Bank Savings Interest Rates

[chiang mai]

CIMB require non-Thai's to produce a tabien bahn to open certain accounts, primarily those aimed at older Thai nationals. Rules for opening an account vary at branches throughout Thailand, as indeed they do for all banks. In Chiang Mai at least, CIMB Airport Plaza (and Chan Klan) is most receptive to farangs who want to open an account, I have several there and can vouch for the account opening process.

Forgot to add: in case you missed the earlier and very recent posts on this subject, can we please limit this thread to just disclosure of interest rates at banks and not these ancillary debates? Thanks.

[12DrinkMore]

img075.jpgIt seems like interest rates will get worse in the near future. Did the 3.2% for 13months today. Each person can only open one of these accounts. Hope that you can read the scan of all their offers and my scribble! The 3.5% is regular monthly saving for two years... same amount each month.

Here is the Bangkok Bank latest offer ... just took money for CIMB from them today

BB.png

CIMB require a Thai national to go with you to open an account.

As I could not get a straight answer what rights/information will be given to the Thai under what circumstances, I refuse to deal with them.

Even if you can speak and read Thai ?

I had a long discussion and a tidy pile of 800,000 Baht cash on the desk to put into a term deposit for retirement extension.

There were several phone calls to head office.

They faxed the requirements, if a foreigner wants to open an account a Thai national has to be available, from memory there is an exception if you have a work permit.

I was unable to obtain a clear answer why.

Even wrote to head office asking why.

Answer, "it is the rules" and they kindly sent me a copy".

[chiang mai]

img075.jpgIt seems like interest rates will get worse in the near future. Did the 3.2% for 13months today. Each person can only open one of these accounts. Hope that you can read the scan of all their offers and my scribble! The 3.5% is regular monthly saving for two years... same amount each month.

Here is the Bangkok Bank latest offer ... just took money for CIMB from them today

BB.png

CIMB require a Thai national to go with you to open an account.

As I could not get a straight answer what rights/information will be given to the Thai under what circumstances, I refuse to deal with them.

Even if you can speak and read Thai ?

I had a long discussion and a tidy pile of 800,000 Baht cash on the desk to put into a term deposit for retirement extension.

There were several phone calls to head office.

They faxed the requirements, if a foreigner wants to open an account a Thai national has to be available, from memory there is an exception if you have a work permit.

I was unable to obtain a clear answer why.

Even wrote to head office asking why.

Answer, "it is the rules" and they kindly sent me a copy".

You're smarter than that 12DM, you know this happens and that you have to try different branches. What you've stated above is not CIMB policy and the evidence confirms that, try another branch, simple. BTW 800k is not a large sum.

[JAS21]

KittenKong, on 20 Jan 2015 - 14:11, said:

JAS21, on 20 Jan 2015 - 13:31, said:

Each person can only open one of these accounts.

Are you sure? I have two. Or, to be more accurate, I have one passbook with two separate entries on two different dates each with the same term.

That is what the lady said to my wife ...I would have liked to split the 500K into two accounts but was told NO ... this only applied to the present 3.2% so my wife understood. However Thai, at times, is not a 'precise' language and mis-understanding do occur .

[JAS21]

KittenKong, on 20 Jan 2015 - 14:11, said:

JAS21, on 20 Jan 2015 - 13:31, said:

Each person can only open one of these accounts.

Are you sure? I have two. Or, to be more accurate, I have one passbook with two separate entries on two different dates each with the same term.

That is what the lady said to my wife ...I would have liked to split the 500K into two accounts but was told NO ... this only applied to the present 3.2% so my wife understood. However Thai, at times, is not a 'precise' language and mis-understanding do occur .

That 2.4% for 100,000Baht+ and instant access looks good. I have to keep a reasonable amount of money available for emergencies. It has to be opened before the end of the month though ... no idea what will happen after that ... but it's much better than what BB offer for instant access.

KK ... look at the 3rd line on the 3.2% offer ... it says only one account per person ... and she was definitely told only one deposit. It must have been your lucky month.

[alfieconn]

KittenKong, on 20 Jan 2015 - 14:11, said:

JAS21, on 20 Jan 2015 - 13:31, said:

Each person can only open one of these accounts.

Are you sure? I have two. Or, to be more accurate, I have one passbook with two separate entries on two different dates each with the same term.

That is what the lady said to my wife ...I would have liked to split the 500K into two accounts but was told NO ... this only applied to the present 3.2% so my wife understood. However Thai, at times, is not a 'precise' language and mis-understanding do occur .

Why not put half in the 13 months a/c and the other half in the 1Yr at 3%.

Edited January 21, 2015 by alfieconn

[KittenKong]

KK ... look at the 3rd line on the 3.2% offer ... it says only one account per person ... and she was definitely told only one deposit. It must have been your lucky month.

I cant read Thai (and your scan is bit tricky to read anyway) but the CIMB webpage says

http://www.cimbthai.com/CIMB/en/personal/promotion/deposit/special_fixed_deposit_13months/

"One-time deposit from the minimum amount of THB 50,000 to the maximum of THB 5,000,000" which I take to mean that you can only make one deposit per account (which is normal for a TD) but could have several accounts if you wanted to.

For me, CIMB lump all my TDs into one passbook, even when the rates and terms for each deposit are different. As far as I know each deposit is a separate account.

I appreciate that in Thai banking everything can change according to which way the wind is blowing.

[dragonfly94]

Krungsri - Mee Tae Dai - minimum 100K gets 2.35% calculated daily. 2 free withdrawals a month.

http://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Down to 2.3 bit it's not a bad account as immigration in my experience can get rather iffy about deposit accounts. Also their website actually works and the English is very good.

Edited January 21, 2015 by dragonfly94

[Pib]

Krungsri - Mee Tae Dai - minimum 100K gets 2.35% calculated daily. 2 free withdrawals a month.

http://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings.html

Down to 2.3 bit it's not a bad account as immigration in my experience can get rather iffy about deposit accounts. Also their website actually works and the English is very good.

Been at 2.3% since 18 Jun 14. I agree its a good account as I've had one for around 6 months now. IMO Krungsri's public website is OK for English and their ibanking is good for English. Call center seems to have good English capability also. But the two branches I've dealt with a couple times has very little English capability.

[meatboy]

LH BANK has just informed the wife they have a promotion running [can be withdrawn anytime].

9 month starting at 2.65% and 2.75% over 10milion bht.

12 month @ 2.85%

15 months @ 3%.

[TallGuyJohninBKK]

Well, there had been enough discussion here about accounts at CIMB, and varying versions of what is or isn't required to open them, that I decided the Thai wife and I would pay a visit to our local CIMB branch in the Asoke area of BKK today to see what they'd say. It turned out to be a very interesting and informative visit that I hope will help clarify their policies some.

For starters, just as a preface, I came here originally on a business visa and later changed to retirement extensions, so that's my current status, as was explained to the branch. And, I should note, even though their branch is in the heart of the Sukhumvit area, the new accounts officer we spoke with there didn't speak any English, although she was friendly and helpful, and she told my wife that no one else in the branch did either.

As for their account opening policies, it turned out they had a placard at the accounts desk that had their policies in Thai on one side, and in English on the reverse. And I'm posting a snapshot of that English document here below. As you'll see, at least on paper, they have TWO DIFFERENT ways of farangs qualifying for accounts: 1) the normal work permit holder way that they label as EXPATRIATE, and 2] the bring along a Thai supporter such as a Thai wife way that they label as TOURIST/BUSINESSMAN."

So, if the other branches follow this same policy, then it ought to be possible for a farang, in general, to open a CIMB account provided a Thai supporter is willing to go along and sign their ID papers in support and such using the Tourist/Businessman application category. I should clarify though, that's still an individual account just in your name. They're not trying to make the Thai supporter a joint account holder on the account, unless you want that. And as regards Immigration status, in that category, they're only asking for one month's Immigration stamp validity, so that would appear to even be open to those on tourist visas.

Here's the written CIMB new accounts policy we encountered:

As for their specific account promotions, we saw the same flyer that I believe was previously posted above, although they only had a Thai language version of that saying the promotions were valid thru the end of January. For clarify purposes, I've labeled the various account offerings in the image below as accounts A through E.

According to the branch staff, as relayed to my wife in Thai:

If farangs meet either of the general account opening methods mentioned above, then they are eligible to open account types A, B and E.

For account type A, they confirmed the interest would only be paid at the end of the 13 month term.

For account type B, they seemed to be saying they would pay the interest at the account opening for the 12 month term, but claimed there was no option for monthly interest payments.

Re account type D, we were told we only could open that account if my name was listed on my wife's tabien ban, and I was age 55 and older.

Re account type E, they said we could receive the interest credits monthly, but that the 2.4% rate only applied to balances between 100,000 and 30 million baht as listed on the document.

Re account type C, we were told that was only available to Thais, period.

Edited January 26, 2015 by TallGuyJohninBKK

[TallGuyJohninBKK]

Meanwhile, among other banks we checked with today:

Here's what BKK Bank was offering at our branch in BKK:

And, at least during January, Standard Chartered has at least two potential accounts of interest:

--their Just One Savings account that comes with an ATM/debit card, pays monthly interest, no tax deduction, and currently pays 2.5% on balances up to 100,000 baht. Minimum 1,000 baht to open. Rate can vary month to month. Free use of other Thai banks' ATMs for withdrawals and free bank-to-bank electronic transfers from Standard Chartered.

https://www.sc.com/th/en/save/savings-justone.html

--their ESaver Savings account that pays 2.5% interest on your total deposit, but only credits the interest every six months, I believe. 10,000 baht minimum to open, but no minimum balance requirement. No ATM card. Rate can vary month to month.

https://www.sc.com/th/en/save/savings-esaver.html

--Then, they also have a Power Saver Plus Savings account that pays 2.3% on total deposits from 100,000 to 999,999 baht, and 2.5% on total deposits 1 million and above. No ATM card. 100,000 to open and need to keep a 100,000 balance to avoid monthly fees. Two no-fee withdrawals per month allowed. Rate can vary month to month.

https://www.sc.com/th/en/save/savings-power-saver-plus.html

One downside of Standard Chartered is that most of their branches are located in the BKK area, along with a few others elsewhere -- Nakhon Pathom, Rangsit, Rayong, Nonthaburi and Chiang Mai.

[JAS21]

Thanks TGJ ... that info is very useful.

Looking at the offers CIMB Bank seems as good if not the best. Also CIMB gave me a CIMB Preferred Card ... can use it like an ATM card on the 2.4% account ... a few other perks including two free tickets to a Business Lounge at Swampy. Before they offered me the Preferred Card I ask how much an ATM car would be and they said 300Bath/year ... the Preferred card is free for life.

[TallGuyJohninBKK]

I didn't hear anything about a CIMB Preferred Card during my visit today, which stopped short of actually opening an account, as yet.

Did you get the impression, the so-called Preferred Card was only associated with the 2.4% current account, or their various other accounts as well?

[Isan Farang]

Well, there had been enough discussion here about accounts at CIMB, and varying versions of what is or isn't required to open them, that I decided the Thai wife and I would pay a visit to our local CIMB branch in the Asoke area of BKK today to see what they'd say. It turned out to be a very interesting and informative visit that I hope will help clarify their policies some.

For starters, just as a preface, I came here originally on a business visa and later changed to retirement extensions, so that's my current status, as was explained to the branch. And, I should note, even though their branch is in the heart of the Sukhumvit area, the new accounts officer we spoke with there didn't speak any English, although she was friendly and helpful, and she told my wife that no one else in the branch did either.

As for their account opening policies, it turned out they had a placard at the accounts desk that had their policies in Thai on one side, and in English on the reverse. And I'm posting a snapshot of that English document here below. As you'll see, at least on paper, they have TWO DIFFERENT ways of farangs qualifying for accounts: 1) the normal work permit holder way that they label as EXPATRIATE, and 2] the bring along a Thai supporter such as a Thai wife way that they label as TOURIST/BUSINESSMAN."

So, if the other branches follow this same policy, then it ought to be possible for a farang, in general, to open a CIMB account provided a Thai supporter is willing to go along and sign their ID papers in support and such using the Tourist/Businessman application category. I should clarify though, that's still an individual account just in your name. They're not trying to make the Thai supporter a joint account holder on the account, unless you want that. And as regards Immigration status, in that category, they're only asking for one month's Immigration stamp validity, so that would appear to even be open to those on tourist visas.

Here's the written CIMB new accounts policy we encountered:

CIMB New Account Reqs 2015-01-26.jpg

As for their specific account promotions, we saw the same flyer that I believe was previously posted above, although they only had a Thai language version of that saying the promotions were valid thru the end of January. For clarify purposes, I've labeled the various account offerings in the image below as accounts A through E.

CIMB Accounts & Interest Rates 2015 Jan..jpg

According to the branch staff, as relayed to my wife in Thai:

If farangs meet either of the general account opening methods mentioned above, then they are eligible to open account types A, B and E.

For account type A, they confirmed the interest would only be paid at the end of the 13 month term.

For account type B, they seemed to be saying they would pay the interest at the account opening for the 12 month term, but claimed there was no option for monthly interest payments.

Re account type D, we were told we only could open that account if my name was listed on my wife's tabien ban, and I was age 55 and older.

Re account type E, they said we could receive the interest credits monthly, but that the 2.4% rate only applied to balances between 100,000 and 30 million baht as listed on the document.

Re account type C, we were told that was only available to Thais, period.

I just opened an account with them in Ubon today. Very easy process and I was lucky that the manager could speak some English.

She informed me the Ubon branch will not open an account for a foreigner unless they have a Thai person present to guarantee. My wife had to give them copy of her ID card and that was it.

[chiang mai]

I didn't hear anything about a CIMB Preferred Card during my visit today, which stopped short of actually opening an account, as yet.

Did you get the impression, the so-called Preferred Card was only associated with the 2.4% current account, or their various other accounts as well?

CIMB Preferred means deposits of THB 4 mill. upwards.

[TallGuyJohninBKK]

I just opened an account with them in Ubon today. Very easy process and I was lucky that the manager could speak some English.

She informed me the Ubon branch will not open an account for a foreigner unless they have a Thai person present to guarantee. My wife had to give them copy of her ID card and that was it.

I would believe, pretty much consistent with one of the few things that seems consistent among all Thai banks, that they also will open new accounts for farangs just on the basis of having a valid work permit -- without requiring the farang to bring along a Thai wife or other Thai supporter.

But yes, without a work permit, CIMB is going to insist on you having a Thai endorser, according to their policy as posted above.

[TallGuyJohninBKK]

I didn't hear anything about a CIMB Preferred Card during my visit today, which stopped short of actually opening an account, as yet.

Did you get the impression, the so-called Preferred Card was only associated with the 2.4% current account, or their various other accounts as well?

CIMB Preferred means deposits of THB 4 mill. upwards.

Thanks CM... No wonder they're handing out airport lounge passes as part of that perk.

And... no wonder, they weren't talking to me about it the other day...

[smedly]

when this Thai person presents their id card to the bank in order to open an account and you go through the signing of all those documents they need - do any of them give the Thai person access rights to the account ?

Just a question

[JAS21]

I didn't hear anything about a CIMB Preferred Card during my visit today, which stopped short of actually opening an account, as yet.

Did you get the impression, the so-called Preferred Card was only associated with the 2.4% current account, or their various other accounts as well?

CIMB Preferred means deposits of THB 4 mill. upwards.

Unfortunately that isn't even partially correct ... someone has been pulling your pisser.

There are actually 5 levels. levels are ...

Level 1 <0.5MB

Level 2 0.5MB - <1MB

Level 3 1MB - <3MB

Level 4 3MB - <10MB

Level 5 >10MB

The perks, like Lounge Tickets start at Level 3

If anyone really want the full details .. ask... and I'll scan and post later..

I'm sure if you enquire at your local branch they will have the details anyway. I don't know what happens if your savings drop down a level ... but can guess!!

By the way, at present I only have my original deposit of 120,000THB in the 2.4% account, so it appears that a CIMB Preferred Card isn't just with that account.

I hope someone finds this info useful.

Edit ...

Have just seen the above post ... no my wife doesn't have direct access to the 2.4% account ... I would have made it joint but might need it this year for immigration. But she does knows where the card is and also what the password is.

Edited January 27, 2015 by JAS21

[chiang mai]

I have around THB 5 mill. with CIMB and they gave me the preferred card/status about a year ago, as soon as I went from THB 3 mill to THB 5 mill - the odd freebie comes my way now and again, it's nothing exactly something I cherish. The paper I signed in the branch at the time mentioned not dropping below THB 4 mill. otherwise benefits cease.

Edited January 27, 2015 by chiang mai

[chiang mai]

when this Thai person presents their id card to the bank in order to open an account and you go through the signing of all those documents they need - do any of them give the Thai person access rights to the account ?

Just a question

No.

[KittenKong]

Their website says 3MB http://www.cimbpreferred.com/index.php?ch=th_en_join but doesnt give any information about tiers.

[TallGuyJohninBKK]

when this Thai person presents their id card to the bank in order to open an account and you go through the signing of all those documents they need - do any of them give the Thai person access rights to the account ?

Just a question

No.

Ya... I can confirm that also... We specificially asked about that while visiting CIMB's Asoke branch the other day.

For new account applicants who go the tourist/businessman application route, the Thai supporter/endorser is just that...a kind of character reference only. No access or rights regarding the account.

But...they did say...since I had brought along my wife, that we could do a joint account with access being given to a] either one of us individually husband or wife... or b] joint access, meaning both of us required to do things.

PS... For other reasons, I had business down at ChaengWattana Immigration in BKK today, and did a survey of the various bank branches with a location in the building....which makes obtaining Immigration bank deposit letters somewhat more convenient.

Most all of the major Thai banks are represented there now... EXCEPT BOTH CIMB and Standard Chartered. Neither of them have a branch inside the CW Govt Complex building.... and unfortunately, they are among the banks with some of the best interest rates available to farangs. Standard Chartered does have a branch in the nearby Central CW Mall, but it doesn't open until late morning.

Edited January 27, 2015 by TallGuyJohninBKK

[meatboy]

I just opened an account with them in Ubon today. Very easy process and I was lucky that the manager could speak some English.

She informed me the Ubon branch will not open an account for a foreigner unless they have a Thai person present to guarantee. My wife had to give them copy of her ID card and that was it.

I would believe, pretty much consistent with one of the few things that seems consistent among all Thai banks, that they also will open new accounts for farangs just on the basis of having a valid work permit -- without requiring the farang to bring along a Thai wife or other Thai supporter.

But yes, without a work permit, CIMB is going to insist on you having a Thai endorser, according to their policy as posted above.

so all you lot in the branch at the mall in korat,READ THE ABOVE and if you cant my wife will translate for you.

[KittenKong]

Does anyone know of a decent interest rate available to Juristic Persons? All the good accounts I'm looking at seem in practice to be limited to individuals, even when the bank's website specifically mentions Juristic Persons as being eligible (like CIMB does).

[meatboy]

Does anyone know of a decent interest rate available to Juristic Persons? All the good accounts I'm looking at seem in practice to be limited to individuals, even when the bank's website specifically mentions Juristic Persons as being eligible (like CIMB does).

the wife has one maturing today so its goner be going to land and house bank,the rate is 3% over 15months,any other bank

who has a decent rate she will let me know.

she will NOT i repeat NOT be going to CIMB as they took the p-ss out of us last time.[jan 9th]

[KittenKong]

Does anyone know of a decent interest rate available to Juristic Persons? All the good accounts I'm looking at seem in practice to be limited to individuals, even when the bank's website specifically mentions Juristic Persons as being eligible (like CIMB does).

the wife has one maturing today so its goner be going to land and house bank,the rate is 3% over 15months,any other bank

who has a decent rate she will let me know.

Thanks, but are you sure that's for Juristic Persons? Their website seems to say individuals only.

I need something decent for Juristic Persons, not for me personally.

[meatboy]

LH BANK has just informed the wife they have a promotion running [can be withdrawn anytime].

9 month starting at 2.65% and 2.75% over 10milion bht.

12 month @ 2.85%

15 months @ 3%.

what a load of shites,the wife already had quite a large amount holding in her current ac.so with another one maturing today she was in the bank on opening time ready to put it all into their 15month fixed term.

well this is not what i call loyalty,it has been withdrawn.

this is twice in less than 3 weeks they have done this to us.

so if LH BANK are reading this,you had better get 6 million ready to be withdrawn[APRIL]

[AyG]

Does anyone know of a decent interest rate available to Juristic Persons? All the good accounts I'm looking at seem in practice to be limited to individuals, even when the bank's website specifically mentions Juristic Persons as being eligible (like CIMB does).

the wife has one maturing today so its goner be going to land and house bank,the rate is 3% over 15months,any other bank

who has a decent rate she will let me know.

Thanks, but are you sure that's for Juristic Persons? Their website seems to say individuals only.

I need something decent for Juristic Persons, not for me personally.

What you need to do is look at the interest rate documents for each bank to see what's available. This is much more reliable than promotions mentioned elsewhere on bank websites.

For Krungsri the current document is at https://www.krungsri.com/bank/getmedia/66029374-3a50-4e67-8bd8-a6a610ef5826/deposit_05012015_eng.aspx and there are rates up to 1.8% available.

Similarly for Bangkok Bank the current document is at http://www.bangkokbank.com/DocumentsDeposit/DepositRates_29Jan2015.pdf but it's in Thai. The second column of figures is for Juristic Persons. 2.75% is the top rate, but that's for deposits over 100 million Baht.