Bank Savings Interest Rates

[meatboy]

me and mrs. meat have 2 big fixed accs.maturing next week after 399days at t.g.s.b. as of today they have nowt,so whats on offer guys anything over 3% fixed term 12months or longer as long as the interest is paid annually. would prefer bangkok b.or scb.otherwise it means opening another acc.at another bank which normally means one savings and one current we already have 6 pass books each so its time to start closing some.as i always say i am not greedy just 3% plus 1yr.or 5 will do.

I dont know for the longer term deposits but BBK gives 2.875 for 10 months fixed.

its got to be around 12months as i use it for my retirement extension dec-jan.

It looks to me that you need a 9 months dep. then but that's an other (visa) subject ...

look again that only takes me to oct.the extension is in dec.

yesterday the wife found out land and house have a promotion 3.5% fixed term of 15months,thats great,but she was told at first it will be difficult for me to open one,as i need,to be a resident of more than 6months with a perminant address ok,passport with visa status ok,i have a thai tax id.card ok,a thai drivers licence ok,anything else hmmmmm.oh he has money and i have ,please come in he can definately have one

[Obb]

Thanks, mania. Checked with my local Krungsri, indeed they told me no tax deducted on Mee Tae Dai account until interest hits 20,000 baht.

[trajan]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

[chiang mai]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

I believe that CIMB at 3.6% for 16 months is probably the best. Yes,15% tax deducted but that can be reclaimed each year from the tax dept.

[meatboy]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

I believe that CIMB at 3.6% for 16 months is probably the best. Yes,15% tax deducted but that can be reclaimed each year from the tax dept.

that's interest-ing I am not familier with cimb,do you know if interest is paid on maturity with cimb as lh is paid monthly so if tax is taken monthly that will push us over the threshold for this yr.

200,000 int.x 15%=30,000tax.

[chiang mai]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

I believe that CIMB at 3.6% for 16 months is probably the best. Yes,15% tax deducted but that can be reclaimed each year from the tax dept.

that's interest-ing I am not familier with cimb,do you know if interest is paid on maturity with cimb as lh is paid monthly so if tax is taken monthly that will push us over the threshold for this yr.

200,000 int.x 15%=30,000tax.

Interest is paid monthly, CIMB (Thai) is a Malaysian bank.

[meatboy]

thanks c.m.I have told the mrs.to spend some instead of saving it all.or I can have a holliday.

she wasn't long making her mind up my suitcase is at the bottom of the stairs or is it hers

[cheeryble]

I just closed that account and put all my funds in the SET via mutual funds. I see it as well worth the risk at this point, with interest rates going down and the set where it is. Great account though, if I were to keep my money in a bank, this is still the account for me.

I've thought of getting in myself Isawasnake.

Having trouble PMing you so

1. Are your mutual funds tradeable?

2. If not......roughly what's the friction on a round trip?

3. Dd you consider using an ex-Thailand ETF which may have some advantages?

Thanks!

Sent from my iPad using ThaiVisa app

Edited January 15, 2014 by cheeryble

[regedit]

I have a few Ayudhya Mee Tae dai accounts

although the interest is now 2.60% down from the original

of a year + ago.

... and now down to 2.5%

I always thought the new account had to opened at a separate branch if you were approaching the 20,000 limit ? (at least that's the case with another bank).

[isawasnake]

I just closed that account and put all my funds in the SET via mutual funds. I see it as well worth the risk at this point, with interest rates going down and the set where it is. Great account though, if I were to keep my money in a bank, this is still the account for me.

I've thought of getting in myself Isawasnake.

Having trouble PMing you so

1. Are your mutual funds tradeable?

2. If not......roughly what's the friction on a round trip?

3. Dd you consider using an ex-Thailand ETF which may have some advantages?

Thanks!

Sent from my iPad using ThaiVisa app

I can't trade them. I don't consider myself knowledgeable enough to be trading anyway, which is part of the reason I choose to pay the below fees. I just don't figure I could do better than these fund managers, even when considering the fees. You can, of course, move money from one fund to another.

On one of my main funds as an example, I pay 1.5% of the NAV per year for management. Then there are the trustee and registrar fees, which total 0.15% of the NAV. So, 1.65% a year.

To get out, I then pay 1.0%.

I toyed around with the idea of buying 10 or so large cap Thai stocks, and figured I'd be paying about 2% in fees initially. I would not get hit with annual fees that route, but I felt this would consume too much of my time, and perhaps add too many grey hairs to my head . Again, I felt the managed funds offered a nice blend of being actively managed at a reasonable cost.

I am a long term investor. I would not even think of touching anything in shorter than a couple of years, unless some anomalous situation came up. I did consider ETS's briefly, but for many of the above reasons, I thought well managed mutual funds were by far the best choice for me. I DO buy this argument, especially upon closer examination of the numbers, that these Thai fund managers are more than able to earn their keep. I think the fact that Thailand is an emerging market, and these managers know it well, all factors into the success of these funds relative to the benchmark. I would NOT buy a mutual fund in the United States for example - I'd probably just put my money into an index fund there, and perhaps some into a some type of global fund.

Edited January 15, 2014 by isawasnake

[meatboy]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

I believe that CIMB at 3.6% for 16 months is probably the best. Yes,15% tax deducted but that can be reclaimed each year from the tax dept.

that's interest-ing I am not familier with cimb,do you know if interest is paid on maturity with cimb as lh is paid monthly so if tax is taken monthly that will push us over the threshold for this yr.

200,000 int.x 15%=30,000tax.

cimb 3.6% no longer available.this is where we who visit different branches on a regular basis so we can keep everyone up to date with the promotions because they never advertise them.

[chiang mai]

I also just checked....LH BANK is offering a promo (until Jan 31, 2014) of a fixed deposit of 15 months at 3.5% per annum....is that the best rate around?

(I understand that interest is subject 15% tax right? )

I believe that CIMB at 3.6% for 16 months is probably the best. Yes,15% tax deducted but that can be reclaimed each year from the tax dept.

that's interest-ing I am not familier with cimb,do you know if interest is paid on maturity with cimb as lh is paid monthly so if tax is taken monthly that will push us over the threshold for this yr.

200,000 int.x 15%=30,000tax.

cimb 3.6% no longer available.this is where we who visit different branches on a regular basis so we can keep everyone up to date with the promotions because they never advertise them.

I took out a 3.6%/18 months about two months ago and it was offered to me yet again when I was in the branch on Monday, somebody's telling porkies! I'll check my branch again today and report back.

[meatboy]

thanks cm.she got till fri 17th but they promised to ring back but they never did.

[meatboy]

wife has just come home 2.5hrs.closing one acc.and opening another,LH bank 3.5% over 15months is the best you can get till end of jan.so its my turn on tues,the interest is paid monthly and the tax certificate you get at the end of term.

well cm.what about this the fixed acc.what just matured thai gov.savings bank over 399days paid 3.30% and did not withhold any tax

[chiang mai]

wife has just come home 2.5hrs.closing one acc.and opening another,LH bank 3.5% over 15months is the best you can get till end of jan.so its my turn on tues,the interest is paid monthly and the tax certificate you get at the end of term.

well cm.what about this the fixed acc.what just matured thai gov.savings bank over 399days paid 3.30% and did not withhold any tax

Well done MB, you're not a Yorkshireman are you?

[mania]

I have a few Ayudhya Mee Tae dai accounts

although the interest is now 2.60% down from the original

of a year + ago.

... and now down to 2.5%

I always thought the new account had to opened at a separate branch if you were approaching the 20,000 limit ? (at least that's the case with another bank).

Yes their new Jan 10th statement shows 2.5% now

Well all good things must come to an end

Still ok with me for an account that does not take taxes & is not fixed.

As for the needing to use different branches no that has not been the case with them

As they are the ones to suggest opening another when they saw my interest getting close to threshold

[meatboy]

wife has just come home 2.5hrs.closing one acc.and opening another,LH bank 3.5% over 15months is the best you can get till end of jan.so its my turn on tues,the interest is paid monthly and the tax certificate you get at the end of term.

well cm.what about this the fixed acc.what just matured thai gov.savings bank over 399days paid 3.30% and did not withhold any tax

Well done MB, you're not a Yorkshireman are you?

tha knows sither 6yrs in pie and mushy pea country.

[meatboy]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

[John 1]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's.

[chiang mai]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's.

Accounts are still covered by the DPA, same as any other bank and they are subject to the same BOT rules.

[jbaldwin]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's.

Do you know of another similar bank that has ever failed in Thailand?

[meatboy]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's.

pretty obvious you cant play cards.

[meatboy]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's

land and house results for 2013 compared to 2012 up 31%.looks like they have a long way to fall.

[John 1]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

Yes you are right LH is like a building society and they fall quicker than a deck of card's

land and house results for 2013 compared to 2012 up 31%.looks like they have a long way to fall

Yes I saw the result's in the Bkk post also look at Tmb up a few hundred % I know still covered by government. But it's nicer to sleep at night with a little bit less interest and not worrying if a bank might fold and doing all the paper work that will be involved to get your money back and that will only be money back not interest on top. This is just for people to understand why 2nd tier bank have to offer high rates.

[meatboy]

land and houses bank as its called for me its like a building society has a fair deal on 3.5% fixed for 15months interest paid monthly,so yesterday when the wife told them she wouldn't be touching the interest till the end of term.as you need a separate acc.they told her to open a current acc.with 5,000bht and have the interest paid into it,as long as the balance doesn't go below 5k interest is paid at 2% as we normally have around 500,000bht in an account for living exs.the rate goes up to 2.70% this seems a fair deal getting interest on the interest.but hurry the 3.5%ends 31st.jan.

I wasn't very far from the truth when I posted that some of the thai banks that made large profits at the exspence of savers.went into land and house bank to put my lump sum in,solly 3.5% finished now 3.2%

looks like the 31% profit they made 2013 wasn't enough.

[meatboy]

all of us waiting for our tax refunds might have to wait a bit longer this yr.the wife just told me that the main tax office in bkk.is closed.

[Jack Mountain]

Does anyone know where (address) the tax office in Pattaya is?

[chiang mai]

CIMB, 24 months, 3.24%

[up-country_sinclair]

The SCB near my house is offering 2.35 for 4 months.

[MrMuddle]

Tax refunds for savings accounts ? Has anyone a link to this please ? Thank you.