Bank Savings Interest Rates

[hackjam]

Any good rates, medium term, for 200K USD?

[chiang mai]

33 minutes ago, hackjam said:

Any good rates, medium term, for 200K USD?

Not in Thailand, not for USD.

[meatboy]

this is for thai's, thai credit union 1.80% OVER 12MONTHS. INTEREST PAID UP FRONT.     TAX FREE

MIN.100,000BHT.

MAX.1,000,000BHT.

[Oorinara]

Thanachart e-Savings is offering interest rate of 1.75% p.a.
http://www.thanachartbank.co.th/tbankcmsfrontend/personalendetail.aspx?ptypeid=9&proid=269&pname=personal

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[orientalist]

Looks good. They just sent me an SMS saying the interest is 1.80%. That would be better than what they have been offering over the past year. I used to have almost all my money with Thanachart, but lately they have fallen behind CIMB and LH for interest rates.

[Guderian]

I keep 800K Baht (+ accrued interest) in an SCB fixed term deposit account for the retirement extension each year. I never touch this money so I can tie it up as long as I like. I just renewed the term and they're now giving 1.7% for 22 months, which seems pretty good to me in this day and age. The last term was 1.4% for 8 months. It's heading in the right direction for a change anyway.

[hackjam]

Any info on overseas dollar accounts, like Singapore or HK?

[Oorinara]

LH Bank currently offers fixed deposit rate of 1.8% and 1.7% p.a. respectively for 18 and 12 months.
http://www.lhbank.co.th/promotion/description/1982


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[roobaa01]

scb offers 15 months at 2 %.

 

wbr

roobaa01

[meatboy]

On 9/4/2560 at 0:45 PM, roobaa01 said:

scb offers 15 months at 2 %.

 

wbr

roobaa01

never believe what is in the window or what STAFF TELL YOU,scb 15months is a step acc.paying average of 1.5%.

[orientalist]

Today I signed up for Thanachart's e-savings account. Took me one hour. There are a couple of catches - the first is that you only get the full 1.8% interest if you sign up for Prompt Pay with them (otherwise you get 1.4%), the second is that you can only operate the account with the mobile app but not Thanachart I-net (online banking).

 

This wasn't my regular branch. First they called their expert at the call centre who said that foreigners couldn't apply for Prompt Pay. I logged into K-bank's online banking and showed them my registered Prompt Pay. They then called someone else who said foreigners can indeed have Prompt Pay. But it turns out you can't have two Prompt Pay accounts on one phone number (apparently Thais can have one on a phone number and one on their ID number), so I had to cancel the one with K-bank. After that it was just form-filling and signing. I downloaded the app and got logged in OK. They gave me an account book cover with the account number, but no pages inside, just for reference I guess.

 

So the way it works is you use the app to transfer money in from or out to your savings account, and access that savings account in the normal ways. Interest is variable and paid twice a year. Frankly, it isn't ideal for long-term savers because you have to have their app on your mobile just to make the occasional deposit or withdrawal, and having a lot of money accessible via phone is something I try to avoid. They even have a "remember me" option on the app login. 

[Wandr]

On 5/1/2017 at 7:42 PM, orientalist said:

Today I signed up for Thanachart's e-savings account. Took me one hour. There are a couple of catches - the first is that you only get the full 1.8% interest if you sign up for Prompt Pay with them (otherwise you get 1.4%), the second is that you can only operate the account with the mobile app but not Thanachart I-net (online banking).

 

This wasn't my regular branch. First they called their expert at the call centre who said that foreigners couldn't apply for Prompt Pay. I logged into K-bank's online banking and showed them my registered Prompt Pay. They then called someone else who said foreigners can indeed have Prompt Pay. But it turns out you can't have two Prompt Pay accounts on one phone number (apparently Thais can have one on a phone number and one on their ID number), so I had to cancel the one with K-bank. After that it was just form-filling and signing. I downloaded the app and got logged in OK. They gave me an account book cover with the account number, but no pages inside, just for reference I guess.

 

So the way it works is you use the app to transfer money in from or out to your savings account, and access that savings account in the normal ways. Interest is variable and paid twice a year. Frankly, it isn't ideal for long-term savers because you have to have their app on your mobile just to make the occasional deposit or withdrawal, and having a lot of money accessible via phone is something I try to avoid. They even have a "remember me" option on the app login. 

I have an e-savings account and I use their regular online banking to make transactions. I do not have their app, on phone or computer.

I do not have PromptPay - don't know if that makes a difference for accessing the account.

[orientalist]

The e-savings account doesn't appear anywhere on my online banking screen. I'd better go back and ask if they can manually add it for me as that would be more convenient. I didn't really want the app in the first place, but they were really pushing it. Since I will only use PromptPay once a year I really don't care which bank I register it with, so I'm quite happy to go with Thanachart if it gets me 1.8% interest - the same as banks usually offer for a 2-3 year fixed deposit account.

[Wandr]

4 hours ago, orientalist said:

The e-savings account doesn't appear anywhere on my online banking screen. I'd better go back and ask if they can manually add it for me as that would be more convenient. I didn't really want the app in the first place, but they were really pushing it. Since I will only use PromptPay once a year I really don't care which bank I register it with, so I'm quite happy to go with Thanachart if it gets me 1.8% interest - the same as banks usually offer for a 2-3 year fixed deposit account.

Accounts do not automatically appear on Thanachart's online account page.

If you open a new account you have to use the menu to add it to your page.

I don't remember it offhand but I think I can figure it out later. If you haven't found it by then I will post the instructions.

 

[orientalist]

Yes, send me the instructions, please. All my accounts - including expired accounts - were displayed on my first login, but I don't see any way to add new ones.

[Wandr]

14 hours ago, orientalist said:

Yes, send me the instructions, please. All my accounts - including expired accounts - were displayed on my first login, but I don't see any way to add new ones.

In your account page, click Administration in the toolbar. In the drop down menu click Tag Account. You should get something after that to select the e-savings account.

If the drop down menu reads Untag Account, then there is some other reason why the e-savings account does not appear.

[orientalist]

Thanks. That worked!

[Oorinara]

LH Bank 1.85% for 12mo fixed
https://www.lhbank.co.th/Promotion/Detail/Deposit_Promotions-%E0%B9%81%E0%B8%84%E0%B8%A1%E0%B9%80%E0%B8%9B%E0%B8%8D%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B8%9D%E0%B8%B2%E0%B8%81%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B8%88%E0%B8%B3%E0%B8%9E%E0%B8%B4%E0%B9%80%E0%B8%A8%E0%B8%A9_12_%E0%B9%80%E0%B8%94%E0%B8%B7%E0%B8%AD%E0%B8%99_/2/28


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[Mapguy]

Be careful about the details regarding proof of residence requirements for foreigners before passing along information.  L&H has had restrictions in the past.

 

Also, about any bank promotion, it is really necesssary to be specific.  Several past posts on this thread have not been complete. No fun wasting time to follow up on such posts.

[meatboy]

3 hours ago, vinniekintana said:

Just deposited some money (1mil) at KTB yesterday

I was always using current accounts over the years here and abroad (never had any serious money )

The clerk (zero English) suggested some type of account with 1.5% interest.

I agreed and later was given a bilingual survey form to fill.

At some point it said 'Are you new to SECURITIES investment'?

 

I said  that I don't want to invest in 'securities'

I proceeded to switch to an ordinary account.(for the time being)

 

Anyone knows what this thing is about?

btw...I know what 'securities' are but how does it play with my account?

there is enough information in this forum of what deposit accs.are all about.

rule no.1 is always know what you want before you go into any bank here.

the most popular accounts are fixed term deposits.eg.i had one that just matured over 2yrs.interest paid monthly or you can have it on maturity.tax will be deducted @ 15% which you can claim back.

so what did you actually open,a fixed term acc.over what period of time.

that is what you should have opened.

[meatboy]

2 hours ago, vinniekintana said:

That's what I wanted...a fixed term acct...old-school

Then I saw the word 'securities' in a questionaire and balked out

Need more time to investigate.

I put the money in my current account for the time being.

Zero English spoken by the two young-ish bank clerks btw

if you have time check out LH.BANK,CIMB,KASIKON,AND THAI CREDIT UNION.

most of these dont display the best rate till you go in,but beware as you already know,DONT TRUST STAFF.

[lkn]

13 hours ago, vinniekintana said:

Then I saw the word 'securities' in a questionaire and balked out

Need more time to investigate.

Next time, bring the form with you, so you can read what it actually says or post a scan here.

 

I sincerely doubt they were setting you up with a brokerage account and placing your money in stocks, more likely the questionnaire contained some standard/mandated boilerplate.

 

[Oorinara]

Next time, bring the form with you, so you can read what it actually says or post a scan here.
 
I sincerely doubt they were setting you up with a brokerage account and placing your money in stocks, more likely the questionnaire contained some standard/mandated boilerplate.
 

Commercial banks in Thailand are not allowed to do brokerage of equity stocks. The only securities, which banks can intermediate, are fixed income securities such as government savings bonds.


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[Oxx]

8 hours ago, Oorinara said:

Commercial banks in Thailand are not allowed to do brokerage of equity stocks. The only securities, which banks can intermediate, are fixed income securities such as government savings bonds.

 

You appear to be unaware that most Thai banks have associated asset management arms and that accounts for the asset management arms can be made and investments made in bank branches.

 

Banks can also sell insurance-based products with an equity element.

[Naam]

18 hours ago, lkn said:

Next time, bring the form with you, so you can read what it actually says or post a scan here.

 

I sincerely doubt they were setting you up with a brokerage account and placing your money in stocks, more likely the questionnaire contained some standard/mandated boilerplate.

 

Siam Commercial and Kasikorn are offering short time (3 and 6 months with roll-over) "money market funds" which yield slightly higher interest than cash.

 

Quote

A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are widely (though not necessarily accurately) regarded as being as safe as bank deposits yet providing a higher yield.

 

[speedtripler]

Has anyone got fresh info on which is the best term deposit account for cash thesedays? (I know it changes like the weather) 

[orientalist]

LH Bank 1.70% 12 months is probably the best deal for a fixed deposit account right now. A bit higher for 2 years or 3 years.

 

Thanachart's E-savings is also quite a good deal. You get 1.80% on the first million baht provided you register with them for Prompt Pay, 1.50% if you don't. It's a special savings account rather than fixed term.

[moogradod]

Next year we want to invest money in Thailand in order to partially finance our stay (retirement) – but needs to be No/Low risk (as much as can be). We know that high returns involve risk or are just a dream (=even more risky).

 

Therefore we think of Fixed Asset Accounts either 1, 2 or 3 year, diversified over several banks

 

1. Does anybody know if accounts exist which allow to withdraw the interest earned on a monthly basis without lossing anything? And if yes, which bank and which rate ?

 

2. I have seen the Tanachart recommendation above, but any idea which are the favourite Fixed Asset possibilities for (as well more than) 1 year currently anyway ? We will come to Thailand December 2017 to open up some accounts to which we may later transfer our money. My wife has a Thai passport.

 

Not sure yet which system we will use: Maybe one account for the current living expenses with no interest and then filling up the account after 13 months (if 12 month deposit) or 25 months resp. 37 months etc.

[meatboy]

7 hours ago, moogradod said:

Next year we want to invest money in Thailand in order to partially finance our stay (retirement) – but needs to be No/Low risk (as much as can be). We know that high returns involve risk or are just a dream (=even more risky).

 

Therefore we think of Fixed Asset Accounts either 1, 2 or 3 year, diversified over several banks

 

1. Does anybody know if accounts exist which allow to withdraw the interest earned on a monthly basis without lossing anything? And if yes, which bank and which rate ?

 

2. I have seen the Tanachart recommendation above, but any idea which are the favourite Fixed Asset possibilities for (as well more than) 1 year currently anyway ? We will come to Thailand December 2017 to open up some accounts to which we may later transfer our money. My wife has a Thai passport.

 

Not sure yet which system we will use: Maybe one account for the current living expenses with no interest and then filling up the account after 13 months (if 12 month deposit) or 25 months resp. 37 months etc.

myself amd mrs.meat have been using fixed rate accounts for the past 9yrs.from fixed terms 9months -3yrs.

at the moment rates of interest are low compared to previous yrs.

so if your using the interest to fund your life here then don't aim to high.

first you can fix your retirement stay [extension] 800,000bht. [mine has been in for 9yrs.without touching it.

so for eg.12month fixed is ok at most immigration offices as the amount is always available BUT you will not get any interest if you withdraw before maturity.

we use mostly LH BANK.yesrday the wife fixed one for 3yrs. at 2% interest paid monthly but you must deposit over 1million bht.all fixed accs.are taxed at 15% which you can claim back in January of every yr.

your personal allowance is 190,000bht.a year.so you can claim back the withheld tax the bank will take from you as long as its under that amount.if your wife doesn't work then its the same terms for her.

[moogradod]

I have assumed 1.6% in my overall planning. Have to put in money well in excess of 30 Mio, will yield quite a number of accounts. LH Bank with more than 1 Mio would be OK to me, but this over the government guarantee - isn't it. Well, dont know if this is really of importance. My wife has now only a normal saving account at BKK Bank. Hope she can easily open additional accounts with other banks. We will have about 2-3 weeks for this banking task. Does it matter whether you open the account with the subisidiary (Pattaya, where we will live) or better in BKK ? I would not think so, but not sure. We will look at LH (I have to admit I have never heard of it). I might go the Thai Elite Visa route - so do not need this 800K.