Bank Savings Interest Rates

[mania]

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

Ah I see. I am surprised though as I have had accounts there

& even signed onto a mortgage years before I ever stayed full time here.

Have you tried farang friendly branches in malls?

[Briggsy]

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

Ah I see. I am surprised though as I have had accounts there

& even signed onto a mortgage years before I ever stayed full time here.

Have you tried farang friendly branches in malls?

I tried numerous branches both in farang omnipresent malls in Pattaya and Rayong and out in the sticks no farang branches in Chonburi where 99% of the customers were Thai factory workers. The staff have clearly undergone training because the first question in every, I mean every branch, was, "Do you have a work permit?" ( I am well under 50 ) followed by "Pert mai dai."

Other banks seem to be much more flexible.

[mania]

I tried numerous branches both in farang omnipresent malls in Pattaya and Rayong and out in the sticks no

farang branches in Chonburi where 99% of the customers were Thai factory workers. The staff have clearly

undergone training because the first question in every, I mean every branch, was, "Do you have a work permit?"

( I am well under 50 ) followed by "Pert mai dai."

Other banks seem to be much more flexible.

Wow very surprising. Sorry to hear that.

Today I went into the Chiangmai Airport mall

A different branch than mine.

Did not say I had an MTD account already.

Told them I wanted to open a Mee Tae Dai account.

They said no problem asked if I had my passport

All done in probably 10-15 minutes. With Internet access which I can link the two now

or leave separate. They are fast on this part & you get a phone message with your

1 time password while your still in the bank.

Only when they asked me how much I wanted to put in

I told them I would like to transfer from another account.

Again they said no problem.

( I have never held a work permit in Thailand )

well TIT once again I guess

Sorry about that as it is a very good account with interest calculated daily

& added to the account monthly with no tax taken.

Also kind of odd their own site says nothing about that requirement

Eligible depositors

- Individual customer only

- Joint accounts, account “for” or “by” are not permitted

http://www.krungsri....id=195⊂=true

Well I do have accounts at SCB & BKB also & both are fine banks.

I just prefer Ayudhya for this rate of return for the bulk savings

Maybe you will have better luck with one of them.

Good Luck

Edited December 3, 2012 by mania

[johng]

I opened a Mee Tae Dai account at the Central Mall in Pattaya with just my passport and asked if Tax would be deducted, they insited it would be for a Farang....

[mania]

I opened a Mee Tae Dai account at the Central Mall in Pattaya with just my passport and asked if Tax would be deducted, they insited it would be for a Farang....

Very odd

I have had the 1st one opened for months now & no taxes.

Have you had it more than a month now? If no taxes were drawn they probably meant

the standard 15% deduction once you have over 20k of interest paid to you.

But at that time all you need do is open a new one & transfer the money.

I thought it was cumulative total by bank but they said no it is by account

So opening a new account means no tax. Saves you the trouble of claiming it back later.

Edited December 3, 2012 by mania

[johng]

I opened the account 2 weeks ago and haven't checked to see if any interest has beeen paid yet..assume they pay interest at the end of the month ?

I asked two employees about the tax and both said it would be deducted for us "Aliens"

[chiang mai]

Tax paid on fixed interest accounts can easily be reclaimed.

[mania]

I opened the account 2 weeks ago and haven't checked to see if any interest has beeen paid yet..assume they pay interest at the end of the month ?

I asked two employees about the tax and both said it would be deducted for us "Aliens"

Odd as there is no law to deduct tax on non fixed accounts until after they exceed 20k interest

in one calender year.

As to when interest is added

Yes they usually credit the interest on the last working day of the month

[chiang mai]

I opened the account 2 weeks ago and haven't checked to see if any interest has beeen paid yet..assume they pay interest at the end of the month ?

I asked two employees about the tax and both said it would be deducted for us "Aliens"

Odd as there is no law to deduct tax on non fixed accounts until after they exceed 20k interest

in one calender year.

As to when interest is added

Yes they usually credit the interest on the last working day of the month

Interest can be calculated on and added to the account, as determined by the bank at the putset, in many cases currently in the UK this is once a year, no compounding whatsoever!

[johng]

Maybe they thought that I was such a rich and handsome man that the interest would surely excede 20,000 baht a year and so naturally tax would apply....or maybe they just didn't know what they where talking about.

[chiang mai]

Maybe they thought that I was such a rich and handsome man that the interest would surely excede 20,000 baht a year and so naturally tax would apply....or maybe they just didn't know what they where talking about.

There surely must be a third option since the first two don't make sense, hows about they simply made a mistake.

[mania]

Interest can be calculated on and added to the account, as determined by the bank at the putset,

in many cases currently in the UK this is once a year, no compounding whatsoever!

Yes but they are talking about the Mee Tae Dai specifically.

That one gets interest calculated daily & added at the end of each month.

Nice

The BKB 4 month I had was calculated twice a year & only on the opening balance

not too good + of course 15% taxes deducted as it was a fixed account.

That UK one sounds tough.

Even back in the States you would not even care as it is

0,25%PA

Edited December 3, 2012 by mania

[soap]

Interest can be calculated on and added to the account, as determined by the bank at the putset,

in many cases currently in the UK this is once a year, no compounding whatsoever!

Yes but they are talking about the Mee Tae Dai specifically.

That one gets interest calculated daily & added at the end of each month.

Nice

The BKB 4 month I had was calculated twice a year & only on the opening balance

not too good + of course 15% taxes deducted as it was a fixed account.

That UK one sounds tough.

Even back in the States you would not even care as it is

0,25%PA

Can anyone confirm with the Mee Tae Dai account if tax is deducted or not deducted

Thanks

[mania]

Can anyone confirm with the Mee Tae Dai account if tax is deducted or not deducted

Thanks

I have confirmed they do not deduct tax

I have a few of these accounts. Never taxed

Of course as you approach 20k interest paid you will

want to open a new account & move the money. Otherwise

once you reach 20k they will be required to take taxes.

Remember Mee Tae Dai account is not a fixed account so they are not required to take

taxes out till after you have crossed the 20k of interest in a calender year mark.

[Obb]

Has anyone found the actual regulations stating that foreigner savings accounts are not subject to tax when 1-year interest is < 20,000 baht?

Have been having quite a time with Thanachart, who are deducting 15% tax on their Ultra-Savings Account and won't stop ...

Also, have read here somewhere that a similar rule applies to term-deposits. Is this correct?

(Thanachart has quoted me the advertised 3.05% on 4 months less the 15% = 2.59%.)

Edited December 7, 2012 by Obb

[mania]

Has anyone found the actual regulations stating that foreigner savings accounts are not subject to tax when 1-year interest is < 20,000 baht?

Have been having quite a time with Thanachart, who are deducting 15% tax on their Ultra-Savings Account and won't stop ...

Also, have read here somewhere that a similar rule applies to term-deposits. Is this correct?

(Thanachart has quoted me the advertised 3.05% on 4 months less the 15% = 2.59%.)

Cannot quote the actual law can only give my actual experiences.

When in a fixed account meaning it has a time requirement

4,6,8, months 1 year etc. Tax is automatically deducted.

Same as when I had Bangkok bank 4 month type accounts.

Taxes were automatically taken out even though the interest did

not exceed 20k

But regular saving no taxes deducted.

Ayudhya Banks Mee Tae Dai account is a regular savings

hence no tax deducted until 20k is reached same for any savings.

Same with my regular savings in Bangkok Bank & SCB

no taxes deducted in years as I have never breached the 20k

interest income there because I do not keep much in accounts that

earn only 0.75% interest.

Your Ultra savings is it a time/fixed type account?

If so taxes will be taken regardless of the amount of interest you receive.

If not I would change banks to one of the three I mentioned that do not deduct for regular savings.

Or go through the motions of claiming it back at years end as some folks have mentioned.

Edited December 7, 2012 by mania

[mania]

Ok here is something

http://www.bia.co.th/016.html

Look at Non Taxable Income &

Also almost at Bottom of page under reduced tax rates

#2 States...

Interest on Savings accounts in Commercial Banks

Edited December 7, 2012 by mania

[meatboy]

yesterday the wf.searched for some decent fixed term rates only to find out that 2yrs to 5yrs terms do not pay interest untill the end of term,as we are looking for a top up every year this is not on,who is going to lock a large amount away then on maturity find the tax deducted all comes in that year,eg.4mill bht x 2% yearly =on the second yr.it takes you over your tax allowance,is this right? normally interest is put into a seperate acc at the end of the tax yr.and while we are talking about int.rates dont believe what the bank manager says as the wf.found out yesterday,man.yes its still available,staff no its not,man walks off in a huff loose's face? staff might loose her job.

[mania]

on the second yr.it takes you over your tax allowance,is this right?

From my experience there is no "allowance" with fixed term deposits.

They are taxed regardless of the 20k/per year threshold.

The one I tried at BKB did not reach 20k in 4 months & was taxed

[meatboy]

on the second yr.it takes you over your tax allowance,is this right?

From my experience there is no "allowance" with fixed term deposits.

They are taxed regardless of the 20k/per year threshold.

The one I tried at BKB did not reach 20k in 4 months & was taxed

what i meant was you can earn arround 130k bht a yr.in interest,x 15%tax =19500bht just under the 20k tax you claim back,after that its pay pay pay so investing over more than 1yr.is not on.if me and wf.could hold uk.savings accounts,me i have about £3k left of my personel allowance but the wf.has i think its £7,500 as she has no income anymore.she used to rent out a property till the tennants stopped paying rent they seem to have more rights than you.

[mania]

what i meant was you can earn arround 130k bht a yr.in interest,x 15%tax =19500bht just under the 20k tax you claim back,after that its pay pay pay so investing over more than 1yr.is not on.if me and wf.could hold uk.savings accounts,me i have about £3k left of my personel allowance but the wf.has i think its £7,500 as she has no income anymore.she used to rent out a property till the tenants stopped paying rent they seem to have more rights than you.

I see thanks for the info

I did not even know there was a 20k threshold on what you can claim back as I have never done any claims..

Oh how I know what you mean about tenants too!

It is not just the UK. In the years that I rented out property I think I only had one really good responsible tenant

that took care as I would & paid in full on time or ahead.

[chiang mai]

UOB fixes - 5 months at 3.10% and 10 months at 3.25%.

Edited December 12, 2012 by chiang mai

[kyb789]

A friend at Kiatnakin Bank just informed me they have the same special. 3.0% KK-Smart Savings for deposits under 1 million baht. No tax deduction until 20k interest. Over 1 million baht is 2.8%. Branches all over Bangkok.

[mania]

A friend at Kiatnakin Bank just informed me they have the same special. 3.0% KK-Smart Savings for deposits under 1 million baht. No tax deduction until 20k interest. Over 1 million baht is 2.8%. Branches all over Bangkok.

Interesting

I had never heard of that bank

But the 3% is listed on their site

Will have to check if they have a Chiangmai branch

Thanks

http://www.kiatnakin...1-26_fid598.pdf

Only thing I wonder is their description below

Reads the more you save teh better the interest?

So perhaps the 3% is limited to a balance range?

High interest savings account

Account features:

• Withdrawals /Transfers free 4 transactions per month

• The more you save, the better interest

rate you will get

• Interest is calculated daily based on the balance at the end of each day by incremental type

Edit: Does have a Chiangmai branch

Edited December 13, 2012 by mania

[meatboy]

UOB fixes - 5 months at 3.10% and 10 months at 3.25%.

wf phoned uob for details for me,i need a letter confirming i am retired also i am a resident and reg.for tax before they consider it,stuff em,also i can confirm after thai.gov savings bank hotline said i can open a fixed term acc.the 399 days x3.30%,couldnt be further from the truth,no can do said the manager.so after all the can i or cant i its back to bk bank where my acc.is held.2.80% 7months.

[chiang mai]

UOB fixes - 5 months at 3.10% and 10 months at 3.25%.

wf phoned uob for details for me,i need a letter confirming i am retired also i am a resident and reg.for tax before they consider it,stuff em,also i can confirm after thai.gov savings bank hotline said i can open a fixed term acc.the 399 days x3.30%,couldnt be further from the truth,no can do said the manager.so after all the can i or cant i its back to bk bank where my acc.is held.2.80% 7months.

Am curious, why did the manager at gov sav say no, what was his reason?

Also, I just walked into UOB at airport mall in CM and opened my account, no hassles at all, very odd them asking for all of those things.

[meatboy]

UOB fixes - 5 months at 3.10% and 10 months at 3.25%.

wf phoned uob for details for me,i need a letter confirming i am retired also i am a resident and reg.for tax before they consider it,stuff em,also i can confirm after thai.gov savings bank hotline said i can open a fixed term acc.the 399 days x3.30%,couldnt be further from the truth,no can do said the manager.so after all the can i or cant i its back to bk bank where my acc.is held.2.80% 7months.

Am curious, why did the manager at gov sav say no, what was his reason?

Also, I just walked into UOB at airport mall in CM and opened my account, no hassles at all, very odd them asking for all of those things.

yes cm it baffled me,they have an english website which said i could but the manager said no straight away.i had my tax id,letter of residency from imm,passport today i will get the wf.to phone head office,as for uob they are a global bank so it should have been easy,after all the hassle getting the money here i was in no mood to be messed about,the wf deposited a bit which took over 2hrs.going from one bank to another by the time they did all the paper work and she still has to go back monday as it takes 2days for the bank cheque to clear,i am not to bothered about uob as the bank is in the city and that is a nightmare and then when the term is up i might still have to go running arround as the funds are for my yearly extension,getting to the mall in korat is 2min.drive and i have a choice of all the big banks it would be arround 5k.bht per year worse off but i am not one for getting p-s-ed about.

[chiang mai]

When ever are they going to start training bank managers here, even in Bangkok it's still easily possible to get turned down for an account, just because someone thinks a work permit is needed, frustrating.

[cheeryble]

Sorry to repeat but I'm comfused.

How do I invest 1.5m to best advantage and avoid having to retrieve withholding tax which sounds about as much fun as peripheral neuropathy?

ps: I already have accounts open at BKKBK and SCB. When I asked bKKBK about avoiding withholding with multiple accounts they seemd clueless.

Thanks v much!

[meatboy]

When ever are they going to start training bank managers here, even in Bangkok it's still easily possible to get turned down for an account, just because someone thinks a work permit is needed, frustrating.

here is an update for all that have been turned down for an account at certain banks,the wf.phoned head office in bkk.as to why i cant open the fixed 399days savings acc.at the thai gov.bank,the hot line said yes but the deputy man.at the bank said no,well the message the wf.got is YES YES YES he can,message from the bank in question oh the dm.thought he had to have a work permit maybe he doesnt know what a retirement visa is.they asked me to take in my passport,my driving licence,residency letter from imm.and i shall also take my thai tax id.card which has my name and address on it.just forgot to say 399days fixed term 3.30%.