Bank Savings Interest Rates

[mania]

Hmmm, the MPC just slashed the bank rate to 2.75%, expect all those 2.9% instant access deals to evaporate, I for one was not expecting that at this stage.

Yup

Thailand surprises with interest rate cut as economy falters

Lets see where it ends up now?

But still last night I was looking at what the USA is giving & it makes this

still quite attractive

BOA is not my US bank but mine is the same as theirs as far as rates go.

Rates

[nong38]

Hmmm, the MPC just slashed the bank rate to 2.75%, expect all those 2.9% instant access deals to evaporate, I for one was not expecting that at this stage.

Yup

Thailand surprises with interest rate cut as economy falters

Lets see where it ends up now?

But still last night I was looking at what the USA is giving & it makes this

still quite attractive

BOA is not my US bank but mine is the same as theirs as far as rates go.

Rates

Not good news, cant see it stimulating anything and I am sure all our high street banks will be hastily re-writing their own rates now as well.

Morw work for CM!

I wonder what will happen when the QE ends and the inflation starts to be dealt with.

[chiang mai]

Hmmm, the MPC just slashed the bank rate to 2.75%, expect all those 2.9% instant access deals to evaporate, I for one was not expecting that at this stage.

Yup

Thailand surprises with interest rate cut as economy falters

Lets see where it ends up now?

But still last night I was looking at what the USA is giving & it makes this

still quite attractive

BOA is not my US bank but mine is the same as theirs as far as rates go.

Rates

Not good news, cant see it stimulating anything and I am sure all our high street banks will be hastily re-writing their own rates now as well.

Morw work for CM!

I wonder what will happen when the QE ends and the inflation starts to be dealt with.

That's the dangerous time, when it leads to wage inflation it means that interest rates wil have to go up, great for savers, a nightmare for those in debt/mortgage holders etc.

BTW I just came back from seeing BAY, I collected my certificate of interest paid and tax paid on two accounts that matured, one in June and one in August, no problems, can get the certificate any time, took all of ten minutes.

[chiang mai]

Perhaps just worth pointing out here that the Thai tax year for interest payments and tax paid on accounts, is the calendar year, so 1 Jan to 31 Dec.

[nong38]

Perhaps just worth pointing out here that the Thai tax year for interest payments and tax paid on accounts, is the calendar year, so 1 Jan to 31 Dec.

Thanks for the dates, arent they a bit obvious for Thailand, I would have thought they would have gone for the Thai New Year! "Sorry we were closed when you called..............try again next year!"

[chiang mai]

Can anybody describe where the tax office is in Chiang Mai, please?

[meatboy]

so the banking analyst's in thailand said the interest rate cut will not be passed on,yesterday at 17.39 bkk.bank anounces loan and deposit rates are to be cut.as this will cut 10,000bht a year from a fixed 3yr.account x3.25%to 3% we will know have to look further afield,scb have also cut their fixed rates.oh well you cant be lucky in love and money.

[chiang mai]

so the banking analyst's in thailand said the interest rate cut will not be passed on,yesterday at 17.39 bkk.bank anounces loan and deposit rates are to be cut.as this will cut 10,000bht a year from a fixed 3yr.account x3.25%to 3% we will know have to look further afield,scb have also cut their fixed rates.oh well you cant be lucky in love and money.

The banking analysts were correct, the interest rate cut will not be passed on, to borrowers!

[meatboy]

so the banking analyst's in thailand said the interest rate cut will not be passed on,yesterday at 17.39 bkk.bank anounces loan and deposit rates are to be cut.as this will cut 10,000bht a year from a fixed 3yr.account x3.25%to 3% we will know have to look further afield,scb have also cut their fixed rates.oh well you cant be lucky in love and money.

The banking analysts were correct, the interest rate cut will not be passed on, to borrowers!

yesterdays report bkkb.has cut its fixed saving rates by .125-.25,but loan rates by only .125-to a minimum 7% this i have seen through out the banking industry they are quick to slash savings rates,but only half the cut to borrowers.webfact friday live.

[nong38]

so the banking analyst's in thailand said the interest rate cut will not be passed on,yesterday at 17.39 bkk.bank anounces loan and deposit rates are to be cut.as this will cut 10,000bht a year from a fixed 3yr.account x3.25%to 3% we will know have to look further afield,scb have also cut their fixed rates.oh well you cant be lucky in love and money.

The banking analysts were correct, the interest rate cut will not be passed on, to borrowers!

yesterdays report bkkb.has cut its fixed saving rates by .125-.25,but loan rates by only .125-to a minimum 7% this i have seen through out the banking industry they are quick to slash savings rates,but only half the cut to borrowers.webfact friday live.

A banking trick followed throughout the world! Any rate change is an opportunity for Banks to make a bit more margin, honesty and integrity spring to mind.

[chiang mai]

so the banking analyst's in thailand said the interest rate cut will not be passed on,yesterday at 17.39 bkk.bank anounces loan and deposit rates are to be cut.as this will cut 10,000bht a year from a fixed 3yr.account x3.25%to 3% we will know have to look further afield,scb have also cut their fixed rates.oh well you cant be lucky in love and money.

The banking analysts were correct, the interest rate cut will not be passed on, to borrowers!

yesterdays report bkkb.has cut its fixed saving rates by .125-.25,but loan rates by only .125-to a minimum 7% this i have seen through out the banking industry they are quick to slash savings rates,but only half the cut to borrowers.webfact friday live.

honesty and integrity spring to mind.

If I might be so bold as to correct your post by inserting the word "don't" in the appropriate place.

[meatboy]

just read the q3 bank reports massive profits,scb have not reduced their deposit rates,but a little bit of good news for me&mrs after waiting to sell a property in the uk for over a yr and finding some decent deposit rates .is that one of asia's analyst's predicts that in the q4 banks will launch new deposit campaigns with high interest rates.so anyone with maturing fixed terms hold tight and see whats on offer.what do you think cm.

[chiang mai]

just read the q3 bank reports massive profits,scb have not reduced their deposit rates,but a little bit of good news for me&mrs after waiting to sell a property in the uk for over a yr and finding some decent deposit rates .is that one of asia's analyst's predicts that in the q4 banks will launch new deposit campaigns with high interest rates.so anyone with maturing fixed terms hold tight and see whats on offer.what do you think cm.

What I think MB is that I hope you are right, we can all use higher savings rates but I guess we'll have to wait and see.

But for the first time in a few years I'm also starting to get a little nervous about the disparity between the base rate and the eagerness of banks to offer a premium for savings, it reminds me too much of the UK during 2004/5/6 when banks were offering 6.5% in order to attract retail funds, a separate thread also talked about how the ratio of deposits to lending had shot from low levels a couple of years ago to in excess of 120% today, hence, Thai banks are aquiring funds from the international markets, a bit scary.

To simplify this, what it means is that Thai banks are lending faster than they can get savers (you and me) to deposit funds so they are borrowing the difference from overseas banks and they are offering you and me incentives in the meantime. A few things could happen: the bad things could include overseas banks going bust and demanding their money back quickly. Also, the fact that the Thai banks are lending so much means their default rate (bad loans) is increasing, this is what sparked the Asian crisis in 1997. The good things: nothing may happen and we'll all be a bit richer although I may have lost a pound or two worrying about it in the process. Bottom line is that whatever happens with the EU and US economies will have an impact on Thailand so that's worth watching, also worth keeping an eye on is the local credit market, Thai's borrowing too much money that cannot be repaid.

[meatboy]

just read the q3 bank reports massive profits,scb have not reduced their deposit rates,but a little bit of good news for me&mrs after waiting to sell a property in the uk for over a yr and finding some decent deposit rates .is that one of asia's analyst's predicts that in the q4 banks will launch new deposit campaigns with high interest rates.so anyone with maturing fixed terms hold tight and see whats on offer.what do you think cm.

What I think MB is that I hope you are right, we can all use higher savings rates but I guess we'll have to wait and see.

But for the first time in a few years I'm also starting to get a little nervous about the disparity between the base rate and the eagerness of banks to offer a premium for savings, it reminds me too much of the UK during 2004/5/6 when banks were offering 6.5% in order to attract retail funds, a separate thread also talked about how the ratio of deposits to lending had shot from low levels a couple of years ago to in excess of 120% today, hence, Thai banks are aquiring funds from the international markets, a bit scary.

To simplify this, what it means is that Thai banks are lending faster than they can get savers (you and me) to deposit funds so they are borrowing the difference from overseas banks and they are offering you and me incentives in the meantime. A few things could happen: the bad things could include overseas banks going bust and demanding their money back quickly. Also, the fact that the Thai banks are lending so much means their default rate (bad loans) is increasing, this is what sparked the Asian crisis in 1997. The good things: nothing may happen and we'll all be a bit richer although I may have lost a pound or two worrying about it in the process. Bottom line is that whatever happens with the EU and US economies will have an impact on Thailand so that's worth watching, also worth keeping an eye on is the local credit market, Thai's borrowing too much money that cannot be repaid.

yes cm it makes you wonder some times i remember 1997,also that is what happened to japan,we had one scare in the uk.when halifax were offering a 6% yr.reserve put all our money into it,then one morning the news came that they were in trouble,remembering what happened to northan rock i was outside the bank in bedroom slippers till i found out that lloyds had bailed them out.so its goner be whats the protection time.

[chiang mai]

Bump - anyone, the location of the tax office in Chiang Mai?

[mania]

Bump - anyone, the location of the tax office in Chiang Mai?

My wife said she is pretty sure it is in the City Hall near the 700 year Stadium

Same place we went to renew her Thai passport

Edit: but...after posting that I saw this...

http://www.rd.go.th/...sh/38210.0.html

So has two locations? Has phone numbers

The one my wife mentioned is the Chotana Road one

Edited October 22, 2012 by mania

[chiang mai]

Bump - anyone, the location of the tax office in Chiang Mai?

My wife said she is pretty sure it is in the City Hall near the 700 year Stadium

Same place we went to renew her Thai passport

Edit: but...after posting that I saw this...

http://www.rd.go.th/...sh/38210.0.html

So has two locations? Has phone numbers

The one my wife mentioned is the Chotana Road one

Thanks, I kinda thought it would be out there also but wanted to check, perhaps MB can verify?

[jcowle]

For my clarification, do I need to open many accounts to keep under the 20k interest paid yearly to avoid paying tax?

I opened a fixed rate account yesterday with Krungsri, I wanted to put in a resonable amount, but was told it would be better for me to open several accounts to avoid tax payments, this just seems a long winded way of doing it, but if it avoids tax then I will do, any advice please, and is this still one of the best deals around?

Regards

JOHN

[chiang mai]

For my clarification, do I need to open many accounts to keep under the 20k interest paid yearly to avoid paying tax?

I opened a fixed rate account yesterday with Krungsri, I wanted to put in a resonable amount, but was told it would be better for me to open several accounts to avoid tax payments, this just seems a long winded way of doing it, but if it avoids tax then I will do, any advice please, and is this still one of the best deals around?

Regards

JOHN

The advice you were given works although strictly speaking the banks are meant to aggregate accounts for interest purposes but most do not do this.

[jcowle]

For my clarification, do I need to open many accounts to keep under the 20k interest paid yearly to avoid paying tax?

I opened a fixed rate account yesterday with Krungsri, I wanted to put in a resonable amount, but was told it would be better for me to open several accounts to avoid tax payments, this just seems a long winded way of doing it, but if it avoids tax then I will do, any advice please, and is this still one of the best deals around?

Regards

JOHN

The advice you were given works although strictly speaking the banks are meant to aggregate accounts for interest purposes but most do not do this.

many thanks for the info

John

[meatboy]

For my clarification, do I need to open many accounts to keep under the 20k interest paid yearly to avoid paying tax?

I opened a fixed rate account yesterday with Krungsri, I wanted to put in a resonable amount, but was told it would be better for me to open several accounts to avoid tax payments, this just seems a long winded way of doing it, but if it avoids tax then I will do, any advice please, and is this still one of the best deals around?

Regards

JOHN

i am not sure i understand what you have been told me and mrs have a few fixed accs.but tax is taken by the bank automatically which we claim back from the tax dept.end of the tax year.

[chiang mai]

Sorry, my earlier answer was incorrect, I read it as being instant accounts rather than fixed rate/term accounts! MB's answer is correct of course. My apologies to jcowie.

[meatboy]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,the bank or are they acting as a third party.after seeing whats been going on regarding pyrimid schemes and only now action has been taken we need to be aware of what we are being offered.what do you think cm.

[mania]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,

[chiang mai]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,the bank or are they acting as a third party.after seeing whats been going on regarding pyrimid schemes and only now action has been taken we need to be aware of what we are being offered.what do you think cm.

Indeed, it's subordinated debt hence no insurance cover on the money and it's a fairly long way down the debt recovery pecking order when it comes to bancruptcy, also, 10 years is a long time, it's not for me.

[meatboy]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,the bank or are they acting as a third party.after seeing whats been going on regarding pyrimid schemes and only now action has been taken we need to be aware of what we are being offered.what do you think cm.

Indeed, it's subordinated debt hence no insurance cover on the money and it's a fairly long way down the debt recovery pecking order when it comes to bancruptcy, also, 10 years is a long time, it's not for me.

not for me either.

[nong38]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,the bank or are they acting as a third party.after seeing whats been going on regarding pyrimid schemes and only now action has been taken we need to be aware of what we are being offered.what do you think cm.

Indeed, it's subordinated debt hence no insurance cover on the money and it's a fairly long way down the debt recovery pecking order when it comes to bancruptcy, also, 10 years is a long time, it's not for me.

Its a 10 year maximum, it can be cashed in on the 5th year, 6th and so on to 10th year, even so it may not be for you, whats your risk profile? Its up to you.........................I wont be taking it up, even for 5 years, but, what do i know?

[meatboy]

i see krungsri have taken out a full page ad.today offering that term acc. over 10yrs.at 4.7%.if the goverment give you no protection who are you actually lending the money too,the bank or are they acting as a third party.after seeing whats been going on regarding pyrimid schemes and only now action has been taken we need to be aware of what we are being offered.what do you think cm.

Indeed, it's subordinated debt hence no insurance cover on the money and it's a fairly long way down the debt recovery pecking order when it comes to bancruptcy, also, 10 years is a long time, it's not for me.

Its a 10 year maximum, it can be cashed in on the 5th year, 6th and so on to 10th year, even so it may not be for you, whats your risk profile? Its up to you.........................I wont be taking it up, even for 5 years, but, what do i know?

what do anybody know? i used to do accounts for inderpendant retailers so i have a good eye for figures,the wf.was given a bank saving plan to look at,trying to work it out [couldnt] so i bet 99% of thai's couldnt either

[meatboy]

looks like somebody wants to borrow big time today cimb bank same as krungsri 10yr debenture 4.80%. they might sway me if they offer 20% but only 500,000bht.but there again pigs might fly.

[nong38]

looks like somebody wants to borrow big time today cimb bank same as krungsri 10yr debenture 4.80%. they might sway me if they offer 20% but only 500,000bht.but there again pigs might fly.

Do the pigs speak English?