Bank Savings Interest Rates

[KhunOr]

Of interest to those concerned about deposit protection: today I discussed the situation directly with the manager and staff at a Chiang Mai branch. They were very helpful. It was explained to me that without any doubt, customer deposits of ANY amount are guaranteed by the Ministry of Finance, which is a 49% shareholder (note not the BoT which operates the Deposit Protection Agency).

Then I called the IBANK call center to get a second opinion. I asked the same questions but didn't tell them I'd already spoken to branch staff. I was told exactly the same answers. Both bank staff and call center staff are adamant that customer deposits are guaranteed come what may.

So you trust what employees tell you about their Thai bank? An interesting viewpoint.

Personally I have little faith in what employees of any bank tell me. Today's world is riddled with cheats, liars and thieves. And most of the rest are simply incompetent or misled.

It is indeed difficult to know who to trust these days. In this case the staff and call center of a bank that is 98% controlled by the Thai government that insist that the Ministry of Finance guarantee customer deposits, plus the research and opinion of independent ratings agency Fitch. That may not be enough for some people.

[chiang mai]

One of the reasons I like UOB so much is because they are driven by their internal process which are very difficult to compromise. For example, I get an auditors letter twice a year asking me to confirm my accounts, regardless of whatever the bank books say. Also, as well as I know the staff in my local branch, the branch manager has been to my house and we have socialised in the past, her staff will not let me make certain types of simple transactions unless I present an acceptable form of ID and I like that.

[chiang mai]

Nothing necessarily sinister in the following, it's just for information in case people follow CIMB share prices or wonder why branches are closing etc:

http://www.bloomberg.com/news/articles/2016-06-15/cimb-chief-calls-profit-target-challenging-as-malaysia-slows-iphd2sra

[jayceenik]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

[chiang mai]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

You can get the Thai rate if you have a Tabien Bahn, a house book.

[sendintheclowns]

Of interest to those concerned about deposit protection: today I discussed the situation directly with the manager and staff at a Chiang Mai branch. They were very helpful. It was explained to me that without any doubt, customer deposits of ANY amount are guaranteed by the Ministry of Finance, which is a 49% shareholder (note not the BoT which operates the Deposit Protection Agency).

Then I called the IBANK call center to get a second opinion. I asked the same questions but didn't tell them I'd already spoken to branch staff. I was told exactly the same answers. Both bank staff and call center staff are adamant that customer deposits are guaranteed come what may.

So you trust what employees tell you about their Thai bank? An interesting viewpoint.

Personally I have little faith in what employees of any bank tell me. Today's world is riddled with cheats, liars and thieves. And most of the rest are simply incompetent or misled.

regarding what bank staff/mgt. know - i visited the Krung Thai bank yesterday. I asked about opening a saving account and what the interets rate was.I was told that as a retiree (type 'O') , I can not open an account.'new government rules'

Is that true?

Edited June 17, 2016 by sendintheclowns

[Naam]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

You can get the Thai rate if you have a Tabien Bahn, a house book.

why anyone would lock up his cash one year for 1.15% is beyond my grasp. but then... to each his own

[chiang mai]

Of interest to those concerned about deposit protection: today I discussed the situation directly with the manager and staff at a Chiang Mai branch. They were very helpful. It was explained to me that without any doubt, customer deposits of ANY amount are guaranteed by the Ministry of Finance, which is a 49% shareholder (note not the BoT which operates the Deposit Protection Agency).

Then I called the IBANK call center to get a second opinion. I asked the same questions but didn't tell them I'd already spoken to branch staff. I was told exactly the same answers. Both bank staff and call center staff are adamant that customer deposits are guaranteed come what may.

So you trust what employees tell you about their Thai bank? An interesting viewpoint.

Personally I have little faith in what employees of any bank tell me. Today's world is riddled with cheats, liars and thieves. And most of the rest are simply incompetent or misled.

regarding what bank staff/mgt. know - i visited the Krung Thai bank yesterday. I asked about opening a saving account and what the interets rate was.I was told that as a retiree (type 'O') , I can not open an account.'new government rules'

Is that true?

No it's not true, go to a different branch and speak to somebody else. You might also print off the terms and conditions from their web site which describe account opening requirements:

Required Documents

For Individuals

• Either one of these documents: ID card, Government Officer ID card, State Enterprise Personal ID card, other Government Agency Official card with ID number, Passport issued by The Ministry of Foreign Affairs, or driving license with ID number
• For minors: census registration with ID number or birth certificate or guardian’s documentation
• For incompetent persons: ID card, certificate of incompetence or other official certificate issued by the government
• For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months
• For international students: Passport and student certificate issued by school/college
• For monks: ID card or monk certificate and a copy of census registration

http://www.ktb.co.th/ktb/(S(z5rfqq45gip2lh45yogqclbj))/en/product-detail-personal.aspx?product=Fryjlj0hEZqJcapisj5Wyg%3d%3d

[chiang mai]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

You can get the Thai rate if you have a Tabien Bahn, a house book.

why anyone would lock up his cash one year for 1.15% is beyond my grasp. but then... to each his own

The money has to sit somewhere and the alternatives are not great.

[KhunOr]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

Don’t despair jay. There’s nothing to stop you withdrawing that deposit, except the loss of one month’s interest. Just do the math. If your choice of a better rate elsewhere will easily cover that loss over the course of a year, it should be an easy choice.

I’ve had a checking and a savings account at KTB for 17 years, but never opened a deposit account with them as there have always been better rates at other banks.

If you do this you may choose to leave a small sum in KTB to keep the account open. The trouble you took opening it will not be wasted as you can keep the account, the bank book, and always return to deposit again in future if you wish. I have done this with an SCB deposit account and I’m sure KTB will be no different.

My advice is to set up an account at your chosen new bank before you withdraw any money from KTB, just to be sure.

By the way KTB is a 9.83% shareholder in IBANK.

[KhunOr]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

Don’t despair jay. There’s nothing to stop you withdrawing that deposit, except the loss of one month’s interest. Just do the math. If your choice of a better rate elsewhere will easily cover that loss over the course of a year, it should be an easy choice.

I’ve had a checking and a savings account at KTB for 17 years, but never opened a deposit account with them as there have always been better rates at other banks.

If you do this you may choose to leave a small sum in KTB to keep the account open. The trouble you took opening it will not be wasted as you can keep the account, the bank book, and always return to deposit again in future if you wish. I have done this with an SCB deposit account and I’m sure KTB will be no different.

My advice is to set up an account at your chosen new bank before you withdraw any money from KTB, just to be sure.

By the way KTB is a 9.83% shareholder in IBANK.

[Naam]

In May I took advantage of the @40 Euro rate to bring in some Euros to my savings account at the KTB in BKK.

Last Wednesday I went to open a time deposit account for this new money.

I never had a deposit account in LOS before, only a couple savings (KTB and Ayudhya).

First KTB requested a Tax Identification Number (TIN) which I got easily then they told me that there is a Thai deposit rate and a lower farang one.

So I got the low farang 1.15% rate for a one year-2Mi baht deposit.

Reading this thread I have the unpleasant feeling that I would have done better opening an account with another bank ...

You can get the Thai rate if you have a Tabien Bahn, a house book.

why anyone would lock up his cash one year for 1.15% is beyond my grasp. but then... to each his own

The money has to sit somewhere and the alternatives are not great.

look at these swings and tell me again that there are no alternatives to 1.15%

https://www.comdirect.de/inf/waehrungen/detail/chart.html?timeSpan=6M&ID_NOTATION=991336#timeSpan=6M&e&

[orientalist]

KTB occasionally has some very long fixed deposit deals at decent rates. A couple of years ago I got 4% for 5 years and haven't regretted putting money into it.

[sendintheclowns]

has anyone with a retirement visa and no tambien baan managed to open an account (savings or fixed term) recently? tia.

[Oxx]

Opened multiple accounts. Never been asked for tabian baan. Usually it's only foreigners with PR that are required to show a tabian baan. See, for example http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/SavingsAccounts/Pages/Default.aspx (Click on the "Open an Account" tab.)

Incidentally, it's helpful to print out the list of requirements just in case the bank staff give you grief.

[chiang mai]

Opened multiple accounts. Never been asked for tabian baan. Usually it's only foreigners with PR that are required to show a tabian baan. See, for example http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/SavingsAccounts/Pages/Default.aspx (Click on the "Open an Account" tab.)

Incidentally, it's helpful to print out the list of requirements just in case the bank staff give you grief.

We're not talking about opening an account for the first time we're talking about taking out a fixed term deposit where banks have different products, some for Thai's only and some for everyone else. In that scenario, CIMB at least will allow non-Thai's to open Thai only accounts, if they have a tabien bahn.

[orientalist]

I had a disappointing experience at CIMB Thai head office today. After much arguing they said the special Senior Fixed Deposit account was only for Thai citizens - even though their website states quite clearly that it is "For foreigners with identification number shown in house register," and I have such a number. Same-old, same-old.

Another thing they told me is that right now you only need to deposit 1 million baht with them to get Preferred status and benefits, not 3 million.

I did sign up for the Speed Savings account. This is a bit different from Thanachart's Ultra Savings in that you can withdraw whenever you like without fees.

If you have a yellow tabien bahn, most branches of CIMB will allow you access to the Thai only accounts, like most banks CIMB has idiots that work at head office as well as in the branches so I wouldn't be too concerned at what what was said to you, go to a branch is my advice.

More disturbing is the fact that 1 mill is now the threshold for Preferred status, that combined with their deposit rates being higher than most smells fishy and is troubling.

I tried at another two branches today and after consulting managers both were adamant that only Thai nationals could apply for the senior account. Oh, well, back to the head office tomorrow to try for "preferred" status and the 1.65% fixed account.

[Oxx]

I had a disappointing experience at CIMB Thai head office today. After much arguing they said the special Senior Fixed Deposit account was only for Thai citizens - even though their website states quite clearly that it is "For foreigners with identification number shown in house register," and I have such a number. Same-old, same-old.

If you read the Thai version, you'll see it says quite specifically that the individual must have a Thai national ID number (not any old ID number) and that this must be shown in a tabian baan. Only people with PR will have such a number.

[orientalist]

Right. That's what I have (I showed them my blue tabien baan and pink Thai ID card) and they told me I wasn't eligible because I wasn't a "Thai national." They showed me their Thai brochure and I pointed out that all it said was "must be resident in Thailand and have a Thai ID number," nothing about nationality. But their attitude was that anything written down is irrelevant. Frankly, I'm not impressed with the bank. They say they are focusing on wealthy customers and that wealthy customers like to visit bank branches, yet their branches are a joke. The Siam Paragon branch is way at the back of the exhibition hall on the 5th floor, with a thigh-high counter and no chairs. It looks like they put it together for about 50,000 baht.

[chiang mai]

Heads up CIMB, if anyone from the bank is reading this (as I know you do from time to time):

If you continue to deny foreigners access to your best rates, even though they have tabien bahn's, expect them to take their deposits to other banks because we really don't care about your preferred status - and good luck in getting similar sized deposits from locals to replace the ones we withdraw.

I'm seriously seriously annoyed about this.

[KittenKong]

Even if you cant get their "senior" account you can still get their other accounts, which generally offer better rates than the competition. If you go elsewhere you may be cutting off your nose to spite your face.

As for the morality/legality of having accounts that are only available to Thais, this is just an extension of the widely discussed dual-pricing that is so common here and indeed applied by the government itself in national parks.

You are not Thai and so you dont deserve to be treated like a Thai. Better remember it.

[chiang mai]

Even if you cant get their "senior" account you can still get their other accounts, which generally offer better rates than the competition. If you go elsewhere you may be cutting off your nose to spite your face.

As for the morality/legality of having accounts that are only available to Thais, this is just an extension of the widely discussed dual-pricing that is so common here and indeed applied by the government itself in national parks.

You are not Thai and so you dont deserve to be treated like a Thai. Better remember it.

Yes and yes, except, CIMB is a Malaysian bank and they need to treat customers differently from all Thai banks in Thailand.

[JAS21]

I had a disappointing experience at CIMB Thai head office today. After much arguing they said the special Senior Fixed Deposit account was only for Thai citizens - even though their website states quite clearly that it is "For foreigners with identification number shown in house register," and I have such a number. Same-old, same-old.

Another thing they told me is that right now you only need to deposit 1 million baht with them to get Preferred status and benefits, not 3 million.

I did sign up for the Speed Savings account. This is a bit different from Thanachart's Ultra Savings in that you can withdraw whenever you like without fees.

If you have a yellow tabien bahn, most branches of CIMB will allow you access to the Thai only accounts, like most banks CIMB has idiots that work at head office as well as in the branches so I wouldn't be too concerned at what what was said to you, go to a branch is my advice.

More disturbing is the fact that 1 mill is now the threshold for Preferred status, that combined with their deposit rates being higher than most smells fishy and is troubling.

I tried at another two branches today and after consulting managers both were adamant that only Thai nationals could apply for the senior account. Oh, well, back to the head office tomorrow to try for "preferred" status and the 1.65% fixed account.

My understanding is Preferred status is automatic once you have sufficent money in a Preferred account ... so you need to initially invest in Preferred Accounts ...whatever the min. is ...either 1M thb or 1.3M thb ...sorry but not sure which of those amounts is the min. now.... Edited June 20, 2016 by JAS21

[orientalist]

Not quite automatic. Since they can't start a fixed deposit account with zero baht and I had a cashier's cheque, I had to put the money in my speed savings account first. I signed the application for Preferred status, but the cheque will take a day to clear and then the Preferred application will take a day to approve, so I have to go back in two days' time to transfer the money into my 1.65% Preferred account and open a savings account for the interest.

[JAS21]

Not quite automatic. Since they can't start a fixed deposit account with zero baht and I had a cashier's cheque, I had to put the money in my speed savings account first. I signed the application for Preferred status, but the cheque will take a day to clear and then the Preferred application will take a day to approve, so I have to go back in two days' time to transfer the money into my 1.65% Preferred account and open a savings account for the interest.

Okay ...it's quite a while since I opened my accounts there.

They should offer you an ATM card on your speed savings account and a Preferred Credit Card ... no annual charges for either.

They haven't 'locked' any money for my CC ...I asked for a low limit on my CC and also limited daily ATM withdraw amount.

Unfortunately they don't send an SMS when you use the credit card.

Internet banking is easy to set up and I pay my CC that way. But you can't see your spending.

Their Internet Banking is a bit behind the times as is their lack of SMS.

Ask about the airport lounge vouchers ... they don't seem to send them out automatically now.

Edited June 22, 2016 by JAS21

[orientalist]

Since I already have other credit cards, I think I'll just go for the ATM card. How low can I go for the daily withdraw amount? I'd feel a bit nervous linking it to the Speed Savings account, which has a large balance.

Do you know for sure if the Speed Savings is tax-free? They keep telling me it is, but that isn't mentioned anywhere on their website.

How do you handle the lack of CIMB ATM machines - just use the ATMs of other banks?

[denby45]

Since I already have other credit cards, I think I'll just go for the ATM card. How low can I go for the daily withdraw amount? I'd feel a bit nervous linking it to the Speed Savings account, which has a large balance. Do you know for sure if the Speed Savings is tax-free? They keep telling me it is, but that isn't mentioned anywhere on their website. How do you handle the lack of CIMB ATM machines - just use the ATMs of other banks?

The simple solution is to open a second ordinary account which is then linked to your ATM card. You only keep a small amount in there to cover expenditures. Moving cash between accounts to fund your second account is easily done online.

Den

[JAS21]

Since I already have other credit cards, I think I'll just go for the ATM card. How low can I go for the daily withdraw amount? I'd feel a bit nervous linking it to the Speed Savings account, which has a large balance.Do you know for sure if the Speed Savings is tax-free? They keep telling me it is, but that isn't mentioned anywhere on their website.How do you handle the lack of CIMB ATM machines - just use the ATMs of other banks?

If you have the Preferred ATM card you can use it in other bank ATMs with no charge ... not sure if it is free out of the Province though. My ATM card is only for use in ATMs ... not for shopping.

My Speed Savings interest is not taxed.

I lowered my daily withdrawal to 40K ... you should be able to set it to any level you want ... just ask.

Yes ...the Preferred ATM card is on your Speed Savings account ... just to save you asking.☺

Edited June 22, 2016 by JAS21

[orientalist]

So I turned up at CIMB Thai again today to open my Preferred fixed deposit account and... they asked for my address in my home country. I said I didn't have one. After discussing this for 5-10 minutes the Preferred Relationship manager turned up and took charge. She said the Speed Savings account I opened this week should have been set up under my passport, not with a tabien baan number. So she set up the account again using my passport. When I was signing the forms for the account, I noticed that my name and surname were transposed, so she had to do it all again and give me a new book.

They decided I didn't need a regular savings account because interest can be paid into the Speed Savings account. I asked for an ATM card and they said a debit card was already in process and would take a week. I said I'd prefer an ATM card, but she said "all the banks are changing now" (to debit cards). So I asked how low I could set the daily limit of the card and she said 100 baht.

Re costs: She said using other banks' ATMs with the Preferred debit card is free anywhere in the country. But the annual fee is now 100 baht (apparently waived next month as some kind of promotion).

[orientalist]

As of today Thanachart has 1.75% fixed deposit for 36 months, minimum deposit 100K.