Bank Savings Interest Rates

[JAS21]

This month CIMB have ... yes I know the month is nearly over ................

Speed savings ... basically a Current A/C 100,000 to 1,000,000 (1.5%) above 1,000,000 (1.65%) no tax.

Preferred 5Month A/C minimum deposit 50,000 (1.65%)

Non-Preferred 5Month A/C minimum deposit 50,000 (1.55%)

Thai Only . 12Month A/C minimum deposit 50,000 (1.95%)

Regular Savings 24Months Max 25,000/month (2.15%)

[chiang mai]

This month CIMB have ... yes I know the month is nearly over ................

Speed savings ... basically a Current A/C 100,000 to 1,000,000 (1.5%) above 1,000,000 (1.65%) no tax.

Preferred 5Month A/C minimum deposit 50,000 (1.65%)

Non-Preferred 5Month A/C minimum deposit 50,000 (1.55%)

Thai Only . 12Month A/C minimum deposit 50,000 (1.95%)

Regular Savings 24Months Max 25,000/month (2.15%)

CIMB is making me nervous, branch consolidations, higher than usual interest rates, is it just me?

[JAS21]

This month CIMB have ... yes I know the month is nearly over ................

Speed savings ... basically a Current A/C 100,000 to 1,000,000 (1.5%) above 1,000,000 (1.65%) no tax.

Preferred 5Month A/C minimum deposit 50,000 (1.65%)

Non-Preferred 5Month A/C minimum deposit 50,000 (1.55%)

Thai Only . 12Month A/C minimum deposit 50,000 (1.95%)

Regular Savings 24Months Max 25,000/month (2.15%)

CIMB is making me nervous, branch consolidations, higher than usual interest rates, is it just me?

As you said earlier they are not a Thai Bank. Ever since I have banked with them their rates have always been just that bit better than most Thai Banks.

Are you still seriously seriously annoyed with them....

Edited June 28, 2016 by JAS21

[chiang mai]

This month CIMB have ... yes I know the month is nearly over ................

Speed savings ... basically a Current A/C 100,000 to 1,000,000 (1.5%) above 1,000,000 (1.65%) no tax.

Preferred 5Month A/C minimum deposit 50,000 (1.65%)

Non-Preferred 5Month A/C minimum deposit 50,000 (1.55%)

Thai Only . 12Month A/C minimum deposit 50,000 (1.95%)

Regular Savings 24Months Max 25,000/month (2.15%)

CIMB is making me nervous, branch consolidations, higher than usual interest rates, is it just me?

As you said earlier they are not a Thai Bank. Ever since I have banked with them their rates have always been just that bit better than most Thai Banks.

Are you still seriously seriously annoyed with them....

No, the two sentiments are not connected or related, not in any way.

It's just that I recall other banks doing similar, UK banks, and it was a precursor to worse things.

If I'm alone in my sentiments on this then it's just me.

[orientalist]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

[B1TcoinLife]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

[B1TcoinLife]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

[meatboy]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

interest that is paid monthly will be paid into a current ac.i have been doing it this way the past few yrs,if you keep a certain amount in the current ac.eg.over 500,000bht.you will get a favourable rate.my last fixed ac.that paid the interest into a every day ac.last yr.i was getting 1.6%.not sure what is now.

acc.with LH.BANK. today's fixed is,9months @ 1.80%.

[orientalist]

As of today, CIMB Thai has:

4 months at 1.55%

4 months at 1.65% Preferred

5 months at 8.0% if you buy their insurance

Speed savings:

<100K 0.40%

100K - 1m 1.40%

1m - 500m 1.60%

[Jaochoo]

Update on applying for a Senior Fixed Deposit Account with CIMB

I recently went into my local CIMB branch complete with my Passport, Yellow book, Pink ID card and a copy of the relevant page from the CIMB website showing the requirements for eligibility as shown below;

• For individual residents in Thailand with identification number and age at least 55 years as of the account opening date.
• Minimum deposit amount of THB 10,000 and THB 1,500,000 maximum and only one account per customer.
• Interest payable upon maturity or monthly.
• Period 1 – 30 Jun 16.

After lots of checking and talking amongst themselves it was explained to me that the Thai version of the eligibility requirements states that this account is for Thai citizens only. They apologised for the confusion and explained that the conflicting English version of the eligibility requirements must be due to a translation error. I was not entirely convinced and when I returned home I decided to telephone the CIMB call center for confirmation.

The call center were equally unsure about the eligibility requirements and the person dealing with my enquiry had to keep breaking off to obtain answers from (I assume!) more knowledgeable members of staff. They were clearly struggling to explain away the English version of the eligibility requirements and I decided there was little point in pursuing this line of questioning. In short, I asked them to confirm if the Senior Fixed Deposit Account is only available to Thai citizens. After a very long break (I assume to double check!) I was informed in a very unsure manner “Yes, this account is only available to Thai citizens”.

That should have been the end of this sorry saga but a few days later I was looking on the CIMB website for information on additional savings accounts and I came across a page that is specific to the Senior Fixed Deposit Account that I had not seen before. Curiosity got the better of me and I opened the page to find the following information;

Eligibility

• For individual residents in Thailand with identification number.
• Age at least 55 years as of the account opening date.
• For foreigners with identification number shown in house register.

Now I’m sorry but this is very precise and there is no way this can be explained away as a translation error.....or can it!!!!

I decided to complete the “Let us contact you” section at the bottom of the web page in the hope of discussing the above. However, several days later I am still waiting for a call.

[orientalist]

Right. I also sent an email to them about this 2 weeks ago that was never replied to.

It's not a translation error. The Thai version of the web page says กรณีชาวต่างชาติ จะต้องมีเลขประจำตัวประชาชนในทะเบียนบ้าน :

"In the case of a foreigner, they must have citizens ID number in the tabien baan.

Staff at head office told me "the web page is out of date."

Pathetic.

[meatboy]

this is the only bank that has refused me for ANY ACCOUNT.

retirered,living the past 7yrs.here,with,passport,thai driving licence,thai tax id,but they wanted my address in the uk.

what i said in good old fashioned english,they didnt UNDERSTAND.

[KhunOr]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

Regarding IBANK see post 2162 for answer.

[B1TcoinLife]

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

Correction. When I asked about this at my own branch they said it was just the regular 3-year fixed deposit (2 years is 1.7%), but that they could set the account to pay interest monthly instead of at end of term.

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

Regarding IBANK see post 2162 for answer.

Unfortunately there are no post numbers when reading the forum on a smartphone....

[55Jay]

Monthly interest payments should be better if you can compound them into your lump sum fixed every month

I only get 1.5% with bkk bank but i am too lazy to move to another accounts for 1.65%....

Islamic bank I heard have a 2.5% account which maybe worth looking into but I don't know if they have deposit protection...

Regarding IBANK see post 2162 for answer.

Unfortunately there are no post numbers when reading the forum on a smartphone....

http://www.thaivisa.com/forum/topic/560837-bank-savings-interest-rates/page-87#entry10863529

[orientalist]

I took another crack at CIMB's Senior account today. I was in the Preferred lounge picking up my debit card (they got it wrong - name and surname back to front ) and was dealing with a lady I hadn't seen before. I said I wanted a Senior account but they wouldn't allow it. After the usual back and forth I pointed out that it would be the product team that could give a definitive answer, so she said she'd check with them. A few minutes later she came back and said I could open the account if I had my tabien baan. So I rushed to another bank, got a cashier's cheque, got my tabien baan from home and went back to CIMB. I asked to see the same lady, but after about 10 minutes someone I'd spoken to before came in and said, "Sorry, can not." I pointed out that their new web page for July specifically says foreigners with house certificate can have the account, and on their brochure it just says "individual residents with house registration." She then called the product team, who said - "it's only for Thais."

Needless to say, I took my cashier's cheque elsewhere. I had walked out of LH Bank in disgust a few years ago when they said foreigners had to deposit 50K into a savings account in order to get a fixed deposit account. It was the same today, but it turns out you can withdraw the 50K the next day if you want. So what's the point of having this condition? Anyway, LH is offering 1.80% for 12, 15, 18 or 24 months, and interest can be paid monthly if the balance is over 500K.

LH Bank's special savings account has a better tier structure than CIMB's: 1.40% 5K - 500K, 1.50% 500K - 1m, 1.60% 1m - 10m.

I think LH is better for long term deposits but CIMB Preferred is more convenient with its flexible debit card. In addition to the chip, the card has a "contactless" logo on it, but I don't have any info on using it in Thailand.

[KittenKong]

I had walked out of LH Bank in disgust a few years ago when they said foreigners had to deposit 50K into a savings account in order to get a fixed deposit account. It was the same today, but it turns out you can withdraw the 50K the next day if you want. So what's the point of having this condition?

Kasikorn and TMB have both had similar rules in the past: a minimum opening deposit that can immediately be withdrawn. Even one of my UK banks does it (but there the minimum is GBP25,000).

I suspect that it is to do with weeding out those who have much imagination but little money.

[55Jay]

I've been holding on to my Krungsi Mee Tea Dai accounts, which are now at 1.35% from the end of June. I'm a bit reluctant to change banks because I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero. My goal is avoiding tax only to avoid having to file a tax return on the withheld amounts.

This non-fixed Land and House Special Savings at 1.6%, set to pay interest monthly, is interesting. Does anyone know if they are amenable to the close/open process I've described above, or have done it with them?

[roobaa01]

gdaya folks,

@55jay

im on extension of stay based on marriage, had my lh bank savings account set up last year, providing passport and residence certificate issued by the pattaya immigration, no tax is being withheld, interest twice annually paid 30.6, 31.12......

fixed deposit 3 years 2 % min thb 10.000 however taxable.

wbr

roobaa01

[55Jay]

gdaya folks,

@55jay

im on extension of stay based on marriage, had my lh bank savings account set up last year, providing passport and residence certificate issued by the pattaya immigration, no tax is being withheld, interest twice annually paid 30.6, 31.12......

fixed deposit 3 years 2 % min thb 10.000 however taxable.

wbr

roobaa01

Thanks, Roobaa, probably head to the Mall and pay them a visit today. Maybe divide the deposit amount over 3 accounts so none would reach 20,000 interest in a calendar year.

[regedit]

I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero.

You'd get to 20,000 quicker elsewhere, and they'd also allow you to close and reopen another account. MTD is not competitive these days - I only keep 100 baht in there for if ever the day comes that it becomes an attractive option again.

[roobaa01]

gdaya folks

scb promotion 15 months fixed min 50k , 2.2 %

wbr

roobaa01

[Inn Between]

gdaya folks

scb promotion 15 months fixed min 50k , 2.2 %

wbr

roobaa01

Careful with their advertising. It might be this scheme where only the last 5 months pays 2.2%.

Dai Kab Dai: 15 months 50,000 Baht and over

Months 1 - 5 pays 1.20%

Months 6 - 10 pays 1.40%

Month 11 - 15 pays 2.20%

(Average Interest Rate = 1.60 )

Banks are so sleazy!

Edited July 8, 2016 by Inn Between

[jpinx]

gdaya folks

scb promotion 15 months fixed min 50k , 2.2 %

wbr

roobaa01

Careful with their advertising. It might be this scheme where only the last 5 months pays 2.2%.

Dai Kab Dai: 15 months 50,000 Baht and over

Months 1 - 5 pays 1.20%

Months 6 - 10 pays 1.40%

Month 11 - 15 pays 2.20%

(Average Interest Rate = 1.60 )

Banks are so sleazy!

That really is a shitty way to catch people out

[meatboy]

gdaya folks

scb promotion 15 months fixed min 50k , 2.2 %

wbr

roobaa01

Careful with their advertising. It might be this scheme where only the last 5 months pays 2.2%.

Dai Kab Dai: 15 months 50,000 Baht and over

Months 1 - 5 pays 1.20%

Months 6 - 10 pays 1.40%

Month 11 - 15 pays 2.20%

(Average Interest Rate = 1.60 )

Banks are so sleazy!

That really is a shitty way to catch people out

every bank here does it,big sign in the widow 2.2% over 15months till you read the small print on the bottom,stepped from?% av ?

[denby45]

I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero.

You'd get to 20,000 quicker elsewhere, and they'd also allow you to close and reopen another account. MTD is not competitive these days - I only keep 100 baht in there for if ever the day comes that it becomes an attractive option again.

Kasikorn paid me around 10,000 baht and then deducted 1,500 withholding tax. Thought you had to have minimum 20,000 interest before they tax you. Obviously Kasikorn are different. I know I can claim it back but wonder if it's worth the hassle.

Den

[topt]

I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero.

You'd get to 20,000 quicker elsewhere, and they'd also allow you to close and reopen another account. MTD is not competitive these days - I only keep 100 baht in there for if ever the day comes that it becomes an attractive option again.

Kasikorn paid me around 10,000 baht and then deducted 1,500 withholding tax. Thought you had to have minimum 20,000 interest before they tax you. Obviously Kasikorn are different. I know I can claim it back but wonder if it's worth the hassle.

Den

Depends on the specific account/bank. Some do and some don't.

Only you can decide if it is worth the time and effort and if you think you will need to do every year from now on.

[chiang mai]

I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero.

You'd get to 20,000 quicker elsewhere, and they'd also allow you to close and reopen another account. MTD is not competitive these days - I only keep 100 baht in there for if ever the day comes that it becomes an attractive option again.

Kasikorn paid me around 10,000 baht and then deducted 1,500 withholding tax. Thought you had to have minimum 20,000 interest before they tax you. Obviously Kasikorn are different. I know I can claim it back but wonder if it's worth the hassle.

Den

Presumably that was a fixed rate deposit where the interest was paid at maturity? That being the case you can claim the 1,500 back after 1 January next year.

[tx22cb]

I've been holding on to my Krungsi Mee Tea Dai accounts, which are now at 1.35% from the end of June. I'm a bit reluctant to change banks because I appreciate the way Krungsi allows me to close one MTD account just before it reaches the 20,000 tax withholding threshold within a calendar year, then open a new one straight away, which resets the 20,000 tax threshold to zero. My goal is avoiding tax only to avoid having to file a tax return on the withheld amounts.

This non-fixed Land and House Special Savings at 1.6%, set to pay interest monthly, is interesting. Does anyone know if they are amenable to the close/open process I've described above, or have done it with them?

L&H allow you to do just that - you can close the deposit A/C before the 20k interest threshold, pay a 100 Baht fee for early closing of the A/C, then open a new deposit A/C. Takes about 10 minutes. They can also calculate/tell you when the next 20k period will be reached.

However, I am not sure they pay interest monthly. Whenever they pay interest (e.g. year-end), they will automatically withhold tax. So in a way it's good that they do not pay interest monthly.

[meatboy]

LH bank pay interest on 1st july and 1st january.

fixed term acs.they will pay interest monthly with tax deducted. but you will get a tax certificate at the end of the yr.for each month.or at maturity.

todays rate 1.80% 9months.