Bank Savings Interest Rates

[jpinx]

Krungsri offerings -- some well over 2% but some conditions might apply. You never really know unless you can read and understand their small-print...

https://www.krungsri.com/bank/getmedia/4efc96ba-413f-4a11-89ff-ce84cf8669e7/Deposit-Rates-29012016.aspx

I'm quite good on small print and I believe that all those high rates are for products that are no longer available to purchase (ie 10-month TDs that were withdrawn from sale in May 2015).

I'm still getting 3.5% on a CIMB 14-month TD bought in 2014.

There is a lot of crap in banks' prospectuses (prospectii?) -- old offerings not deleted etc.... makes it hard for a normal joe to know what's what, so it's best to walk into the branch and look at the promotions

Good job on the CIMB, shame you can't extend it

[chiang mai]

Krungsri offerings -- some well over 2% but some conditions might apply. You never really know unless you can read and understand their small-print...

https://www.krungsri.com/bank/getmedia/4efc96ba-413f-4a11-89ff-ce84cf8669e7/Deposit-Rates-29012016.aspx

I'm quite good on small print and I believe that all those high rates are for products that are no longer available to purchase (ie 10-month TDs that were withdrawn from sale in May 2015).

I'm still getting 3.5% on a CIMB 14-month TD bought in 2014.

Me too, locking into 3.25% for four years seemed risky at the time but I did it anyway, best move I made in quite a while.

[KittenKong]

Wow, I see special time deposit 10 month >10 million at 2.6%.

Withdrawn in March 2015.

Interest rates were much higher a year ago.

[KittenKong]

There is a lot of crap in banks' prospectuses (prospectii?) -- old offerings not deleted etc.... makes it hard for a normal joe to know what's what, so it's best to walk into the branch and look at the promotions

In their defence they provide the info on old accounts that are still active for those who bought them at the time. Which is fair enough if people want to check what they are getting. Once the accounts are all matured I think they remove the information completely.

[TheCruncher]

Wow, I see special time deposit 10 month >10 million at 2.6%.

Withdrawn in March 2015.

Interest rates were much higher a year ago.

How that can be withdrawn in March 2015, when the rates are only effective from 29 January 2016

[SmoothOperator]

L&H Bank has quietly reduced his interest rate from 1.85% to 1.80% effective from Febr 10th.

it's time to move.

[chiang mai]

L&H Bank has quietly reduced his interest rate from 1.85% to 1.80% effective from Febr 10th.

it's time to move.

Expect all other banks to follow, the US Fed rate increases as discussed previously are looking unlikely, GBP forex market is now forecasting 2019 for it's next rate increase, 2019!!!

[fletchsmile]

Yes the banks have plenty of liquidity at the moment, and no need to pay high rates to chase deposits in this environment.

I'd expect the overall trend to continue drifting downwards for most banks. The picture of best payers and core strategies isn't likely to change much for now, just that they'll all naturally trim rates a little in this environment.

[meatboy]

L&H Bank has quietly reduced his interest rate from 1.85% to 1.80% effective from Febr 10th.

it's time to move.

WHERE?

[JAS21]

L&H Bank has quietly reduced his interest rate from 1.85% to 1.80% effective from Febr 10th.

it's time to move.

How much is that ... about 10thb/week less for every 1Mthb invested... suppose it adds up over the year though...

[denby45]

It's not good for savers that the BOJ went negative interest rates. The writing is on the wall. Eventually you will be paying banks to hold your money. Cash will be banned in favor of digital currencies. Complete control of your finances is the aim of most governments today.

Savers are in the frame for bail-ins when the banks again come under pressure due to mismanagement again. Cyprus is only the beginning of the legalized theft of your money.

Den

[KittenKong]

Wow, I see special time deposit 10 month >10 million at 2.6%.

Withdrawn in March 2015.

Interest rates were much higher a year ago.

How that can be withdrawn in March 2015, when the rates are only effective from 29 January 2016

The published rates are those in effect from Jan 29, but that doesnt mean that previously the rates were not the same.

The TD account in question was sold up until March 2015 at which point it was withdrawn, but anyone who invested in one in March 2015 could still have a few days left for it to run at the time of the January 2016 rates being published and they would continue to get the rate as advertised until the account matures.

I personally think that KrungSri have one of the clearest systems for showing accounts that are currently active (even if no longer available for new deposits) and the details relating to when they were available and what the rates are. Try getting that information online out of many other Thai banks: impossible.

[KittenKong]

opened a fixed 1 year account at LH Bank (B1mil) yesterday....2.25% per annum (gross before taxes)

Looked for this the other day in BigC Pattaya but saw no sign on it. Maybe they dont advertise the rate in the window?

I still have another 10 days before my CIMB TD matures.

[hoffy66]

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

Sorry for being a dummy, but can you tell me which bank is KK ?? i am wanting to bring a large amount into thailand when i come back from aussie, and am not sure if i should do a transfer or carry it with me?? all help appreciated.

[chiang mai]

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

Sorry for being a dummy, but can you tell me which bank is KK ?? i am wanting to bring a large amount into thailand when i come back from aussie, and am not sure if i should do a transfer or carry it with me?? all help appreciated.

That rate doesn't exist, at least not as a fixed rate deposit, my guess is that it's an insurance based product or maybe an interest averaging product. Maximum rates for fixed rate products currently in Thailand are running around 1.6% for 24 months. The KK bank is Kasikorn Bank. http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

[meatboy]

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

Sorry for being a dummy, but can you tell me which bank is KK ?? i am wanting to bring a large amount into thailand when i come back from aussie, and am not sure if i should do a transfer or carry it with me?? all help appreciated.

a yorkshire-paddy is ea-s illy led.

[denby45]

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

Sorry for being a dummy, but can you tell me which bank is KK ?? i am wanting to bring a large amount into thailand when i come back from aussie, and am not sure if i should do a transfer or carry it with me?? all help appreciated.

Kasikorn Bank. However if you are carrying the currency then you should change it at TT exchange or Yenjit or CC (in soi 7 or 8 don't remember which) before you deposit it. They will always give you a better rate than any bank but always get the girl or guy to phone the boss for a better rate. CC exchange owner declared on this site that he will always better TT and Yenjit. Remember you should declare at customs if it is more than 20,000US. There is no duty or anything and it takes about 5 mins. Should you not declare and they find it they can confiscate.

Be aware that if you are using the capital for property purchase then you must go through the banking system which will of course cost you more. Even if you take this route you can negotiate a better rate with the bank than their displayed rate.

The best you can do at Kasikorn is about 1.6 today which is not the best rate around by any means.

Hope this helps

Den

[denby45]

Recently deposited 500k with KK for one year @ 3.9% rate was sitting at 4% for a while dropped before my deposit

Sorry for being a dummy, but can you tell me which bank is KK ?? i am wanting to bring a large amount into thailand when i come back from aussie, and am not sure if i should do a transfer or carry it with me?? all help appreciated.

That rate doesn't exist, at least not as a fixed rate deposit, my guess is that it's an insurance based product or maybe an interest averaging product. Maximum rates for fixed rate products currently in Thailand are running around 1.6% for 24 months. The KK bank is Kasikorn Bank. http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

That rate does not exist even as an insurance based product. Check the date on the yorkshirepaddy post and all will be revealed.

[trajan]

opened a fixed 1 year account at LH Bank (B1mil) yesterday....2.25% per annum (gross before taxes)

Looked for this the other day in BigC Pattaya but saw no sign on it. Maybe they dont advertise the rate in the window?

I still have another 10 days before my CIMB TD matures.

there wasn't any sign, I just asked....

[KittenKong]

Bizarre that they dont advertise good rates.

[trajan]

Bizarre that they dont advertise good rates.

I stopped questioning the logic of things here long ago...but it always pays to ask

[chiang mai]

CIMB 2.10% for 12 months, one of the best around currently, especially since base rate is much more likely to go down rather than up.

[Rhys]

Interesting getting ready to make the Minimum Deposit for the Retirement BS..

[jpinx]

Interesting getting ready to make the Minimum Deposit for the Retirement BS..

You could always use the income method -- and get a decent rate on your cash elsewhere...

[chiang mai]

Interesting getting ready to make the Minimum Deposit for the Retirement BS..

You could always use the income method -- and get a decent rate on your cash elsewhere...

For example?

[jpinx]

Interesting getting ready to make the Minimum Deposit for the Retirement BS..

You could always use the income method -- and get a decent rate on your cash elsewhere...

For example?

There's threads about interest in Cambodia, Laos, etc.... or do some serious research and find better rates elsewhere.

[denby45]

CIMB 2.10% for 12 months, one of the best around currently, especially since base rate is much more likely to go down rather than up.

Tried that and they refused because I couldn't produce a Tabien Baan with my name in it. Same story at GSB.

Den

[chiang mai]

CIMB 2.10% for 12 months, one of the best around currently, especially since base rate is much more likely to go down rather than up.

Tried that and they refused because I couldn't produce a Tabien Baan with my name in it. Same story at GSB.

Den

You don't need a Tabien Bahn for that one although you do need to be a Preferred Customer, the 2.20% offer requires a Tabien Bahn - I just took out two of them yesterday at 2.10% so we had that discussion in full, again!.

Also, UOB has a 1 year and 4 day deal at 2%.

Edited March 1, 2016 by chiang mai

[denby45]

CIMB 2.10% for 12 months, one of the best around currently, especially since base rate is much more likely to go down rather than up.

Tried that and they refused because I couldn't produce a Tabien Baan with my name in it. Same story at GSB.

Den

You don't need a Tabien Bahn for that one although you do need to be a Preferred Customer, the 2.20% offer requires a Tabien Bahn - I just took out two of them yesterday at 2.10% so we had that discussion in full, again!.

Also, UOB has a 1 year and 4 day deal at 2%.

Thanks for the info. Which branch and I'll give it another go.

Den

[chiang mai]

CIMB 2.10% for 12 months, one of the best around currently, especially since base rate is much more likely to go down rather than up.

Tried that and they refused because I couldn't produce a Tabien Baan with my name in it. Same story at GSB.

Den

You don't need a Tabien Bahn for that one although you do need to be a Preferred Customer, the 2.20% offer requires a Tabien Bahn - I just took out two of them yesterday at 2.10% so we had that discussion in full, again!.

Also, UOB has a 1 year and 4 day deal at 2%.

Thanks for the info. Which branch and I'll give it another go.

Den

Airport Plaza in CM. I was in there again this morning and that special has now ended, best available is 1.85% for 12 months