard my wife say that I have a yellow book. CIMB have offered slightly higher that Thai Bank Market Rates since I have been banking there ... two years plus now.   When you compare saving rates and lending rates there is somewhat of a spare margin ...

[chiang mai]

10 minutes ago, JAS21 said:

Interesting that comment as they made a phone call before they would progress the opening of it. I  heard my wife say that I have a yellow book. CIMB have offered slightly higher that Thai Bank Market Rates since I have been banking there ... two years plus now.   When you compare saving rates and lending rates there is somewhat of a spare margin ...

 

If you have a TB then it's no problem, almost impossible without.

[meatboy]

On 6/11/2559 at 6:07 PM, chiang mai said:

CIMB is making me nervous with their higher than the market rates, maybe it's just me though.

 

Also, are you sure the 1.7% is not only for Thai's? I believe the best Preferred rate for foreigners (or Tabien Bahn holders)  is 1.5%

its coming to the end of the yr.so i expect CIMB need to balance their books.tooooooooo much gone out CM.

i see some of the smaller banks made BIG profits,so watch out we might get a little bit of it back.who said pigs fly.