Bank Savings Interest Rates

[how241]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

[how241]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

[yoshiwara]

Would it not be a good idea to have a pinned thread where folks can post bank interest rates/products as they find them, a thread without the debate of course, Mods?

I am not sure that is a good idea as an interest rate product carries an inherent element of risk which should draw critical comment to help investors make decisions.

what investment does not carry an inherent element of risk?

They all do. Re interest rate products I am not thinking about default at all, rather the comparison of alternatives eg zero interest SGD or HKD Vs 3.5% THB.

[chiang mai]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

[how241]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

What's a few Trillion among friends? Really I do feel the Thailand banks are safe but always wise to keep your deposit amounts under the 1 million limit. That's is a little low in my opinion. It should be in the 5 million range.

[chiang mai]

I suspect the deposit insurance program is a bit like the security or comfort blanket some children use, it makes them feel safe and secure and happy. But as one learned poster has already alluded, it could be an extremely lengthy nightmare if the insurance were ever activated, several years hence said insurance might just pay out, or there again, it may not, probably best not to think too deeply about it and just feel happy that it's there.

[how241]

I suspect the deposit insurance program is a bit like the security or comfort blanket some children use, it makes them feel safe and secure and happy. But as one learned poster has already alluded, it could be an extremely lengthy nightmare if the insurance were ever activated, several years hence said insurance might just pay out, or there again, it may not, probably best not to think too deeply about it and just feel happy that it's there.

I think, if needed, the that Thai gov't would pay-out Very quickly if some bank failed in order to preserve confidence to the world markets. IMHO

[chiang mai]

I suspect the deposit insurance program is a bit like the security or comfort blanket some children use, it makes them feel safe and secure and happy. But as one learned poster has already alluded, it could be an extremely lengthy nightmare if the insurance were ever activated, several years hence said insurance might just pay out, or there again, it may not, probably best not to think too deeply about it and just feel happy that it's there.

I think, if needed, the that Thai gov't would pay-out Very quickly if some bank failed in order to preserve confidence to the world markets. IMHO

Don't fool yourself, Thailand would care not a jot about such things (confidence) and neither would the rest of the world.

[Naam]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

for the record:

1. that is not only a fairy tale but pure refined bullshit. Thailand's external debt is less than USD 120 billions.

1a. IMF debt (1997 bail-out totalling ~$21 billion) was paid back to the last penny 9 years ago in 2003!

2. any sovereign debt of Thailand is none of any Thai bank's business.

3. Thailand's debt/gdp ratio is <35%

4. Thailand's foreign currency reserves are presently ~USD 170 billion.

5. that Thailand has comparatively little debt (as "how241" mentioned) is correct.

Edited June 13, 2012 by Naam

[meand]

Banks are simply not to be trusted.

IME UK banks are the worst in the world, run and staffed by arrogant pricks.

You just have to be smarter than they are in order to get what you want rather than what they want.

Thankfully, being smarter than them isn't hard to achieve.

This has officially become one of my favorite comments read on Thaivisa. Nice post

[chiang mai]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

for the record:

1. that is not only a fairy tale but pure refined bullshit. Thailand's external debt is less than USD 120 billions.

1a. IMF debt (1997 bail-out totalling ~$21 billion) was paid back to the last penny 9 years ago in 2003!

2. any sovereign debt of Thailand is none of any Thai bank's business.

3. Thailand's debt/gdp ratio is <35%

4. Thailand's foreign currency reserves are presently ~USD 170 billion.

5. that Thailand has comparatively little debt (as "how241" mentioned) is correct.

OK, but what was that huge sum that was transfered to the books of the BOT recently to free up the finance budget, was that not IMF debt that the BOT must now make payments on, or have I got it all confused?

[Naam]

Thailand has strong banks and very little debt. Even the USA, which has More debt then almost any country, still will guarantee the bank deposits. So does Thailand, up to 1 million baht as of Aug. 2012.

But there's always that little matter of the couple of trillion that they owe the IMF from the '97 bailout.

for the record:

1. that is not only a fairy tale but pure refined bullshit. Thailand's external debt is less than USD 120 billions.

1a. IMF debt (1997 bail-out totalling ~$21 billion) was paid back to the last penny 9 years ago in 2003!

2. any sovereign debt of Thailand is none of any Thai bank's business.

3. Thailand's debt/gdp ratio is <35%

4. Thailand's foreign currency reserves are presently ~USD 170 billion.

5. that Thailand has comparatively little debt (as "how241" mentioned) is correct.

OK, but what was that huge sum that was transfered to the books of the BOT recently to free up the finance budget, was that not IMF debt that the BOT must now make payments on, or have I got it all confused?

neither IMF nor any other external debt. for more info use google. my time is too precious to bother with problems which are irrelevant for cash and its guarantees held in Thai banks. the latter as well as Thai interest rates are the main topics discussed in this thread.

[chiang mai]

Oddly enough I am aware since I started the thread, having a bad day are we!

But back on the subject of debt, the following dated 5/1/12

"The cabinet yesterday decided to transfer responsibility for 1.14 trillion baht in outstanding debt from the 1997 economic crisis to the central bank, paving the way for the government to take out hundreds of billions of baht in new loans to fund new investment programmes".

So?

Edited June 13, 2012 by chiang mai

[how241]

Oddly enough I am aware since I started the thread, having a bad day are we!

But back on the subject of debt, the following dated 5/1/12

"The cabinet yesterday decided to transfer responsibility for 1.14 trillion baht in outstanding debt from the 1997 economic crisis to the central bank, paving the way for the government to take out hundreds of billions of baht in new loans to fund new investment programmes".

So?

Now this is getting interesting. The "real" truth will come out soon, or not. Good thread.

[chiang mai]

Oddly enough I am aware since I started the thread, having a bad day are we!

But back on the subject of debt, the following dated 5/1/12

"The cabinet yesterday decided to transfer responsibility for 1.14 trillion baht in outstanding debt from the 1997 economic crisis to the central bank, paving the way for the government to take out hundreds of billions of baht in new loans to fund new investment programmes".

So?

Now this is getting interesting. The "real" truth will come out soon, or not. Good thread.

As far as I can figure out this is internal debt resulting from bonds that the government issued following the 1997 collapse. So Herr Naam is correct that it is not external debt but it is a huge ammount and it is still debt that must be repaid. Previously the interest payments on the bonds was made by the Finance Dept, responsibility for them has now been passed to the BOT which is controversial but does free up Finance Dept budget to spend money on other things.

Edited June 13, 2012 by chiang mai

[BeachBrian]

eaten up by the loss THB suffered vs USD from march till now going long THBUSD.

I see. I'm actually glad to see the USD trending higher now (largely due to the sitation in Europe) as it's presenting better levels to put on USD shorts. Eventually the USD rally is going to fall out of bed, especially with the possibility of the Fed launching QE3. Unfortunately USDTHB hasn't rallied nearly as much as the USD vs the G7 currencies, 33-35 would be a great shorting range on USDTHB.

[how241]

eaten up by the loss THB suffered vs USD from march till now going long THBUSD.

I see. I'm actually glad to see the USD trending higher now (largely due to the sitation in Europe) as it's presenting better levels to put on USD shorts. Eventually the USD rally is going to fall out of bed, especially with the possibility of the Fed launching QE3. Unfortunately USDTHB hasn't rallied nearly as much as the USD vs the G7 currencies, 33-35 would be a great shorting range on USDTHB.

Yes, long the USD for a short while....Might work.

[Naam]

Oddly enough I am aware since I started the thread, having a bad day are we!

But back on the subject of debt, the following dated 5/1/12

"The cabinet yesterday decided to transfer responsibility for 1.14 trillion baht in outstanding debt from the 1997 economic crisis to the central bank, paving the way for the government to take out hundreds of billions of baht in new loans to fund new investment programmes".

So?

Now this is getting interesting. The "real" truth will come out soon, or not. Good thread.

finding out the real truth starts with converting the THB trillions into more comprehensible USD 35 billion (give or take a couple of billions depending on the exchange rate). next step is to realise that this debt was issued with undated extremely long maturities which can be (at will) prolonged. additional steps are to acknowledge that this justified debt is a part of Thailands total public debt and well within the manageable range of the country's debt/revenue service ratio no matter what government authority services it.

summary: the big hoo-hah when the debt was shifted from one pocket into the other one of the same entity (assuming the BoT "is" Thailand) was only politically motivated and taking maturities into consideration we are discussing a debt service load which is peanuts.

[Naam]

eaten up by the loss THB suffered vs USD from march till now going long THBUSD.

I see. I'm actually glad to see the USD trending higher now (largely due to the sitation in Europe) as it's presenting better levels to put on USD shorts. Eventually the USD rally is going to fall out of bed, especially with the possibility of the Fed launching QE3. Unfortunately USDTHB hasn't rallied nearly as much as the USD vs the G7 currencies, 33-35 would be a great shorting range on USDTHB.

Eventually the USD rally is going to fall out of bed...

"eventually" is an assumption/forecast and we all know that forecasts are quite difficult, especially forecasts... which pertain to the future

[Naam]

Previously the interest payments on the bonds was made by the Finance Dept, responsibility for them has now been passed to the BOT which is controversial but does free up Finance Dept budget to spend money on other things.

the name of the game is "politics".

[hyperdimension]

Has anyone managed to open a "ME by TMB" internet savings account, which offers 3% per year interest?

[chiang mai]

Has anyone managed to open a "ME by TMB" internet savings account, which offers 3% per year interest?

I have great difficulty opening any type of account at TMB in Chiang Mai although I have not pushed the point with them by any means. I marginally enjoy being entertained whilst Mrs CM is shopping in the mall and I feel inclined to listen to their verbal diarrohea when I ask if I can open an account without having a work permit. I know that I could easily open an account with them in Bangkok or Phuket, the next time I visit but that somehow seems to spoil the fun, one day TMB CM will break out of the time warp they are in, ditto Standard Chartered CM although I am less hopeful on the latter.

[hyperdimension]

Has anyone managed to open a "ME by TMB" internet savings account, which offers 3% per year interest?

I have great difficulty opening any type of account at TMB in Chiang Mai although I have not pushed the point with them by any means. I marginally enjoy being entertained whilst Mrs CM is shopping in the mall and I feel inclined to listen to their verbal diarrohea when I ask if I can open an account without having a work permit. I know that I could easily open an account with them in Bangkok or Phuket, the next time I visit but that somehow seems to spoil the fun, one day TMB CM will break out of the time warp they are in, ditto Standard Chartered CM although I am less hopeful on the latter.

I think the "ME by TMB" accounts can only be opened at the places specified on this page: https://www.mebytmb....s/melounge.html

Here's a translation:

ME Place Central.

Central World Plaza Building, 3rd Floor (Zone B, E S).

Open daily from 10.30 am - 21.00 pm

ME Place and Esplanade.

Esplanade Mall Cineplex Sea Company, 2nd Fl.

Open daily from 11.00 am - 20.00 pm

ME Place downtown.

Buildings Insurance and G.

Open daily from 10.00 am - 19.00 pm

I think documents required are official ID, a bank book of another bank, and a mobile telephone number.

Edited June 14, 2012 by hyperdimension

[trajan]

UOB Thailand is offering 4.0% per annum for a 15 month fixed deposit opened between June 27th and Aug 15th (interest payable monthly to a linked UOB Platinum savings account) for deposits of Baht3 mil and above....

(3.85% per annum for fixed deposits less than Baht 3 mil)

this seems to be the best gross interest rate for fixed deposit on the market.

are there any better ones?

[how241]

Previously the interest payments on the bonds was made by the Finance Dept, responsibility for them has now been passed to the BOT which is controversial but does free up Finance Dept budget to spend money on other things.

the name of the game is "politics".

Always has been -- always will be.

[how241]

UOB Thailand is offering 4.0% per annum for a 15 month fixed deposit opened between June 27th and Aug 15th (interest payable monthly to a linked UOB Platinum savings account) for deposits of Baht3 mil and above....

(3.85% per annum for fixed deposits less than Baht 3 mil)

this seems to be the best gross interest rate for fixed deposit on the market.

are there any better ones?

That's about the highest rate around but I would not want to lock in for so long. I think rates will be rising soon and 15 months is a long time. Of course, what do I know about rates rising ?? Only my best guess. Either way, you should do well with that one. What about the 1 million LIMIT if you want you acc't. to be gov't. insured ???

[how241]

eaten up by the loss THB suffered vs USD from march till now going long THBUSD.

I see. I'm actually glad to see the USD trending higher now (largely due to the sitation in Europe) as it's presenting better levels to put on USD shorts. Eventually the USD rally is going to fall out of bed, especially with the possibility of the Fed launching QE3. Unfortunately USDTHB hasn't rallied nearly as much as the USD vs the G7 currencies, 33-35 would be a great shorting range on USDTHB.

Eventually the USD rally is going to fall out of bed...

"eventually" is an assumption/forecast and we all know that forecasts are quite difficult, especially forecasts... which pertain to the future

Right about that. It's all a 'guessing' game. Good luck to all.

[chiang mai]

Has anyone managed to open a "ME by TMB" internet savings account, which offers 3% per year interest?

I have great difficulty opening any type of account at TMB in Chiang Mai although I have not pushed the point with them by any means. I marginally enjoy being entertained whilst Mrs CM is shopping in the mall and I feel inclined to listen to their verbal diarrohea when I ask if I can open an account without having a work permit. I know that I could easily open an account with them in Bangkok or Phuket, the next time I visit but that somehow seems to spoil the fun, one day TMB CM will break out of the time warp they are in, ditto Standard Chartered CM although I am less hopeful on the latter.

I think the "ME by TMB" accounts can only be opened at the places specified on this page: https://www.mebytmb....s/melounge.html

Here's a translation:

ME Place Central.

Central World Plaza Building, 3rd Floor (Zone B, E S).

Open daily from 10.30 am - 21.00 pm

ME Place and Esplanade.

Esplanade Mall Cineplex Sea Company, 2nd Fl.

Open daily from 11.00 am - 20.00 pm

ME Place downtown.

Buildings Insurance and G.

Open daily from 10.00 am - 19.00 pm

I think documents required are official ID, a bank book of another bank, and a mobile telephone number.

Thank you for the helpful data, most appreciated. But the way I feel currently about TMB (aka ING), combined with the fact that I now have accounts with 83% of all Thai banks, means that they (VP or higher, accompanied by at least one extremely attractive PA in short skirt and thigh boots) will need to come and ask me politely (appointment will be required), to open an account, at which time I will take the point under consideration and will respond in due course.

[how241]

Has anyone managed to open a "ME by TMB" internet savings account, which offers 3% per year interest?

Is there a English link ? I didn't see one.

[trajan]

UOB Thailand is offering 4.0% per annum for a 15 month fixed deposit opened between June 27th and Aug 15th (interest payable monthly to a linked UOB Platinum savings account) for deposits of Baht3 mil and above....

(3.85% per annum for fixed deposits less than Baht 3 mil)

this seems to be the best gross interest rate for fixed deposit on the market.

are there any better ones?

That's about the highest rate around but I would not want to lock in for so long. I think rates will be rising soon and 15 months is a long time. Of course, what do I know about rates rising ?? Only my best guess. Either way, you should do well with that one. What about the 1 million LIMIT if you want you acc't. to be gov't. insured ???

thanks...15 months is the longest I will lock in...others will be shorter on a stepped (ladder) basis....[1 mil Baht per bank is just too low to be feasible].