Bank Savings Interest Rates

[KittenKong]

SCB is offering 2.35% for 7 months fixed.

Not very generous. I just renewed at CIMB for 9 months at 2.8% (down from 2.9% 5 months ago). TMB 12 months is down to 2.7% from 3% in February.

[jbaldwin]

SCB is offering 2.35% for 7 months fixed.

That is the rate for deposits of more than 10 million baht. 50,000 to 500,000 baht gets you 2.15%

[chiang mai]

Just to complete the loop on this: tax can only be reclaimed on fixed rate products, not on other financial instruments.

FWIW, I have reclaimed the tax deducted in my Thanachart Ultra Savings account and they have stopped making tax deductions.

I mention this as there were some here who doubted it could be done.

Since you didn't supply further details as requested, plus, the concept of tax refunds on savings accounts is contrary to everybody's understanding, I'm going to assume you were confused and it didn't really happen.

[MadMac]

I've just been at the Islamic Bank and opened a 12 months fixed deposit for 3.15%.

In the end they told me that the current rates are only valid till tomorrow (13 June) and will drop from Monday to 3%. I assume this will affect other banks as well.

[jbaldwin]

I've just been at the Islamic Bank and opened a 12 months fixed deposit for 3.15%.

In the end they told me that the current rates are only valid till tomorrow (13 June) and will drop from Monday to 3%. I assume this will affect other banks as well.

The Bank of Thailand interest rate setting setting takes place on Wednesday 18th June. Rates are likely to be cut. It they are most bank will adjust their rates next week.

[up-country_sinclair]

I got 2.25% for a 7 month fixed deposit at SCB today....and a free umbrella!!

2.35 is available for those with 10,000,000 or more to deposit.

Edited June 12, 2014 by up-country_sinclair

[mania]

I got 2.25% for a 7 month fixed deposit at SCB today....and a free umbrella!!

2.35 is available for those with 10,000,000 or more to deposit.

You can get 2.35% at Ayudhya Bank on anything over 100k & it is not a fixed account

Mee Tae Dai account has been around for almost 2 years now.

Account Type #7 on their monthly pdf link below

Ayudhya Rates as of June 10th 2014

[Oorinara]

StanChart e-saver, non fixed term, lowered to 2.5% p.a. recently.

https://www.sc.com/th/interest-fees/_documents/e_int_20140604_WM.pdf

Sent from my iPhone using Thaivisa Connect Thailand

[JAS21]

I got 2.25% for a 7 month fixed deposit at SCB today....and a free umbrella!!

2.35 is available for those with 10,000,000 or more to deposit.

You can get 2.35% at Ayudhya Bank on anything over 100k & it is not a fixed account

Mee Tae Dai account has been around for almost 2 years now.

Account Type #7 on their monthly pdf link below

Ayudhya Rates as of June 10th 2014

It looks like Acc No22 gives average of 2.75% for 8 months

[nong38]

Anyone know the current Krungsri Mee Tae Dai rate?

Still holding 2.35% for mid-range.

Can someone please tell me what this means in English "mee tae dai"?

[chiang mai]

"Your money, we got it, sucker"!

Sorry, I don't actually know but I might be close.

[mania]

Can someone please tell me what this means in English "mee tae dai"?

Thai does not translate well into English literally

But Literally มีแต่ได้ would read

"Have Only Can"

Or transliterated more correctly perhaps "account has only positive attributes"

For myself I agree & have a few of these for 2 years now

Edited June 22, 2014 by mania

[nong38]

Can someone please tell me what this means in English "mee tae dai"?

Thai does not translate well into English literally

But Literally มีแต่ได้ would read

"Have Only Can"

Or transliterated more correctly perhaps "account has only positive attributes"

For myself I agree & have a few of these for 2 years now

The reason I ask is I have been doing these 6 month and 1 year jobs that keep bobbing up giving around 3% but looking at the small print the charges on these things is 1.82% and if you get 2 of the 6 months rather than the 1 year its a double set of charges I take all the risk and make 1.18%, the Mee Tae Dai looks a better bet to me and will look into that in the near future.

Thanks for the explanations, difficult though it seems.

Edited June 22, 2014 by nong38

[Dejan]

Can someone please tell me what this means in English "mee tae dai"?

The most appropriate translation is something like 'never enough' or 'I want it more and more', meaning you want more interest rate...

[meatboy]

LH. BANK has 2.85-2.95 for fixed 12month,and 3% for 15months.

they also have a monthly savings fixed account for 24months,tax free,at around 4%+ min.deposit each month 1,000-25,000.

and a 36 month with max.save of 16,600 each month.

I will post all the actual details next week when the wf.goes in.

as for farangs I did have to produce,tax id.card that has my address on it,my passport confirming my visa status,driving licence when opening a fixed acc.in January.that was when 3.5%-3.20% was on offer.

they do seem to be a bit better than the main banks,but like the uk.they are more or less a building society.

[nong38]

LH. BANK has 2.85-2.95 for fixed 12month,and 3% for 15months.

they also have a monthly savings fixed account for 24months,tax free,at around 4%+ min.deposit each month 1,000-25,000.

and a 36 month with max.save of 16,600 each month.

I will post all the actual details next week when the wf.goes in.

as for farangs I did have to produce,tax id.card that has my address on it,my passport confirming my visa status,driving licence when opening a fixed acc.in January.that was when 3.5%-3.20% was on offer.

they do seem to be a bit better than the main banks,but like the uk.they are more or less a building society.

What are the charges though, thats what is worth waiting for.

[nong38]

Have enquired about the Mae Tae Dai rate locally and was given a leaflet in Thai but I could see 2.3% and we can do it, now the next thing is nip into Immigration and see if this account applies to the Retirement Visa rules which I will do next few days and let you know what they say, I am expecting it to be................no can do............but I will see what they say, take in the leaflet and get a ruling.

[meatboy]

Have enquired about the Mae Tae Dai rate locally and was given a leaflet in Thai but I could see 2.3% and we can do it, now the next thing is nip into Immigration and see if this account applies to the Retirement Visa rules which I will do next few days and let you know what they say, I am expecting it to be................no can do............but I will see what they say, take in the leaflet and get a ruling.

first of all there is NO charges with the LH savings acc.

as for the above it will not be excepted as for your retirement extension.it must be a lump sum of 800k.bht.fixed and available at any time.i have done my extension for the past 5yrs.useing fixed term accs. some immigration will ask you if like me you leave the amount untouched,what do you live on,so I always take our current acc.pass book with me and show them the regular monthly amounts that are withdrawn.

these banks that are charging fees,the accs.must be some sort of managed accs.

you have to be wary of what they try to get you to sign up for,it was only a couple of days ago in this forum that someone had a savings acc.which divi's was paid on investments off shore.

eg.we had a fair amount trans.to our main bank.they had nothing worth depositing in so we withdrew all of it,they asked the wf.why so she told them you got nowt,oh yes we can beat what you have been offered ok.lets see it,it was investment in offshore company's.

[mania]

Have enquired about the Mae Tae Dai rate locally and was given a leaflet in Thai but I could see 2.3% and we can do it, now the next thing is nip into Immigration and see if this account applies to the Retirement Visa rules which I will do next few days and let you know what they say, I am expecting it to be................no can do............but I will see what they say, take in the leaflet and get a ruling.

I can save you a trip to Immigration as I have used the Mae Tae Dai

for my based on retirement/marriage yearly extension for the last two years

It is of course accepted as it is a regular account not a fixed account

The only accounts Imm has a problem with ( sometimes )

is any account that is not 100% liquid or locked in some form

Mae Tae Dai is 100% not locked in any way

Edited June 25, 2014 by mania

[nong38]

On all the 6 month and 1 year investment products I hace seen there are charges that add up 1.82% that is the maximum that it is stated will be charged, they are not going to do it the product and not make any money out of it. Its standard practice in the UK.

I have been down to Immigration today and they will accept "mee tae dai" accounts for a retirement visa, we spoke to the lady in charge my in Thai and me in English. We gave her the leaflet and after she read it she said "ythis a savings account and not an investment product you can use this for your Retirment Visa."

I am going into the bank tomorrow to open one of these accounts for my Retirement Visa and ask for the low down, as I understand it the longer you hold the account the more interest you get. You are allowed 2 free withdrawals a month anymore a 50bt charge is applied, looks good to me and far more straightforward than the other items on offer.

Will come back with how it runs tomorrow, hopefully.

[mania]

On all the 6 month and 1 year investment products I hace seen there are charges that add up 1.82% that is the maximum that it is stated will be charged, they are not going to do it the product and not make any money out of it. Its standard practice in the UK.

I have been down to Immigration today and they will accept "mee tae dai" accounts for a retirement visa, we spoke to the lady in charge my in Thai and me in English. We gave her the leaflet and after she read it she said "ythis a savings account and not an investment product you can use this for your Retirment Visa."

I am going into the bank tomorrow to open one of these accounts for my Retirement Visa and ask for the low down, as I understand it the longer you hold the account the more interest you get. You are allowed 2 free withdrawals a month anymore a 50bt charge is applied, looks good to me and far more straightforward than the other items on offer.

Will come back with how it runs tomorrow, hopefully.

Yes as I said I have had 3 of these accounts for a few years now

No probs at Imm

Not sure what you mean by the longer you hold the more interest you get?? but..........

It is a simple account not stepped in any way except of course

as a simple account it has stepped down from its 2.8% starting point a few years back

It surely will not step up as they will usually instead start a new promo

But yes like any simple account the longer you hold the more interest you get.

But please realize as a simple account the interest is not fixed.

But for now is still ok with me even having dropped from 2.8 to the current 2.30%

( as of June 18th 2014 ) over the last few years

Edited June 25, 2014 by mania

[nong38]

The way I understand the interest works is that for the first number of years the rate is currently 2.3%, the next goes to 2.7% and finally after I think it is 7 it goes up again to 3.5% so a bit like a reward for staying with the bank. I am going down to day so I will see what I learn, the minimum deposit is 100k, you are allowed 2 withdrawals a month free, any further ones are charged at 50bts, but what happens if you fall below 100K? Today, I will know today.

[KittenKong]

The way I understand the interest works is that for the first number of years the rate is currently 2.3%, the next goes to 2.7% and finally after I think it is 7 it goes up again to 3.5% so a bit like a reward for staying with the bank. I am going down to day so I will see what I learn, the minimum deposit is 100k, you are allowed 2 withdrawals a month free, any further ones are charged at 50bts, but what happens if you fall below 100K? Today, I will know today.

You can save yourself a trip as you quoted the official rates and details yourself earlier:

http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/page-47#entry8004662

There is no minimum deposit.

The rate is lower if your balance goes below 100K or above 10M.

The rate does not increase after so many years. It is not a step bond.

[JAS21]

I opened two accounts with Krungsri today ... took some of my money from BB!!

The Step-Up ... an eight month account averaging 2.75% (described not quite correctly previously... months , not years). You can withdraw twice a month. Min account balance is 10,000Baht. Now you can also add and as I understand another eight month period starts with that added money.

Interest is paid every month by transfer to another savings account that I had to open. Now this account has a min. deposit of 500Baht. I didn't want an ATM card so no charge. Here the rates are 1% up to 100,000 Baht, above that 2.3% from 100,001Baht to 10,000,000 Baht, above that you only get 0.75%. Also lady at bank said no withholding tax if interest is less than 20,000Baht/year .....

You are allowed to deposit as often as you like but can only withdraw twice per month.

That's my understanding anyway ...............

If someone is wondering why the interest on 10,000baht for 8 months at 2.75% isn't 183.33Baht it is because 15% withholding Tax is withheld ... you have to claim it back on your tax return.

Edited June 26, 2014 by JAS21

[nong38]

I havet o go back tomorrow as the English speaker was at lunch! I may have taken years for months as I dont read Thai, point taken.

The ladies in the bank today tried to tell me that the 6 month and 12 month investments would be better as I dont pay tax, she did agree with me that I could claim the tax back later, I will seek further clarification tomorrow but it does look a better bet than termed offers.

The termed offers do attract charges, not as I had said earlier but at 1.82% per net asset value per annum, this is in my opinion a very high charge for what looks like a passive investment.

Edited June 26, 2014 by nong38

[JAS21]

I havet o go back tomorrow as the English speaker was at lunch! I may have taken years for months as I dont read Thai, point taken.

The ladies in the bank today tried to tell me that the 6 month and 12 month investments would be better as I dont pay tax, she did agree with me that I could claim the tax back later, I will seek further clarification tomorrow but it does look a better bet than termed offers.

The termed offers do attract charges, not as I had said earlier but at 1.82% per net asset value per annum, this is in my opinion a very high charge for what looks like a passive investment.

Here download this ... it's all in English ... Step-Up A/C looks the best http://www.krungsri.com/en/banking-rates.aspx if you reclaim the withholding Tax. Otherwise its about 2.35%.

I have just looked at BB ... offer must have started today 2.8% for 11 Months ... that would have suited me better for Visa Purpose ...................

[meatboy]

I havet o go back tomorrow as the English speaker was at lunch! I may have taken years for months as I dont read Thai, point taken.

The ladies in the bank today tried to tell me that the 6 month and 12 month investments would be better as I dont pay tax, she did agree with me that I could claim the tax back later, I will seek further clarification tomorrow but it does look a better bet than termed offers.

The termed offers do attract charges, not as I had said earlier but at 1.82% per net asset value per annum, this is in my opinion a very high charge for what looks like a passive investment.

Here download this ... it's all in English ... Step-Up A/C looks the best http://www.krungsri.com/en/banking-rates.aspx if you reclaim the withholding Tax. Otherwise its about 2.35%.

I have just looked at BB ... offer must have started today 2.8% for 11 Months ... that would have suited me better for Visa Purpose ...................

trying to understand these fancy named accs.is behond me,what the hell is kwan bualuang.[life ins] at fav.rate.

sinmathaya subthawee.

mae tae dai.

2.8% fixed for 11months is ideal if you use it for your extension.

[nong38]

I havet o go back tomorrow as the English speaker was at lunch! I may have taken years for months as I dont read Thai, point taken.

The ladies in the bank today tried to tell me that the 6 month and 12 month investments would be better as I dont pay tax, she did agree with me that I could claim the tax back later, I will seek further clarification tomorrow but it does look a better bet than termed offers.

The termed offers do attract charges, not as I had said earlier but at 1.82% per net asset value per annum, this is in my opinion a very high charge for what looks like a passive investment.

Here download this ... it's all in English ... Step-Up A/C looks the best http://www.krungsri.com/en/banking-rates.aspx if you reclaim the withholding Tax. Otherwise its about 2.35%.

I have just looked at BB ... offer must have started today 2.8% for 11 Months ... that would have suited me better for Visa Purpose ...................

Thanks for that, I need the deposit in the bank for the visa within the next 6 weeks and as something has now matured the Mee tae dai will suit me now, next year is next year and will review then.

What charges do BB make on your 2.8%?

[meatboy]

I havet o go back tomorrow as the English speaker was at lunch! I may have taken years for months as I dont read Thai, point taken.

The ladies in the bank today tried to tell me that the 6 month and 12 month investments would be better as I dont pay tax, she did agree with me that I could claim the tax back later, I will seek further clarification tomorrow but it does look a better bet than termed offers.

The termed offers do attract charges, not as I had said earlier but at 1.82% per net asset value per annum, this is in my opinion a very high charge for what looks like a passive investment.

Here download this ... it's all in English ... Step-Up A/C looks the best http://www.krungsri.com/en/banking-rates.aspx if you reclaim the withholding Tax. Otherwise its about 2.35%.

I have just looked at BB ... offer must have started today 2.8% for 11 Months ... that would have suited me better for Visa Purpose ...................

Thanks for that, I need the deposit in the bank for the visa within the next 6 weeks and as something has now matured the Mee tae dai will suit me now, next year is next year and will review then.

What charges do BB make on your 2.8%?

I have looked at the acc.at bkkb.and it is fixed 11months.unless their terms have changed since I had more than 6 fixed accs.with them there are no charges,only the 15% tax withheld on the interest earned.

[KittenKong]

What charges do BB make on your 2.8%?

Apart from withholding tax and ATM card fees I've never been charged anything for any sort of savings or fixed deposit account in Thailand, of whatever duration.