Bank Savings Interest Rates

[JAS21]

CIMB have 1.8% for over 1M thb in what is really their CA.

They also have various fixed accounts ...go and see what their latest offers are.

Be warned that you cannot get a book update on their fixed accounts unless you add a new account as all fixed accounts go in the same book.

[BobTH]

Hello Folks:

Around next week I want to bring in the equivalent of @ 800,000 baht which I can use in February 2017 for my retirement extension money. My usual Bank is Bangkok Bank but I notice the rate is now just 1.375%

Can anyone recommend another bank for the deposit (for 10 or 12 months is OK) with a higher return but which deposit will of course be acceptable to immigration....

Many thx any input!

Not much out there right now due to the sluggish economy. Some say there are specials that do not show on the attached website link but I have found it pretty accurate. I am currently holding a Land and House Bank fixed one year account at 2.25% but it has since dropped to 1.8% fixed one year.

https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Edited April 28, 2016 by BobTH

[topt]

I see that the Deposit Protection Scheme has been extended. Details are in todays Bangkok Post

I had always believed the DPA would be extended but was shot down over the issue too many times, it simply didn't make sense the rate would be cut so drastically to such a low level, in these uncertain times, I'm pleased about the new changes. DPA now phased in 5 mill. steps through 2020.

That is great news but I am surprised that the announcement has not been picked up in one of the TV news emails (can't only have been in the Bangkok Post....) especially as it probably affects a large number of their readers.......

If I have missed it can someone send me the link?

[topt]

I see that the Deposit Protection Scheme has been extended. Details are in todays Bangkok Post

I had always believed the DPA would be extended but was shot down over the issue too many times, it simply didn't make sense the rate would be cut so drastically to such a low level, in these uncertain times, I'm pleased about the new changes. DPA now phased in 5 mill. steps through 2020.

That is great news but I am surprised that the announcement has not been picked up in one of the TV news emails (can't only have been in the Bangkok Post....) especially as it probably affects a large number of their readers.......

If I have missed it can someone send me the link?

Ok just seen the article a bit further down the page.

[chiang mai]

I see that the Deposit Protection Scheme has been extended. Details are in todays Bangkok Post

I had always believed the DPA would be extended but was shot down over the issue too many times, it simply didn't make sense the rate would be cut so drastically to such a low level, in these uncertain times, I'm pleased about the new changes. DPA now phased in 5 mill. steps through 2020.

That is great news but I am surprised that the announcement has not been picked up in one of the TV news emails (can't only have been in the Bangkok Post....) especially as it probably affects a large number of their readers.......

If I have missed it can someone send me the link?

It was in the Bangkok Post yesterday but I can no longer find it - the DPA has yet to update its website.

[Henryford]

Hello Folks:

Around next week I want to bring in the equivalent of @ 800,000 baht which I can use in February 2017 for my retirement extension money. My usual Bank is Bangkok Bank but I notice the rate is now just 1.375%

Can anyone recommend another bank for the deposit (for 10 or 12 months is OK) with a higher return but which deposit will of course be acceptable to immigration....

Many thx any input!

I use Krungsri and TMB, both offer flexible accounts giving 1.6%. You can add or withdraw any amount any time but only 2 withdrawals a month. Accepted for retirement extensions.

Edited April 29, 2016 by Henryford

[Tywais]

For those who may missed it the DPA extension topic is here - http://www.thaivisa.com/forum/topic/913317-banks-agree-with-extension-of-deposit-protection/

[Oxx]

Hello Folks:

Around next week I want to bring in the equivalent of @ 800,000 baht which I can use in February 2017 for my retirement extension money. My usual Bank is Bangkok Bank but I notice the rate is now just 1.375%

Can anyone recommend another bank for the deposit (for 10 or 12 months is OK) with a higher return but which deposit will of course be acceptable to immigration....

Many thx any input!

I use Krungsri and TMB, both offer flexible accounts giving 1.6%. You can add or withdraw any amount any time but only 2 withdrawals a month. Accepted for retirement extensions.

Seconded. The Krung Sri Mee Tae Dai account gives a consistently decent rate of interest, and no need to worry about deposit accounts maturing during the seasoning period for the money. Other banks have similar products, but I find Krung Sri relatively foreigner-friendly. TMB most definitely isn't.

(In the case of Mee Tae Dai at least, you can make as many withdrawals a month as you wish. However, only the first two are free. After that it's 50 baht per withdrawal.)

Edited April 30, 2016 by Oxx

[sendintheclowns]

I need to cash in my 90 day term deposit at SCB, before Tuesday (May 10). And put the money in to my company bank account. The term deposit was made at my local village branch. The problem is, I travel out of province for a week, starting tomorrow.

Due to today being (another!) bank holiday, I cannot cash in at my local branch. Does anyone know if I present Passbook and Passport to a branch in another province (Phuket) - can they do what I ask? Tks.

[Oxx]

I need to cash in my 90 day term deposit at SCB, before Tuesday (May 10). And put the money in to my company bank account.

Surely you could just do this online. You'll probably need to register the term deposit first (if you haven't done so already), but that's trivial.

[sendintheclowns]

I need to cash in my 90 day term deposit at SCB, before Tuesday (May 10). And put the money in to my company bank account.

Surely you could just do this online. You'll probably need to register the term deposit first (if you haven't done so already), but that's trivial.

Thanks ! My local branch does not know much about Internet banking. I should have called SCB support.

[up-country_sinclair]

Please keep us updated on how this turns out. I've got a term deposit at Bangkok Bank soon to expire that I want to transfer to a branch in another province. My understanding is that the fees involved with this can be quite high.

[jayceenik]

For my retirement years I just brought in a big chunk of Euros in my KrungThai Bank savings account.

Today I went to see if I could put some of it in a time deposit account.

Refused. Only available for Thai citizens ...

Anybody has any idea of a bank in BKK where I could park some of my money in a time deposit so that I can get better interest than on my KTB savings account ??

[Oxx]

For my retirement years I just brought in a big chunk of Euros in my KrungThai Bank savings account.

Today I went to see if I could put some of it in a time deposit account.

Refused. Only available for Thai citizens ...

For regular, fixed deposit accounts, with Krung Thai there's absolutely no problem. I've opened several at different branches over the last decade or so.

What type of account, precisely, did you apply for? And if it's a regular type, just try a different branch.

[jayceenik]

For my retirement years I just brought in a big chunk of Euros in my KrungThai Bank savings account.

Today I went to see if I could put some of it in a time deposit account.

Refused. Only available for Thai citizens ...

For regular, fixed deposit accounts, with Krung Thai there's absolutely no problem. I've opened several at different branches over the last decade or so.

What type of account, precisely, did you apply for? And if it's a regular type, just try a different branch.

Thanks for the reply.

I have a regular savings account at the KTB main branch on Sukhumvit.

This morning I just asked if I could open a time deposit.

I'm indeed surprised that it was denied.

I'll try again tomorrow !!

[JAS21]

For my retirement years I just brought in a big chunk of Euros in my KrungThai Bank savings account.

Today I went to see if I could put some of it in a time deposit account.

Refused. Only available for Thai citizens ...

For regular, fixed deposit accounts, with Krung Thai there's absolutely no problem. I've opened several at different branches over the last decade or so.

What type of account, precisely, did you apply for? And if it's a regular type, just try a different branch.

Thanks for the reply.

I have a regular savings account at the KTB main branch on Sukhumvit.

This morning I just asked if I could open a time deposit.

I'm indeed surprised that it was denied.

I'll try again tomorrow !!

Called in at CIMB today ... as we were close by. Their savings interest rated are slightly lower from tomorrow.

[JAS21]

I see that Bangkok Bank are offering a 5year 4.4% Debenture but it's BBB- Italian-Thai are the company. Available to the public from 2nd June ... if there are any left.

Edited May 31, 2016 by JAS21

[ExpatOilWorker]

I see that Bangkok Bank are offering a 5year 4.4% Debenture but it's BBB- Italian-Thai are the company. Available to the public from 2nd June ... if there are any left.

Seem like even the best deals in Thailand aren't very attractive. I just bought some US corporate bonds (BBB+) and get 4.9%.

With the slowly falling baht, rates should be around 7% to make Thailand interesting.

[JAS21]

I see that Bangkok Bank are offering a 5year 4.4% Debenture but it's BBB- Italian-Thai are the company. Available to the public from 2nd June ... if there are any left.

Seem like even the best deals in Thailand aren't very attractive. I just bought some US corporate bonds (BBB+) and get 4.9%.

With the slowly falling baht, rates should be around 7% to make Thailand interesting.

Last July my wife bought from CIMB BBB+ Bond 4.9% ... due date July 2021. Rates are getting worse ..... Edited June 1, 2016 by JAS21

[sendintheclowns]

I see that Bangkok Bank are offering a 5year 4.4% Debenture but it's BBB- Italian-Thai are the company. Available to the public from 2nd June ... if there are any left.

Seem like even the best deals in Thailand aren't very attractive. I just bought some US corporate bonds (BBB+) and get 4.9%.

With the slowly falling baht, rates should be around 7% to make Thailand interesting.

Last July my wife bought from CIMB BBB+ Bond 4.9% ... due date July 2021. Rates are getting worse .....

Surely anyone buying bonds wants a low interest rate environment. Maybe I'm wrong, but will, those US bonds market price not decrease, during the next 6 months, as US FED interest rates rise?

Of course, if you're betting on a FX gain, good choice .

Opposite to that, if Thai rates are likely to stay low, there will be stability in the market price of Thai bonds ( personally, I would not bet on someone like Italian-Thai, CPFood, etc.).

[ExpatOilWorker]

I see that Bangkok Bank are offering a 5year 4.4% Debenture but it's BBB- Italian-Thai are the company. Available to the public from 2nd June ... if there are any left.

Seem like even the best deals in Thailand aren't very attractive. I just bought some US corporate bonds (BBB+) and get 4.9%.

With the slowly falling baht, rates should be around 7% to make Thailand interesting.

Last July my wife bought from CIMB BBB+ Bond 4.9% ... due date July 2021. Rates are getting worse .....

Surely anyone buying bonds wants a low interest rate environment. Maybe I'm wrong, but will, those US bonds market price not decrease, during the next 6 months, as US FED interest rates rise?

Of course, if you're betting on a FX gain, good choice .

Opposite to that, if Thai rates are likely to stay low, there will be stability in the market price of Thai bonds ( personally, I would not bet on someone like Italian-Thai, CPFood, etc.).

I always hold to maturity, so a small temporary paper loss due to Yellen's magic is no real concern.

On the other hand, if the FED throw in some real interest rates, it will make the Thai market even less attractive, especially if as you say, Thai rates stay low, which they most likely will. This will continue to erode the Thai baht and secure a reasonable FX-$ gain.

[sendintheclowns]

Then that's a good decision . Can I ask the term to maturity? Tia. In a climate of rising interest rates, Bonds with an early redemption feature can provide a safe punt, if you can buy them at below par.

[Oxx]

Bonds with an early redemption feature can provide a safe punt, if you can buy them at below par.

Duh, no! Issuers always skew the redemption features in their favour. They can redeem early if it suits them. It's never for the benefit of the investor.

Bonds, anyway, are a poor investment. Ones with embedded calls are even worse.

[jayceenik]

I went again this morning to the KTB to try to put the money I just transferred from outside Thailand in a fixed deposit to get some interest. Right now it's just sitting in my regular savings account.

No way - farang must have Tax ID Number to open fixed deposit.

I then went to Krungsri where I have already a savings account.

This time I was able to get 100000b in a 6-month fixed deposit at 1.15%.

Not great.

I'll transfer shortly my money from KTB to Krungsri to get some interest.

[chiang mai]

I went again this morning to the KTB to try to put the money I just transferred from outside Thailand in a fixed deposit to get some interest. Right now it's just sitting in my regular savings account.

No way - farang must have Tax ID Number to open fixed deposit.

I then went to Krungsri where I have already a savings account.

This time I was able to get 100000b in a 6-month fixed deposit at 1.15%.

Not great.

I'll transfer shortly my money from KTB to Krungsri to get some interest.

You don't need a tax ID to open a fixed term deposit account and even KTB says you don't need one, here's what they require:

"For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months"

From here: http://www.ktb.co.th/ktb/en/product-detail.aspx?product=Fryjlj0hEZqJcapisj5Wyg%3d%3d&type=c

Suggest you go back and point this out to them and/or to check with head office.

[jayceenik]

I went again this morning to the KTB to try to put the money I just transferred from outside Thailand in a fixed deposit to get some interest. Right now it's just sitting in my regular savings account.

No way - farang must have Tax ID Number to open fixed deposit.

I then went to Krungsri where I have already a savings account.

This time I was able to get 100000b in a 6-month fixed deposit at 1.15%.

Not great.

I'll transfer shortly my money from KTB to Krungsri to get some interest.

You don't need a tax ID to open a fixed term deposit account and even KTB says you don't need one, here's what they require:

"For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months"

From here: http://www.ktb.co.th/ktb/en/product-detail.aspx?product=Fryjlj0hEZqJcapisj5Wyg%3d%3d&type=c

Suggest you go back and point this out to them and/or to check with head office.

Yes, I know. Before I went there this morning I opened their web site, downloaded (in TH and in EN) and printed the very information you give in your post.

The girl who had started processing my request asked for advice around and was told by another girl that a Tax Id nr was needed.

This was then confirmed by a "supervisor" who showed up.

When I showed that superrvisor my printout she read it carefully and then declared that their web site must "update".

I insisted but they didn't back down.

Even for a small amount and for only three months I'd need a Tax Id nr.

They even told me where to go.

I just don't understand their attitude.

I'll try again end of this month.

[chiang mai]

I went again this morning to the KTB to try to put the money I just transferred from outside Thailand in a fixed deposit to get some interest. Right now it's just sitting in my regular savings account.

No way - farang must have Tax ID Number to open fixed deposit.

I then went to Krungsri where I have already a savings account.

This time I was able to get 100000b in a 6-month fixed deposit at 1.15%.

Not great.

I'll transfer shortly my money from KTB to Krungsri to get some interest.

You don't need a tax ID to open a fixed term deposit account and even KTB says you don't need one, here's what they require:

"For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months"

From here: http://www.ktb.co.th/ktb/en/product-detail.aspx?product=Fryjlj0hEZqJcapisj5Wyg%3d%3d&type=c

Suggest you go back and point this out to them and/or to check with head office.

Yes, I know. Before I went there this morning I opened their web site, downloaded (in TH and in EN) and printed the very information you give in your post.

The girl who had started processing my request asked for advice around and was told by another girl that a Tax Id nr was needed.

This was then confirmed by a "supervisor" who showed up.

When I showed that superrvisor my printout she read it carefully and then declared that their web site must "update".

I insisted but they didn't back down.

Even for a small amount and for only three months I'd need a Tax Id nr.

They even told me where to go.

I just don't understand their attitude.

I'll try again end of this month.

Call their head office, get them retrained or replaced, they shouldn't be in customer facing roles.

[sendintheclowns]

My transfer is within same province, so not much help. However, as Oxxx suggested, I just added a new account, (being my term deposit account number) to my SCB banking profile. Their term rates are not competitive. Savings account rate is very poor.

[BobTH]

I went again this morning to the KTB to try to put the money I just transferred from outside Thailand in a fixed deposit to get some interest. Right now it's just sitting in my regular savings account.

No way - farang must have Tax ID Number to open fixed deposit.

I then went to Krungsri where I have already a savings account.

This time I was able to get 100000b in a 6-month fixed deposit at 1.15%.

Not great.

I'll transfer shortly my money from KTB to Krungsri to get some interest.

You don't need a tax ID to open a fixed term deposit account and even KTB says you don't need one, here's what they require:

"For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months"

From here: http://www.ktb.co.th/ktb/en/product-detail.aspx?product=Fryjlj0hEZqJcapisj5Wyg%3d%3d&type=c

Suggest you go back and point this out to them and/or to check with head office.

Yes, I know. Before I went there this morning I opened their web site, downloaded (in TH and in EN) and printed the very information you give in your post.

The girl who had started processing my request asked for advice around and was told by another girl that a Tax Id nr was needed.

This was then confirmed by a "supervisor" who showed up.

When I showed that superrvisor my printout she read it carefully and then declared that their web site must "update".

I insisted but they didn't back down.

Even for a small amount and for only three months I'd need a Tax Id nr.

They even told me where to go.

I just don't understand their attitude.

I'll try again end of this month.

Here is the Bank of Thailand banks daily interest rates for fixed accounts chart. You might be able to do a little better than you are being offered. Some of these banks also have specials that might be a little better than the Bank of Thailand chart shows, but it is a good general reference that is updated daily.

https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

Edited June 1, 2016 by BobTH

[sendintheclowns]

I guess I was lucky, then; as I profited on an early redemption by TDBank, due to rising rates.

Any bond issuer with a short maturity date will want to redeem if possible and lock in to rates, before they rise; ( which is my assumption .)