Bank Savings Interest Rates

[KittenKong]

I have such an account from TMB.

The 12-month interest was paid in advance when the account was opened.

The T&Cs specify that if a withdrawal is made prior to the end of the fixed term then the interest paid in advance will be deducted from the balance and a different (lower) rate will be applied. Therefore the money is available at all times and so the account is suitable for my retirement deposit and it has been accepted as such by Jomtien immigration (who anyway only seem to care that the balance is at least 800K and that the seasoning rules have been respected).

I suppose that technically they could argue that if a withdrawal of the entire balance of 800KB was made before the fixed term and the interest already paid was deducted from that balance then the amount received would be less than the 800KB they require, but I cant see why they would want to do this. Anyone concerned about this possibility could just add the interest to the capital at the outset, as this account allows for extra deposits.

Edited August 26, 2014 by KittenKong

[chiang mai]

Not following this.,....how does locking up money in a fixed deposit invalidate it for retirement visa financial requirments if it is held for more than 60 days?...does it need to be in a savings account?

I just now see that Bangkok Bank has added a 7-month Fixed Deposit account paying 2.5%. So now they are advertising three Fixed Deposit options:

4-month Fixed Deposit, Interest Rate 2.00%, Minimum Deposit 200,000 Baht

7-month Fixed Deposit, Interest Rate 2.50%, Minimum Deposit 200,00 Baht

11-month Fixed Deposit, Interest Rate 2.80%, Minimum Deposit 100,000 Baht (but the funds used to open the 11-month account cannot be withdrawn or transferred from an existing Bangkok Bank account)

So the 11 month deal needs new money, that's becoming fairly common these days.

Also, something to watch out for is a nasty little trick that's written into the fine print whereby they pay you all the interest on the day the account is opened, that seems like a good idea because you can then reinvest that interest and get double dip. BUT, you can't withdraw the principle for the duration of the fix, it makes the account useless for Immigration visa purposes.

Yes. But a fixed rate account in Thailand doesn't mean you can't get your money out on demand, you can but you will loose all the interest you've earned to date. That is unless the interest is paid up front and the bank tells you your funds are locked until the redemption date.

[chiang mai]

Sorry, not following this. How does locking the money in for 11 months make it ineligible for immigration purposes...does the 800k have to be liquid in a savings account?

Also, something to watch out for is a nasty little trick that's written into the fine print whereby they pay you all the interest on the day the account is opened, that seems like a good idea because you can then reinvest that interest and get double dip. BUT, you can't withdraw the principle for the duration of the fix, it makes the account useless for Immigration visa purposes.

The money for immigration purposes has to be immediately available. (Sometimes Immigration will actually instruct you to make a withdrawal and update the passbook.) Any account that prohibits withdrawals before term is therefore not suitable. However, I've never heard of fixed deposit bank account working in the way chiang mai describes. The Bangkok Bank fixed deposit accounts mentioned certainly aren't like this.

I refer to the current CIMB 2.8%, 8 month deal currently.

Note: all my fixed rate deposits all show in my bank books as having a maturity date sometime in the future and this has never been a problem for Immigration over ten years, I think I'd have to decline any request to break my contract. with the bank by making a withdrawal mid term and loosing all my interest, no matter who made the request. The other point to make here is that I always get a certified letter from my banks stating what the balance is, Immigration tends to rely more on that than on the passbook, in my experience.

Edited August 26, 2014 by chiang mai

[cheeryble]

That allowing 2 withdrawals is a nice touch. Also allows more for 50THB each

The T&Cs are copied from TMB's "No Fixed" account. I suspect that like TMB they will reduce the rate quietly over time.

The dirtbag National Westminster did that to me.....and a lot of others.

It was obviously planned, first-degree robbery.

They would start a new account for larger deposits EVERY YEAR with a rich sounding name like "silver high interest account". Next year down went the interest.....and I mean down to near nothing.....and a new account started with a different name like "Diamond High Payer"

Purposely aimed at old ladies (and me) who couldn't be bothered to look at the rates and trusted the Natwest.

I suddenly noticed I was near 5000 down from expected.

I called and complained.

He said Oh No this was brought up in 19-whatever it was and we put the rate on all statements.

Just a minute said I, and shuffled through old statements to find it wasn't there for that year or a long time afterwards.

Filth....

Don't be pathetic.

Excuse me?

This tactic was exposed in the Sunday papers, it had been happening for years, and I had lost 5000GBP by it.

Why should I not be disgusted?

[denby45]

I am with Kasikorn bank having an account in Pattaya. I am gradually funding the account every time I visit, by hand carrying cash to avoid the rip off bank exchange rates. Whilst I was holidaying this time in Phuket I changed some dollars to Baht at one of the exchange booths which of course give a much better rate than Kasikorn.

However when I deposited the cash in the bank I was shocked when the lady asked me to pay a 660 Baht fee for accepting it. She informed me that this fee is charged because my account is with the Pattaya branch. I was not very amused and even thought about not making the deposit at all. However now I was stuck because I had already changed the cash and of course there is a limit on how much Baht you can take out of the country. I was forced to bite the bullet and pay the fee.

I guess I should have checked the rules beforehand.

Den

[chiang mai]

I am with Kasikorn bank having an account in Pattaya. I am gradually funding the account every time I visit, by hand carrying cash to avoid the rip off bank exchange rates. Whilst I was holidaying this time in Phuket I changed some dollars to Baht at one of the exchange booths which of course give a much better rate than Kasikorn.

However when I deposited the cash in the bank I was shocked when the lady asked me to pay a 660 Baht fee for accepting it. She informed me that this fee is charged because my account is with the Pattaya branch. I was not very amused and even thought about not making the deposit at all. However now I was stuck because I had already changed the cash and of course there is a limit on how much Baht you can take out of the country. I was forced to bite the bullet and pay the fee.

I guess I should have checked the rules beforehand.

Den

That's a feature of the Thai provincial banking system, each province is a different bank entity.

[AyG]

The dirtbag National Westminster did that to me.....and a lot of others.

It was obviously planned, first-degree robbery.

They would start a new account for larger deposits EVERY YEAR with a rich sounding name like "silver high interest account". Next year down went the interest.....and I mean down to near nothing.....and a new account started with a different name like "Diamond High Payer"

Purposely aimed at old ladies (and me) who couldn't be bothered to look at the rates and trusted the Natwest.

I suddenly noticed I was near 5000 down from expected.

I called and complained.

He said Oh No this was brought up in 19-whatever it was and we put the rate on all statements.

Just a minute said I, and shuffled through old statements to find it wasn't there for that year or a long time afterwards.

Filth....

Don't be pathetic.

Excuse me?

This tactic was exposed in the Sunday papers, it had been happening for years, and I had lost 5000GBP by it.

Why should I not be disgusted?

It's not only NatWest. My father managed the family finances and opened a Barclays high interest rate account for her. Whilst my father was dying of brain cancer Barclays dropped the interest rate to virtually zero. I doubt very much he read any notification of the interest rate change, and if he had he was too far gone to understand it. When, following his death, I discovered what had happened and complained upon my mother's behalf. From Barclays, sympathy there was none: it's the account holder's responsibility to monitor whether the account continues to meet his/her needs.

(Not "silver" or "diamond", this pathetic account had "platinum" in the name.)

I'd have liked to close all her accounts with Barclays, but at her age she felt it would be too difficult to change banks.

Barclays = cheating scumbags.

[KittenKong]

I refer to the current CIMB 2.8%, 8 month deal currently.

I have one of those. CIMB are also advertising something at 3.25% for 12 months, but when I asked about it today they said "Thai only". Not sure how true that is.

[chiang mai]

I refer to the current CIMB 2.8%, 8 month deal currently.

I have one of those. CIMB are also advertising something at 3.25% for 12 months, but when I asked about it today they said "Thai only". Not sure how true that is.

I've had that discussion with them also and as a result I've gone from Preferred status down to almost an ex customer. If you try having a serious discussion with them they'll tell you that you need to have a tabien baan in order to open the account, you get that piece of information only after fifteen minutes of them telling you it's an account for older Thai people only. I made the branch call head office a couple of times to find out why home ownership/registration was so important and they couldn't answer! So then I tried the, open the 3.25% account for me or loose me, more blanks stares and smiles, hopeless - I'm out of there when my FR matures..

[Oorinara]

UOB Thai seems to be offering 5%, for limited duration and up to 105k ceiling, if my Thai reading is correct.

http://www.definebyuob.com/file/Flyer-DEFINE.pdf

http://www.definebyuob.com/

[scatalyst]

UOB Thai seems to be offering 5%, for limited duration and up to 105k ceiling, if my Thai reading is correct.

http://www.definebyuob.com/file/Flyer-DEFINE.pdf

http://www.definebyuob.com/

I'm not an expert on Thai language either, but it looks to me like the offer is for an account that pays (has been paying) 5% from May 9, 2014 through August 31, 2014 and then the interest rate will drop to 2% for September 1, 2014 through January 4, 2015.

[chiang mai]

UOB Thai seems to be offering 5%, for limited duration and up to 105k ceiling, if my Thai reading is correct.

http://www.definebyuob.com/file/Flyer-DEFINE.pdf

http://www.definebyuob.com/

I'm not an expert on Thai language either, but it looks to me like the offer is for an account that pays (has been paying) 5% from May 9, 2014 through August 31, 2014 and then the interest rate will drop to 2% for September 1, 2014 through January 4, 2015.

Correct, and the maximum allowable balance is 105K, it's a teaser account. They also have a 3.6% account which requires regular deposits every month for three years, if you don't complete the term or you miss a payment, you loose the rate.

[marino28]

I am actually looking too at the uob

Tax Free Taveesin

* 24 Months

Monthly deposit amount from THB 1,000 - below THB 10,000 2.90 - - - - - - -

Monthly deposit amount from THB 10,000 - THB 25,000 3.60

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

Thank you in advance

[meatboy]

I am actually looking too at the uob

Tax Free Taveesin

* 24 Months

Monthly deposit amount from THB 1,000 - below THB 10,000 2.90 - - - - - - -

Monthly deposit amount from THB 10,000 - THB 25,000 3.60

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

Thank you in advance

the last time[its here couple of weeks ago] I went to open one of these accs.after 30mins.they decided THAIS ONLY

[AyG]

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

They pretty much all do.

Krung Sri version: http://www.krungsri.com/en/consumer-detail.aspx?did=55⊂=true

Bangkok Bank version: http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/SinmathayaSubthawee/Pages/default.aspx

Both appear to be available to non-Thais.

[chiang mai]

I am actually looking too at the uob

Tax Free Taveesin

* 24 Months

Monthly deposit amount from THB 1,000 - below THB 10,000 2.90 - - - - - - -

Monthly deposit amount from THB 10,000 - THB 25,000 3.60

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

Thank you in advance

The UOB 3.6% monthly product has a low maximum, you wont get rich on it, it's a headline grabber as much as anything else.

[chiang mai]

I am actually looking too at the uob

Tax Free Taveesin

* 24 Months

Monthly deposit amount from THB 1,000 - below THB 10,000 2.90 - - - - - - -

Monthly deposit amount from THB 10,000 - THB 25,000 3.60

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

Thank you in advance

The UOB 3.6% monthly product has a low maximum, you wont get rich on it, it's a headline grabber as much as anything else.

[chiang mai]

I am actually looking too at the uob

Tax Free Taveesin

* 24 Months

Monthly deposit amount from THB 1,000 - below THB 10,000 2.90 - - - - - - -

Monthly deposit amount from THB 10,000 - THB 25,000 3.60

3.6% not look that bad actualy, there are other bank that do something like uob with the montly deposit?

Thank you in advance

The UOB 3.6% monthly product has a low maximum, you wont get rich on it, it's a headline grabber as much as anything else.

[marino28]

On Monday I will go to uob. Let's if they will let me open one. Thank you for all your reply. I see the link for Bangkok bank and they only offer 2.5% . I will try to go to kasikorn as well. I see they have a similar plan but I don't understand how much are the interest .

[jpeg]

What is the best rate of interest in total for leaving the 800,000 in a bank for three months only. Thanks.

[chiang mai]

What is the best rate of interest in total for leaving the 800,000 in a bank for three months only. Thanks.

The difference between 1.5% and 2% for that period of time and amount is about 1,000 baht so I wouldn't waste a lot of time looking around, you should be able to find a few choices in that price range, UOB and BAY are both options for you.

[JAS21]

What is the best rate of interest in total for leaving the 800,000 in a bank for three months only. Thanks.

If you could stretch to 4 months Bangkok Bank 2.0%.

[meatboy]

What is the best rate of interest in total for leaving the 800,000 in a bank for three months only. Thanks.

If you could stretch to 4 months Bangkok Bank 2.0%.

if he can stretch it for 9months. scb 3%.not to be sniffed at 18,000bht -2,700bht.tax.

[fletchsmile]

Stan Chart have just launched their Marathon accs again. Series 11

Sep 2014 - March 2015

Min 200k for the decent rate. Stepped interest from 2 to 4%. Some restrictions such as number of Withdrawals per month. Average annual effective rate 2.48%. Comes with a passbook.

I prefer their eSaver at 2.5% p.a. so not enough to move me. But may suit some.

So will wait and see what their Oct to Apr and Nov to May versions offer. Usually similar but occasionally a bit higher or lower.

TMB s "ME no Fixed Account" has a headline 3% rate for 1 month. Then 2.75% thereafter. "No Fixed" 2.25%

They also have a "Dream Savings" at 2.75% with an asterix to read the small print. That s 2.75% for first 6 months including a 0.5% bonus. Then 2.25% thereafter.

Cheers

Fletch

Edited September 10, 2014 by fletchsmile

[Oorinara]

Fletch; ME by TMB is only for Thai nationals per its website, isn't it?

[fletchsmile]

Fletch; ME by TMB is only for Thai nationals per its website, isn't it?

People have told me it's now open to foreigners. But when I asked I couldnt open one:) so I yes I think Thais only. I also tried doing online but failed. So need your Thai spouse to do if you have one.

Cheers

Fletch

[William Osborne]

sorry times when you have to scatch around and be happy with rates less than 3 % ....hard to know what to do with your savings anymore.... stock market too risky atm

[William Osborne]

sorry times when you have to scatch around and be happy with rates less than 3 % ....hard to know what to do with your savings anymore.... stock market too risky atm

[Oorinara]

CIMB Thailand

Senior Fixed Deposit 12-month, 3.25% p.a., Tax-Exempted Interest

http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/senior_fixed_deposit/

Unsure if Thai resident of foreign nationality can avail.

[chiang mai]

CIMB Thailand

Senior Fixed Deposit 12-month, 3.25% p.a., Tax-Exempted Interest

http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/senior_fixed_deposit/

Unsure if Thai resident of foreign nationality can avail.

The account holder will need to have a Tabien Bahn, please see the recent posts on this subject.