Bank Savings Interest Rates

[Pib]

BTW With this simple rule, it would also be difficult to stop you round tripping the money - i.e just transferring 100k to another bank, then transferring a slightly different amount back

Yeap, and as I mentioned in my earlier post I was ready to take the money to my account at the next door bank if they didn't allow the rollover, but fortunately they did.

I also noticed in the Conditions for this particular 11 month fix account the minimum opening amount and any subsequent deposits was Bt100K...in the past on very similar fixed accounts I opened with Bangkok Bank which had the "highest" interest rate promotion the min amount was Bt200K although they had, and still have, fixed accounts at lower interest rates that only require a min Bt100K opening/subsequent deposit. I expect the "minimum opening and subsequent deposits" amounts is another area the bank spend a lot of time analyzing.

[bmanly]

To save me reading hundreds of posts could somebody please tell me what day I go into the bank to give instructions when a term deposit matures.

If the TD matures on say the 20th of January, as it states in my passbook, what day do I go in to switch out my money and interest to my regular savings account? Do I go in the day before and give instructions, on the day or after the date? The reason I ask is that upon opening the TD they said that on maturity it will be automatically rolled over. The TD is with Bangkok Bank, thanks.

[chiang mai]

To save me reading hundreds of posts could somebody please tell me what day I go into the bank to give instructions when a term deposit matures.

If the TD matures on say the 20th of January, as it states in my passbook, what day do I go in to switch out my money and interest to my regular savings account? Do I go in the day before and give instructions, on the day or after the date? The reason I ask is that upon opening the TD they said that on maturity it will be automatically rolled over. The TD is with Bangkok Bank, thanks.

All term deposits in Thailand can be cancelled at any time hence it doesn't matter if one is rolled over for a few days.

[Pib]

Bangkok Bank automatically rolls over it's fixed accounts (say a 6, 7, 11, 12, 15, XX month fixed accounts), to a 3 month fixed account based on what I understand and have experienced for 4 or 5 fixed accounts I have had mature with them over the last few years. I then go in as soon as I can and roll them over to the best promotion at that time.

Once the interest (and tax withholding) is applied to the fixed account/appears in your passbook (say 20 Jan), you could then go in and provide instructions/roll over the account to the best promotion. Doing it earlier than this would result in an interest penalty since you are withdrawing money before the account matured.

I recently had a Bangkok Bank 15 month, 3.25% fixed account mature on 12 Dec and the interest/tax also appeared that day...and it was automatically rolled over into their 3 month fixed account. I went in the following week (soonest I could get to the branch) and rolled it over into their 11 month, 2.8% account.

[JAS21]

According to their advert CIMB are still offering 3.5% until the 31st http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_15_months/

[smedly]

what is the tax rate on these accounts in Thailand - and does the bank deduct it automatically once the term is up

Lets say 500k invested at 7 months 3% what is the breakdown

[Pib]

what is the tax rate on these accounts in Thailand - and does the bank deduct it automatically once the term is up

Lets say 500k invested at 7 months 3% what is the breakdown

They apply a 15% withholding tax of gross interest for a traditional fixed savings account. So, say you earned Bt1,000 interest, they would withhold Bt150 (gets sent to the govt) leaving you with Bt850 net interest.

You can apply for a tax refund each year of the interest withheld at your local tax revenue office....Jan-Mar is the normal filing period but you can file anytime during the year with a small late filing penalty (around Bt200)....easy process covered in other threads. Takes 2 to 6 weeks to get the refund depending a how speedy your local tax revenue office is in processing the refund request.

Now there are hybrid fixed savings accounts which earn less than a traditional fixed account (around 25% less) which do not withhold/apply tax as long as you don't exceed Bt20,000 interest earned per year. Once example is the Krungsri Bank Mee Tai Dai saving account currently earning 2.3%...plus you can make withdrawals during the month with no interest penalty and maybe only a small fee....like two free withdrawals per month but for the 3d and subsequent withdrawal per month there would be a Bt50 fee.

[bmanly]

To save me reading hundreds of posts could somebody please tell me what day I go into the bank to give instructions when a term deposit matures.

If the TD matures on say the 20th of January, as it states in my passbook, what day do I go in to switch out my money and interest to my regular savings account? Do I go in the day before and give instructions, on the day or after the date? The reason I ask is that upon opening the TD they said that on maturity it will be automatically rolled over. The TD is with Bangkok Bank, thanks.

All term deposits in Thailand can be cancelled at any time hence it doesn't matter if one is rolled over for a few days.

Bangkok Bank automatically rolls over it's fixed accounts (say a 6, 7, 11, 12, 15, XX month fixed accounts), to a 3 month fixed account based on what I understand and have experienced for 4 or 5 fixed accounts I have had mature with them over the last few years. I then go in as soon as I can and roll them over to the best promotion at that time.

Once the interest (and tax withholding) is applied to the fixed account/appears in your passbook (say 20 Jan), you could then go in and provide instructions/roll over the account to the best promotion. Doing it earlier than this would result in an interest penalty since you are withdrawing money before the account matured.

I recently had a Bangkok Bank 15 month, 3.25% fixed account mature on 12 Dec and the interest/tax also appeared that day...and it was automatically rolled over into their 3 month fixed account. I went in the following week (soonest I could get to the branch) and rolled it over into their 11 month, 2.8% account.

Thanks for the updates, cheers.

[KittenKong]

To save me reading hundreds of posts could somebody please tell me what day I go into the bank to give instructions when a term deposit matures.

I always try to go in on the day, or very soon after. I have noticed that all my banks here seem to automatically roll over the deposit to a standard 3-month TD on the maturity date.

I went in the day before once and was told to come back the next day.

[KittenKong]

According to their advert CIMB are still offering 3.5% until the 31st http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_15_months/

Yes, still valid. I opened a second one last week.

Existing customers get the same rate for 14 months, which is nice as often it's the other way around with existing customers not being eligible for the best rates.

[falang07]

I also got 3.5% @ 14 months instead of 15, nice from them.

[KittenKong]

CIMB now doing 3.2% for 13 months (the special offer for existing customers seems to have been discontinued), or a 12-month TD paying 3% up-front.

Also a 12-month TD for those over 55 years of age, paying 3% with no tax liability. http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/senior_fixed_deposit_12-month/

All the above seem to be available for farangs.

They have some other accounts offering higher rates and/or insurance cover for Thais only.

[meatboy]

CIMB now doing 3.2% for 13 months (the special offer for existing customers seems to have been discontinued), or a 12-month TD paying 3% up-front.

Also a 12-month TD for those over 55 years of age, paying 3% with no tax liability. http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/senior_fixed_deposit_12-month/

All the above seem to be available for farangs.

They have some other accounts offering higher rates and/or insurance cover for Thais only.

looks like they will get a visit on friday,unless i get a better offer,from scb,tgsb,bkkb.

[up-country_sinclair]

looks like they will get a visit on friday,unless i get a better offer,from scb,tgsb,bkkb.

Please keep us updated on what you find. I've got two accounts coming due in a couple of weeks.

[meatboy]

looks like they will get a visit on friday,unless i get a better offer,from scb,tgsb,bkkb.

Please keep us updated on what you find. I've got two accounts coming due in a couple of weeks.

will do that.

[scooterboy]

^Hrmph.....pity about that. Don't have CIMB out this way - only the gawdawful KTB and the very pleasant GSB.

Ah, well...at least GSB has 2.7% tax free 7 month accounts at the moment, so that's pretty good - and still over 5 times more than I'd be getting "back home".

Good thread, this !

[falang07]

5 times more than what, scooterboy? Thai Baht? If no, such comparison is useless since someone from Russia might also say it is 5 times less than what they would get in Russia at the moment. :-)

[scooterboy]

Well, seeing as this thread is entitled "Bank Savings Interest Rates", then I guess I'm talking about "INTEREST RATES".....

Just windin' ya up - but drink more coffee, my friend

[meatboy]

looks like they will get a visit on friday,unless i get a better offer,from scb,tgsb,bkkb.

Please keep us updated on what you find. I've got two accounts coming due in a couple of weeks.

will do that.

so much for cimb bank,well went there this morning to deposit a fair amount.

first they asked for my tabian baan,

then a work permit.

then the best laugh of all,my uk address.

told her,

i have had bank accs.in thailand over 25yrs.

have a thai tax id.card with my address.

drivers licence.

4 fixed accs.with different banks.

i have had enough by now,so stick your bank.

so off i go to one of my other banks,for them to hold it in my current acc.2.65%.

just now the wife is talking to head office who is now talking to korat branch in the mall, oh after 5minutes sorry korat line is busy i wll ring you back.time 13.58.

[meatboy]

16.50 no work permit NO ACCOUNT.

this came from bkk.customer care.

[chiang mai]

16.50 no work permit NO ACCOUNT.

this came from bkk.customer care.

Best you try a different branch of CIMB MB, you've been fobbed off by staff at branch who don't have a clue because those are not the CIMB rules. Maybe try writing a letter to the Thai CEO of CIMB and setting out your case/experience, local staff usually become more, ahem, "competent" after such events.

[meatboy]

16.50 no work permit NO ACCOUNT.

this came from bkk.customer care.

Best you try a different branch of CIMB MB, you've been fobbed off by staff at branch who don't have a clue because those are not the CIMB rules. Maybe try writing a letter to the Thai CEO of CIMB and setting out your case/experience, local staff usually become more, ahem, "competent" after such events.

according to[sounds like] mr.posenapat these are new rules,you could tell by the look on the staff faces they didnt have a clue.first up was the floor staff,then the others all joined in.not sure if there is another branch in korat.my wife was so embarrassed,going and taking the money out of one bank,then going to our main bank to see if they had anything,then having to put up with staff who didnt have a clue about who can and who cant open a fixed acc.then having to go back to our main bank and put into our current acc.over 2hrs.it took us.

you might ask why didnt the wife open it,she has already used up her tax free allowance.

i will post the question in the issan forum to see if anyone else in korat has tried to open one.

i will send a letter to the thai CEO if i can find the address.

oh i see it now the wife spoke to their customer care [02-626-7777] IT WAS POSTMANPAT

[KittenKong]

16.50 no work permit NO ACCOUNT.

this came from bkk.customer care.

I have never had a work permit here and never will.

I do have several accounts with CIMB though, and I have no trouble opening new ones.

[Mohammed Love]

Can I open a BAY Mee Tai Dai account for my 2 year old son (half Thai, born here).

[meatboy]

16.50 no work permit NO ACCOUNT.

this came from bkk.customer care.

I have never had a work permit here and never will.

I do have several accounts with CIMB though, and I have no trouble opening new ones.

are you thai kk.? if not give mr.posanapat at customer care and tell him [02-626-7777]

[TallGuyJohninBKK]

I have never had a work permit here and never will.

I do have several accounts with CIMB though, and I have no trouble opening new ones.

What CIMB branch(es), KK?

And what do they require, when you open a new account?

[KittenKong]

What CIMB branch(es), KK?

And what do they require, when you open a new account?

I use the one near View Talay 5 in Jomtien.

Passport (and money).

[meatboy]

I have never had a work permit here and never will.

I do have several accounts with CIMB though, and I have no trouble opening new ones.

What CIMB branch(es), KK?

And what do they require, when you open a new account?

what they told us,

work permit,

valid passport.

tabian baan.

uk.house register.

customer care at bkk.confirmed this as not to loose face at their korat branch [mall]

[jpinx]

From what others have said, and my own experience, the staff at any bank who are unsure will "fail-safe" and say "No", but if you can point to the expiry of your visa extension in your passport and get them to understand that it is a yearly visa with a long time to run - that seems to do the trick. Having staff entrenched in their position after some discussion is hopeless -- go and use another branch, they'll never change their mind.

As with everything here -- lead them gently to your point of view and let them think it was their idea

[Oorinara]

Bangkok Bank sells Savings Bond, retail bond issued or guaranteed by Thai gov't. Coupon 3.8% p.a. for 5 yrs, for instance.

http://www.bangkokbank.com/BangkokBank/PERSONALBANKING/BUILDYOURWEALTH/INVESTMENTSANDDEPOSITS/BONDS/Pages/SB2558.aspx

Suppose a few more banks also sell.