Bank Savings Interest Rates

[mania]

you will get an invoice from your bank showing how much tax was deducted its printed out by the banks computer.

Great ! Thanks for the speedy reply

Off to the bank

I was not going to bother as it is less than 2k but what the heck

That is still extra baht & it is not like I am busy

Edited January 30, 2013 by mania

[mania]

well did not go so smooth for me

but TIT so no problem

1st mistake,

Started out by going to BKB to get the letter.

I went to a branch that I have two accounts at but not the account I am claiming back.

Figured it would be easy enough for any branch

Well my Que number was high but after 25 or so minutes I get called & told sure no problem

passport & bank book.

She runs off to get paper comes back & say's Mai Dai

Said her boss said I need to go to the branch I have that account at.

Repeat routine at next branch & get the paper.

2nd Mistake went out to the Financial building near 700 year Stadium

went to 2nd floor ...so many offices I went in one & asked tax office Yu nai?

He said tee-nee took my paper read a bit then say Ooooooo

Mai Dai then in Thai told me as close as I can comprehend I need to go to the other

location either because my bank was at such & such a place or because my address is at such & such

a place

So will try the other office which I think is on Chotana Road tomorrow

[TommoPhysicist]

CIMB are offering 3.1% over 5 months.

Edited January 30, 2013 by TommoPhysicist

[SantiSuk]

I assume that as I am still a UK resident, despite living here three months out of every three and a half, I will be paying UK tax on gross interest earned here (since I have always been squeaky clean with tax authorities), but will be able to offset Thai witholding tax from my UK tax liability on that gross interest.

If anyone thinks it works differently from that, please enlighten me.

Yes - I'm aware it may well make good sense to claim UK non-residence, but for the moment family commitments mean that I want to maintain a residence in the UK for my habitation when I visit the UK. I will review the merits of continuing that when the long expected residency guidelines come out from HMRC in the UK; they were due sometime this Spring I think

[chiang mai]

I assume that as I am still a UK resident, despite living here three months out of every three and a half, I will be paying UK tax on gross interest earned here (since I have always been squeaky clean with tax authorities), but will be able to offset Thai witholding tax from my UK tax liability on that gross interest.

If anyone thinks it works differently from that, please enlighten me.

Yes - I'm aware it may well make good sense to claim UK non-residence, but for the moment family commitments mean that I want to maintain a residence in the UK for my habitation when I visit the UK. I will review the merits of continuing that when the long expected residency guidelines come out from HMRC in the UK; they were due sometime this Spring I think

Agreed

[chiang mai]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

[meatboy]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

thanks cm.we are alright till feb.2014, got a few fixed accs.maturing in may/oct but the wf.wants to spend some worries me a bit because thats unusual for her looks like all a lot of hot money going out of thailand and back in again.

[Tywais]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

Just got a call from my rep at Bangkok Bank that my 3.3% 5 month fixed has just expired and the current special is 2.75% for 4 months and 2.8% for 7. So seems your statement has merit.

[chiang mai]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

Just got a call from my rep at Bangkok Bank that my 3.3% 5 month fixed has just expired and the current special is 2.75% for 4 months and 2.8% for 7. So seems your statement has merit.

CIMB at 3.1% for five months is a decent bet currently.

[Seizhin]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

Just got a call from my rep at Bangkok Bank that my 3.3% 5 month fixed has just expired and the current special is 2.75% for 4 months and 2.8% for 7. So seems your statement has merit.

SCB have 6 months at 3.05% going on.

BBL and Thanachart gives about 2.9% for 3 months and 3.00% for 6 months.

It's rather hard to find 3% over the previous months. (Those 3 are what I use.)

[John 1]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

Just got a call from my rep at Bangkok Bank that my 3.3% 5 month fixed has just expired and the current special is 2.75% for 4 months and 2.8% for 7. So seems your statement has merit.

SCB have 6 months at 3.05% going on.

BBL and Thanachart gives about 2.9% for 3 months and 3.00% for 6 months.

It's rather hard to find 3% over the previous months. (Those 3 are what I use.)

Please provided a link where SCB is giving 3.05% for 6mths.

[chiang mai]

An interesting article in the Bangkok paper yesterday talking about the (strong) desire to lower interest rates in order to lessen the impact of capital inflows (hot money comming into Thailand from overseas for investment). It seems there's a near consensus that the bank rate should be reduced by 0.5% in two quarter point moves, that will put base at 2.25% and savings accounts will move accordingly, you have been warned!

Just got a call from my rep at Bangkok Bank that my 3.3% 5 month fixed has just expired and the current special is 2.75% for 4 months and 2.8% for 7. So seems your statement has merit.

SCB have 6 months at 3.05% going on.

BBL and Thanachart gives about 2.9% for 3 months and 3.00% for 6 months.

It's rather hard to find 3% over the previous months. (Those 3 are what I use.)

Please provided a link where SCB is giving 3.05% for 6mths.

SCB = Standard Chartered or Siam Commercial?

[Rimmer]

Just got 3% six months at K bank

[John 1]

Just got 3% six months at K bank

The best I see from Kbank is 2.88% for 8 months. is your deposit fixed account?

[chiang mai]

Just got 3% six months at K bank

The best I see from Kbank is 2.88% for 8 months. is your deposit fixed account?

Ditto.

[cheeryble]

How's the rupee doing?

Is this worth a look?

http://hdfcbanknriservices.co.in/fixeddeposit/index.asp?camp=GOOG1_Fixed_Deposit_ROW_Content&keyw=free%20fixed%20deposit%20interest%20rates

[mania]

Well got my check in the mail today full refund of

interest withheld for taxes last year.

Not bad really as I had a slow start getting the paper right but I look back & see less than two weeks since I last posted

about having problems getting filed.

Next year should be easier since I have a Tax ID card now too.

Although if I am lucky I can just stick with the accounts like BAY that do not take

taxes out of the interest in the 1st place .

[Mickey Cohen]

Has anyone invested in aberdeen thailand?

[rizla]

OK, i`ll start off by saying that i aint the brightest pin in the box with ref to money matters..

I`m sure this has been covered lots of times on here..but please be gentle and DONT over complicate replies..please.

Facts..

I declared myself a non UK resident in 2008 ( by means of the p85 form)..

I am retired here...over 50...retirement extensions

Not married to a Thai

Have one bank account here Kasikorn savings account...my name only.

Have a lump sum in UK offshore....tax free on interest...easy access.

Questions...

Bearing in mind my yearly account offshore is giving me 2.50%

interest at the moment BUT shortly that will only be 1.5% interest when

renewed in June this year...

what is the best rate of net interest i can get here WITH a Thai account in MY name ?

I understand i will be charged tax on the Thai interest .....how much ?Bearing in mind i`m not in the Thai tax system, can i reclaim it back ?

I live in the sticks with local branches of banks, will this make it harder to reclaim the tax ?...

I also need the Thai bank account to be usable for my yearly extensions money requirements....

Note... i have also read on here that the Thai banks only cover 1 mil bhat ....is that per account or per branch..

Very kind regards in advance....

P.S should i consider a Foreign Currency Account here, and can that be used for immigration..?

Edited March 10, 2013 by rizla

[meatboy]

OK, i`ll start off by saying that i aint the brightest pin in the box with ref to money matters..

I`m sure this has been covered lots of times on here..but please be gentle and DONT over complicate replies..please.

Facts..

I declared myself a non UK resident in 2008 ( by means of the p85 form)..

I am retired here...over 50...retirement extensions

Not married to a Thai

Have one bank account here Kasikorn savings account...my name only.

Have a lump sum in UK offshore....tax free on interest...easy access.

Questions...

Bearing in mind my yearly account offshore is giving me 2.50%

interest at the moment BUT shortly that will only be 1.5% interest when

renewed in June this year...

what is the best rate of net interest i can get here WITH a Thai account in MY name ?

I understand i will be charged tax on the Thai interest .....how much ?Bearing in mind i`m not in the Thai tax system, can i reclaim it back ?

I live in the sticks with local branches of banks, will this make it harder to reclaim the tax ?...

I also need the Thai bank account to be usable for my yearly extensions money requirements....

Note... i have also read on here that the Thai banks only cover 1 mil bhat ....is that per account or per branch..

Very kind regards in advance....

P.S should i consider a Foreign Currency Account here, and can that be used for immigration..?

all your questions have been answered of late,just a brief ans.

interest on fixed accs.over the past 3yrs.we have had,3.65%,3.78%.dec 2012 3.30% fixed for 555days,15months,13months.

penty of posts regarding the tax deducted it is 15%.

claiming it back read previos posts.

the acc.for immigration extentions must be in thai bank in baht.in your case 800k bht.retirerment.

[shaun77]

According to the bank of Ayudhya web site the Mee Tae Dai account now pays 2.65% down from 2.8%

[ExpatJ]

Rimmer, on 08 Feb 2013 - 12:44, said:

Just got 3% six months at K bank

Am i right in thinking that when you say 3% for 6 months- the 3 % refers to per year interest so that in fact, per month you are getting 0.25% interest ; so in 6 months you will get 1.5% interest on your money?

[chiang mai]

Rimmer, on 08 Feb 2013 - 12:44, said:

Just got 3% six months at K bank

Am i right in thinking that when you say 3% for 6 months- the 3 % refers to per year interest so that in fact, per month you are getting 0.25% interest ; so in 6 months you will get 1.5% interest on your money?

Correct

[chiang mai]

CIMB 5 months at 3.1% and 12 months at 3.3%

[yankee99]

CIMB 5 months at 3.1% and 12 months at 3.3%

best i have seen lately. thanks

[mania]

According to the bank of Ayudhya web site the Mee Tae Dai account now pays 2.65% down from 2.8%

Thanks for the update

I have a couple there & did not notice

[Mickey Cohen]

Is it true that foreigners are taxed 15% of their interests??

[mania]

Is it true that foreigners are taxed 15% of their interests??

Only on a fixed accounts that exceeds 20k of interest in a year

You can deal with it easily one of two ways.

1)transfer balance to a new account even within the same bank once the 20k of interest is close

to going over

2) claim it back at the end of the year at the Thai Tax office

I did for one account I had in 2012 & it was easy to do.

The check arrived about 2 weeks after making the

claim

PS: More detailed info within this thread about

the claim back process

Edited March 15, 2013 by mania

[yankee99]

CIMB 5 months at 3.1% and 12 months at 3.3%

I went to cimb on 3rd rd in pattaya. They called me to the front counter and cimb ....asked can i help you? me ....Yes i want to open a account. cimb....Sorry can not do you need to have a thai with you. me .... i called bkk and they didnt say i needed a thai. cimb....what kind of visa do you have? me....I am on a marriage extension.....cimb....ok what kind of account?

The 3.1% is just what it says

The 3.3% is not so clear.. it runs on a monthly scale with the interest going up every month...The way i understood it is month 13-15 you get 8% this then averages to 3.3. I opted for the simple 5 month account.

They also said i will get some special privilages at the airport.

[chiang mai]

CIMB 5 months at 3.1% and 12 months at 3.3%

I went to cimb on 3rd rd in pattaya. They called me to the front counter and cimb ....asked can i help you? me ....Yes i want to open a account. cimb....Sorry can not do you need to have a thai with you. me .... i called bkk and they didnt say i needed a thai. cimb....what kind of visa do you have? me....I am on a marriage extension.....cimb....ok what kind of account?

The 3.1% is just what it says

The 3.3% is not so clear.. it runs on a monthly scale with the interest going up every month...The way i understood it is month 13-15 you get 8% this then averages to 3.3. I opted for the simple 5 month account.

They also said i will get some special privilages at the airport.

The 3.3% account you're talking about is an insurance product, they have a separate savings account at 3.3% which requires new money and is I believe called a preffered account.

As for the rest of what you wrote, yes, sometimes all the banks at different times and locations come up with these silly rules, it can't be avoided it seems - I have the same problem with TMB in Chinag Mai who insist I cannot open an account because I'm not Thai!!!