Bank Savings Interest Rates

[BlackPuddingBertha]

They also said i will get some special privilages at the airport.

I dont.

[meatboy]

Is it true that foreigners are taxed 15% of their interests??

the tax you pay is 15%,you are allowed to earn around 130,000bht in one tax year,tax deducted is 19,500bht.which keeps you under the threshold of 20,000.this you can claim back in the start of the next thai tax yr.jan1st-dec31st.you will need to register at the local tax office first.look back in this forum and you will see all the details.so if you are married to a thai [same as me] you and your wife can earn around

260,000bht tax free.

[Sandman77]

To get 4,5 procent interest rate the Bangkok bank toldr I must put on the bank every month 100000 bath over a half year cannot take out, is this policy on every bank same?

[yankee99]

To get 4,5 procent interest rate the Bangkok bank toldr I must put on the bank every month 100000 bath over a half year cannot take out, is this policy on every bank same?

Not sure i understand what you are trying to say?

[paz]

To get 4,5 procent interest rate the Bangkok bank toldr I must put on the bank every month 100000 bath over a half year cannot take out, is this policy on every bank same?

Not sure i understand what you are trying to say?

6 months fixed deposit.

[yankee99]

To get 4,5 procent interest rate the Bangkok bank toldr I must put on the bank every month 100000 bath over a half year cannot take out, is this policy on every bank same?

Not sure i understand what you are trying to say?

6 months fixed deposit.

Please provide a link. I searched bangkok banks site and branch and didnt see anything near 4.5% fixed for 6 months.

[chiang mai]

To get 4,5 procent interest rate the Bangkok bank toldr I must put on the bank every month 100000 bath over a half year cannot take out, is this policy on every bank same?

Not sure i understand what you are trying to say?

6 months fixed deposit.

Please provide a link. I searched bangkok banks site and branch and didnt see anything near 4.5% fixed for 6 months.

There's no such fixed rate product I guarantee, what you may see however is a series of Mutal Fund or Insurance based products that pretend to offer 4.5% but actually don't.

[yankee99]

^^^^ok thats what i thought....

[Tywais]

There's no such fixed rate product I guarantee, what you may see however is a series of Mutal Fund or Insurance based products that pretend to offer 4.5% but actually don't.

Correct. My Bangkok Bank rep came to my office a couple of weeks ago to transfer my just expired fixed account to the current promotion and brought that up. Basically it's an insurance annuity and it didn't have any advantages that I saw.

[chiang mai]

Just for the record, fixed term deposit rates in Thailand are currently running between 2.8 and 3.1% for various periods up to one year, if you see something that's above that range it's likely not a fixed rate product but some kind of hybrid insurance product instead.

[davidst01]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

[chiang mai]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

And as long as the currency is strong and tax is not an issue, that's a good decision, otherwise, the difference between 4.8% and 3.1% can narrow pretty rapidly.

[ataloss]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

Do you know if the Oz Govt guarantee applies to any nationality with an Oz bank acct? cheers...

[chiang mai]

It does.

[cheeryble]

OK, i`ll start off by saying that i aint the brightest pin in the box with ref to money matters..

I`m sure this has been covered lots of times on here..but please be gentle and DONT over complicate replies..please.

Facts..

I declared myself a non UK resident in 2008 ( by means of the p85 form)..

I am retired here...over 50...retirement extensions

Not married to a Thai

Have one bank account here Kasikorn savings account...my name only.

Have a lump sum in UK offshore....tax free on interest...easy access.

Questions...

Bearing in mind my yearly account offshore is giving me 2.50%

interest at the moment BUT shortly that will only be 1.5% interest when

renewed in June this year...

what is the best rate of net interest i can get here WITH a Thai account in MY name ?

I understand i will be charged tax on the Thai interest .....how much ?Bearing in mind i`m not in the Thai tax system, can i reclaim it back ?

I live in the sticks with local branches of banks, will this make it harder to reclaim the tax ?...

I also need the Thai bank account to be usable for my yearly extensions money requirements....

Note... i have also read on here that the Thai banks only cover 1 mil bhat ....is that per account or per branch..

Very kind regards in advance....

P.S should i consider a Foreign Currency Account here, and can that be used for immigration..?

The fact is any fixed interest instruments......bank, CDs, money market fund, TBills, and "safe" bonds.....are an appalling investment over the longer term and despite being falsely supposed as a "safe" are likely to lose you money when inflation adjusted. (as your savings are losing now).

Edited March 27, 2013 by cheeryble

[jimbeam1]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

And as long as the currency is strong and tax is not an issue, that's a good decision, otherwise, the difference between 4.8% and 3.1% can narrow pretty rapidly.

Bank of Bangkok, yesterday (02/04/2013) 3% fixed for 10 months.

jb1

[NeverSure]

I can't get comfortable with a fixed term deposit anywhere right now. I want to be more nimble than that.

People are fleeing other things and buying US bonds at zero percent because they perceive them as safe, or safer. Haha.

Piggy banks and mattresses. Precious metals and bitcoins. That's the future.

Actually I have some defunct US Confederate dollars that are worth more than a dollar, no kidding. I guess the old saying "Save your confederate money boys, the South will rise again" might no longer be a joke.

Fiat money is a joke, and banks are a joke, but why aren't I laughing?

[Briggsy]

Today I had a 2.75% pa 4-month fixed term deposit mature at SCB. It is not a huge amount.

Does anyone know if they have a special account at the moment? From their website, I see they are offering 2% pa for a 6-month a/c. I was hoping for a shorter time period e.g. 3 or 4 months but getting more than 2%.

I will go in the branch tomorrow but if anyone has any info prior to me going in, it would be useful.

[mania]

Mee Tae Dai still at 2.65% no time/term

No fees for 2 withdrawals per month if you like/need & 50 baht each thereafter.

No taxes & compounded daily

Still my choice for now

[Obb]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

Is a foreign national, non-resident able to get an OZ bank account? If so, how. Thx

[Briggsy]

Today I had a 2.75% pa 4-month fixed term deposit mature at SCB. It is not a huge amount.

Does anyone know if they have a special account at the moment? From their website, I see they are offering 2% pa for a 6-month a/c. I was hoping for a shorter time period e.g. 3 or 4 months but getting more than 2%.

I will go in the branch tomorrow but if anyone has any info prior to me going in, it would be useful.

I got a "Dai kap Dai" 5-month a/c with an annual interest rate of 2.85%. It suited me.

Interestingly, SCB have got much tighter over which foreigners they are able to deal with. They initially said, "If you don't have a work permit, you can't open any new a/c's." But they know me. I am a long-term customer and they didn't want to see my money walk out of the door. After much wrangling between the staff, they agreed to open it "as I could speak Thai and rented a condo long-term". I don't mind, they make the rules. If they cannot accept my money, I will go down the road. It was funny to see them state an inflexible rule and when it didn't suit their ends, they immediately started to find reasons that the rules could be bent in my case.

They stated this tightening of the rules was a bank policy, not a branch policy, and that all banks had come under government pressure to clamp down on foreign customers on short-term visas.

Edited April 4, 2013 by Briggsy

[chiang mai]

Anyone have any thoughts as to interest rate futures here, my guess is that they can only go down from this point on for the foresseable future. Such a move at some point would likely curb inflows and also serve to improve demand, I reckon it's very unlikely that BOT would want to try to dampen demand by raising rates, anyone?

[John 1]

Anyone have any thoughts as to interest rate futures here, my guess is that they can only go down from this point on for the foresseable future. Such a move at some point would likely curb inflows and also serve to improve demand, I reckon it's very unlikely that BOT would want to try to dampen demand by raising rates, anyone?

SCB has 3.1% for 12 months so looks like rates are going up.

[chiang mai]

Anyone have any thoughts as to interest rate futures here, my guess is that they can only go down from this point on for the foresseable future. Such a move at some point would likely curb inflows and also serve to improve demand, I reckon it's very unlikely that BOT would want to try to dampen demand by raising rates, anyone?

SCB has 3.1% for 12 months so looks like rates are going up.

Doubtful, a number of banks have been offering 3.1% for some time, there's even a 3.3% deal out there! But my question is about central bank rates rather than individual bank products.

[chiang mai]

I think that I will leave my funds in my oz online bank account and earn 4.80%. The govt guarantee is a tat higher at $250,000

Is a foreign national, non-resident able to get an OZ bank account? If so, how. Thx

see posts 585 above, the how would best be determined via indivudual banks.

[fletchsmile]

Anyone have any thoughts as to interest rate futures here, my guess is that they can only go down from this point on for the foresseable future. Such a move at some point would likely curb inflows and also serve to improve demand, I reckon it's very unlikely that BOT would want to try to dampen demand by raising rates, anyone?

For Thai interest rate futures, I wouldn't like to play. With the official MPC rate at 2.75% there's a chance rates could go either way - reduction if they need to stimulate, and increase for the opposite and at 2.75% there's scope for either way.

If you're looking at western currencies, then for many the only way for their interest rates really is up, and interest rates can't get much lower. So it's just a question of time. You might have to roll your contracts a few times, though and might get caught that way.

I recently bought a small holding in an ETF fund with the return effective to shorting UK gilts. As UK interest rates will go up at some point (they can't get much lower), gilt prices will go down - hence the desire for a short position. It's losing money slightly at the moment, and I've done it more to just dip my toes in and monitor. As soon as I see it gaining profitability and momentum I'll add to it, as it really is a one way bet - just a question of time - but could be months or years hence the small position to test. The ETF is also unleveraged unlike futures, and I may look for leveraged options once the moves start.

Fletch:)

Edited April 5, 2013 by fletchsmile

[isawasnake]

Mee Tae Dai still at 2.65% no time/term

No fees for 2 withdrawals per month if you like/need & 50 baht each thereafter.

No taxes & compounded daily

Still my choice for now

I just moved most of my funds back into one of these; I like it a lot, had it at 2.9, that was really great while it lasted.

I hate Bangkok Bank btw, just a general, sweeping statement

Edited April 8, 2013 by isawasnake

[chiang mai]

CIMB 3.3% for one year is now open to old funds as well as new money, that subtle change however makes me nervous, it smacks of banks trying to buy deposits and that's never a good sign.

[meatboy]

CIMB 3.3% for one year is now open to old funds as well as new money, that subtle change however makes me nervous, it smacks of banks trying to buy deposits and that's never a good sign.

this week i have seen kasikorn and thanachart advertising over 3% fixed.

[Briggsy]

I recently opened a "Dai Kap Dai" a/c with SCB, 5-month fixed term @ 2.85% p.a.

You cannot view this a/c online. I checked this with their call centre.