Bank Savings Interest Rates

[denby45]

Anyone aware of any good fixed 1 year deal available for my Retirement Extension Visa cash available at the moment?

You'll do better with non-standard term deposits. For example, Bangkok Bank is offering 2.8% for an 11 month deposit.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/FixedDeposits/Pages/SpecialFixedDeposits.aspx

Thanks for the heads up. I'll be round there today. 3% is very good these days.

Den

[javel]

Anyone aware of any good fixed 1 year deal available for my Retirement Extension Visa cash available at the moment?

You'll do better with non-standard term deposits. For example, Bangkok Bank is offering 2.8% for an 11 month deposit.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/FixedDeposits/Pages/SpecialFixedDeposits.aspx

Can I as a foreigner get this rate?

In the column for Non Residents Bangkok Bank displays "-" (no interest).

What do I need to do to be considered a resident?

[AyG]

Anyone aware of any good fixed 1 year deal available for my Retirement Extension Visa cash available at the moment?

You'll do better with non-standard term deposits. For example, Bangkok Bank is offering 2.8% for an 11 month deposit.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/FixedDeposits/Pages/SpecialFixedDeposits.aspx

Can I as a foreigner get this rate?

In the column for Non Residents Bangkok Bank displays "-" (no interest).

What do I need to do to be considered a resident?

As a minimum, a one year visa/extension of stay.

[AyG]

There's an article on the front page of the business section of today's Newspaper-That-Dare-Not-Speak-Its-Name about the takeover of L&H Bank. It's also currently available on the newspaper's website.

In summary, three Asian banks are interested in buying L&H Bank, as is CP, though CP seems to be on dodgy ground. The (quite different) motivations of the Asian banks (getting a Thai banking licence) and CP (microfinancing via 7-eleven stores) are explored.

[meatboy]

There's an article on the front page of the business section of today's Newspaper-That-Dare-Not-Speak-Its-Name about the takeover of L&H Bank. It's also currently available on the newspaper's website.

In summary, three Asian banks are interested in buying L&H Bank, as is CP, though CP seems to be on dodgy ground. The (quite different) motivations of the Asian banks (getting a Thai banking licence) and CP (microfinancing via 7-eleven stores) are explored.

thanks for that had a look on the weekends adition but saw nowt. so it could be malaysia,so we might get a bonus for xmas.

[binnsy1]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

[AyG]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

A little bit misleading. the 3.35% account is just for those over 55. The 2.8% account is not.

The latter account pays interest up front and is not suitable for Immigration purposes.

However, I rather doubt that either account is available to foreigners who don't have PR. (It appears you need a Thai ID number to open either account.)

[binnsy1]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

A little bit misleading. the 3.35% account is just for those over 55. The 2.8% account is not.

The latter account pays interest up front and is not suitable for Immigration purposes.

However, I rather doubt that either account is available to foreigners who don't have PR. (It appears you need a Thai ID number to open either account.)

I do not have PR.

Also I used my account from last December which was paying 3.4 % fixed for 11 months for my 1 year extension today.

The only form of Thai identity is my TAX NUMBER which I use to claim back my TAX paid on the interest.

[KittenKong]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The latter account pays interest up front and is not suitable for Immigration purposes.

Why not?

My retirement deposit is in a similar account which is acceptable (to Jomtien).

[AyG]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The latter account pays interest up front and is not suitable for Immigration purposes.

Why not?

My retirement deposit is in a similar account which is acceptable (to Jomtien).

Accounts which pay interest up front typically don't allow withdrawals during the term. Normal fixed term deposits do allow premature withdrawal (with loss of interest). From Immigration's point of view the money must be readily available to meet its criteria. The former type of account doesn't. The latter does.

[meatboy]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The latter account pays interest up front and is not suitable for Immigration purposes.

Why not?

My retirement deposit is in a similar account which is acceptable (to Jomtien).

accs.that pay interest up front are not excepted for immigration purposes as you are not allowed to withdraw instantly.

all fixed accs.that pay interest on maturity are excepted.

[JB300]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The latter account pays interest up front and is not suitable for Immigration purposes.

Why not?

My retirement deposit is in a similar account which is acceptable (to Jomtien).

accs.that pay interest up front are not excepted for immigration purposes as you are not allowed to withdraw instantly.

all fixed accs.that pay interest on maturity are excepted.

Sorry, I'm not picking on your English but I think you meant "Accepted" by saying "Excepted" you're sort of saying the opposite to what I think you were trying to say.

I'm not trying to be the grammar/spelling police here (Couldn't if I wanted to, I'm just as bad) but wanted to point it out as people could read/understand the point you made the wrong way.

Cheers

JB

[meatboy]

as jb300 is new to this forum[bank interest rates] in thailand and wales except means sounds like eccept.cow ji mi.

[KittenKong]

Accounts which pay interest up front typically don't allow withdrawals during the term. Normal fixed term deposits do allow premature withdrawal (with loss of interest). From Immigration's point of view the money must be readily available to meet its criteria. The former type of account doesn't. The latter does.

My interest-in-advance deposit (TMB) certainly does allow for withdrawals at any time (with loss of interest) and as such is completely acceptable to Immigration.

I dont see it written anywhere that the CIMB account does not also allow for early withdrawal (with loss of interest), but it's true CIMB are not very forthcoming with details on their website.

[KittenKong]

However, I rather doubt that either account is available to foreigners who don't have PR. (It appears you need a Thai ID number to open either account.)

On the CIMB website it says this:

"For individual residents in Thailand, aged 55 years as of the account opening date

.....

Required Document

Copy of national ID card or other card issued by government agency showing ID number and photo"

This would appear to include resident foreigners aged 55+ (ie anyone with a long visa). A Thai driving licence or foreign passport should be sufficient for the ID.

[meatboy]

CIMB is offering 3.1% for twelve months, only for Preferred customers (or guests*), minimum 1 million, interest payable at the end of the term.

* guests need a special voucher.

Actually, they pay the full interest on that account on the day you open it. I opened one last week.

are you aware that you cannot use this acc.for immigration purposes.

read post 1353.

I saw where another poster wrote somewhere that, despite the interest being paid up front, the funds can be withdrawn during the term but of course the pre-paid interest has to be returned, that is not my understanding from the discussion I had with CIMB on this point when I opened one of these accounts but I can no longer be absolutely certain which is correct.

Another aspect of course is that if a person deposits say 800k for the term and is then paid interest up front, if they chose to close the account early they will have to repay the interest leaving them with less than 800k, a dodgy route to go if the funds are used for Immigration purposes.

this is where i saw interest paid up front will not be ACCEPTED for immigration purposes.

[KittenKong]

Another aspect of course is that if a person deposits say 800k for the term and is then paid interest up front, if they chose to close the account early they will have to repay the interest leaving them with less than 800k, a dodgy route to go if the funds are used for Immigration purposes.

this is where i saw interest paid up front will not be ACCEPTED for immigration purposes.

If the interest paid up-front on an 800kB retirement extension deposit is (say) 25,000B, it would suffice to deposit initially (say) 830kB, thus covering any possible short-fall should early withdrawal be required.

In practice, Jomtien immigration accepted my interest-in-advance deposit without a second glance. Given that the passbook only shows the amount, the duration and the interest rate it would be hard for them to do otherwise. The contractual details of the up-front interest payment are not written in the passbook.

[binnsy1]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The above is incorrect in part

To get the 3.35% you have to be a Thai Citizen the rest of my comment is correct.

Sorry if I have misled anyone it was not my intention.

Today I opened the new account but the Interest Rate was 3.1% 12 Months Fixed.

[KittenKong]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The above is incorrect in part

To get the 3.35% you have to be a Thai Citizen the rest of my comment is correct.

Sorry if I have misled anyone it was not my intention.

Today I opened the new account but the Interest Rate was 3.1% 12 Months Fixed.

Did this come from CIMB head office or is it just a local branch interpretation? It might be worth raising the question higher-up.

The CIMB website appears to say that this account is available to anyone who is resident and who has photo ID issued by a government.

3.1% is a good rate though.

[AyG]

The CIMB website appears to say that this account is available to anyone who is resident and who has photo ID issued by a government.

You're misunderstanding what the website says.

"Copy of national ID card or other card issued by government agency showing ID number and photo"

actually means

"Copy of Thai national ID card or other card issued by Thai government agency showing Thai ID number and photo".

This is a common problem with Thai bank websites. The text is written purely from a Thai perspective and then translated, so any reference to ID cards and ID numbers only refers to the Thai ones.

So, as I indicated before, only available to Thai nationals and those with permanent residence.

[KittenKong]

The CIMB website appears to say that this account is available to anyone who is resident and who has photo ID issued by a government.

You're misunderstanding what the website says.

"Copy of national ID card or other card issued by government agency showing ID number and photo"

actually means

"Copy of Thai national ID card or other card issued by Thai government agency showing Thai ID number and photo".

This is a common problem with Thai bank websites. The text is written purely from a Thai perspective and then translated, so any reference to ID cards and ID numbers only refers to the Thai ones.

I'm not misunderstanding anything as I clearly mentioned that the site appears to say that, which it does. What it actually meant to say is anyone's guess.

You will note that the Tun-Jai Fixed Deposit 8-month account, which is available to all (I have one), also has exactly the same requirements: Copy of national ID card or other card issued by government agency showing ID number and photo.

Personally I would like to have an interpretation given by CIMB head office, and even they may have no idea what they are actually talking about. It would also be interesting to know why the better account should not be available to everyone with a long visa and ID when the other account is, with the same ID requirements.

[Jack Mountain]

Have been to CIMB as my term was up and they are offering 3.35% fixed 12 Months TAX PAID or 2.8% for fixed 8 Months term Tax NOT paid.

The only thing is you have to be over 55 years young.

The above is incorrect in part

To get the 3.35% you have to be a Thai Citizen the rest of my comment is correct.

Sorry if I have misled anyone it was not my intention.

Today I opened the new account but the Interest Rate was 3.1% 12 Months Fixed.

Do they withhold the 15% tax on this one?

[fletchsmile]

Heard that CIMB have some special promotion accounts for 14 and 15 month tenors paying 3.5%, so had a quick check on their website.

Couldn't find it on the English version of the website, but if you click on the link below and select the rates for 19/11/57 it opens a pdf and the accounts are no.s 42 and 43. Minimum balance 50k, to be opened between 20 Nov and end of the year. Couldn't find the full terms and conditions though. (Also shows the 8 month rate above)

http://www.cimbthai.com/CIMB/rates/deposit_ratesgeneral_and_fdr/

Cheers

Fletch

[Oorinara]

Islamic Bank currently offers 3.11% p.a. for 11 months fixed.

[55Jay]

Islamic Bank currently offers 3.11% p.a. for 11 months fixed.

They make me nervous over the high end of the government figure, but being backed the way they are, it's probably OK.

I'm leaving my spare cash in Krungsi at 2.3%, still. Will take a bit more movement to get me to lift my elbow off the coffee table.

[marino28]

there is any fixed account that pay all the interest day 1? even if there are tax to pay for me is ok, since i can claim them back. Thank you very much

[KittenKong]

Heard that CIMB have some special promotion accounts for 14 and 15 month tenors paying 3.5%, so had a quick check on their website.

Couldn't find it on the English version of the website, ....

It's all over the front page now ....

Seems like a good deal.

[KittenKong]

there is any fixed account that pay all the interest day 1? even if there are tax to pay for me is ok, since i can claim them back. Thank you very much

TMB do accounts that pay interest up-front. I have one.

[smedly]

since you guys seem to have a clear idea of what you are talking about and have good experience I am looking for a little guidance

I already have a KK bank account so that would be the easiest route for me at the moment and considering that banks at home are really paying terrible rates I've decided to take the plunge and move some money here

The account could be used for visa extension going forward - Jomtien

so what is the best option with Kasikorn - something simple - that pays reasonable interest and complies with Jomtien Immigration for extension based on retirement

regards

[KittenKong]

Kasikorn used to do good step-bonds and I used them for several years for my extension deposit. But at last renewal time they were offering nothing competitive, so I switched to a 12-month TMB TD with interest up-front paying 3%.

Currently the best bet would be that CIMB 3.5% account (if a farang can open one) and I will be looking at one of these for another TD that matures this month (currently 2.8% with CIMB).

For day-to-day use the KrungSri Mee Tae Dai account is good, and would be suitable for a retirement deposit also if you dont fancy tying money up for longer than you need to and dont mind getting a tad less interest. You could use just one Mee Tae Dai account for both day-to-day use and the retirement extension, as long as you are careful about dates and balances and remember to top it up well before your renewal.

The CIMB and TMB branches near View Talay 2 are clued-up about retirement extension letters, as is the Krungsri outside View Talay 7. All are helpful for farangs.