Bank Savings Interest Rates

[yankee99]

CIMB just offered me 3.35% on 1.5 mill for one year - 3.40% available to new money.

Also, UOB have 2.75% instant savings with no tax deducted, 0.10% better than BAY.

CIMB just rang me to say the 1 year 3.35%account is tax free but only one account per person

and maximum deposit 500,000 Baht available till the 31st August

If its tax free then its not fixed correct?

[chiang mai]

CIMB just offered me 3.35% on 1.5 mill for one year - 3.40% available to new money.

Also, UOB have 2.75% instant savings with no tax deducted, 0.10% better than BAY.

CIMB just rang me to say the 1 year 3.35%account is tax free but only one account per person

and maximum deposit 500,000 Baht available till the 31st August

If its tax free then its not fixed correct?

It can be a fixed rate but not a fixed term, as long as the total ammount of interest doesn't exceed the tax threshold in the current tax year.

[chiang mai]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

I guess only the bank knows why they prefer to borrow from us as opposed to the bot. It seems bot would be more profitable. Although at the lending rates and non-simple interest i am sure the banks are making big baht!

The BOT rate is the overnight funds rate, that's the amount of interest that BOT will pay the bank on uninvested funds. So, if the individual bank can squeeze say 3.5% out of an individual investor it gets a better return than it would via BOT.

[chiang mai]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

Read here before a product too far North of BoT rate could be a whole life insurance investment schemes rather than a CD/fixed account.

A customer would have to sign acceptance of itheir nvestment first hence it's harder to do than first thought, it's unilkely that could be done by sleight of hand..

[cheeryble]

I have funds in an account recommended here some time ago.....I think it's called Mee Tai Dai with Ayudhya (aka Krungsri for some reason?).

I remember someone's mentioning some accounts were not OK for showing the 800k for the retirement visa extension which if I remember is due on Nov 15th but I have booked an appointment online some days before, so it's less than 3 full months now.

As this is an account from which I was told I can withdraw at any time if I wish is it OK for immigration?

Thanks!

[chiang mai]

I have funds in an account recommended here some time ago.....I think it's called Mee Tai Dai with Ayudhya (aka Krungsri for some reason?).

I remember someone's mentioning some accounts were not OK for showing the 800k for the retirement visa extension which if I remember is due on Nov 15th but I have booked an appointment online some days before, so it's less than 3 full months now.

As this is an account from which I was told I can withdraw at any time if I wish is it OK for immigration?

Thanks!

It should be fine, even fixed rate deposits are OK for that purpose.

[mania]

Finally visited Krungsi to ask about this 2.65 instant access acct.

She did advise me to spread it over a few accts @ 700k ea to avoid tax as described here.

Anyone have a number of accounts, and do you get ATM cards for all of them to skim the monthly interest off?

Was thinking open a 4th "dump" account, on-line transfer monthly interest into it, and only have an ATM for the dump acct.

Sorry just saw this hence the late reply

I have multiple accounts with them but no ATM cards as I do not want any weak links on accounts

used to store bulk money.

But they do all have internet access I I feel it is safe.(as can be )

I use the internet to transfer interest out as you said into other account at another bank which I do

use for bills etc & have ATM access on that one.

Edited August 15, 2013 by mania

[regedit]

Finally visited Krungsi to ask about this 2.65 instant access acct.

She did advise me to spread it over a few accts @ 700k ea to avoid tax as described here.

Anyone have a number of accounts, and do you get ATM cards for all of them to skim the monthly interest off?

Was thinking open a 4th "dump" account, on-line transfer monthly interest into it, and only have an ATM for the dump acct.

Sorry just saw this hence the late reply

I have multiple accounts with them but no ATM cards as I do not want any weak links on accounts

used to store bulk money.

But they do all have internet access I I feel it is safe.(as can be )

I use the internet to transfer interest out as you said into other account at another bank which I do

use for bills etc & have ATM access on that one.

Since it's August already you could put in more than 700k @ 2.65% in any one account to keep below the 20,000 for this year which is an anuual limit Jan to Dec.

[mania]

Finally visited Krungsi to ask about this 2.65 instant access acct.

She did advise me to spread it over a few accts @ 700k ea to avoid tax as described here.

Anyone have a number of accounts, and do you get ATM cards for all of them to skim the monthly interest off?

Was thinking open a 4th "dump" account, on-line transfer monthly interest into it, and only have an ATM for the dump acct.

Sorry just saw this hence the late reply

I have multiple accounts with them but no ATM cards as I do not want any weak links on accounts

used to store bulk money.

But they do all have internet access I I feel it is safe.(as can be )

I use the internet to transfer interest out as you said into other account at another bank which I do

use for bills etc & have ATM access on that one.

Since it's August already you could put in more than 700k @ 2.65% in any one account to keep below the 20,000 for this year which is an anuual limit Jan to Dec.

I always do put more than 700k anytime of the year

Then every few months I download their online statement of my account & check interest totals

If near 20k I move it to another of their accounts

[55Jay]

Finally visited Krungsi to ask about this 2.65 instant access acct.

She did advise me to spread it over a few accts @ 700k ea to avoid tax as described here.

Anyone have a number of accounts, and do you get ATM cards for all of them to skim the monthly interest off?

Was thinking open a 4th "dump" account, on-line transfer monthly interest into it, and only have an ATM for the dump acct.

Sorry just saw this hence the late reply

I have multiple accounts with them but no ATM cards as I do not want any weak links on accounts

used to store bulk money.

But they do all have internet access I I feel it is safe.(as can be )

I use the internet to transfer interest out as you said into other account at another bank which I do

use for bills etc & have ATM access on that one.

Since it's August already you could put in more than 700k @ 2.65% in any one account to keep below the 20,000 for this year which is an anuual limit Jan to Dec.

I always do put more than 700k anytime of the year

Then every few months I download their online statement of my account & check interest totals

If near 20k I move it to another of their accounts

Hey, thanks.

Was resigned to topping over 20k as getting the Thai tax back sounds pretty straight forward as Pib describes. However, as an American, still have to claim int and pay tax on it to USA Inc. regardless, so why jump through the extra Thai tax hoop. Avoiding Thai tax up front with multiple accounts as described here sounds easy enough + monthly compounding and can peel off interest if I want to.

Got a lump sitting in a 10 month 3% fixed in Bangkok Bank since May this year. I may just pull it out now with no interest as penalty, shift to Krungsi, and manage account(s). Thanks again. J

[nong38]

Today Ayudhya offered me 2,85% for 6 months.

[cassde]

The form you want to reclaim tax in the period Jan to March is a Kor10

[Billy The Kid]

Say somewhere in Thai bank, when you offered 3.5% for 10 million bt. That is 350,000 interest. 29,166 a month. Could live on that comfortably in Thailand.

Dont think you can find 3.5% somewhere at the moment !!!!

[John 1]

Say somewhere in Thai bank, when you offered 3.5% for 10 million bt. That is 350,000 interest. 29,166 a month. Could live on that comfortably in Thailand.

Dont think you can find 3.5% somewhere at the moment !!!!

I'm currently getting 3.6% from SCB. Depend's on amount and time of deposit this one is over 10ml for 13mth's you won't find on there web site it depend's on how your relationship is with the bank and manager.

[Billy The Kid]

Say somewhere in Thai bank, when you offered 3.5% for 10 million bt. That is 350,000 interest. 29,166 a month. Could live on that comfortably in Thailand.

Dont think you can find 3.5% somewhere at the moment !!!!

I'm currently getting 3.6% from SCB. Depend's on amount and time of deposit this one is over 10ml for 13mth's you won't find on there web site it depend's on how your relationship is with the bank and manager.

Thanks Mate, I have a SCB account since 2005 but not in Thailand at the moment, will check that out when in Thailland in couple months, I should have set up OTP on text/sms with that bank. If i had that, i could have opened another deposit account anytime while in Ireland.

Edited August 29, 2013 by Billy The Kid

[prepress]

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

[John 1]

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

Not true the coverage is not down to 1ml who told you? 50ml is still covered for next 2 years. Also most people ask this question when they have no intention of putting much money in any bank how much were you going to place on deposit?

[prepress]

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

Not true the coverage is not down to 1ml who told you? 50ml is still covered for next 2 years. Also most people ask this question when they have no intention of putting much money in any bank how much were you going to place on deposit?

The bank lady confirmed, and there is a discussion at the beginning of this thread (#2,4,6,9,12). I was planning to deposit 3 mill.

[John 1]

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

Not true the coverage is not down to 1ml who told you? 50ml is still covered for next 2 years. Also most people ask this question when they have no intention of putting much money in any bank how much were you going to place on deposit?

The bank lady confirmed, and there is a discussion at the beginning of this thread (#2,4,6,9,12). I was planning to deposit 3 mill.

Well the lady at the bank doesn't know shit from clay. Please update your self with some more research.

[55Jay]

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

Not true the coverage is not down to 1ml who told you? 50ml is still covered for next 2 years. Also most people ask this question when they have no intention of putting much money in any bank how much were you going to place on deposit?

The bank lady confirmed, and there is a discussion at the beginning of this thread (#2,4,6,9,12). I was planning to deposit 3 mill.

Prepress: Verify what she's telling you. I'm no expert, but check out Bangkok bank's website for "Accounts" under personal banking tab. States 50mil to 10 August 2015. 25mil until Aug 2016. 1mil from then on. There's an embedded link to the Deposit Protection Agency where you can read more. I couldn't get the links from within the DPA page to open, not sure if it's me or their webpage at the moment.

FWIW, I have about 2.5m sitting in BKK bank @ 3% for 10mos. Residual from a couple wires via BKB New Yor so it was just easy to dump it into a fixed acct while I sussed out other options.

Since then, came across other TV members talking about the Krungsi (BAY) 2.65% instant access with advertised monthly compounding and 2 free withdrawls per mo. The idea of monthly compounding, largely absent here, and the ability to access monthly interest w/o penalty if I want to, is what attracts me; not to mention the generally good feedback on BAY.

May be worth a look, up to you. Good luck.

[prepress]

Thank you Jay. I checked it:

Deposit protection up to Baht 50 million

Thai baht deposit accounts at Bangkok Bank are protected under the Deposit Protection Agency Act – up to a maximum of 50 million baht until 10 August 2015.

John, I think it was another communication problem

a quick question about insurance of bank deposits:

As it is now down to 1 million baht, I read somewhere in the forum if you have more, you can split it over several banks.

Today, I went to a Bkk Bank branch and ask the lady about it. She said I can open several accounts at the same bank under 1 million baht. Each account will be insured up to 1 mill.

Can someone confirm this ?

Not true the coverage is not down to 1ml who told you? 50ml is still covered for next 2 years. Also most people ask this question when they have no intention of putting much money in any bank how much were you going to place on deposit?

The bank lady confirmed, and there is a discussion at the beginning of this thread (#2,4,6,9,12). I was planning to deposit 3 mill.

Prepress: Verify what she's telling you. I'm no expert, but check out Bangkok bank's website for "Accounts" under personal banking tab. States 50mil to 10 August 2015. 25mil until Aug 2016. 1mil from then on. There's an embedded link to the Deposit Protection Agency where you can read more. I couldn't get the links from within the DPA page to open, not sure if it's me or their webpage at the moment.

FWIW, I have about 2.5m sitting in BKK bank @ 3% for 10mos. Residual from a couple wires via BKB New Yor so it was just easy to dump it into a fixed acct while I sussed out other options.

Since then, came across other TV members talking about the Krungsi (BAY) 2.65% instant access with advertised monthly compounding and 2 free withdrawls per mo. The idea of monthly compounding, largely absent here, and the ability to access monthly interest w/o penalty if I want to, is what attracts me; not to mention the generally good feedback on BAY.

May be worth a look, up to you. Good luck.

[up-country_sinclair]

Has anyone seen any good rates or promotions recently?

[jbaldwin]

Has anyone seen any good rates or promotions recently?

KTB has 14 months @ 3.30% and 37 months @ 3.7%

[up-country_sinclair]

^ Thanks.

I also saw that Bangkok Bank has 2.875 for 10 months. But the offer expires today.

[Billy The Kid]

Has anyone seen any good rates or promotions recently?

KTB has 14 months @ 3.30% and 37 months @ 3.7%

37 % for 37 months !!! If i put down a million bt deposit. I get 37,000 bt or 114,083 bt. Thanks in advance.

[meatboy]

Has anyone seen any good rates or promotions recently?

KTB has 14 months @ 3.30% and 37 months @ 3.7%

37 % for 37 months !!! If i put down a million bt deposit. I get 37,000 bt or 114,083 bt. Thanks in advance.

37,000bht,anually dont know is it paid on maturity if so that will be 114,083bht.wait for it minus 17,112bht tax.which you can claim back.

[thairookie]

No. 37% means you get 370,000 baht for ONE million deposit.

Sent from my LT18i using Thaivisa Connect Thailand mobile app

[Billy The Kid]

No. 37% means you get 370,000 baht for ONE million deposit.

Sent from my LT18i using Thaivisa Connect Thailand mobile app

Thanks for correction.. it was 3.7 % Silly me,

[up-country_sinclair]

Has anyone seen any good rates or promotions recently?

KTB has 14 months @ 3.30% and 37 months @ 3.7%

37 % for 37 months !!! If i put down a million bt deposit. I get 37,000 bt or 114,083 bt. Thanks in advance.

37,000bht,anually dont know is it paid on maturity if so that will be 114,083bht.wait for it minus 17,112bht tax.which you can claim back.

And the most you can claim back in a calendar year is 20,000 baht, right?

[thairookie]

No. 37% means you get 370,000 baht for ONE million deposit.

Sent from my LT18i using Thaivisa Connect Thailand mobile app

Thanks for correction.. it was 3.7 % Silly me,

Too late. Last I heard there was a massive stampede this morning at various KTB branches in Bangkok rushing to open fixed deposit accounts.