Bank Savings Interest Rates

[meatboy]

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?

yes somethings got to give it cant sustain the debt,household debt and most of all the corruption thailand will end up like japan bankrupt.just wait till burma gets going.

[Briggsy]

I note Krung Sri Ayutthaya's Mee Tae Dai a/c has dropped its rate to 2.8% as of 9 November.

http://www.krungsri.com/th/banking-rates.aspx

Still a competitive rate though.

[mania]

I note Krung Sri Ayutthaya's Mee Tae Dai a/c has dropped its rate to 2.8% as of 9 November.

http://www.krungsri....king-rates.aspx

Still a competitive rate though.

Thanks for that.

I did not see their new update. I am interested now to see

what I get because I was told a month or so ago that it would remain till

August 2013.

But this was in reference to those that had a Mee Tae Dai acct

already opened.

Thanks for the heads up

Also here is their rates in English

http://www.krungsri.com/en/banking-rates.aspx

[chiang mai]

It's troubling that Asian rates are following the same direction as those in the West, downwards, it makes me think it might be worth locking in a longer term rate as MB suggested earlier, arghhhh, whatever happened to the good old 6.5% days!

[meatboy]

It's troubling that Asian rates are following the same direction as those in the West, downwards, it makes me think it might be worth locking in a longer term rate as MB suggested earlier, arghhhh, whatever happened to the good old 6.5% days!

when me and mrs meat visited early 90's 12%,10% and gold was 5,000bht per bart.inflation

[mania]

Just checked with Ayudhya & yes Mee Tae Dai is now 2.8% even for those who had

existing accounts.

As so often the case the reality did not match what I was told a month or two ago

Will hold for now but also may check into Standard Charters 3% E-Saver

Although I prefer monthly interest versus bi-annually

[meatboy]

anyone has an update on whats on offer for fixed term deposits,1yr.2yr.3yr even 5yr.dont get to go to the bank that often,also has anyone negotiated a better than t.t.rate on say 5mil.with their bank.

[chiang mai]

I've not had chance to look and see what's out there but I will try this weekend, my sence is there's not too much that's very exciting.

On transfers: if you bring in over a million the recieving bank Treasury Dept will usually call you and tell you the rate they want to use so that you have a chance to say yea or nay, that's been my experience with HSBC, CIMB and UOB. Best thing to do is to watch the rates very closely for about five days so that you know what the trend is and the direction it's likely to take in the comming week. BOT adjusts the exchange rate in the morning around 8 am and looking at the history on say Oanda.com will tell which way it's likely to go. My experience of the rates offered by the above banks on 1 mill or more is that the rate has usually been the same as or better than the TT rate.

[jpinx]

Somewhere back in this thread I posted links to most deposit rates in Thailand and elsewhere. It'll make your search a bit quicker, but yes -- nothing is moving much.

[meatboy]

I've not had chance to look and see what's out there but I will try this weekend, my sence is there's not too much that's very exciting.

On transfers: if you bring in over a million the recieving bank Treasury Dept will usually call you and tell you the rate they want to use so that you have a chance to say yea or nay, that's been my experience with HSBC, CIMB and UOB. Best thing to do is to watch the rates very closely for about five days so that you know what the trend is and the direction it's likely to take in the comming week. BOT adjusts the exchange rate in the morning around 8 am and looking at the history on say Oanda.com will tell which way it's likely to go. My experience of the rates offered by the above banks on 1 mill or more is that the rate has usually been the same as or better than the TT rate.

thanks cm.i have been keeping tab on the ex.ch.been going the right way since 13nov-48.31 to 48.71yesterday,but i never order money that arives on fri.as i always notice they skim a few satang off.if i get 49+that will do anymore will be a bonus.the banks we use are bkk and scb.always found scb are usually a few satang more. been keeping an eye on the list that jpinx posted but some have changed.mrs meat wont let them get away without giving her fair rate its her money anyway.

[pomchop]

So according to this site there are banks in Vietnam paying up to 12.5% per year on one year time deposits. http://vietnam.deposits.org/accounts/acb-1-year-time-deposit.html

My question for you banking experts is what are the risks and downside of putting a few million baht into one of these vietnamese accounts?

[chiang mai]

So according to this site there are banks in Vietnam paying up to 12.5% per year on one year time deposits. http://vietnam.depos...me-deposit.html

My question for you banking experts is what are the risks and downside of putting a few million baht into one of these vietnamese accounts?

To begin with you'd need to understand what a non-resident foriegner was actually allowed to do in terms of investments with these banks, then you'd need to understand what taxes might apply to them. After that it would help to be able to assess which of the banks you were looking at were actuallly viable concerns that might be there in a few months. Last but not least of course is the FOREX issue, whilst THB/VND might be decent at one point in time, what I wonder will it look like in say three or six months, the add-on question to that is what will THB or VND vs your home currency look like in that same timeframe. From my perspective there are far too many risks with what you suggest and FOREX stability is probably the least of them whilst the security of my deposit and the ability to get my deposit back again would be near the top of the list.

Finally, it's worth repeating that age old mantra here, more money has been lost chasing yield than through any other reason apart from sheer stupidity, there's times and circumstances when 3% is actually OK or better. The other one one of course is, if it seems too good to be true, it probably is.

[cheeryble]

Anyone notice the Viet HSBC deposit?

I'd be interested to see a multi year chart of the VND against the baht or just about anything.

Anyone good at finding that?

[chiang mai]

Anyone notice the Viet HSBC deposit?

I'd be interested to see a multi year chart of the VND against the baht or just about anything.

Anyone good at finding that?

https://www.hsbc.com...l_en/investment

https://www.hsbc.com.vn/1/2/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDd-NQv1BDg2AXA1-PEE_zUFMTAwgAykdiygeEGsPkidFtYOxpFGLobmlhYOBl4upmCtNMSHdwal58aLB-QW5oRLmjoiIAeXGdtQ!!/

[cheeryble]

Thanks CM couldn't make chart work but elsewhere found that the dong has risen in a very gentle non volatile way from about 15000 to 20750 in the last eight or nine years. That would have added about ballpark the same or bit better than the baht rise for the same period. Wonder if interest rates have been high all that time. That would be the ext task to find out.

That would have been an excellent deposit.....assuming you can reexport cash of course, though for those returns it could be worth exporting goods to export the money.

[12DrinkMore]

anyone has an update on whats on offer for fixed term deposits,1yr.2yr.3yr even 5yr.dont get to go to the bank that often,also has anyone negotiated a better than t.t.rate on say 5mil.with their bank.

All the rates are advertised on the internet.

As you have nearly 2,000 posts I would guess that internet access is not an issue.

Maybe you could do a bit of research and stuff in the numbers here?

FWIW the TMB "No Fixed Account" at 3% with instant access seems to be the best deal around today. I was told it is good until 31st December, might change afterwards.

[BlackPuddingBertha]

FWIW the TMB "No Fixed Account" at 3% with instant access seems to be the best deal around today. I was told it is good until 31st December, might change afterwards.

These short-term special offers really annoy me.

Instant access:

Ayuddha (Krungsri) do 2.8% credited monthly, down from 2.9% at launch earlier in the year. Branches everywhere, as far as I know.

Standard Chartered (few branches) do 3% and have done for a long time. I opened an account in Rayong recently and a right PITA that was, apparently due to a reflex action to the recent US money-laundering fines nonsense. Many advantages though, and easy to use.

Land and Houses bank (few branches) was still doing 3% last time I looked, but they only seem to advertise the rate in-branch and not online. The only branch I know of is in one of the Pattaya BigCs that I hardly ever go to. So not very practical for me.

[meatboy]

anyone has an update on whats on offer for fixed term deposits,1yr.2yr.3yr even 5yr.dont get to go to the bank that often,also has anyone negotiated a better than t.t.rate on say 5mil.with their bank.

All the rates are advertised on the internet.

As you have nearly 2,000 posts I would guess that internet access is not an issue.

Maybe you could do a bit of research and stuff in the numbers here?

FWIW the TMB "No Fixed Account" at 3% with instant access seems to be the best deal around today. I was told it is good until 31st December, might change afterwards.

now the funds have finally arrived its go to the bank time and see whats on offer,have done quite a bit of searching on the internet this week and there is quite a few fixed terms and a regular savings term with bkkb.called simmathaya subthawee which starts at 3.25% for the first 2yrs,then 3.50% the next 3yrs.with a monthly saving limit of 25k,tgb.bank has a 3.30% fixed over 399days,also fixed terms of 1yr.to 3yrs.starting at 3%-3.35%.ghb.has 2,3,5yr.fixed at 3%-3.50% so i am happy with these.what has happened to offshore bank rates,only a while back when we thought our funds were about to arrive lloyds tsb.was giving 4.50% over 5yrs.now its 2.20%.apart from a few not to well known banks overseas thailand seems the best option.

[BlackPuddingBertha]

As far as I know CIMB still have the best rates for short TDs (7 months: 3.3%).

As for accounts outside Thailand, you can still get 3.9% for 5 years from Punjab UK (4.5% if you move very fast). UK rates are dropping because the banks are awash with cheap cash (1%) that has been handed to them on a plate by Uncle Mervyn. I suspected that this would happen and I loaded up with as many 5-year UK TDs as I could possibly get over the last couple of years. I'm averaging 4.74% on them and some of them go to 2017, by which time rates may have creeped up a little.

[meatboy]

today the big 4banks are about to sell gov.bonds at 3.75% with a maturity 0f 3yrs.as i have never held gov.bonds in th.i am looking at the part that says if int.rates go down the value of the bonds go up,and vice versa,but is that only if you want to sell the bonds before the 3yrs are up,and is the int.rate fixed at the 3.75%.anyone enlighten me i will be much appreciated.

[12DrinkMore]

today the big 4banks are about to sell gov.bonds at 3.75% with a maturity 0f 3yrs.as i have never held gov.bonds in th.i am looking at the part that says if int.rates go down the value of the bonds go up,and vice versa,but is that only if you want to sell the bonds before the 3yrs are up,and is the int.rate fixed at the 3.75%.anyone enlighten me i will be much appreciated.

At maturity you receive the face value of the bonds.

The interest rate is fixed. Tax is also deducted, so you have to claim that back.

If you want to sell the bonds into the market before maturity the price you receive will depend on the market interest rate. If the interest rates go down then the bond price goes up, effectively reducing the interest rate for the purchaser. And if interest rates go up, then the bond price will fall.

There is a formula to all this, based on the bond interest rate / the market interest rate and the time to maturity.

And some calculators on the internet

http://www.spreadsheetconverter.com/calculate/html/financial/Bond_Price_Calculator/Bond_Price_Calculator.htm

But that is probably more than you wanted to know.

[meatboy]

today the big 4banks are about to sell gov.bonds at 3.75% with a maturity 0f 3yrs.as i have never held gov.bonds in th.i am looking at the part that says if int.rates go down the value of the bonds go up,and vice versa,but is that only if you want to sell the bonds before the 3yrs are up,and is the int.rate fixed at the 3.75%.anyone enlighten me i will be much appreciated.

At maturity you receive the face value of the bonds.

The interest rate is fixed. Tax is also deducted, so you have to claim that back.

If you want to sell the bonds into the market before maturity the price you receive will depend on the market interest rate. If the interest rates go down then the bond price goes up, effectively reducing the interest rate for the purchaser. And if interest rates go up, then the bond price will fall.

There is a formula to all this, based on the bond interest rate / the market interest rate and the time to maturity.

And some calculators on the internet

http://www.spreadshe..._Calculator.htm

But that is probably more than you wanted to know.

thanks for that its a bit late in life to take any risks,i can get 3.50% over 5yrs.with no risk so if i bought a 1000 units and each one lost 100bht thats all the interest down the drain.my wf.worked her socks off to get where she is today so lets keep it safe than sorry.

[Briggsy]

Krung Sri Ayutthaya's Mee Tae Dai 2.8% instant access savings account is only eligible for foreigners with yearly extensions of permission to stay. I checked at multiple branches. So I cannot open an account at present.

I have 400,000 Baht which I can put on deposit for 3 or maybe 6 months. At the moment it is looking like SCB's 1.6% 3-month deposit or GSB's 1.875% similar account neither of which are very good.

[soap]

Krung Sri Ayutthaya's Mee Tae Dai 2.8% instant access savings account is only eligible for foreigners with yearly extensions of permission to stay. I checked at multiple branches. So I cannot open an account at present.

I have 400,000 Baht which I can put on deposit for 3 or maybe 6 months. At the moment it is looking like SCB's 1.6% 3-month deposit or GSB's 1.875% similar account neither of which are very good.

Check out Bangkok bank web site.

They have 2.75% for 4 months and 2.8% for 7 months starting tomorrow

[BlackPuddingBertha]

If you can push it to 7 months then CIMB at 3.1% would do you. I dont think you need any long visa for this.

And TMB do a "quick" 3-month TD at 2.5%. Interest is paid more or less in advance.

[Briggsy]

Cheers.

I'll go for the 4-month 2.75% a/c at Bangkok Bank tomorrow and see if they will take my cash.

[fletchsmile]

Thanks CM couldn't make chart work but elsewhere found that the dong has risen in a very gentle non volatile way from about 15000 to 20750 in the last eight or nine years. That would have added about ballpark the same or bit better than the baht rise for the same period. Wonder if interest rates have been high all that time. That would be the ext task to find out.

That would have been an excellent deposit.....assuming you can reexport cash of course, though for those returns it could be worth exporting goods to export the money.

The FX rate is for USD/VND. If you're measuring your net worth in USD then you would have lost money on the capital value. $1 @ 15,000 = VND 15,000. When you change back it would be 15,000/ 20750 or just over 70 cents. (BTW Haven't checked your rates but VND has been getting weaker vs USD over the last few years and they look reasonable). This would eat into the high interest rate income received.

For THB it has gone the other way from 40 to around 30 in that period. So $1 bought THB 40, and THB is now worth 40/30 = $1.33 for a 33% gain.

One reason the VND rate is so high is linked to interest rate parity that the weaker currencies usually have higher rates. (Tho' there are other factors at play). Hence the lower comparative rates on THB vs VND

I recently opened a couple of accounts in Vietnam one USD and one VND. It was straight forward to do - just required a passport and a deposit. The reason was for day to day transactions though rather than any form of speculation. Also signed up for internet banking and have an ATM debit card. Minimum opening balance was low - actually don't think there was one, just enough to cover the couple of hundred thousand VND fees. Didn't actually look at the rates, but current and deposit accounts are lower, and the 9% is for time deposits.

$50 into VND and you're a millionaire too

I like Vietnam as a country but it won't be home long term, so I wasn't really interested in speculating - at least at this stage - just for transaction use.

I expect the interest rates to stay high as there is quite a lot of demand /competition by the banks within country for deposits. This will likely continue for at least the next year or so. Technically there is a 9% cap on deposits under 1 year, but banks seem to find ways to bypass this and give extra. HSBC pay some of the lowest rates, as they have one of the highest credit standings. In the 9 year period you mention benchmark rates have generally been rising from about 7% to 9%, they peaked in 2008 at around 14% for a while

http://www.tradingec...m/interest-rate

On the FX rates they've been reasonably stable at around 20850 over the last few months I've been here. If I had to pick a direction I'd pick gradual continual weakening. So there may be something in your trade of 9% vs gradual currency weakening. High risk on the FX side though. (you can check these and other stats on the same sight link above)

Haven't looked into controls on taking money out, though I'd guess it should be OK if moving USD. The bank I'm with I can convert from USD to VND almost instantaneously online and the rate is good about 20850.

[Briggsy]

SCB have now copied the Bangkok Bank 4-month 2.75 a/c. They started to receive deposits on 1 Dec.

[mania]

SCB have now copied the Bangkok Bank 4-month 2.75 a/c. They started to receive deposits on 1 Dec.

I do not know why anyone would lock up for 4 months + taxes when 2.8% is already available & not fixed term

so no tax deducted till you reach 20k in interest at Ayudhya Bank ( was 2.9% for most of last year but just dropped to 2.8%)

I just opened a 2nd one there today because I was about to break the 20k interest.

They allow this & you will not have to pay any tax at all.

[Briggsy]

SCB have now copied the Bangkok Bank 4-month 2.75 a/c. They started to receive deposits on 1 Dec.

I do not know why anyone would lock up for 4 months + taxes when 2.8% is already available & not fixed term

so no tax deducted till you reach 20k in interest at Ayudhya Bank ( was 2.9% for most of last year but just dropped to 2.8%)

I just opened a 2nd one there today because I was about to break the 20k interest.

They allow this & you will not have to pay any tax at all.

Please see my post of yesterday and all will be revealed.