Bank Savings Interest Rates

[chiang mai]

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.

I agree this is not a big issue at this time but it's one that folks need to be wary of going forward, a couple of points:

Financial instruments in the UK are typically based on gilt prices or are arnaged via a swap, in other words there is always an underlying basis to support an instrument, regardless of large the spread might be. Thailand of course doesn't have gilts or an equivelent and I'm not aware that banks here enter into swap agreements for their financial products, mostly they are created solely from inhouse facilities alone and through a desire to attract business - in summary they take all the risk themselves without laying any of it off elsewhere.

[Naam]

Financial instruments in the UK are typically based on gilt prices or are arnaged via a swap, in other words there is always an underlying basis to support an instrument...

the ratio of any AAA rated underlying can be determined by the difference (multiplied by factor of 0.xx, "xx" depends on the banks rating) between central bank repo rate and interest paid by the bank. that applies to virtually any bank in any country.

in other words, the bigger the above-mentioned difference the less secure is your cash except for the share that is guaranteed by your government. but as far as the latter is concerned mileages vary! Cyprus sends regards

[meatboy]

for anyone looking for a guaranteed rate krung thai bank are offering 4% fixed for 5yrs.min.200,000bht.max.10,000,000bht.

this offer is till 31march 2014.interest paid monthly or yearly.current acc.needed.

[reflectionx]

What is best place now to put some baht for 2 months?

Thanks

[prepress]

for anyone looking for a guaranteed rate krung thai .…current acc.needed.

Sorry: What is 'current acc.needed'

[Pib]

for anyone looking for a guaranteed rate krung thai .…current acc.needed.

Sorry: What is 'current acc.needed'

Guess it means you need to have a current (a.k.a., checking) account and a fixed rate account.

[isawasnake]

Has somebody already mentioned the Standard Chartered? I like it. It beats the 2.65% krungsri account anyway, at least for the next 6 months.

Details:

200k baht minimum

6 month term.... 2.5% first 3 months, 2.75 for 2 months, then 5% for one month, averaging to 2.99% for the 6 months.

2 withdrawals per month (yummy)

monthly interest deposits

no withholding tax! (double yum)

Drawback(s): Probably need to "take your money and run" at the end of the six months, or you may be getting say (guess) .75%. In fact, I think this is why they offer stuff like this, so lazy people wont move the funds.

I like it. I have been thinking of moving out of my stalwart krunsri 2.65% account -- for the next six months anyway.

Why type when you can link?

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

Edited November 15, 2013 by isawasnake

[meatboy]

for anyone looking for a guaranteed rate krung thai .…current acc.needed.

Sorry: What is 'current acc.needed'

Guess it means you need to have a current (a.k.a., checking) account and a fixed rate account.

current acc.is an every day acc.on which you can draw funds whenever you need to,also its what isawasnake will have to have if he opens the step fixed saveings acc.[see previous post] as they need this acc.so that the interest paid in steps will be paid into,i always like these step accs.long term so if its more than a yr.you will get the interest back and not have to wait till maturity.

[NotWhatItWasnt]

Hi Guys,

I already have an ordinary deposit account - very low interst - and would like to open a savings account so to get a higher rate of interest.

I was told today at TMB that I would need a one year visa in order to do this.

Does anyone know of another bank where I could do this without the visa? Or an account that I could open that would bring me more interest, even if this means tieing the money up for a year or so?

I am leaving on Saturday and wont be back until next September.

Thanks for looking at my post.

John

[meatboy]

to obtain a fixed savings acc.i would expect you need an address of residence plus visa status.check with bkk.bank they seem more relaxed i still think they have 15month term fixed at 3.25%.

[ajahnlau]

 

Hi Guys,

I already have an ordinary deposit account - very low interst - and would like to open a savings account so to get a higher rate of interest.

I was told today at TMB that I would need a one year visa in order to do this.

Does anyone know of another bank where I could do this without the visa? Or an account that I could open that would bring me more interest, even if this means tieing the money up for a year or so?

I am leaving on Saturday and wont be back until next September.

Thanks for looking at my post.

John

 Tell them your going to another bank. If they don't offer a fixed rate acc't then try Krungsiri,Sian Commercial,etc

[Briggsy]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

[binnsy1]

After having an account with SCB which ran for 15 months I decided that I would put some in a 10 month fixed term account only to be told that I needed a work permit to open this type of account.

Hence I took my money and went to CIMB and opened a 12 month fixed term account no problem.

[chiang mai]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

[isawasnake]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

This is the one I recommended a few posts up. An overall 3%. Sounds ideally suited for your needs....

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

[chiang mai]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

This is the one I recommended a few posts up. An overall 3%. Sounds ideally suited for your needs....

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

A question for you or anyone else:

When you take out a fixed rate deal here in Thailand it's usually for a specific time frame, but whilst the rate is guaranteed the customer can break the duration of the deal at any point. All they have to do is to repay the interest they've received up to the break point and this is replaced with basic savings interest rate, typically 0.75%.

My question is, can you do the same thing with the stepped savings you've described or is the customer locked into the duration of the deal?

[isawasnake]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

This is the one I recommended a few posts up. An overall 3%. Sounds ideally suited for your needs....

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

A question for you or anyone else:

When you take out a fixed rate deal here in Thailand it's usually for a specific time frame, but whilst the rate is guaranteed the customer can break the duration of the deal at any point. All they have to do is to repay the interest they've received up to the break point and this is replaced with basic savings interest rate, typically 0.75%.

My question is, can you do the same thing with the stepped savings you've described or is the customer locked into the duration of the deal?

That account, if that is what you are asking about, you can take funds out 2 times per month with no penalty. 3% with access to your cash: tough to beat imo.

[chiang mai]

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

This is the one I recommended a few posts up. An overall 3%. Sounds ideally suited for your needs....

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

A question for you or anyone else:

When you take out a fixed rate deal here in Thailand it's usually for a specific time frame, but whilst the rate is guaranteed the customer can break the duration of the deal at any point. All they have to do is to repay the interest they've received up to the break point and this is replaced with basic savings interest rate, typically 0.75%.

My question is, can you do the same thing with the stepped savings you've described or is the customer locked into the duration of the deal?

That account, if that is what you are asking about, you can take funds out 2 times per month with no penalty. 3% with access to your cash: tough to beat imo.

Before tax is deducted the annualized rate is 2.99%, after tax the rate becomes 2.54%, (15% tax withheld) the problem is that you have to leave your money in the account until the end of the term to get that rate. In my world it's better to have the flexibility of being able to withdraw funds at any point in time without penalty hence a 2.75% instant access account, without having to wait almost a year to get that rate, suits me better. But each to their own, there is no right or wrong answer on this it's a question of what suits the individual.

[meatboy]

we like these stepped accs.cm. i would think you would get the rate as advertised as long as the step goes the term.

as the first and second step are always low looking at one we had with scb.over 11months it was,1-4months at 2%,5-8 at 3%,then as always the final step is more than double[9-11]at 7%.

Edited November 22, 2013 by meatboy

[Briggsy]

Thank you for the good answers.

[meand]

That account, if that is what you are asking about, you can take funds out 2 times per month with no penalty. 3% with access to your cash: tough to beat imo.

I have some cash in Thailand that I can lock up for 6 months. Are there any decent 5 or 6 - month a/c's around at the moment? I see SCB are doing 2.85% apr. for a 5-month a/c, minimum 200,000 Baht.

Any others out there?

UOB has got a 2.75% instant access account, no tax. BAY has similar but is 2.65%.

This is the one I recommended a few posts up. An overall 3%. Sounds ideally suited for your needs....

http://www.standardchartered.co.th/promotions/marathon-savings9/en/index.html?pid=Marathon-Savings-9th-Q313-EN

A question for you or anyone else:

When you take out a fixed rate deal here in Thailand it's usually for a specific time frame, but whilst the rate is guaranteed the customer can break the duration of the deal at any point. All they have to do is to repay the interest they've received up to the break point and this is replaced with basic savings interest rate, typically 0.75%.

My question is, can you do the same thing with the stepped savings you've described or is the customer locked into the duration of the deal?

Before tax is deducted the annualized rate is 2.99%, after tax the rate becomes 2.54%, (15% tax withheld) the problem is that you have to leave your money in the account until the end of the term to get that rate. In my world it's better to have the flexibility of being able to withdraw funds at any point in time without penalty hence a 2.75% instant access account, without having to wait almost a year to get that rate, suits me better. But each to their own, there is no right or wrong answer on this it's a question of what suits the individual.

There is no withholding tax on that stan chartered (if you earn more than 20k in interest, that is perhaps another story). And, you can withdrawal at any time - up to 2 times per month.

I checked this account out, imo it is one of the best out there right now, but it will only last the 6 months of course.

Edited November 22, 2013 by meand

[NotWhatItWasnt]

Hi Guys,

Bangkok bank and CIMB will open up an account with no problems, friend said that he had no problems opening up an account at Kasikorn bank.

John

[Choonpon]

Hi there,

Anyone who has recently reclaimed the tax deducted from the bank interest earned? Please post your experience here. Thank you.

[meatboy]

Hi there,

Anyone who has recently reclaimed the tax deducted from the bank interest earned? Please post your experience here. Thank you.

there is plenty of info in this forum,nobody would have reclaimed tax back recently as its for 2013 -jan 2014 to end of march to claim.so go back a few pages.

[prepress]

Sorry to hijack this thread.

I did all the formalities and are registered with a tax number. I received this year my tax back (from fixed deposit earnings 2012).

On June I went back to the same tax office to claim another fixed deposit tax withold. The friendly lady told me: No need to come again to tax office. It will be automaticly transfered to my account next year.

Is this correct?

[Choonpon]

Hi there,

Anyone who has recently reclaimed the tax deducted from the bank interest earned? Please post your experience here. Thank you.

there is plenty of info in this forum,nobody would have reclaimed tax back recently as its for 2013 -jan 2014 to end of march to claim.so go back a few pages.

Hi,

Does that mean there is certain period to claim back the tax withold? For example, will I still be able to claim back 2012 tax if i file now?

Thank you.

[Choonpon]

Sorry to hijack this thread.

I did all the formalities and are registered with a tax number. I received this year my tax back (from fixed deposit earnings 2012).

On June I went back to the same tax office to claim another fixed deposit  tax withold. The friendly lady told me: No need to come again to tax office. It will be automaticly transfered to my account next year. 

Is this correct?

Hi,

I have not tried yet so am not sure.

But would you care to share your first filing experience? Will the officer ask many questions pertaining to how your money for the fixed deposit derived from? Or making it difficult for you to get refund back?

Thank you.

[chiang mai]

there is plenty of info in this forum,nobody would have reclaimed tax back recently as its for 2013 -jan 2014 to end of march to claim.so go back a few pages.

Hi,

Does that mean there is certain period to claim back the tax withold? For example, will I still be able to claim back 2012 tax if i file now?

Thank you.

You can reclaim for the past three years.

[chiang mai]

Sorry to hijack this thread.

I did all the formalities and are registered with a tax number. I received this year my tax back (from fixed deposit earnings 2012).

On June I went back to the same tax office to claim another fixed deposit tax withold. The friendly lady told me: No need to come again to tax office. It will be automaticly transfered to my account next year.

Is this correct?

Hi,

I have not tried yet so am not sure.

But would you care to share your first filing experience? Will the officer ask many questions pertaining to how your money for the fixed deposit derived from? Or making it difficult for you to get refund back?

Thank you.

It's a very simple and straight forward process, no awkward questions are asked! As long as you've got your passbooks and the certificates from your banks you'll be in and out in 30 minutes, you may even get a cup of coffee!.

[scooterboy]

^ Thanks for the info!

I presume the tax office requires some more things - passport (copies) comes to mind.

Still, no one yet (as far as I can see) has explained/answered as to whether folk WITHOUT a work permit (i.e. the retirement mob, tourists of one kind or another, etc), can also get a tax number and bank tax returned.

Cheers for any more good info