Bank Savings Interest Rates

[Chivas]

Had a further Email back from SCB about their fixed rate accounts.

Despite having had a normal instant access Account for 12 years to open a Fixed Rate deal they will want a Work Permit

Just bizarre.......

Anyone suggest another Bank that will just open with standard Tourist Visa etc ??

Edited May 13, 2015 by Chivas

[chiang mai]

Had a further Email back from SCB about their fixed rate accounts.

Despite having had a normal instant access Account for 12 years to open a Fixed Rate deal they will want a Work Permit

Just bizarre.......

Anyone suggest another Bank that will just open with standard Tourist Visa etc ??

My suggestion to you is this:

If your "normal instant access account" is still open, transfer funds into it that you wish to use for the fixed rate account. Then, passbook in hand, go into your branch and tell them you wish to transfer funds from your account, into a fixed rate product. Given that scenario I would defy even the most hapless logic deprived teller to insist that you need a work permit in order to open the account.

[jpinx]

Has to be said that trying to do anything by email/phone will only produce the written law. If you actually show up in person with a happy smile the results are usually much more favourable. Assuming you can speak enough Thai

[topt]

Had a further Email back from SCB about their fixed rate accounts.

Despite having had a normal instant access Account for 12 years to open a Fixed Rate deal they will want a Work Permit

Just bizarre.......

Anyone suggest another Bank that will just open with standard Tourist Visa etc ??

My suggestion to you is this:

If your "normal instant access account" is still open, transfer funds into it that you wish to use for the fixed rate account. Then, passbook in hand, go into your branch and tell them you wish to transfer funds from your account, into a fixed rate product. Given that scenario I would defy even the most hapless logic deprived teller to insist that you need a work permit in order to open the account.

Has to be said that trying to do anything by email/phone will only produce the written law. If you actually show up in person with a happy smile the results are usually much more favourable. Assuming you can speak enough Thai

Second that - I have opened Fixed rates with SCB in the past without a work permit at 2 different branches. As jpinx says just go to one or more branches - just make sure you don't open one of their bond accounts by mistake

[Chivas]

Has to be said that trying to do anything by email/phone will only produce the written law. If you actually show up in person with a happy smile the results are usually much more favourable. Assuming you can speak enough Thai

Why do Posters put that stupid emoticon on the end of sentences. Incredibly insulting and patronising buddy

[topt]

Has to be said that trying to do anything by email/phone will only produce the written law. If you actually show up in person with a happy smile the results are usually much more favourable. Assuming you can speak enough Thai

Why do Posters put that stupid emoticon on the end of sentences. Incredibly insulting and patronising buddy

Interested why you think it is insulting? Normally used to try and show some humour in the comment - IE not to necessarily take at face value.

Have you actually visited any branches yet and asked?

[jpinx]

Has to be said that trying to do anything by email/phone will only produce the written law. If you actually show up in person with a happy smile the results are usually much more favourable. Assuming you can speak enough Thai

Why do Posters put that stupid emoticon on the end of sentences. Incredibly insulting and patronising buddy

I am not insulting you (or anyone else) and I am certainly not patronising you -- merely trying to give an insight into a method of overcoming the problem which might work for a happy person. And I am certainly not your "buddy", buddy

[chiang mai]

Give it a rest, please, back to rates perhaps.

[KittenKong]

CIMB 7-month rate down to 2.1 since a day or two ago.

Now down to 2%.

Bizarrely their instant access account is still paying 2%, but not for long I suspect.

[jpinx]

Give it a rest, please, back to rates perhaps.

Indeed

Krungsri (yellow) Bank Mee Tae Dai down to 1.85%

https://www.krungsri.com/bank/getmedia/7dbe1cd1-acca-4874-b245-705d8e2a9a8d/Deposit-Rates-13052015.aspx -- page2

Thailand seems to be a bad choice for deposits now -- time to look elsewhere maybe, especially now that the UK general election is out of the way.

[JAS21]

From CIMB Web site today ... http://www.cimbthai.com/CIMB/en/personal/promotion/

[jpinx]

From CIMB Web site today ... http://www.cimbthai.com/CIMB/en/personal/promotion/

From the "read more..." in the link above ...

Phermkha Sabai-Jai Fixed Deposit, High and Tax-exempted Interest Rate up to 2.70% p.a. Free! Personal Accident Protection

• High and Tax-exempted Interest Rate. Free! Personal Accident Protection with coverage up to THB 600,000
• Minimum deposit amount of THB 1,000 and maximum of THB 25,000, which must be a multiple of THB 500 to be deposited monthly in an equal amount
• Deposit term of 24 months with the maximum deposit amount of THB 600,000 throughout the term
• Account opening period: 16-22 May 15

*Interest rates and conditions are subject to the Bank's announcement.

Nothing about ID cards, residence, work permits. Is this for real ? The comment about "rates subject to Banks announcement" is a sure indicator that the rate is NOT fixed, so it's going to come down as soon as the opening offer period is over.....

[KittenKong]

That ad is badly written and it doesnt make it very clear that this account is a regular saver account: you have to deposit between 1,000B and 25,000B every month for 2 years, and always the same amount every month.

Personally I doubt I could be bothered to do that. As far as I know anyone can open one though.

Edited May 19, 2015 by KittenKong

[fletchsmile]

As often pointed out in the past, non-standard period TDs (as opposed to the 1m,3m,6m,12m standards) often pay more attractive interest rates than usual.

eg The Islamic Bank recently had a 14m offer for 2.9%, even after the second rate cut

People now need to be more careful with periods of 15m and above though.

The cut in guarantee by Deposit Protection Agency (DPA) from THB 50mio to THB 25mio is in the process of going ahead this year on 11 Aug 2015, and banks are actively planning for it. While THB 25mio will cover most people and isn't in itself an issue, the bigger picture is it takes the threshold closer to the THB1mio end game originally planned several years back before GFC hit and the western banks messed up, so plans in Thailand were delayed/postponed. Whether or not it goes to THB 1mio only in August 2016 is still not a certainty, but with the reduction to THB 25mio going ahead this year the probability increases.

Relevance of DPA? 15m or longer deposits would now take you passed 1 Aug 2016, where DPA might be only THB 1mio (with an increased probability from before). So do your homework on your banks and don't just look at rates. The Islamic bank for example has 44% NPLs to go with that recently offered 2.9%! - although that one matures before the DPA 2016 date, the warning is there.

Cheers

Fletch

Edited May 20, 2015 by fletchsmile

[KittenKong]

I would not be surprised if they had a 10MB level of guarantee for a while after the 25MB.

Of course it's all guesswork until it actually happens.

[fletchsmile]

The THB 25mio in August 2015 is no longer guesswork

Cheers

Fletch

[balo]

When I opened the special savings account earlier this year at LH bank the interest was 2.55 , now its down to 2.0 . Not sure what to expect in the near future.

[KittenKong]

The THB 25mio in August 2015 is no longer guesswork

And you believe everything that is announced here? I dont. I believe it when I see it.

Certainly the closer it gets the more likely it is.

[KittenKong]

CIMB rates now down to 1.85% for 7 months and 1.8% for instant access.

[Cpkt8]

Bangkok bank 1.75% -4months FD.

[fletchsmile]

The THB 25mio in August 2015 is no longer guesswork

And you believe everything that is announced here? I dont. I believe it when I see it.

Certainly the closer it gets the more likely it is.

Sorry I didn't reply yesterday, but you can check today's newspaper for confirmation of 2015 if that's the sort of confirmation you like.

You you could have checked my post a week or so back on here, or if you're one of those people who likes links, just google "fletchsmile thai deposit protection" and you'll find internet links even earlier

For 2015 I too believed it when I saw it. It's just some of us see things a little earlier than others

Cheers

Fletch

BTW I'd like to see that 10mio step in the middle you mention for 2016. There has been some talk of a middle ground, but yes 2016 is some way off with a lot of variables in between now and then. Then again they like to benchmark vs regional peers like Singapore, who has only SGD50k.

Edited May 28, 2015 by fletchsmile

[VIPinthailand]

what bank offer free accident insurance, or free healthcare insurance when opening a Bank account .? if it exists.

[GavinK]

Krungsri Mee Tae Dai down to 1.85% from 4 June (always one of the first to drop).

Standard Chartered esaver down to 2% from 29 May (usually more resilient).

[55Jay]

Krungsri Mee Tae Dai down to 1.85% from 4 June (always one of the first to drop).

Standard Chartered esaver down to 2% from 29 May (usually more resilient).

Yep, she seems like a bellwether.

[stament]

Looked on Bkk bank website and the rates are in thai so can't make out whether or not they are a good deal. Is there a thai webpage similar to those in England which list the best rates?

Read the monthly savings accounts for kids offer a higher rate of interest - can anyone advise rates on those?

[Pib]

Looked on Bkk bank website and the rates are in thai so can't make out whether or not they are a good deal. Is there a thai webpage similar to those in England which list the best rates?

Read the monthly savings accounts for kids offer a higher rate of interest - can anyone advise rates on those?

Bangkok Bank use to provide the info in Thai and English...but about 6 months ago on their rates/fees webpage they stopped providing their rate sheets and some other fee schedules in English and even deleted past months English language sheets also....just left the Thai language version. Some rate/fee info is still in English and Thai, but others are now only in Thai...it depends what you are looking for. Now the webpages focusing on a particular product/service still has X-amount of fee/rate info in English....sometimes quite a bit.

A step backwards IMO in reducing the among of English rate/fee info on their website....or should I say a step backwards to match how most other Thai banks provide their more detailed fee/rate info....either in Thai only and/or a note to call them for the info. But with that being said the Bangkok Bank website still doesn't have a close second among Thai banks in the amount of English info provided on their website...it's just it's not quite as good as it was 6 months ago.

[JAS21]

Looked on Bkk bank website and the rates are in thai so can't make out whether or not they are a good deal. Is there a thai webpage similar to those in England which list the best rates?

Read the monthly savings accounts for kids offer a higher rate of interest - can anyone advise rates on those?

Bangkok Bank use to provide the info in Thai and English...but about 6 months ago on their rates/fees webpage they stopped providing their rate sheets and some other fee schedules in English and even deleted past months English language sheets also....just left the Thai language version. Some rate/fee info is still in English and Thai, but others are now only in Thai...it depends what you are looking for. Now the webpages focusing on a particular product/service still has X-amount of fee/rate info in English....sometimes quite a bit.

A step backwards IMO in reducing the among of English rate/fee info on their website....or should I say a step backwards to match how most other Thai banks provide their more detailed fee/rate info....either in Thai only and/or a note to call them for the info. But with that being said the Bangkok Bank website still doesn't have a close second among Thai banks in the amount of English info provided on their website...it's just it's not quite as good as it was 6 months ago.

And there is me thinking that the CIMB Thai site is best ... but only if you select English. BB is worse than it was a few months ago as you say.

[stament]

Anyone advise on kids monthly savings rates being good rates?

[JoePai]

Had a look around today and the best was GSB at 1.9% tax paid

[ExPratt]

Got a few quid in a BKK bank 2.8% ,11 month deposit. Matures or whatever you banking people call it, in about 3 Months. Be worth going round again with BKK or look elsewhere ?