Bank Savings Interest Rates

[chiang mai]

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.

Just read back throught he last two pages of posts and you'll see!

[meatboy]

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.

my wf's 555 matured 8th scb.she then put it into a 15month fixed 3.3%.scb.

cimb.is 3.60% 18months.but i expect you will have to open a current acc.not worth the hastle.

[FiftyTwo]

6% for a UK regular saver account with First Direct.

Max deposit 300GBP/month for 12 months.

Somewhere to stash your pension.

[binnsy1]

Thanks that will do for me.

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.
Looking forward to any ideas.

my wf's 555 matured 8th scb.she then put it into a 15month fixed 3.3%.scb.
cimb.is 3.60% 18months.but i expect you will have to open a current acc.not worth the hastle.

[meatboy]

Thanks that will do for me.

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.

my wf's 555 matured 8th scb.she then put it into a 15month fixed 3.3%.scb.

cimb.is 3.60% 18months.but i expect you will have to open a current acc.not worth the hastle.

forgot to mention dont forget to have the all important tax certificate and your old pass book.

[binnsy1]

Where can I get the correct form required to sort the tax out?Can it be downloaded?

Thanks that will do for me.

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.

my wf's 555 matured 8th scb.she then put it into a 15month fixed 3.3%.scb.

cimb.is 3.60% 18months.but i expect you will have to open a current acc.not worth the hastle.

forgot to mention dont forget to have the all important tax certificate and your old pass book.

[meatboy]

if you go back several weeks you will see all the info you need on how to claim a refund[jan.following yr.] you have to register if you have a thai wf.she can do it all i have never been to the tax office but you will see it is easy and they are very helpfull.so see it all here bank int.rates.

[binnsy1]

Thanks I located it all I have to do is to find the Tax Office in Buriram.

The post is #173 on page 10.

if you go back several weeks you will see all the info you need on how to claim a refund[jan.following yr.] you have to register if you have a thai wf.she can do it all i have never been to the tax office but you will see it is easy and they are very helpfull.so see it all here bank int.rates.

[topt]

Thanks that will do for me.

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.

my wf's 555 matured 8th scb.she then put it into a 15month fixed 3.3%.scb.

cimb.is 3.60% 18months.but i expect you will have to open a current acc.not worth the hastle.

forgot to mention dont forget to have the all important tax certificate and your old pass book.

it may depend on your branch but was never mentioned when I opened a CIMB savings account earlier this year.

[KittenKong]

No Thai bank has ever asked me for my tax certificate. I just get my letter of tax paid from them at the beginning of the year and submit them to the tax office.

[ESCAPIS]

I've omitted rates for > 10 Mil. One with that kind of money wouldn't be reading this, and would not use Fixed deposit.

What would one use in case of such eventuality?

[chiang mai]

Some posters are talking at cross purposes regarding tax and bank tax letters and Meatboys post 877 seems to have been the start, perhaps if MB were to clarify why he thinks binnsy1 needs a tax certificate and old passbook in order to open a SCB or CIMB account, that would help.

[chiang mai]

I've omitted rates for > 10 Mil. One with that kind of money wouldn't be reading this, and would not use Fixed deposit.

What would one use in case of such eventuality?

There are loads of people with Baht 10m+ using fixed deposits for investment purposes, some people like to spread their risk and keep a low profile and/or are not comfortable with investing in Mutual Funds or Equities etc.

[meatboy]

Some posters are talking at cross purposes regarding tax and bank tax letters and Meatboys post 877 seems to have been the start, perhaps if MB were to clarify why he thinks binnsy1 needs a tax certificate and old passbook in order to open a SCB or CIMB account, that would help.

dont forget the tax cert.and the old pass book was,today his 555fixed account matures and without them he would not be able to claim back tax with held.

Edited October 11, 2013 by Rimmer

[Rimmer]

A couple of reported flames have been removed

[binnsy1]

Meatboy

Thanks for your advise went to SCB today and sorted things out,With the exeption of the new term @ 3.3% all they was offering in Muang Buriram was 3.1% for 24 Months or 3.45% for 36 months.So had a ride around and Kasikornbank was doing 3.8% for 36 months.

Edited October 11, 2013 by binnsy1

[meatboy]

Meatboy

Thanks for your advise went to SCB today and sorted things out,With the exeption of the new term @ 3.3% all they was offering in Muang Buriram was 3.1% for 24 Months or 3.45% for 36 months.So had a ride around and Kasikornbank was doing 3.8% for 36 months.

that 3.8% would be fine for us in january me and mrs meat have 2 big ones maturing,if the interest is paid yearly that means opening a current acc.as well,we already have 8 between us and by the time you put 1,000bht in them to open if its a small amount your depositing its not worth it[500k] at 3% thats 7% of your interest laying idol.

that rate you got is the best i have seen last 4yrs.just be wary if you put a large amount in that the tax paid doesnt take you past 20,000bht.thats why i mentioned if your married use the wf.to deposit.

[chiang mai]

My personal view is that 3 yrs is too long to lock away funds, even if the rate is 3.8%, the chances of rates being higher in two years is quite good I reckon. I just did 500k for 18 months at 3.6% via CIMB, that's about the longest duration I would opt for currently.

[Obb]

Heads up: a withdrawal from a term deposit cannot me made from outside the region of the branch at which you purchased it.

As well, if you are unable to visit a branch in that region, you will be unable to re-invest the term deposit when it matures in other than what the bank does automatically.

=> High-interest savings acconts have distinct advantages for those who travel.

[chiang mai]

Heads up: a withdrawal from a term deposit cannot me made from outside the region of the branch at which you purchased it.

As well, if you are unable to visit a branch in that region, you will be unable to re-invest the term deposit when it matures in other than what the bank does automatically.

=> High-interest savings acconts have distinct advantages for those who travel.

Most banks offer facilities where you can specify instructions in writting in advance, e.g. renewal, transfer etc., instructions via another branch other than the opening branch is bank dependant but most want to see the qccount holder and the book in person.

[chiang mai]

My personal view is that 3 yrs is too long to lock away funds, even if the rate is 3.8%, the chances of rates being higher in two years is quite good I reckon. I just did 500k for 18 months at 3.6% via CIMB, that's about the longest duration I would opt for currently.

The other point worth thinking about on an offer such as 3.8% is why is the bank offering such a high rate when the BOT rate currently is only 2.5%, OK so banks compete for business but at what point do they reach desparation and how safe are those funds in that situation, just a point to think about.

[meatboy]

My personal view is that 3 yrs is too long to lock away funds, even if the rate is 3.8%, the chances of rates being higher in two years is quite good I reckon. I just did 500k for 18 months at 3.6% via CIMB, that's about the longest duration I would opt for currently.

The other point worth thinking about on an offer such as 3.8% is why is the bank offering such a high rate when the BOT rate currently is only 2.5%, OK so banks compete for business but at what point do they reach desparation and how safe are those funds in that situation, just a point to think about.

i expect they have lent out toooooooooooooo much so it wants some money in,its known as balancing the books or cooking them

[scooterboy]

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.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

No WP needed, just get a tax certificate at the end of the year and take to the local tax office, cheque comes back in around three weeks.

"No WP needed, just get a tax certificate at the end of the year........".

What exactly is a "tax certificate" and how to get one? Sorry for the perhaps dumb question, but I'm sure there are a lot of non-working people around that pay tax on interest - and that can possibly get the paid tax returned, no doubt depending on what the various rules are applicable.

Any chance of an explanation as to how to get a tax cert and just how to claim back - in layman's terms (for us noobs and the uninitiated)?

Would be greatly appreciated.

Cheers

P.S. No, a lot of guys don't have a WP and don't pay employment taxes of any kind - only bank (interest) taxes.

Edited October 13, 2013 by scooterboy

[binnsy1]

Have a look at page 10 there is a bit there about a TIN and where to obtain/apply for one.

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.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

No WP needed, just get a tax certificate at the end of the year and take to the local tax office, cheque comes back in around three weeks.

"No WP needed, just get a tax certificate at the end of the year........".

What exactly is a "tax certificate" and how to get one? Sorry for the perhaps dumb question, but I'm sure there are a lot of non-working people around that pay tax on interest - and that can possibly get the paid tax returned, no doubt depending on what the various rules are applicable.

Any chance of an explanation as to how to get a tax cert and just how to claim back - in layman's terms (for us noobs and the uninitiated)?

Would be greatly appreciated.

Cheers

P.S. No, a lot of guys don't have a WP and don't pay employment taxes of any kind - only bank (interest) taxes.

[meatboy]

Meatboy

Thanks for your advise went to SCB today and sorted things out,With the exeption of the new term @ 3.3% all they was offering in Muang Buriram was 3.1% for 24 Months or 3.45% for 36 months.So had a ride around and Kasikornbank was doing 3.8% for 36 months.

just be aware when you open this fixed acc.that it is what you believe it to be,as they have a fixed savings plan with a monthly dep.of 1,000 - 25,000bht.with a period of not less than 2yrs.at 3.8%.

the same thing was tried on the wf.when she moved a large amount out of her bank,she was told we can beat that rate the other bank was offering only to find out it was a savings plan.

[chiang mai]

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.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

No WP needed, just get a tax certificate at the end of the year and take to the local tax office, cheque comes back in around three weeks.

"No WP needed, just get a tax certificate at the end of the year........".

What exactly is a "tax certificate" and how to get one? Sorry for the perhaps dumb question, but I'm sure there are a lot of non-working people around that pay tax on interest - and that can possibly get the paid tax returned, no doubt depending on what the various rules are applicable.

Any chance of an explanation as to how to get a tax cert and just how to claim back - in layman's terms (for us noobs and the uninitiated)?

Would be greatly appreciated.

Cheers

P.S. No, a lot of guys don't have a WP and don't pay employment taxes of any kind - only bank (interest) taxes.

The Short Version:

Tax paid on fixed term depsoits can be recalimed after January the following year, tax deducted on regular savings accounts cannot be reclaimed.

Ask your bank for a certifcate of tax with held for the previous year, you need to give them your passbook for this.

Go to the local tax office and apply for a tax ID number, a quick and simple process.

Complete application form (or online) for tax refund and supply tax certifcate confirming tax paid.

Recieve cheque in about three weeks.

Maximum allowable tax refund per year is circa THB 20?

[KittenKong]

The other point worth thinking about on an offer such as 3.8% is why is the bank offering such a high rate when the BOT rate currently is only 2.5%, OK so banks compete for business but at what point do they reach desparation and how safe are those funds in that situation, just a point to think about.

I got 3.61% on a K-bank 18-month step bond last year so 3.8% is not so much higher. If they were offering 4.8% that would perhaps be something to worry about.

[chiang mai]

Perhaps it's time to air out that famous one liner again, "there's been more money lost chasing yield than in any other way", worth thinking about!

[chiang mai]

The other point worth thinking about on an offer such as 3.8% is why is the bank offering such a high rate when the BOT rate currently is only 2.5%, OK so banks compete for business but at what point do they reach desparation and how safe are those funds in that situation, just a point to think about.

I got 3.61% on a K-bank 18-month step bond last year so 3.8% is not so much higher. If they were offering 4.8% that would perhaps be something to worry about.

You got your 3.61% step bond last year when BOT rates were what, 3%? That makes the spread between the BOT rate and the product rate about 0.6%, not bad at all. But today the BOT rate is 2.5% and the product rate is 3.8%, a difference of 1.3%, not quite the same thing!

Edited October 13, 2013 by chiang mai

[KittenKong]

You got your 3.61% step bond last year when BOT rates were what, 3%? That makes the spread between the BOT rate and the product rate about 0.6%, not bad at all. But today the BOT rate is 2.5% and the product rate is 3.8%, a difference of 1.3%, not quite the same thing!

I got spreads of well over 4% in the UK a couple of years ago between the BoE rate and the best long bond and even today the spread is still over 2.5%

I think you are worrying about nothing.