Bank Savings Interest Rates

[mania]

Just opened a fixed rate account with GSB (Omsin).

11 months, 3%pa, no tax.

Min deposit Bt.10,000, no max. Can add more after opening but must be at least Bt.1,000 each time. Promotion started on 5th March and should continue for at least a month, if I remember correctly.

Thanks I just looked at this online ( only in Thai )

http://www.gsb.or.th/products/personal/deposits/special-101years.php

but it does agree with all you said

Enrollment is March 5th till April 5th

Also does say normal person no tax deducted only corporate/juristic persons taxed

hmmm may be a usable one then for me. Do you have their online banking? If so how is it?

Thanks for the heads up

I went to gsb today

Account is as stated 3% 11 month no taxes

interest paid at end of 11 months although calculated monthly

The thing I did not really understand is they say you need to open two accounts

One for the 3% deposit & the other is where the interest will go.....eventually?

So I cannot say I understand the thinking unless the original account will be

deleted at the end of the 11 months?

But still a rather odd requirement. So I am thinking whether or not I will

go ahead. But while thinking about the 2 account deal the only thing I could

really come up with as a reason is the bank wants to show a lot of new accounts

opened?

When I mentioned this to my wife she said it could also be because recently

many Thai farmers closed their accounts at gsb government bank & others like Omsin / BAAC

Farmers Bank

I also found I cannot have internet banking unless I have a work permit or am named on a Tabien Ban

I do have internet banking for all my Ayudyha accts as well as Bangkok & SCB bank so thought that a bit odd.

Anyway still undecided & may watch a while yet & just accept the 2.35% paid monthly at my Ayudhya accts.

EDIT: See now Reuters & others had a story on it too

http://www.reuters.com/article/2014/02/18/us-thailand-protest-loan-idUSBREA1H0DQ20140218

http://www.infiniteunknown.net/2014/02/18/bank-runs-spread-to-thailand/

[CMMCB]

Yes, it seems GSB always need a connected deposit account. Maybe a marketing ploy, yes. But the 100 baht I keep in there will never make them rich! You can use the same deposit account for any number of fixed accounts too.

[meatboy]

Yes, it seems GSB always need a connected deposit account. Maybe a marketing ploy, yes. But the 100 baht I keep in there will never make them rich! You can use the same deposit account for any number of fixed accounts too.

I have had fixed accs.with,gsb,bkk.b.,scb,and the latest with land and house and they all insist you open a second acc.so the interest goes into it.

[likewise]

have fixed accounts a SCB, interest is always paid in same fixed account !

[chiang mai]

I've never ever seen interest on a fixed rate/fixed term account be paid into the same account as the principle amount, logically it can't be otherwise the amount is not fixed.

[mania]

I've never ever seen interest on a fixed rate/fixed term account be paid into the same account as the principle amount, logically it can't be otherwise the amount is not fixed.

Understandable but the interest is paid at the end of the term only in these ( GSB accounts) so matters

not as fixed interest is over.

Also to note on this account it is the interest that is fixed not the principal as you are allowed

to continue to make deposits anytime you want to add to balance.So again amount can fluctuate

I have also had fixed accts with BKB in the past& it was paid into the same account albeit calculated monthly with BKB.

It was I think credited to account bi-annually

[55Jay]

BKB paid int into my fixed acct at maturity. It was simply amount x days (it was a 10 month 3% fixed acct). Decided to put all my marbles in Krungsi MTD account. While it's gone down to 2.35% now, I prefer the idea of compounding interest each month and if I want to, I can access the interest.

[chiang mai]

Meh. I am rounding up a 10 month fixed acct with

.... a celebration at Swensons?

[55Jay]

Meh. I am rounding up a 10 month fixed acct with

.... a celebration at Swensons?

Boy, you must be sitting just waiting for a post to pop up and BAM, respond! LOL.

I was typing and finger hit TAB or something and it posted.

[chiang mai]

Meh. I am rounding up a 10 month fixed acct with

.... a celebration at Swensons?

Boy, you must be sitting just waiting for a post to pop up and BAM, respond! LOL.

I was typing and finger hit TAB or something and it posted.

I'd been sat here for the past fourteen hours, waiting for you to make that post, I knew you would.

[Aldebaran1981]

just want to check if fixed deposits interest earned is liable to be taxed?

[chiang mai]

just want to check if fixed deposits interest earned is liable to be taxed?

Yes, taxed at source at 15% but non tax payers can reclaim this up to an anual maximum of THB 29,100. Fixed accounts only.

[Aldebaran1981]

just want to check if fixed deposits interest earned is liable to be taxed?

Yes, taxed at source at 15% but non tax payers can reclaim this up to an anual maximum of THB 29,100. Fixed accounts only.

oh which means any interests earned within 12months less than 29k THB is not liable to be taxed right?

or??

[Aldebaran1981]

UOB bank has a tax free taweesup monthly fixed deposit. Is this a better way to put my money?

Or am I better off putting one time money into kasikorn 11 month fixed deposit special?

[chiang mai]

just want to check if fixed deposits interest earned is liable to be taxed?

Yes, taxed at source at 15% but non tax payers can reclaim this up to an anual maximum of THB 29,100. Fixed accounts only.

oh which means any interests earned within 12months less than 29k THB is not liable to be taxed right?

or??

I said reclaimed (you can't get an exemption at source), from the local tax office, after 1 January each year. And that's tax paid up to THB 29.1K, not interest earned, the latter is I believe up to around THB 300K.

[Aldebaran1981]

oh... all interests earned from fixed deposits are liable for tax i presume?

[chiang mai]

oh... all interests earned from fixed deposits are liable for tax i presume?

Correct, if you read back through this thread you'll find all the information on this aspect including how reclaim the tax.

[DavidMavec]

I just went to two Kasikorn Bank branches and one UOB Bank Branch to open one of these fixed accounts everyone's talking about. I got denied at all three. I was told I needed a work permit or a marriage visa. These were all near Huay Kwang in Bangkok. I know there must be some that bypass these "policies". Anyone know where? Please feel free to send me a PM.

Thanks.

[Aldebaran1981]

i thought as a farang, we can use a passport at kasikorn?

[DavidMavec]

i thought as a farang, we can use a passport at kasikorn?

I thought so too. I have a normal bank account at Kasikorn that I opened with just a passport a long time ago so I don't understand what the problem is.

[Pib]

i thought as a farang, we can use a passport at kasikorn?

I thought so too. I have a normal bank account at Kasikorn that I opened with just a passport a long time ago so I don't understand what the problem is.

The manager of those particular branches probably...quite possibly just don't want to deal with farang customers. No shortage of posts where a farang couldn't open an account at branch XYZ, but went to another branch of the same bank (or a different bank) and was able to open an account. And not to imply anything, sometimes I wonder if some folks who experience failure each and every time are not somehow "turning off" the bank branch personnel due to appearance, mannerism, etc. And a person never knows, maybe K-bank is tightening up on account opening requirements.

[DavidMavec]

i thought as a farang, we can use a passport at kasikorn?

I thought so too. I have a normal bank account at Kasikorn that I opened with just a passport a long time ago so I don't understand what the problem is.

The manager of those particular branches probably...quite possibly just don't want to deal with farang customers. No shortage of posts where a farang couldn't open an account at branch XYZ, but went to another branch of the same bank (or a different bank) and was able to open an account. And not to imply anything, sometimes I wonder if some folks who experience failure each and every time are not somehow "turning off" the bank branch personnel due to appearance, mannerism, etc. And a person never knows, maybe K-bank is tightening up on account opening requirements.

I certainly take what you said into consideration. Specifically with the UOB bank I sat down with the assistant manager and had a conversation (in Thai). She called the central office or some other off-site location and asked them. She seemed like she was genuinely trying to help me and said she wanted to open the account for me. I was there probably 20 minutes speaking with her and she was very friendly and trying to be helpful. I think I was dressed fairly well with a button down shirt and pants, I doubt it is what you are saying in this case, at least at UOB Bank, but point taken.

[paz]

Buttons down, 0.10% bonus.

Suite, 0.10% bonus.

Bespoken match, 0.25%.

Keep dressing!

[topt]

Just been into my local CIMB and they have some fixed offers running to 31st March -

8 months fixed - 2.88%

12 months fixed - 3%

Plus some other offers on a black and white sheet but I was not given the details and it was all in Thai.

[chiang mai]

CIMB has a couple of savings products that are for older Thai's only, I tried having the discussion with them on this at Airport Plaza but couldn't get anywhere in understanding what and why. Anyone?

[Som wat]

Wouldn't mind sticking 100k away to forget about. Though don't want it fixed just incase.

No WP, just a Non-Imm O as I'm not working here.

My K-Bank accounts pay almost nothing.

Is the BAY 2.65% paid monthly still the best deal in town?

[KittenKong]

Is the BAY 2.65% paid monthly still the best deal in town?

Only 2.35% now.

I think you can get 2.5 with TMB and something similar with CIMB, and Standard Chartered are doing an instant access step account that pays an average of 2.5%. Trouble with these instant access accounts is that rates tend to go up and down quite frequently and they rarely publicise it.

[Som wat]

Is the BAY 2.65% paid monthly still the best deal in town?

Only 2.35% now.

Pity.

Still, better than getting almost nothing in an average K Bank account.

I'm thinking of putting 700-900k baht into a small condo in Chiang Mai. Return would be about 5%. Plus it would be there incase of any future emergencies, plus a place for my daughter to have in Thailand in the future.

In the meantime putting 100-200k into a savings account is on my list.

2.35% at BAY, unfixed, paid monthly is topping the list so far. Thanks.

[meatboy]

Wouldn't mind sticking 100k away to forget about. Though don't want it fixed just incase.

No WP, just a Non-Imm O as I'm not working here.

My K-Bank accounts pay almost nothing.

Is the BAY 2.65% paid monthly still the best deal in town?

whats wrong with fixed accs.you can take it out any time you want[you only loose some interest]

have you a place of residence?

drivers licence?

most of the banks that offer good rates will ask to see your visa status,letter of proof of your address,

and oh,after reading that americans are having problems opening bank accs.what nationality are you.

my last fixed acc.opened in jan.this yr.the bank had my,home address,drivers licence,tax id.card retirement status in my passport and it still took a call to their head office before my local branch would open the acc.and I was putting in a substantial amount.

[Som wat]

Wouldn't mind sticking 100k away to forget about. Though don't want it fixed just incase.

No WP, just a Non-Imm O as I'm not working here.

My K-Bank accounts pay almost nothing.

Is the BAY 2.65% paid monthly still the best deal in town?

whats wrong with fixed accs.you can take it out any time you want[you only loose some interest]

have you a place of residence?

drivers licence?

most of the banks that offer good rates will ask to see your visa status,letter of proof of your address,

and oh,after reading that americans are having problems opening bank accs.what nationality are you.

my last fixed acc.opened in jan.this yr.the bank had my,home address,drivers licence,tax id.card retirement status in my passport and it still took a call to their head office before my local branch would open the acc.and I was putting in a substantial amount.

I'm an EU national. 5 Yr motorbike DL and 1 Yr Car DL. Non-O visa (had them for the past 3 years). House rented in my name. Age mid-30's. Just no WP as not working here.

I'd rather have the interest paid monthly and not at maturity, which is why I would prefer to have a non-fixed account. But perhaps that is possible.