Bank Savings Interest Rates

[Salapoo]

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.

Yes, that is what I would be looking for. Deposits made each month. Approx. 30-40k. Happy to commit to 2 years.

Any recomendations for the best Account out there at the moment?

[chiang mai]

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.

Yes, that is what I would be looking for. Deposits made each month. Approx. 30-40k. Happy to commit to 2 years.

Any recomendations for the best Account out there at the moment?

I guess you'll need to go for an instant access account, 2.65 or 2.8 from BAY or CIMB and switch accounts as and when the rates change.

[Salapoo]

you'll need to go for an instant access account, 2.65 or 2.8 from BAY or CIMB

Do they go by another name?

No Instant Access Account listed on BAY or CIMB websites.

Savings accounts (non fixed deposit) were all under 1%.

[chiang mai]

you'll need to go for an instant access account, 2.65 or 2.8 from BAY or CIMB

Do they go by another name?

No Instant Access Account listed on BAY or CIMB websites.

Savings accounts (non fixed deposit) were all under 1%.

CIMB's is called Mothers Day! Don't know what BAY calls theirs, if you look back through this thread you may spot the name somewhere, sorry.

EDIT: it might be called Mee Tae Dai

Edited May 17, 2013 by chiang mai

[Salapoo]

you'll need to go for an instant access account, 2.65 or 2.8 from BAY or CIMB

Do they go by another name?

No Instant Access Account listed on BAY or CIMB websites.

Savings accounts (non fixed deposit) were all under 1%.

CIMB's is called Mothers Day! Don't know what BAY calls theirs, if you look back through this thread you may spot the name somewhere, sorry.

EDIT: it might be called Mee Tae Dai

Yes, that's right.

http://www.krungsri.com/en/consumer-detail.aspx?did=195&tid=2⊂=true

Looks very interesting.

<100k = 1%

>100k =2.65%

Paid monthly. 2 free withdrawals p/m.

Sounds good for my needs.

[BlackPuddingBertha]

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

I thought the subject was the regular Speed Savings account on which the Mother's Day account is based. Mine does not apply interest monthly.

[BlackPuddingBertha]

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.

Then you must have a good manager and it certainly is not company policy. I've been with CIMB for a couple of years, with amounts varying from 0.5 to 2MB on deposit in various accounts and no one has ever called me though they are pleasant enough when I call in there.

That said, I have no problem with CIMB as I fully expect banks to change rates from time to time and am more than prepared to do my own research in order to stay ahead of them. The day has not yet dawned when I will trust anyone involved with financial services to look out for my best interests, regardless of where in the world they are.

[chiang mai]

Let me just repeat what I've read in a couple of different places this morning, and I paraphrase - it's highly likely that the Thai bank rate will be cut by up to 0.50% at the MPC meeting on 29th May, if that happens then bank depsoit rates will also fall by a similar amount.

[utalkin2me]

What do you guys like for a 1 year fixed right now? I have looked and like the cimb, but would love to hear other suggestions.

[jbaldwin]

Last week, we moved part of our condo's sinking fund into 36 month fixed deposit at SCB paying 3.6% - but the minimum deposit is 1,000,000 baht.

[chiang mai]

I posted two days ago that the BOT is more likely than not to reduce the bank rate next week and that will reduce the interest rates offered on bank savings products. The other side of the coin is an article I found below that talks about the reversal of USD and the impact that will have on various emerging markets. I for one don't fully understand the impact of that move but since this thread is all about interest savings rates/products covering time frames up to a few years, I'll post the link below and let folks consider this aspect as part of their decision making as to which savings product to buy and most critically, for what duration.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10074737/BRICS-risk-sudden-stop-as-dollar-rally-builds.html

[John 1]

What do you guys like for a 1 year fixed right now? I have looked and like the cimb, but would love to hear other suggestions.

Go for SCB 13mths 3.2% available till end of this month..

[meatboy]

What do you guys like for a 1 year fixed right now? I have looked and like the cimb, but would love to hear other suggestions.

Go for SCB 13mths 3.2% available till end of this month..

if you dont think your goner need it for 13months its a fair rate,but be warned interest is calcalated every 3months in steps starting at

.75% ending at the last month 13 at 23%.cant remember what the step rates are but i am sure the first 6months its 1-3=.75%,4-6=.75%.

[bangkokburning]

LH Bank ...

Isn't that one a bit dodgy?

Why dodgy ? Yes, it is one of the new and smaller banks but still gov't. insured. No risk for the first 1 million.

No risk? Surely you jest. Could take years for customers to get the money back. As a farang if for no other reason cannot read or speak Thai, you are at the bottom. Not simply out of Thai preference, but your own ability to stay in thr loop.

Make no mistake, these banks are totally overleveraged with overpriced condos, auto loans and credi catd debt on young consumers. The worst kind of debt next to borrowing to gamble in markets.

The banks extend such dodgy credit because it is impossible for anyone w debt <1m thb to declare bankruptcy. They also garnish wages quickly on loan defaults and harrass debtors.

Huge uneducated public paying monthly payments on debt, no principle. Banks love it and so are happy loaning on virtually anything. It's a kleptocracy!

[John 1]

LH Bank ...

Isn't that one a bit dodgy?

Why dodgy ? Yes, it is one of the new and smaller banks but still gov't. insured. No risk for the first 1 million.

No risk? Surely you jest. Could take years for customers to get the money back. As a farang if for no other reason cannot read or speak Thai, you are at the bottom. Not simply out of Thai preference, but your own ability to stay in thr loop.

Make no mistake, these banks are totally overleveraged with overpriced condos, auto loans and credi catd debt on young consumers. The worst kind of debt next to borrowing to gamble in markets.

The banks extend such dodgy credit because it is impossible for anyone w debt <1m thb to declare bankruptcy. They also garnish wages quickly on loan defaults and harrass debtors.

Huge uneducated public paying monthly payments on debt, no principle. Banks love it and so are happy loaning on virtually anything. It's a kleptocracy!

So whats the problem the banks are making money more fool the customer if they are being cheated which I doubt. As for a forigner why will we be treated differently if a bank does default look at 1997 the Thai's poured there gold in to save the country and they were out of debt in no time. Why not look at your own country before always critising Thai.

[meatboy]

one thing i have to find out is,or does anyone know, as i have always liked fixed terms and rates and over 12months.

as mine and the wf's tax allowance comes under the threshold of 150,000bht per yr.

each we claim back all the tax deducted, but if we fixed for 2yrs and interest was paid on maturity then it would take us over interest earned,or do they count that as earned in 2yrs.i also like stepped accs.over long periods as tax is deducted on each step.

[jbrain]

So whats the problem the banks are making money more fool the customer if they are being cheated which I doubt. As for a forigner why will we be treated differently if a bank does default look at 1997 the Thai's poured there gold in to save the country and they were out of debt in no time. Why not look at your own country before always critising Thai.

I must have missed that story in 1997 where the Thais poured in their gold to save the country.

Probably you can provide us with a link to it ? By the way the IMF debt was payed of using a loan from Singapore.

[John 1]

So whats the problem the banks are making money more fool the customer if they are being cheated which I doubt. As for a forigner why will we be treated differently if a bank does default look at 1997 the Thai's poured there gold in to save the country and they were out of debt in no time. Why not look at your own country before always critising Thai.

I must have missed that story in 1997 where the Thais poured in their gold to save the country.

Probably you can provide us with a link to it ? By the way the IMF debt was payed of using a loan from Singapore.

Please do some research and it was donated by the people to the country.

[Jobo]

Last week, we moved part of our condo's sinking fund into 36 month fixed deposit at SCB paying 3.6% - but the minimum deposit is 1,000,000 baht.

Is that paying interest monthly,annually or at the end of the 36 months?

[Jobo]

What do you guys like for a 1 year fixed right now? I have looked and like the cimb, but would love to hear other suggestions.

Go for SCB 13mths 3.2% available till end of this month..

if you dont think your goner need it for 13months its a fair rate,but be warned interest is calcalated every 3months in steps starting at

.75% ending at the last month 13 at 23%.cant remember what the step rates are but i am sure the first 6months its 1-3=.75%,4-6=.75%.

So that is not a real 3.2% pa is it?

[jbaldwin]

Last week, we moved part of our condo's sinking fund into 36 month fixed deposit at SCB paying 3.6% - but the minimum deposit is 1,000,000 baht.

Is that paying interest monthly,annually or at the end of the 36 months?

Every 6 months

[jbaldwin]

What do you guys like for a 1 year fixed right now? I have looked and like the cimb, but would love to hear other suggestions.

Go for SCB 13mths 3.2% available till end of this month..

if you dont think your goner need it for 13months its a fair rate,but be warned interest is calcalated every 3months in steps starting at

.75% ending at the last month 13 at 23%.cant remember what the step rates are but i am sure the first 6months its 1-3=.75%,4-6=.75%.

So that is not a real 3.2% pa is it?

Yes. You receive an interest rate is 3.2% pa but with interest paid 5 times during the 13 months.

[KhunOr]

The rates are usually negotiable, and certainly if you have a reasonably large amount to deposit. For example SCB just quoted me 3.2% for
200,000 baht plus for 13 months (2.85% for 5 months), but when I enquired, upped it to 3.45% for a 5 million baht deposit. Maybe that rate is available on 2 million, etc, but I didn't ask.

[up-country_sinclair]

^ Only an additional 1/4 percent for increasing the deposit from 200K to 5 million?

[meatboy]

The rates are usually negotiable, and certainly if you have a reasonably large amount to deposit. For example SCB just quoted me 3.2% for

200,000 baht plus for 13 months (2.85% for 5 months), but when I enquired, upped it to 3.45% for a 5 million baht deposit. Maybe that rate is available on 2 million, etc, but I didn't ask.

be weary of what they offer you[scb] all our trans.come into scb and last time was a large amount,the wf.drew it out to put somewhere else they asked her what rate she had been offered 3.30%

we will beat that was the reply,but when i asked for the details best not to say too much but i wouldnt go within a mile of it.so dont let the wf.open any acc.until you see it.

[chiang mai]

With the base lending rate at 2.75% and forecast to be lowered early next week to 2.50% or even 2.25%, is nobody nervous that several banks continue to offer deposit rates as high as 3.4%, I am, extremely so.

[John 1]

With the base lending rate at 2.75% and forecast to be lowered early next week to 2.50% or even 2.25%, is nobody nervous that several banks continue to offer deposit rates as high as 3.4%, I am, extremely so.

I'm not and will stay with SCB

[utalkin2me]

With the base lending rate at 2.75% and forecast to be lowered early next week to 2.50% or even 2.25%, is nobody nervous that several banks continue to offer deposit rates as high as 3.4%, I am, extremely so.

I have been, and am thinking about going out today and looking for a 1 year fixed rate. I'll report back if I find something good

[mania]

With the base lending rate at 2.75% and forecast to be lowered early next week to 2.50% or even 2.25%, is nobody nervous that several banks continue to offer deposit rates as high as 3.4%, I am, extremely so.

Does remind one of Icesave Bank

[givenall]

Do you think government can really pay if banks go belly up. They are borrowing so much themselves

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