Bank Savings Interest Rates

[topt]

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?

The Irish definitely do but the others have seen a lot of tourists from the UK over the years so yes I would say so.......

[nong38]

I have just recieved a paper from the UK which says that interest rates are not expected to rise to .75% until January 2017, not much use to savers is it?

[chiang mai]

I have just recieved a paper from the UK which says that interest rates are not expected to rise to .75% until January 2017, not much use to savers is it?

That's just another article that's a part of the current hearts and minds campaign, the idea is to make the majoirty feel good so they'll spend more, every piece of news currently is being spun positively, regardless of what it is, quite clever actually. As for interest rates, I reckon we'll see rates increase long before 2017 but it's not PC to say that publically.

[mania]

I have just recieved a paper from the UK which says that interest rates are not expected to rise to .75% until January 2017, not much use to savers is it?

That is more than double what the US gives for 6 month fixed in many places

[IamNotaNumber]

I have just recieved a paper from the UK which says that interest rates are not expected to rise to .75% until January 2017, not much use to savers is it?

That's just the base rate which is somewhat meaningless. I just opened a UK instant access account paying 2.85% and a UK 5-year term paying 4.5%

So the options are there if you care to look for them.

[meatboy]

4.5% for 5years but not for non-residents.

[nong38]

I have just recieved a paper from the UK which says that interest rates are not expected to rise to .75% until January 2017, not much use to savers is it?

That's just the base rate which is somewhat meaningless. I just opened a UK instant access account paying 2.85% and a UK 5-year term paying 4.5%

So the options are there if you care to look for them.

Can you name them and let us see how accessible they are to the general public?

Also a report just released slates the BOE for its handling of the financial crisis, I would too, slashing interest rates to .5% where else is there to go? Printing money like its going out of fashion, now lets hope for the best, well we are still waiting!

As for the rates, 2017 is 3 years away and no one will remember the "guess" today, but, raising the rate is going to need some political muscle before the next election and I dont see it, so that takes us to May 2015?

A man has to do what a man has to do.

[nong38]

Here is a strange thing. Last week 2nd Nov I took out a 6 month 2.9% scheme at Krungsri, got on line confirmation the next day, over the weekend I got an email from the bank informing me about a new 8% scheme over I think 8 months. Yesterday I got a call from the bank manager and later and email from the head office telling that the 2.9% scheme had been cancelled and the money would be returned to my account with a few days interest again there was mention of the new 8% scheme.

I just wondered if the 2.9% cancellation was to push me towards the 8% scheme, its more risky and of the 2 downloads available with information one is only available in Thai! Needless to say I will not taking up this new offer, any thoughts where I can I put my 800,000 bts for 6 months?

[chiang mai]

Here is a strange thing. Last week 2nd Nov I took out a 6 month 2.9% scheme at Krungsri, got on line confirmation the next day, over the weekend I got an email from the bank informing me about a new 8% scheme over I think 8 months. Yesterday I got a call from the bank manager and later and email from the head office telling that the 2.9% scheme had been cancelled and the money would be returned to my account with a few days interest again there was mention of the new 8% scheme.

I just wondered if the 2.9% cancellation was to push me towards the 8% scheme, its more risky and of the 2 downloads available with information one is only available in Thai! Needless to say I will not taking up this new offer, any thoughts where I can I put my 800,000 bts for 6 months?

The short answer is that CIMB have an instant access account at 3.1%.

The longer answer however is to query which account you tried to open at BAY that was later closed, you mention a six month 2.9% account? I was not aware that BAY had a 6 month account at that rate, it doesn't really make sence that they would when their instant access account offers 2.9% also and that account is still up and running and accepting new money. Can you clarify?

[mania]

The short answer is that CIMB have an instant access account at 3.1%.

The longer answer however is to query which account you tried to open at BAY that was later closed, you mention a six month 2.9% account? I was not aware that BAY had a 6 month account at that rate, it doesn't really make sence that they would when their instant access account offers 2.9% also and that account is still up and running and accepting new money. Can you clarify?

Yes I think something is confused here.

My 2.9% is still open & not time limited.

Of course the bank can withdraw or change the rate when they wish

but as of now it is still in effect.

You know that CIMB 3.1% ?

I checked on that once & it was not really instant access

or without strings was it?

Do you have one with them currently?

[chiang mai]

The short answer is that CIMB have an instant access account at 3.1%.

The longer answer however is to query which account you tried to open at BAY that was later closed, you mention a six month 2.9% account? I was not aware that BAY had a 6 month account at that rate, it doesn't really make sence that they would when their instant access account offers 2.9% also and that account is still up and running and accepting new money. Can you clarify?

Yes I think something is confused here.

My 2.9% is still open & not time limited.

Of course the bank can withdraw or change the rate when they wish

but as of now it is still in effect.

You know that CIMB 3.1% ?

I checked on that once & it was not really instant access

or without strings was it?

Do you have one with them currently?

I will have one by 3pm today, I have fixed funds maturing today and I checked with the manger yesterday as to my options, it looks like 3.1 instant is my only real choice. Why do you think it's not really instant or has strings?

[mania]

I will have one by 3pm today, I have fixed funds maturing today and I checked with the manger yesterday as to my options, it looks like 3.1 instant is my only real choice. Why do you think it's not really instant or has strings?

A month or so ago I had some BKB 6 month fixed mature so was going to move it to my BAY 2.9% Mee Tae Dai

which has been working out nicely with its monthly tax free interest helping compound the total.

I stopped by CIMB to ask about what they had & asked about that one I thought?

But was told it is called preferred savings & I needed to buy something.

I think it was life insurance? I have to be honest I do not remember exactly what it was but there

were two choices of products to buy from.

So I let it go & added to the BAY as the only other thing CIMB had was similar to BAY but interest

only paid 2x yearly

If your successful please let me know as I am quickly approaching the 20k interest now in the BAY acct

so will move some funds anyway.

One other thing though, Without my asking & not even at my branch,

When I deposited the finds from BKB into BAY that day the teller quickly looked at my book did

some calculations & said, Don't forget to come back as your approaching the 20k & we will just open other accounts for you.

I thought that was very nice of them to notice unasked & be concerned to help me not pay taxes

Although I am sure the letter of the law is cumulative savings in a bank it does seem they will "work"

with you

Edited November 7, 2012 by mania

[chiang mai]

Now I understand, you are refering to mutual fund accounts, the 3.1% instant that I refer to is fairly new, I'll confirm all this later in the day but am already 100% certain.

[mania]

Now I understand, you are refering to mutual fund accounts, the 3.1% instant that I refer to is fairly new, I'll confirm all this later in the day but am already 100% certain.

Thanks CM will be interested to hear

[chiang mai]

It turns out I was confused or rather had misunderstood - CIMB has two 3.1% accounts, the first is a four month fixed and the second is an instant access account which requires a minimum purchase of Mutal Funds before you're allowed to get into it, am unsure what the minium is but it used to be THB 10,000. Apologies for any confusion caused. (PS: I took the four month fixed which will serve its purpose for the time being)

[mania]

It turns out I was confused or rather had misunderstood - CIMB has two 3.1% accounts, the first is a four month fixed and the second is an instant access account which requires a minimum purchase of Mutal Funds before you're allowed to get into it, am unsure what the minium is but it used to be THB 10,000. Apologies for any confusion caused. (PS: I took the four month fixed which will serve its purpose for the time being)

Ah that is what it was...Mutual funds yes. Not Insurance

Also yes I did see the other 4 month fixed too but am liking the freedom & lack of tax on the BAY one for now.

Also having just done a 4 month at BKB I noticed the interest was not compounded/calculated monthly. I knew they only pay at

maturity & also only twice yearly but all in all the instant type accounts seem a better deal for now. Unless they up the rates on the 3-6 month types

it just isn't worth it IMO

Thanks for the update CM

Edited November 7, 2012 by mania

[chiang mai]

It turns out I was confused or rather had misunderstood - CIMB has two 3.1% accounts, the first is a four month fixed and the second is an instant access account which requires a minimum purchase of Mutal Funds before you're allowed to get into it, am unsure what the minium is but it used to be THB 10,000. Apologies for any confusion caused. (PS: I took the four month fixed which will serve its purpose for the time being)

Ah that is what it was...Mutual funds yes. Not Insurance

Also yes I did see the other 4 month fixed too but am liking the freedom & lack of tax on the BAY one for now.

Also having just done a 4 month at BKB I noticed the interest was not compounded/calculated monthly. I knew they only pay at

maturity & also only twice yearly but all in all the instant type accounts seem a better deal for now. Unless they up the rates on the 3-6 month types

it just isn't worth it IMO

Thanks for the update CM

If you keep the deposit under about 1.3 mill on a four month deposit there's no tax deducted, that's one of the selling points that the bank is usually keen to point out.

[mania]

If you keep the deposit under about 1.3 mill on a four month deposit there's no tax deducted, that's one of the selling points that the bank is usually keen to point out.

That is interesting

I had less in BKB @ 1 mill

but tax was taken out. I guess they do not share that feature.

[cheeryble]

If you keep the deposit under about 1.3 mill on a four month deposit there's no tax deducted, that's one of the selling points that the bank is usually keen to point out.

Interesting.....

I have about 1.7 million baht on deposit in a savings acct at BkkBk. I've just realised I'm losing out on about 4,000 baht/month for at leader six months. That's enough to make me realise I'm lazy and stupid.

Can you advise my best move please bearing in mind I'd obviously like to avoid withholding tax?

Situation:

Unlikely to need more than maybe 100k to 200k for emergencies unless I buy a nice property in which case some or all may need withdrawing.....but only say a 25% chance of that.

So as long as the money can be withdrawn a bit of lost interest is OK.

(sub question: if I only take some money out is it only that portion which loses interest?)

So depending, the total deposit needs to be between 1.5 and 1.7m.

Thanks for the help!

Ps: are there any bond funds on he stockmarket or alterntives to bank accts?

[chiang mai]

If it was me I think I'd probably split it between two accounts, one of them being around 200k with the balance going into a second account, that way if I did need up to say 200k in an emergency I would be able to get at the funds without loosing interest on the whole amount - the smaller account could be something like BAY or CIMB's instant access account paying 2.9% and the larger could be a fixed rate act, not sure what the fixed rates are currently but I'll have a look later this week and report back, seems to me you should be able to get around 3% fixed. Note: you'd need to reclaim the tax paid on the fixed act at the end of the year but the net effect would be that no tax was paid.

Sorry I can't help with bond funds etc, maybe others can. I'm aware there's a 4.7% subordinated debt offer out there from BAY but that's five years as I recall.

[meatboy]

please cm.or anyone else,as the wf.is looking for a fair interest rate on fixed amounts she has looked at what is on offer at thai gov.savings bank,the rates for fixed dep.vary 3% 12months up to 3.35% 36months these seem ok.but this is the one we need help with.

gsb life 5/2.looks like a 5yr.plan where you deposit xamount the first yr.and end of that year you get a bonus of 3.25%,2nd yr.deposit the same and end of that yr.6%.then you must leave what you deposited those first 2yrs.for the next three,where you get further bonuses and at the end of the 5yr term you get the total you paid in plus a 5%bonus,i have worked out an average of around 3.4% with life cover,what cover she gets she will have to find out,so it seems quite atractive.so can you cm or anyone else agree.

[cheeryble]

If it was me I think I'd probably split it between two accounts, one of them being around 200k with the balance going into a second account, that way if I did need up to say 200k in an emergency I would be able to get at the funds without loosing interest on the whole amount - the smaller account could be something like BAY or CIMB's instant access account paying 2.9% and the larger could be a fixed rate act, not sure what the fixed rates are currently but I'll have a look later this week and report back, seems to me you should be able to get around 3% fixed. Note: you'd need to reclaim the tax paid on the fixed act at the end of the year but the net effect would be that no tax was paid.

Sorry I can't help with bond funds etc, maybe others can. I'm aware there's a 4.7% subordinated debt offer out there from BAY but that's five years as I recall.

Thankyou Chiang Mai

As for reclaiming tax that would seem a pain, did I read there are accounts you can stick over a million in without withholding?

Or can I split into two or three accounts each paying less than 20k per annum? (which would seem to be about 650k baht max each)?

Thanks!

[mania]

Thankyou Chiang Mai

As for reclaiming tax that would seem a pain, did I read there are accounts you can stick over a million in without withholding?

Or can I split into two or three accounts each paying less than 20k per annum? (which would seem to be about 650k baht max each)?

Thanks!

Hi

Not ChiangMai but,

I have had a well over mill in BAY for awhile now.

2.9% interest paid monthly & compounds based on the new totals.

No taxes taken out & they warn you to open a new account at their bank when you approach the

20k in interest received in a given year.

This is not a fixed account & you can if you want make two withdrawals per month free.

If you make more than two withdrawals it is a 50 baht charge

Hard to beat IMHO as like you I did not want to be either locked up at this time or wanted to hassle with reclaiming

taxes at the end of the year.

http://www.krungsri....lue=Mee Tae Dai

Standard Charter also has a e-saver account @ 3%. Not fixed but interest paid only twice a year.

If they are like BKB that means the interest is only calculated against the opening balance.

But I am not positive about that as I never checked. They could calculate monthly but I would be surprised

since they only pay biannually

also all transfers, withdrawals etc need to be done electronically not at the counter.

http://www.standardc...unt/e-saver/en/

Again I like Ayudhya best because when you have a decent amount in savings the interest added to the total each month

does help ( compounding )

Good Luck

Edited November 16, 2012 by mania

[chiang mai]

please cm.or anyone else,as the wf.is looking for a fair interest rate on fixed amounts she has looked at what is on offer at thai gov.savings bank,the rates for fixed dep.vary 3% 12months up to 3.35% 36months these seem ok.but this is the one we need help with.

gsb life 5/2.looks like a 5yr.plan where you deposit xamount the first yr.and end of that year you get a bonus of 3.25%,2nd yr.deposit the same and end of that yr.6%.then you must leave what you deposited those first 2yrs.for the next three,where you get further bonuses and at the end of the 5yr term you get the total you paid in plus a 5%bonus,i have worked out an average of around 3.4% with life cover,what cover she gets she will have to find out,so it seems quite atractive.so can you cm or anyone else agree.

I think the real question here is whether or not you're prepared to fix your interest rate, effectively at 3.5%, for five years, seems like a long time whereas 3.4% is not especially high. The other question is whether you actually need the life insurance element, if you d, fine, but if you don't, ...! But hey, if it all works for you you should do it, I don't see anything intrinsicly wrong with it, just trying to raise challenges or things to think about.

[chiang mai]

If it was me I think I'd probably split it between two accounts, one of them being around 200k with the balance going into a second account, that way if I did need up to say 200k in an emergency I would be able to get at the funds without loosing interest on the whole amount - the smaller account could be something like BAY or CIMB's instant access account paying 2.9% and the larger could be a fixed rate act, not sure what the fixed rates are currently but I'll have a look later this week and report back, seems to me you should be able to get around 3% fixed. Note: you'd need to reclaim the tax paid on the fixed act at the end of the year but the net effect would be that no tax was paid.

Sorry I can't help with bond funds etc, maybe others can. I'm aware there's a 4.7% subordinated debt offer out there from BAY but that's five years as I recall.

Thankyou Chiang Mai

As for reclaiming tax that would seem a pain, did I read there are accounts you can stick over a million in without withholding?

Or can I split into two or three accounts each paying less than 20k per annum? (which would seem to be about 650k baht max each)?

Thanks!

I think Mania's post following your question gave the answer, I can't add anything more to it.

[jpinx]

I know how hard it is to get to some of the rates pages in thai banks websites, so here's a list of some of them to help....

ธอส. : ธนาคารอาคารสงเคราะห์ --- GHBank : Government Housing Bank

ธนาคารออมสิน

:::::::ธนาคารเกียรตินาคิน: เคียงข้าง สร้างความสำเร็จ::::::

Deposit Rates - KASIKORNBANK

Deposit Rates - TMB Bank Public Company Limited

Deposit Rates Thailand - Compare Thailand Bank Account Interest Rates

and some more international ones

Deposit Account Rates - Compare Interest Rates for Fixed, Term, Time and CD Accounts Worldwide

Bank of China (Hong Kong) Limited - Market Information > Trading Rates > Deposit Rates

The best term deposits interest rates table - DepositRates.co.nz

South Africa Bank Account Rates - Compare South African Bank Interest Rates

Term Deposit Comparisons - SMH

[chiang mai]

Many thanks for that, that's really useful.

[rockderk]

Have you seen anything else that's decent? CIMB has a 5 month fix at 3.3% but I've not seen much else that's decent, I'm also trying to spread my funds around but am running out of banks, almost impossible to stay under the 1 mill. rule.

I have no trouble at all staying under the 1Mil rule. It's getting up to it that's the problem

[meatboy]

please cm.or anyone else,as the wf.is looking for a fair interest rate on fixed amounts she has looked at what is on offer at thai gov.savings bank,the rates for fixed dep.vary 3% 12months up to 3.35% 36months these seem ok.but this is the one we need help with.

gsb life 5/2.looks like a 5yr.plan where you deposit xamount the first yr.and end of that year you get a bonus of 3.25%,2nd yr.deposit the same and end of that yr.6%.then you must leave what you deposited those first 2yrs.for the next three,where you get further bonuses and at the end of the 5yr term you get the total you paid in plus a 5%bonus,i have worked out an average of around 3.4% with life cover,what cover she gets she will have to find out,so it seems quite atractive.so can you cm or anyone else agree.

I think the real question here is whether or not you're prepared to fix your interest rate, effectively at 3.5%, for five years, seems like a long time whereas 3.4% is not especially high. The other question is whether you actually need the life insurance element, if you d, fine, but if you don't, ...! But hey, if it all works for you you should do it, I don't see anything intrinsicly wrong with it, just trying to raise challenges or things to think about.

thanks cm.not worried about the term just want like tesco's says every little helps its just to have an extra crust without being to greedy,i did work out tgb.gsb life it works out at 3.67%average,the criticle illness cover she has had quotes for well that is something else,eg.this is a good plan but you have to also have this one as well she was told by an ins.rep.over 50k a year for 90% cover she dont want.

[bangkokburning]

one for the road of the fearful ones who think their shitty

debt laden bank in their home country is safer than...

Until the housing bubble here bursts and everyone with a 2.5-3m 30sqm condo and a brand new Toyota drops all the keys off at the bank...bye bye.

2015-2018?

Edited November 18, 2012 by bangkokburning