Bank Savings Interest Rates

[chiang mai]

I thought all tax ID's are thirteen digits, mine is and I don't have a work permit.

[meatboy]

I thought all tax ID's are thirteen digits, mine is and I don't have a work permit.

just above my name on a dotted line across the card it has a eg.1-1234-5678 / then the 13digit no.

[Oorinara]

Work Permit bears no tax ID #.

Sent from my iPhone using Thaivisa Connect Thailand

[meatboy]

Work Permit bears no tax ID #.

Sent from my iPhone using Thaivisa Connect Thailand

thanks for that.oh well back to the drawing board.

[chiang mai]

Work Permit bears no tax ID #.

Sent from my iPhone using Thaivisa Connect Thailand

thanks for that.oh well back to the drawing board.

You're fired, next!

[dinga]

this is the same type of savings acc.that is available to FOREIGNERS at Bangkok bank.

so with your contacts and knowledge would you be able to confirm the above for me.

thank you MEATBOY. ps.i have checked their websight and knowhere does it say I cant.

I'm afraid I already know the answer to this one and it's not just L&H Bank, it's also CIMB and probably others also.

I tried opening accounts at L&H Bank a couple of years ago and they were enthusiastic until they realized I didn't have a work permit, I pushed the point with them and the bottom line was, after they ran out of excuses, that it's up to each bank as to what products they offer and to whom.

CIMB though really annoys me, they have a couple of 3.25% products which, despite me being a preferred customer, they refuse to sell to me saying it's for Thai's only. The difference with CIMB though is when I try to push the point all I get in return is that silent smiling face, blank, nobody home smiles and no words!

Happy to report I successfully opened a CIMB 12mths TD yesterday - 3.35% interest & tax exempt on the maximum 500,000. Needed patience (initially told account only for Thai nationals), together with copies of PR documents, Passport, Work Permit, Tax ID and Blue Tabean Baan - and a number of conversations between the Asok Branch folks and their HQ.

[meatboy]

this is the same type of savings acc.that is available to FOREIGNERS at Bangkok bank.

so with your contacts and knowledge would you be able to confirm the above for me.

thank you MEATBOY. ps.i have checked their websight and knowhere does it say I cant.

I'm afraid I already know the answer to this one and it's not just L&H Bank, it's also CIMB and probably others also.

I tried opening accounts at L&H Bank a couple of years ago and they were enthusiastic until they realized I didn't have a work permit, I pushed the point with them and the bottom line was, after they ran out of excuses, that it's up to each bank as to what products they offer and to whom.

CIMB though really annoys me, they have a couple of 3.25% products which, despite me being a preferred customer, they refuse to sell to me saying it's for Thai's only. The difference with CIMB though is when I try to push the point all I get in return is that silent smiling face, blank, nobody home smiles and no words!

Happy to report I successfully opened a CIMB 12mths TD yesterday - 3.35% interest & tax exempt on the maximum 500,000. Needed patience (initially told account only for Thai nationals), together with copies of PR documents, Passport, Work Permit, Tax ID and Blue Tabean Baan - and a number of conversations between the Asok Branch folks and their HQ.

500,000 over 12months?this is not a savings acc.its a fixed term deposit, so how is it tax exempt.we all have these,i already have 3.and all of them have tax withheld,which I claim back.

[chiang mai]

this is the same type of savings acc.that is available to FOREIGNERS at Bangkok bank.

so with your contacts and knowledge would you be able to confirm the above for me.

thank you MEATBOY. ps.i have checked their websight and knowhere does it say I cant.

I'm afraid I already know the answer to this one and it's not just L&H Bank, it's also CIMB and probably others also.

I tried opening accounts at L&H Bank a couple of years ago and they were enthusiastic until they realized I didn't have a work permit, I pushed the point with them and the bottom line was, after they ran out of excuses, that it's up to each bank as to what products they offer and to whom.

CIMB though really annoys me, they have a couple of 3.25% products which, despite me being a preferred customer, they refuse to sell to me saying it's for Thai's only. The difference with CIMB though is when I try to push the point all I get in return is that silent smiling face, blank, nobody home smiles and no words!

Happy to report I successfully opened a CIMB 12mths TD yesterday - 3.35% interest & tax exempt on the maximum 500,000. Needed patience (initially told account only for Thai nationals), together with copies of PR documents, Passport, Work Permit, Tax ID and Blue Tabean Baan - and a number of conversations between the Asok Branch folks and their HQ.

When you say PR documents, do you mean Permanent Residency?

And since the the blue tabien baan or blue house book (Thor.Ror.14) is for Thai nationals, I presume you are Thai?

Or do you mean something else?

[meatboy]

I just had a look at what cimb.are offering,its 12month fixed term,tax exempt senior deposit acc.3.35% interest monthly or on maturity.

this makes me think THAI'S ONLY.

documents required id.card/photo or any other issued by government authority.

[soap]

I just had a look at what cimb.are offering,its 12month fixed term,tax exempt senior deposit acc.3.35% interest monthly or on maturity.

this makes me think THAI'S ONLY.

documents required id.card/photo or any other issued by government authority.

I opened this same account 12 months ago,I am hoping to renew it later this month 500,000฿ max

[dinga]

I just had a look at what cimb.are offering,its 12month fixed term,tax exempt senior deposit acc.3.35% interest monthly or on maturity.

this makes me think THAI'S ONLY.

documents required id.card/photo or any other issued by government authority.

I opened this same account 12 months ago,I am hoping to renew it later this month 500,000฿ max

To clarify the questions:

* Yes - TD = Term Deposit ( not savings account)

* PR - Yes (Permanent Resident) - not Thai citizen. Available to PRs - but need to be over 55 yrs, and max 500,000 deposited.

* PRs can be included in Blue Tabean Baan - I have the 13 digit ID Number begining with "8" (there is another thread about the issue of ID Cards to PRs/non-Thais which hopefully will re-commence early next year)

* CIMB confirmed the 3.35% is Tax Exempt!

Edited August 7, 2014 by dinga

[prepress]

Bank of Ayudhya

8-months Step Up Time Deposit Account

Account opening from 11 Jun 2014 onwards

Month 1 st - 3 rd 2.30 %

Month 4 th - 6 th 2.70 %

Month 7 th - 8 th 3.50 %

(Average Rate = 2.75%)

Bangkok Bank offer 2.8% for 11 month

my preference Krungsri Bank 8 month - 2.75%

instead of Bangkok Bank 11 month - 2.8%

Can the tax be reclaimed in both cases?

I got a tax ID.

[chiang mai]

Bangkok Bank offer 2.8% for 11 month

my preference Krungsri Bank 8 month - 2.75%

instead of Bangkok Bank 11 month - 2.8%

Can the tax be reclaimed in both cases?

I got a tax ID.

If they are both fixed rate deposits, yes, and I believe they are.

[meatboy]

having been a horse racing freak,there has been an objection by the local branch of korat to the customer services at their head office of land and houses bank to give me a savings account.after replay and replay that took 5hrs. the objection has been sustained.it seemed the stewards at their main centre have came to the decision that foreigners are not allowed to have any sort of savings account where it is tax free.but they did tell mrs.meat they are sorry about it but she can go in any time she likes to open one of these accounts.mrs.meat wished they could understand a few choice words not in the English dictionary.

as we have reached the threshold of allowance's before we start paying tax,the above savings plan would have been fine but it wasn't to be.[tax free]

doing a little bit more research into our coffers I forgot mrs.meat bought 2,000 lottery tkts.at 50bht.each with the

thai.gov.savings bank that mature after 3yrs.with a guaranteed value of then[7th.jan 2013] of 1.50% plus any winnings tax free.you can withdraw the lot after 3months with no loss as interest is paid on maturity,but any winnings is paid straight away into a current acc.so you keep them.then you have a maturity value if you pull out at 1yr,and at 2yr.5.50bht/51.125bht

as we want to put some away for medical cover this is fine,you might think av.interest over 3yrs.not much is it,but wait a minute what about your winnings if your lucky,well 1st.yr.we won 1,200bht.not bad 1.2% to add to the already 1.5% for that yr.so far this yr.450bht.with another 5draws to go[16th.of every month.] so another 17draws in total there's a fair chance of a decent return.

there are three steps of the no.of tickets you can buy.[1] 100bht.up to 500,000.bht. at guaranteed 1.50% av.over 3yrs.

then there is a 500,000bht block with a guaranteed av.over 3yrs.of 2.220%

and another of 5,000,000bht.the av.on this has gone down since we bought ours its now2.364%.

so if you like a flutter like me is you give your monet to the bookies runner,in my case THE WIFE its better than backing a horse,WHY because you cant loose. NO COMMENTS PLEASE

only downfall is unless you buy 500,000bht.block,u might end up like we did this week when mrs.meat bought 100,000bhts.worth [2,000] tkts.you could end up with the last 4no's the same.or near.so next purchase 500,000bht.block

tkts.are 7digits with prizes down to the last four.

[prepress]

Hi,

just wonder if the moderator of this forum can delete old posts from 2012 - 2013. Or do we trace the history of Thai interest rates

[chiang mai]

Hi,

just wonder if the moderator of this forum can delete old posts from 2012 - 2013. Or do we trace the history of Thai interest rates

Why?

[prepress]

Hi,

just wonder if the moderator of this forum can delete old posts from 2012 - 2013. Or do we trace the history of Thai interest rates

Why?

Sorry, you started it.

54 pages since 2012

May pen rai

[chiang mai]

Hi,

just wonder if the moderator of this forum can delete old posts from 2012 - 2013. Or do we trace the history of Thai interest rates

Why?

Sorry, you started it.

54 pages since 2012

May pen rai

For the person who is so inclined, there's actually a load of useful information in the earlier pages regarding tax, rates at various banks, issues encountered and work arounds. I personally have no interest in this thread being any longer than is useful hence I have no problem if the Mods want to chop it to a more manageable length, it's just that, as with other topics/threads that have been lost because of server size, loads of really useful data has now gone, I'm certainly not precious about the subject however and reinventing the wheel is always good for clicks.

[chiang mai]

CIMB:

BEWARE the 2.8% 8 month deal, it pays all the interest up front and then locks the principle for eight months, it is NOT suitable for Immigration retirement visa purposes since the funds are not immediately available, it also means you can't get your funds back should you need them.

Plus, their 3.25% offer is restricted to account holders who have a tax ID AND a tabien baan, who ever would have thought that owning a property would have been a prerequisite to opening a fixed rate deposit, what ever are they thinking.

FWIW I'm in the process of removing a few million of matured deposits from them, in favor of greener pastures.

Edited August 14, 2014 by chiang mai

[fletchsmile]

Tabian bahn is just house resistration. I.e registered address.

Nowadays for Thais it s a blue book. You can be registered in the blue book but are not necessarily the owner. Eg my wife owns our condo and is on first page. First child is on the next page etc.

The kids are not owners just registered there.

Any Thai who lives at an address can be registered on the tabian bahn.

Thais generally have to register themselves on a tabian bahn somewhere for formal purposes.

So ownership isnt a pre requisite but proof of your registered address is.

Cheers

Fletch

Edited August 14, 2014 by fletchsmile

[chiang mai]

Tabian bahn is just house resistration. I.e registered address.

Nowadays for Thais it s a blue book. You can be registered in the blue book but are not necessarily the owner. Eg my wife owns our condo and is on first page. First child is on the next page etc.

The kids are not owners just registered there.

Any Thai who lives at an address can be registered on the tabian bahn.

Thais generally have to register themselves on a tabian bahn somewhere for formal purposes.

So ownership isnt a pre requisite but proof of your registered address is.

Cheers

Fletch

That was always my understanding also except that a farang who rents his property is not able to be registered on the tabien bahn of the Thai owner. From a banking perspective it's all a bit odd.

[fletchsmile]

Yes Tabian bahn is usually in connection with Thai nationals. Most foreigners will not be on one.

In the context of opening bank accs: whenever I open the same acc for me as a foreigner and my wife or kids as Thais, they will want a copy of the Tabian bahn/ registered address for the wife and kids because they are Thai and for me as they know most foreigners arent on one it isnt applicable so they re quite happy to not get one.

Bottom line is for Thais they want the registered address/tabian bahn as all Thais are expected to be on one. No need to be the owner of a property. For foreigners you can usually forget about it.

Cheers Fletch:)

Edited August 15, 2014 by fletchsmile

[Tywais]

For the person who is so inclined, there's actually a load of useful information in the earlier pages regarding tax, rates at various banks, issues encountered and work arounds. I personally have no interest in this thread being any longer than is useful hence I have no problem if the Mods want to chop it to a more manageable length, it's just that, as with other topics/threads that have been lost because of server size, loads of really useful data has now gone, I'm certainly not precious about the subject however and reinventing the wheel is always good for clicks.

Topics are never lost or topic data gone but after a year of no activity they are automatically archived at which point replies can no longer be added. If it is felt this topic is getting unwieldy, a new topic can be started with a link back to this one for reference and I can than lock this one with a link to the new one.

[chiang mai]

For the person who is so inclined, there's actually a load of useful information in the earlier pages regarding tax, rates at various banks, issues encountered and work arounds. I personally have no interest in this thread being any longer than is useful hence I have no problem if the Mods want to chop it to a more manageable length, it's just that, as with other topics/threads that have been lost because of server size, loads of really useful data has now gone, I'm certainly not precious about the subject however and reinventing the wheel is always good for clicks.

Topics are never lost or topic data gone but after a year of no activity they are automatically archived at which point replies can no longer be added. If it is felt this topic is getting unwieldy, a new topic can be started with a link back to this one for reference and I can than lock this one with a link to the new one.

My recommendation would be to retain the most recent ten pages and to archive the rest.

[Tywais]

For the person who is so inclined, there's actually a load of useful information in the earlier pages regarding tax, rates at various banks, issues encountered and work arounds. I personally have no interest in this thread being any longer than is useful hence I have no problem if the Mods want to chop it to a more manageable length, it's just that, as with other topics/threads that have been lost because of server size, loads of really useful data has now gone, I'm certainly not precious about the subject however and reinventing the wheel is always good for clicks.

Topics are never lost or topic data gone but after a year of no activity they are automatically archived at which point replies can no longer be added. If it is felt this topic is getting unwieldy, a new topic can be started with a link back to this one for reference and I can than lock this one with a link to the new one.

My recommendation would be to retain the most recent ten pages and to archive the rest.

Can't archive selected posts as it is an automatic feature of the board and archives the full topic. My suggestion is the only workable solution. The link back to this topic from the new topic could point to the 10th from last post though. As the saying goes, up2you.

[chiang mai]

Three years ago I did what I thought might be a silly thing and locked away some Sterling for four years at 3.25%, (an effective 3.8%) the get out cost is three months interest but today, it looks like that wasn't such a bad move after all.

So in light of the above, I decided to do something similar again but in Thailand this time, 3.5% for three years, two tranches of 500k each invested, I think of it as an insurance policy in case rates go wobbly, that's an effective 4.12%, I'm hedging my bets that rates may stay flat for some time or even fall.

[topt]

Three years ago I did what I thought might be a silly thing and locked away some Sterling for four years at 3.25%, (an effective 3.8%) the get out cost is three months interest but today, it looks like that wasn't such a bad move after all.

So in light of the above, I decided to do something similar again but in Thailand this time, 3.5% for three years, two tranches of 500k each invested, I think of it as an insurance policy in case rates go wobbly, that's an effective 4.12%, I'm hedging my bets that rates may stay flat for some time or even fall.

CM how are you getting the 4.12% figure - compounding the interest?

[chiang mai]

CM how are you getting the 4.12% figure - compounding the interest?

Yes, the interest gets paid into a preferred savings account which earns 2.50% (no tax) currently - UOB.

[Oorinara]

Life insurers offer savings plan. Bangkok Life, for instance, sold savings plan with interest rate (IRR) of 4% p.a. last and this year for a limited promotion period. Now, seems to be 3.75% (their English website provides little info though).

Pays out sum of premium in case of loss of life. Bought 100k last year, which returns 4% every year over the coverage period of 5 yr. During 5 yr, if I pass away, my beneficiary receives 100k. Period for premium payment was just a single year, hence no need to commit contributing over several years.

Effectively like 5 yr deposit with 4% interest but no compound (no leverage as life insurance, though). Free from 15% withholding tax on 4% 'interest', cause ain't no bank deposit.

Premium is tax deductible up to 100k p.a., should you pay personal income tax. Of course you can buy more, if you want.

http://www.rd.go.th/publish/6045.0.html

More like deposit than insurance. So, didn't post onto insurance thread.

[Oorinara]

Just to add on my previous post: if I survive over coverage period of 5 yr, I get 100k back to me.