Bank Savings Interest Rates

[BlackPuddingBertha]

As far as I know it is indeed still 2.65%

The best current instant access rate I know of is 2.8% from Standard Chartered.

[jbrain]

I see this morning that Korea is the latest country to cut is bank rate, I reckon that Thailand will have no choice but do similar at some point in the not too distant future, probably worth folks locking in their deposits as best they can, I know I've got a bunch in 2.8% instant access that I need to tie down before 2.8% morphs into 2.4%!

What is the 2.8 instant access?

Bank of Ayhudaya (BAY)

With instant access I understand savings account. All banks I know of give next to nothing on saving accounts these days.

Do you mean that at BAY you can access your money at anytime without losing the interest you have accumulated ?

[shaun77]

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

If you are talking about the Mee Tae Dai account it came down to 2.65% nearly 2 months ago

[utalkin2me]

I see this morning that Korea is the latest country to cut is bank rate, I reckon that Thailand will have no choice but do similar at some point in the not too distant future, probably worth folks locking in their deposits as best they can, I know I've got a bunch in 2.8% instant access that I need to tie down before 2.8% morphs into 2.4%!

What is the 2.8 instant access?

Bank of Ayhudaya (BAY)

With instant access I understand savings account. All banks I know of give next to nothing on saving accounts these days.

Do you mean that at BAY you can access your money at anytime without losing the interest you have accumulated ?

Yes, 2 times a month with no penalty. Even if you access it more than twice, I believe it is only 50 baht. No reason to keep money in one of these horrible savings accounts with that one around - when I had some money in Bangkok Bank I remember getting statements back with like 7 baht interest, and they only give the meager sum very periodically it seems.

[jbrain]

I happen to have an account at BAY for years already, will have a look into it tomorrow. Thanks for the info.

[John 1]

SCB is offering 3.2% for 13 months if you have a lot of money they will give .3% on top. Don't ask what a lot of money is.

[chiang mai]

Do I see banks starting to buy deposits, that makes me slightly nervous.

(the bank rate is only 2.75%)

[John 1]

Do I see banks starting to buy deposits, that makes me slightly nervous.

(the bank rate is only 2.75%)

Why be nervous it's still government backed. If can't trust go where?

[jbrain]

Do I see banks starting to buy deposits, that makes me slightly nervous.

(the bank rate is only 2.75%)

Why be nervous it's still government backed. If can't trust go where?

That might be ones biggest concern

[thaicbr]

I'm trying to find a savings account that has a decent rate but not fixed term account. One that I can do monthly saving deposits. Any ideas?

Sent from my i-mobile i-STYLE Q6

[chiang mai]

I'm trying to find a savings account that has a decent rate but not fixed term account. One that I can do monthly saving deposits. Any ideas?

Sent from my i-mobile i-STYLE Q6

CIMB instant 2.8%

BAY instant 2.65%

[chiang mai]

For others:

CIMB 12 months 3.25%

CIMB 5 months 3.0%

CIMB 9 month 3.15%

UOB - various months at 3.10%

[thaicbr]

I'm trying to find a savings account that has a decent rate but not fixed term account. One that I can do monthly saving deposits. Any ideas?

Sent from my i-mobile i-STYLE Q6

CIMB instant 2.8%

BAY instant 2.65%

Thanks.. so i take it that i can add funds on a monthly basis to these accounts.. Do you know how they accrue interest is it monthly or yearly. Thanks

[chiang mai]

I'm trying to find a savings account that has a decent rate but not fixed term account. One that I can do monthly saving deposits. Any ideas?

Sent from my i-mobile i-STYLE Q6

CIMB instant 2.8%

BAY instant 2.65%

Thanks.. so i take it that i can add funds on a monthly basis to these accounts.. Do you know how they accrue interest is it monthly or yearly. Thanks

Add funds whenever, interest is accrued daily and paid monthly, like all banks they may change rates without notice so keep up todate.

[Salapoo]

For others:

CIMB 12 months 3.25%

CIMB 5 months 3.0%

CIMB 9 month 3.15%

UOB - various months at 3.10%

Thanks. I was looking at K-Bank Fixed Term 2 years with around 2.85% I think.

Do you know if you need a Work Permit to open a CIMB account? I am on a Non-Imm O visa, but not working.

[Salapoo]

^ It looks like CIMB require a 50k initial deposit:

http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/fixed_deposit_with_high_interest/

And you have to open it before May 31st.

[yankee99]

For others:

CIMB 12 months 3.25%

CIMB 5 months 3.0%

CIMB 9 month 3.15%

UOB - various months at 3.10%

Thanks. I was looking at K-Bank Fixed Term 2 years with around 2.85% I think.

Do you know if you need a Work Permit to open a CIMB account? I am on a Non-Imm O visa, but not working.

kasikorn has about a month ago 3.2%

[BlackPuddingBertha]

^ It looks like CIMB require a 50k initial deposit:

Or a purchase of a suitable CIMB investment product. That is how I got mine. Also I notice that they have clamped down on account opening procedures and those without a WP may have problems now. Also that rate is a special one that doesnt normally apply. CIMB do have an annoying habit of offering special advertised rates for a month or two and then cutting them hard once the promo is finished. BAY and Standard Chartered are much fairer in this respect.

As far as I know the CIMB account does not apply interest monthly, though BAY certainly does.

[jbaldwin]

Siam Commercial Bank currently has:

5 month - 2.85% (minimum 200,000 baht)

13 month - 3.2% ( minimum 200,000 baht)

36 month - 3.6% (minimum 1,000,000 baht)

[yankee99]

^ It looks like CIMB require a 50k initial deposit:

Or a purchase of a suitable CIMB investment product. That is how I got mine. Also I notice that they have clamped down on account opening procedures and those without a WP may have problems now. Also that rate is a special one that doesnt normally apply. CIMB do have an annoying habit of offering special advertised rates for a month or two and then cutting them hard once the promo is finished. BAY and Standard Chartered are much fairer in this respect.

As far as I know the CIMB account does not apply interest monthly, though BAY certainly does.

I know their (cimb) 3.25 is a stepup but their 9 month is a monthly.

[chiang mai]

^ It looks like CIMB require a 50k initial deposit:

Or a purchase of a suitable CIMB investment product. That is how I got mine. Also I notice that they have clamped down on account opening procedures and those without a WP may have problems now. Also that rate is a special one that doesnt normally apply. CIMB do have an annoying habit of offering special advertised rates for a month or two and then cutting them hard once the promo is finished. BAY and Standard Chartered are much fairer in this respect.

As far as I know the CIMB account does not apply interest monthly, though BAY certainly does.

The CIMB Mothers Day account is an instant access account that accrues interest daily and pays it monthly.

[chiang mai]

For others:

CIMB 12 months 3.25%

CIMB 5 months 3.0%

CIMB 9 month 3.15%

UOB - various months at 3.10%

Thanks. I was looking at K-Bank Fixed Term 2 years with around 2.85% I think.

Do you know if you need a Work Permit to open a CIMB account? I am on a Non-Imm O visa, but not working.

I can't imagine why anyone would do 2.85% for two years, makes no sense at all when 3.25% for 13 months exists.

No, CIMB do not require a work permit to open an account.

[chiang mai]

^ It looks like CIMB require a 50k initial deposit:

Or a purchase of a suitable CIMB investment product. That is how I got mine. Also I notice that they have clamped down on account opening procedures and those without a WP may have problems now. Also that rate is a special one that doesnt normally apply. CIMB do have an annoying habit of offering special advertised rates for a month or two and then cutting them hard once the promo is finished. BAY and Standard Chartered are much fairer in this respect.

As far as I know the CIMB account does not apply interest monthly, though BAY certainly does.

I don't agree with your comments about CIMB, I've been with them for about a year as one of several banks I deal with, CIMB calls me whenever rates change or new products become available - the manager even called me before Xmas and told me to withdraw some money from one account which was going to be taxed if over a certain ammount, great service I reckon.

[Salapoo]

I can't imagine why anyone would do 2.85% for two years, makes no sense at all when 3.25% for 13 months exists.

What bank, what account, and no minimum initial deposit?

[chiang mai]

I can't imagine why anyone would do 2.85% for two years, makes no sense at all when 3.25% for 13 months exists.

What bank, what account, and no minimum initial deposit?

I'm not sure what you're asking me, CIMB for example has 3.25% fixed for 12 months, when compared against 2.85% for 24 months at Kasikorn I think that looks far better, 24 months if far too long of a duration for my mind given that interest rates are only going to go down from this point onwards. Does that clarify? If not please rephrase your question.

Ah, I see, I'm afraid you can't avoid the minimum deposit which is usually not very high at all, maybe GBP1,000 which is pretty good really.

[yankee99]

I can't imagine why anyone would do 2.85% for two years, makes no sense at all when 3.25% for 13 months exists.

What bank, what account, and no minimum initial deposit?

If you are worried about the minimum its probably a waste of your time. Minimums in thailands are low.

[Salapoo]

Not exactly worried haha.

I'll only be depositing 30-40k p/m (happy to commit for 2 years).

Can open a 2.85% account at end of month with first deposit, or wait for end of 2nd month to get 3.25% (due to 50k initial deposit), at which time the promo will be closed anyway.

If there's better than 2.85% that can open with 30k baht, or better than that and can open with 60-80k in 6 weeks time, then I'm all ears

[yankee99]

Not exactly worried haha.

I'll only be depositing 30-40k p/m (happy to commit for 2 years).

Can open a 2.85% account at end of month with first deposit, or wait for end of 2nd month to get 3.25% (due to 50k initial deposit), at which time the promo will be closed anyway.

If there's better than 2.85% that can open with 30k baht, or better than that and can open with 60-80k in 6 weeks time, then I'm all ears

Listen the cimb 3.25 is a step up account and i would stay clear.cimb 3.1 is better.... Kasikorn is even better 3.2% @ 9 months

[jbrain]

I can't imagine why anyone would do 2.85% for two years, makes no sense at all when 3.25% for 13 months exists.

What bank, what account, and no minimum initial deposit?

I'm not sure what you're asking me, CIMB for example has 3.25% fixed for 12 months, when compared against 2.85% for 24 months at Kasikorn I think that looks far better, 24 months if far too long of a duration for my mind given that interest rates are only going to go down from this point onwards. Does that clarify? If not please rephrase your question.

Ah, I see, I'm afraid you can't avoid the minimum deposit which is usually not very high at all, maybe GBP1,000 which is pretty good really.

Why is 24 months far too long if interests are only going to go down ?

In that scenario 36 months would even be better than 24 months.

[chiang mai]

Not exactly worried haha.

I'll only be depositing 30-40k p/m (happy to commit for 2 years).

Can open a 2.85% account at end of month with first deposit, or wait for end of 2nd month to get 3.25% (due to 50k initial deposit), at which time the promo will be closed anyway.

If there's better than 2.85% that can open with 30k baht, or better than that and can open with 60-80k in 6 weeks time, then I'm all ears

Listen the cimb 3.25 is a step up account and i would stay clear.cimb 3.1 is better.... Kasikorn is even better 3.2% @ 9 months

Various answers/comments:

Yankee99 - The CIMB 3.25% rate is not a step up account, it's a straight forward fixed rate.

Salapoo - When you open a fixed rate account you can generally only make one deposit at the start and further deposits will not generally be accepted, you sound as though you intend to make regular deposits hence the fixed rate account will not work for you.

Jbrain - 2 years is a long time and much can happen in that time. Whilst the next step for Thai rates is almost certainly downwards I doubt it will go that far down as to be a substantial cut otherwise inflation will come into play and the BOT seems sensibly keen to avoid that. I would guess (and this is all a guess of course) that the bank rate will be at something around 2.25/2.50 in a years time but certainly no lower, that means the banks will be offering around 2.75% for their fixed rates (they're currently offering 0.50% over base currently). So, take the 3.25% now and in a years time take the 2.75%, that's how I see things currently.