Bank Savings Interest Rates

[meatboy]

Does anyone know of a decent interest rate available to Juristic Persons? All the good accounts I'm looking at seem in practice to be limited to individuals, even when the bank's website specifically mentions Juristic Persons as being eligible (like CIMB does).

the wife has one maturing today so its goner be going to land and house bank,the rate is 3% over 15months,any other bank

who has a decent rate she will let me know.

Thanks, but are you sure that's for Juristic Persons? Their website seems to say individuals only.

I need something decent for Juristic Persons, not for me personally.

What you need to do is look at the interest rate documents for each bank to see what's available. This is much more reliable than promotions mentioned elsewhere on bank websites.

For Krungsri the current document is at https://www.krungsri.com/bank/getmedia/66029374-3a50-4e67-8bd8-a6a610ef5826/deposit_05012015_eng.aspx and there are rates up to 1.8% available.

Similarly for Bangkok Bank the current document is at http://www.bangkokbank.com/DocumentsDeposit/DepositRates_29Jan2015.pdf but it's in Thai. The second column of figures is for Juristic Persons. 2.75% is the top rate, but that's for deposits over 100 million Baht.

LH BANK sent my wife an ems.on monday evening that they had a fixed acc.3% over 15months,less than 3days later its no longer available.although its still advertised in their branch window.this as i posted has happened twice to us in 3weeks.not on their websights but in their BRANCH.

the wife just phoned and said the staff knew nothing about the 3% being withdrawn.

Edited January 29, 2015 by meatboy

[AyG]

LH BANK sent my wife an ems.on monday evening that they had a fixed acc.3% over 15months,less than 3days later its no longer available.although its still advertised in their branch window.this as i posted has happened twice to us in 3weeks.not on their websights but in their BRANCH.

the wife just phoned and said the staff knew nothing about the 3% being withdrawn.

This kind of proves my point. If you look at the current rates (from 28 January) at http://www.lhbank.co.th/Content/upload/documents/-8587792572189409808อัตราดอกเบี้ยเงินฝาก_28_ม.ค._2558.pdf you'll see that the 15 month deposit rate for up to 10 million Baht for an individual is now 2.8%.

The 3.0% rate for 15 months was originally offered from 5 November last year. I suspect the recent notification was intended as a "last chance reminder" which, if I'm right, was rather kind of them.

The 5 November 2014 rates are at http://www.lhbank.co.th/Content/upload/documents/-8587865249834121808อัตราดอกเบี้ยเงินฝาก_5_Sep_2014.pdf (Ignore the fact the file name says 5_Sep - it's a mistake.)

[KittenKong]

Thanks, but are you sure that's for Juristic Persons? Their website seems to say individuals only.

I need something decent for Juristic Persons, not for me personally.

What you need to do is look at the interest rate documents for each bank to see what's available. This is much more reliable than promotions mentioned elsewhere on bank websites.

For Krungsri the current document is at https://www.krungsri.com/bank/getmedia/66029374-3a50-4e67-8bd8-a6a610ef5826/deposit_05012015_eng.aspx and there are rates up to 1.8% available.

Similarly for Bangkok Bank the current document is at http://www.bangkokbank.com/DocumentsDeposit/DepositRates_29Jan2015.pdf but it's in Thai. The second column of figures is for Juristic Persons. 2.75% is the top rate, but that's for deposits over 100 million Baht.

Thanks, but I do already know about these interest rate summaries. They have their place and I do consult them regularly (even though most of them are Thai-only, as you mention) but what they generally don't show are the details and conditions of the account. Also for some banks they don't seem to show the promtional "special" accounts.

What I was hoping for was some first-hand knowledge from someone who had actually opened an account for a Juristic Person and got a good rate and good conditions.

The 10 month KrungSri TD is already on my short-list as we have a suitable branch nearby. They also do another account that shows as paying 2% for deposits over 5MB but this is a tiered account rather than a continuous one. Again this isn't very clear from the interest rate summary or the description, hence my unwillingness to rely on these. Whenever possible I like to know what I'm talking about before I go to the bank to see the assistant manager. I have had enough of the long delays while they consult 15 different people on the phone just to finally come back with "mai dai".

Another option is Treasury Money Funds paying about 1.7-1.8% but I would have to consult our lawyer about the legality of these for our purposes as they do not have a fixed value even if technically they would not drop in price.

[KittenKong]

LH BANK sent my wife an ems.on monday evening that they had a fixed acc.3% over 15months,less than 3days later its no longer available.although its still advertised in their branch window.this as i posted has happened twice to us in 3weeks.not on their websights but in their BRANCH.

the wife just phoned and said the staff knew nothing about the 3% being withdrawn.

Similar rapid changes at CIMB over the last month or two. I don't think that LHBank are being especially devious about this.

[chris2004]

I am looking to invest 1-2 million baht in the near future and am looking around for the best rate, probably not my main bank Kasikorn. When you move money around between banks how is this best done. Not by cash presumably. Do you get a cashier's cheque? payable to yourself or to the bank where the money is being deposited.

[TallGuyJohninBKK]

I passed by the L&H Branch at Asoke in BKK today, and snapped shots of both their window display and a rates paper flyer they had out front. As follows:

As my wife explained it (not sure how reliably) the top account on the flyer is an open ended account, 5000 baht and up for 2%, 500,000 to 10 million at 2.65%, 10 to 20 million at 2.5%, and 20 to 30 million at 2.4%.

The next two down are 12 month and 24 or 36 month accounts.

The fourth one down on the page, she said, is only for businesses.

The last two on the page, she said, are those deposit every month for 2-3 year type accounts.

I didn't bother to ask about conditions for opening the account, because in the past, that branch has always said they'd require a work permit to open accounts with them.

If anyone else can improve on the amateur translation above, please do!

Edited January 29, 2015 by TallGuyJohninBKK

[KittenKong]

When you move money around between banks how is this best done. Not by cash presumably. Do you get a cashier's cheque? payable to yourself or to the bank where the money is being deposited.

I generally get wads of cash in a big envelope though it's usually no more than 1MB at a time. Quite amusing really.

[KittenKong]

Unfortunately that isn't even partially correct ... someone has been pulling your pisser.

There are actually 5 levels. levels are ...

Level 1 <0.5MB

Level 2 0.5MB - <1MB

Level 3 1MB - <3MB

Level 4 3MB - <10MB

Level 5 >10MB

The perks, like Lounge Tickets start at Level 3

If anyone really want the full details .. ask... and I'll scan and post later..

I'd like to see that scan, please. I qualify for nearly all those levels but no one at CIMB ever offered me anything, apart from a glass of water and two free umbrellas.

[JAS21]

Unfortunately that isn't even partially correct ... someone has been pulling your pisser.

There are actually 5 levels. levels are ...

Level 1 <0.5MB

Level 2 0.5MB - <1MB

Level 3 1MB - <3MB

Level 4 3MB - <10MB

Level 5 >10MB

The perks, like Lounge Tickets start at Level 3

If anyone really want the full details .. ask... and I'll scan and post later..

I'd like to see that scan, please. I qualify for nearly all those levels but no one at CIMB ever offered me anything, apart from a glass of water and two free umbrellas.

We are in Kanchanaburi on holiday but will be back in BK late on Monday ... I'll scan and post it then for you.

[TallGuyJohninBKK]

I am looking to invest 1-2 million baht in the near future and am looking around for the best rate, probably not my main bank Kasikorn. When you move money around between banks how is this best done. Not by cash presumably. Do you get a cashier's cheque? payable to yourself or to the bank where the money is being deposited.

I've found myself asking that exact same question a number of times, and the answer in part depends on what kind of account you're opening.

For Thais, it seems, they're content to bring a bag or briefcase or suitcase of bills to the bank. I'm NOT content to do that.

So in the alternative, the various bank branches I've spoken with have tended to recommend using a cashier's check from where the funds are on deposit to where you want to move them to. I asked the same question, who to make the check out to, and believe was advised make it out to myself.

But, if the new account is one where it doesn't require a single large one-time opening deposit, my other approach has been to open the new account and fund it with cash just at whatever the minimum level is -- 500 or 1000 baht, just enough to get Internet banking up and running. And then, do an online bank to bank transfer of the large amount of funds into the new account. Feel a bit safer that way.

[JAS21]

When you move money around between banks how is this best done. Not by cash presumably. Do you get a cashier's cheque? payable to yourself or to the bank where the money is being deposited.

I generally get wads of cash in a big envelope though it's usually no more than 1MB at a time. Quite amusing really.

Yes amazing ... We withdrew 1M THB from BB. Madam put 5 bundles in her handbag and I had 5 bundles in an envelope. Did make sure that the truck was parked outside the bank though ...and I looked both ways before exiting the bank.

She said everybody does it!!!

Parked right outside CIMB as well........

[chris2004]

When you move money around between banks how is this best done. Not by cash presumably. Do you get a cashier's cheque? payable to yourself or to the bank where the money is being deposited.

I generally get wads of cash in a big envelope though it's usually no more than 1MB at a time. Quite amusing really.

I don't think i want to do that. No point getting 30,000 baht in interest if i risk losing the whole 1 million.

[TallGuyJohninBKK]

I opened a 2.3%, no tax withheld Mee Tae Dai savings account the other day at my local Krungsri branch. 1000 minimum to open, interest paid monthly. Two no-fee withdrawals allowed per month. Not much hassle doing so with just a retirement extension.

But while perusing the latest interest rates PDF file on the Krungsri website, I saw they also have a 10 month special time deposit paying 2.5%, interest paid monthly, but tax withheld, minimum 10,000 to open up to 10 million, though their PDF says 50,000.

And also an 8 months step-up time deposit that has three different rates over its term that average out to 2.75%, 10,000 to open, interest paid monthly, tax withheld. And bank staff there confirmed both were still available and available to me.

In both cases, bank staff said funds can be added to either account at any time during their terms, though apparently with 10,000 baht minimums per addition. And the monthly interest payments are automatically transferred monthly into either a separate savings or current account with the bank, such as the Mee Tae Dai account.

Planning to use the Mee Tae Dai account as an ongoing, kind of backup account with Krungsri, and then transfer my funds with them from the Mee Tae Dai account into any special or time deposit accounts they may offer in the future with decent interest rates.

The branch of Sukhumvit Rd. near Soi 17 has a fairly pleasant and helpful branch manager by the name of Khun Visut, and an English speaking female new accounts officer by the name of "Oh" who treated my wife and I pretty well.

I know CIMB has some better rates on their accounts, but what they don't have is any branch nearby my home where they have any English speaking staff who are going to be helpful is issuing an annual Immigration bank deposit letter, nor do they have a branch at the ChaengWattana Immigration complex in BKK. The folks at the Krungsri Sukhumvit Soi 17 branch assured me they knew what the Immigration letters are and would have no problem producing them, and Krungsri also has a branch inside the Govt Complex.

Edited January 31, 2015 by TallGuyJohninBKK

[chiang mai]

The stated purpose of this thread, for several successful years, is to alert viewers as to what retail bank rate products exist currently in Thailand.

May we please stick to that topic, those interested in (semi/not) related debates about off-topic experiences, please, please, give it a rest and start another thread related to your interest (or lack of)!

[TallGuyJohninBKK]

Meanwhile, CIMB has posted the February version of their promotion offers on their website:

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

[meatboy]

Meanwhile, CIMB has posted the February version of their promotion offers on their website:

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

i see their 17month fixed acc.paying 3.25% is quite decent until you read the conditions.

to qualify for it,you must open a 5month fixed term acc.aswell with an amount of no less than 1,000,000BHT.

so for a new customer you have to open a current acc.aswell so the interest paid monthly can go into.

as i am not a fan of theirs i wonder how many thais will want to open one.

looks like they are targeting farangs,[the ones that know the rules]

surely this cant be right,or as john mac.said "YOU CANT BE SERIOUS"

Edited February 1, 2015 by meatboy

[Oorinara]

BOT, the regulator, publicizes and updates (daily?) deposit interest rates of commercial banks.

http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Though certain promotional rates not necessarily reflected, still good overview for quick compassion.

[JAS21]

KittenKong, on 29 Jan 2015 - 19:00, said:KittenKong, on 29 Jan 2015 - 19:00, said:

JAS21, on 27 Jan 2015 - 18:09, said:JAS21, on 27 Jan 2015 - 18:09, said:

Unfortunately that isn't even partially correct ... someone has been pulling your pisser.

There are actually 5 levels. levels are ...

Level 1 <0.5MB

Level 2 0.5MB - <1MB

Level 3 1MB - <3MB

Level 4 3MB - <10MB

Level 5 >10MB

The perks, like Lounge Tickets start at Level 3

If anyone really want the full details .. ask... and I'll scan and post later..

I'd like to see that scan, please. I qualify for nearly all those levels but no one at CIMB ever offered me anything, apart from a glass of water and two free umbrellas.

I hope that you can read it

Edited February 2, 2015 by JAS21

[KittenKong]

I hope that you can read it

Thanks. I will go in and see them.

Sorry if this is somewhat off-topic but perks can be considered a sort of interest, I suppose.

[fletchsmile]

Tanachart now seem about top of the rates table for the 1 yr+ promos, and have just edged the CIMB rates I mentioned a couple of weeks back, which are down a bit now. If you're prepared to go out 2 years they've rates of up to 3.5%.

Cheers

Fletch

[chiang mai]

BOT, the regulator, publicizes and updates (daily?) deposit interest rates of commercial banks.

http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Though certain promotional rates not necessarily reflected, still good overview for quick compassion.

"Though certain any promotional rates not necessarily reflected", good however that you bothered to research and find that link.

Perhaps a more relevant link might be:

http://bankexchangerates.daytodaydata.net/default.aspx

Edited February 4, 2015 by chiang mai

[AyG]

BOT, the regulator, publicizes and updates (daily?) deposit interest rates of commercial banks.

http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Though certain promotional rates not necessarily reflected, still good overview for quick compassion.

"Though certain any promotional rates not necessarily reflected", good however that you bothered to research and find that link.

Perhaps a more relevant link might be:

http://bankexchangerates.daytodaydata.net/default.aspx

How more relevant? The former link is to interest rates, the latter to exchange rates.

[chiang mai]

BOT, the regulator, publicizes and updates (daily?) deposit interest rates of commercial banks.

http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Though certain promotional rates not necessarily reflected, still good overview for quick compassion.

"Though certain any promotional rates not necessarily reflected", good however that you bothered to research and find that link.

Perhaps a more relevant link might be:

http://bankexchangerates.daytodaydata.net/default.aspx

How more relevant? The former link is to interest rates, the latter to exchange rates.

Apologies abound, seems I had a, "senior moment", - at the time I was writing on two separate forums on related subjects! What more can be said.

[JackisBack]

A question about the Krungsri , Mee Tae Dai Savings account


If one account is opened ( Account A ) say with 1 million Baht and another account is opened ( Account B ) with say 5,000 Baht , then when the interest paid into account A is reaching the tax threshold amount of 20,000 Baht , all the interest gained from account '' A '' can be moved into account B , thus keeping the total interest earned in account '' A '' below the tax threshold and then there is no need to personally claim back any tax taken .

I was assuming that if the above idea is correct , then you do not have to personally try and claim back any tax taken , but on reading this _____

In the Mee Tae Dai Savings account information part ( 10.5 ) it states --------


10.5 The Bank shall calculate interests on a daily basis based on the remaining balance and shall deposit such
interests after deduction of withholding taxes to such account on the day before last working day of each
month.

So the interest thats paid into account A has allready been taxed ?

Am I reading this right or missing some thing ?

Savings Mee Tae Dai Deposit Account: Deposit terms

10.1 Eligible depositors are individual customers who open an account only under their name (joint accounts,
Account “for” or “by” are not permitted).

10.2 The minimum for the initial deposit is THB 500.

10.3 For depositing with a cheque, the deposit shall be considered as complete only after the cheque has been
cleared.

10.4 The interest rate and fees on this deposit is as per the Bank’s announcement.

10.5 The Bank shall calculate interests on a daily basis based on the remaining balance and shall deposit such
interests after deduction of withholding taxes to such account on the day before last working day of each
month.

10.6 The depositors shall be able to make the Withdrawal Transaction 2 times of each month with free of charge,
after that, the Withdrawal Transaction fee will be charged in the amount of 50 Baht per transaction given
that such fee will be deducted from the account in the next day.

10.7 Withdrawal Transaction means any withdrawal or fund transfer via all of the Bank’s channels which also
include automatic account deduction and the closing of account.

10.8 In the case where the remaining balance is less than the Withdrawal Transaction fee, the depositors shall
not be allowed to make any Withdrawal Transaction.

10.9 Depositors shall be able to close their account at the branch where the account has opened.

10.10 The calculation of the interest tax is as per the regulations / conditions of the Revenue Department.

10.11 The Bank reserves the right to change conditions or service procedures without any prior notice to
depositors.

[KittenKong]

If one account is opened ( Account A ) say with 1 million Baht and another account is opened ( Account B ) with say 5,000 Baht , then when the interest paid into account A is reaching the tax threshold amount of 20,000 Baht , all the interest gained from account '' A '' can be moved into account B , thus keeping the total interest earned in account '' A '' below the tax threshold and then there is no need to personally claim back any tax taken .

I was assuming that if the above idea is correct , then you do not have to personally try and claim back any tax taken

Moving the interest out of an account doesn't alter the fact that it has been earned. As long as the total interest earned in an account does not exceed 20K they wont tax it anyway.

In your case, just put 500K in each account and your problem is solved.

[JackisBack]

If one account is opened ( Account A ) say with 1 million Baht and another account is opened ( Account B ) with say 5,000 Baht , then when the interest paid into account A is reaching the tax threshold amount of 20,000 Baht , all the interest gained from account '' A '' can be moved into account B , thus keeping the total interest earned in account '' A '' below the tax threshold and then there is no need to personally claim back any tax taken .

I was assuming that if the above idea is correct , then you do not have to personally try and claim back any tax taken

Moving the interest out of an account doesn't alter the fact that it has been earned. As long as the total interest earned in an account does not exceed 20K they wont tax it anyway.

In your case, just put 500K in each account and your problem is solved.

Thanks for the clarification , I was getting confused with the ____

( shall deposit such interests after deduction of withholding taxes )

So that above statement is a bit misleading ?

[KittenKong]

Thanks for the clarification , I was getting confused with the ____

( shall deposit such interests after deduction of withholding taxes )

So that above statement is a bit misleading ?

I have never understood why some Thai banks dont charge the withholding tax on some accounts. But there are many things that I dont understand about Thai banks.

My solution is to keep trying different branches until I find one that does what I want, and then ignore the others. The same approach seems to work pretty well for most businesses here, and people generally for that matter.

[JackisBack]

Thanks for the clarification , I was getting confused with the ____

( shall deposit such interests after deduction of withholding taxes )

So that above statement is a bit misleading ?

I have never understood why some Thai banks dont charge the withholding tax on some accounts. But there are many things that I dont understand about Thai banks.

My solution is to keep trying different branches until I find one that does what I want, and then ignore the others. The same approach seems to work pretty well for most businesses here, and people generally for that matter.

Sound advice

[55Jay]

If one account is opened ( Account A ) say with 1 million Baht and another account is opened ( Account B ) with say 5,000 Baht , then when the interest paid into account A is reaching the tax threshold amount of 20,000 Baht , all the interest gained from account '' A '' can be moved into account B , thus keeping the total interest earned in account '' A '' below the tax threshold and then there is no need to personally claim back any tax taken .

I was assuming that if the above idea is correct , then you do not have to personally try and claim back any tax taken

Moving the interest out of an account doesn't alter the fact that it has been earned. As long as the total interest earned in an account does not exceed 20K they wont tax it anyway.

In your case, just put 500K in each account and your problem is solved.

Thanks for the clarification , I was getting confused with the ____

( shall deposit such interests after deduction of withholding taxes )

So that above statement is a bit misleading ?

+1 on splitting your money over two accounts.

When/if you ever approach 20k interest in a year, to avoid tax withholding and a tax return process later on, simply close that account and open a new one. I did this exercise first time a few months ago, no problems.

[jpinx]

Krungsri/yellow bank/Bank of Ayudhya account Mee Tae Dai is dropping... Now only 2.25% maximum -- less tax if you earn too much...

If it's any consolation (which it isn't) rates in Oz and NZ are tumbling - as are FX rates. Looks like the Asian-Pacific balloon is deflating

Edited February 8, 2015 by jpinx