Bank Savings Interest Rates

[Mapguy]

Now I am thoroughly confused!  WIll the REAL Chiang Mai please stand up !

 

In any case, what is the situation with L&H in Chiang Mai?

Edited February 18, 2018 by Mapguy

[simoh1490]

4 minutes ago, Mapguy said:

Now I am thoroughly confused!

 

In any case, what is the situation with L&H in Chiang Mai?

I had the same problems with L&H in CM as you did MG, they gave me the run around wanting this and that so I eventually told them to get stuffed and never went back, this was about two years ago - no reason to believe anything has changed. There's even a branch of TMB on Chan Klan where the manager wont allow farangs to open accounts there without a work permit, the other branch managers know him and just shake their heads when he's mentioned! 

 

Stone age enclaves do exist!

Edited February 18, 2018 by simoh1490

[meatboy]

my experience in korat is,L&H wanted my passport and any letter confirming my address,[tax TIN id.SCB AND BB were ok.BUT CIMB were that stupid when I told them I live in Thailand,they told me I MUST have an address in the UK.

thai gov.savings bank were ok.after they refused me,so the wife phoned head office bkk.yes he can.

but all banks make up their own rules to suit themselves.

[orientalist]

CIMB can indeed be weird. After two false starts, they set up one of my accounts using the Thai spelling of my name on my tabien baan. No other bank has done this. They expect that Thai name on a withdrawal slip, although my signature is the English version.

 

Seven or eight years ago I tried to open a fixed deposit account with L&H and they told me as a foreigner I would also have to open a savings account with 50K, so I walked out. A few years later, I opened a FD account with tabien baan and put 5K in a special savings account, no problem.

[BobTH]

I live in Bangkok, not Chiang Mai. I opened a fixed account at the LH Bank's home office at the Q-house in Lumpini around three years ago using only my passport and rental agreement. The term for the accounts has been from 10 months to a year each time, but as long as I keep renewing the same account no more paper work is required each time I renew. I have no other accounts with them, nor have I been asked to do so.

[simoh1490]

On 19/02/2018 at 10:18 AM, orientalist said:

CIMB can indeed be weird. After two false starts, they set up one of my accounts using the Thai spelling of my name on my tabien baan. No other bank has done this. They expect that Thai name on a withdrawal slip, although my signature is the English version.

 

Seven or eight years ago I tried to open a fixed deposit account with L&H and they told me as a foreigner I would also have to open a savings account with 50K, so I walked out. A few years later, I opened a FD account with tabien baan and put 5K in a special savings account, no problem.

CIMB is weird, I think the problem is that their systems can't handle the English version of a name where there's also a tabien bahn, Krung Thai had a similar problem a few years ago.

[speedtripler]

Which bank offers the best rate on fixed deposits thesedays? Is it possible to get anything  over 1.5% ish after the tax..... 

[speedtripler]

Is 1.9% still valid at Land + Houses bank?

 

Also, if anyone knows, what's the min or max account size they will pay on? 

[BobTH]

1 hour ago, speedtripler said:

Is 1.9% still valid at Land + Houses bank?

 

Also, if anyone knows, what's the min or max account size they will pay on? 

All bank have different min and max amounts, you would have to look at their website info. Here is a link to the Bank of Thailand information on the banks fixed rates. Once in a while these banks will have a special also that will not show up. I am getting 1.7% on a 12 month fixed at the LH Bank. I get all the taxes on the interest back each year by filing for it with the Thai Tax Office. I have already gotten last years tax back. I get it all back because it's the only income source I have in Thailand and the amount is below the begin taxing threshold. 

 

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

 

 

[roobaa01]

l&h bank offers fixed deposit 2 % for 36 months, after 15 %  tax deduction net 1.7 %.

 

wbr

roobaa01

[speedtripler]

8 minutes ago, roobaa01 said:

l&h bank offers fixed deposit 2 % for 36 months, after 15 %  tax deduction net 1.7 %.

 

wbr

roobaa01

Will they accept any amount of cash? 

[meatboy]

4 minutes ago, speedtripler said:

Will they accept any amount of cash? 

don't forget you get the tax back.the wife has 4mill.x 36months.interest paid monthly into a current acc.i got my extension fixed also 36months.its been in there 6yrs. tax back easlly

[speedtripler]

24 minutes ago, meatboy said:

don't forget you get the tax back.the wife has 4mill.x 36months.interest paid monthly into a current acc.i got my extension fixed also 36months.its been in there 6yrs. tax back easlly

The tax only comes back if you have a combined family income of 180,000thb or something? 

 

Is that figure correct? 

 

[speedtripler]

25 minutes ago, meatboy said:

don't forget you get the tax back.the wife has 4mill.x 36months.interest paid monthly into a current acc.i got my extension fixed also 36months.its been in there 6yrs. tax back easlly

Why not compound the interest into the principle monthly? 

Can they do that? 

Warren Buffett style... 

[meatboy]

you can get the tax back if you stick in around 10million but any income you earn if you are working  then its added on to the allowance.

[speedtripler]

6 hours ago, meatboy said:

you can get the tax back if you stick in around 10million but any income you earn if you are working  then its added on to the allowance.

Im retired but my wife has a job

I'm not sure if they would count her salary as my money because it isn't lol

[davehowden]

Regarding Withholding Tax, a useful link here:

 

 

 

[simoh1490]

6 hours ago, speedtripler said:

Im retired but my wife has a job

I'm not sure if they would count her salary as my money because it isn't lol

You don't need "other income" to file a tax return and reclaim the tax deducted on savings. I've been retired for years and have been reclaiming tax on savings in Thailand for that time, it's my only income in Thailand.

[saakura]

On 22/02/2018 at 2:20 PM, roobaa01 said:

l&h bank offers fixed deposit 2 % for 36 months, after 15 %  tax deduction net 1.7 %.

 

wbr

roobaa01

Why not invest in relatively safe mutual funds which will get about 3%, like the K-Bank fund that invests only in government bonds, class A debentures, physical gold etc. The principal should be quite safe. This is provided you dont need this for your " retirement visa deposit" 

[simoh1490]

4 hours ago, saakura said:

Why not invest in relatively safe mutual funds which will get about 3%, like the K-Bank fund that invests only in government bonds, class A debentures, physical gold etc. The principal should be quite safe. This is provided you dont need this for your " retirement visa deposit" 

Because the fees are too high here, 1% in and 1% out, plus plus.

[denby45]

ICBC Bank will issue a Subordinated Debenture (10years) this month but as usual with banks there is nowhere can I find the coupon rate online. They give a number for more information but the person I spoke to had no idea what I was talking about. 55555

 

http://www.icbc.com.cn/ICBC/海外分行/工银泰国网站/en/aboutus/announcement/ICBCThaitoissueTier2SubordinatedDebenturesthisMarch.htm?1=1&Ad_Source=主图_工银泰国英文首页_690_300

 

In short does anyone know what the coupon rate will be.?

 

I Know that ICBC bank is rated AAA so they are supposed to be pretty safe.

 

 

Den

 

 

Edited March 5, 2018 by denby45

[simoh1490]

32 minutes ago, denby45 said:

ICBC Bank will issue a Subordinated Debenture (10years) this month but as usual with banks there is nowhere can I find the coupon rate online. They give a number for more information but the person I spoke to had no idea what I was talking about. 55555

 

http://www.icbc.com.cn/ICBC/海外分行/工银泰国网站/en/aboutus/announcement/ICBCThaitoissueTier2SubordinatedDebenturesthisMarch.htm?1=1&Ad_Source=主图_工银泰国英文首页_690_300

 

In short does anyone know what the coupon rate will be.?

 

I Know that ICBC bank is rated AAA so they are supposed to be pretty safe.

 

 

Den

 

 

Kasikorn is the aranger so perhaps they will know, but expect them to be sold/allocated long before the issue date.

[Oxx]

31 minutes ago, denby45 said:

ICBC Bank will issue a Subordinated Debenture (10years) this month but as usual with banks there is nowhere can I find the coupon rate online.

 

Not that hard to find.  (It's on the front page of the Bangkok Bank website.).  The expected rate is 3.5%.

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/Bonds/Pages/ICBCT.aspx

 

The issue is rated  AA+ by Fitch Ratings (Thailand).  Note this is a local rating.

[denby45]

45 minutes ago, Oxx said:

 

Not that hard to find.  (It's on the front page of the Bangkok Bank website.).  The expected rate is 3.5%.

 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/BuildYourWealth/InvestmentsAndDeposits/Bonds/Pages/ICBCT.aspx

 

The issue is rated  AA+ by Fitch Ratings (Thailand).  Note this is a local rating.

Thanks Oxx, I am with Kassikorn and I can't find anything on their website. 

 

Den

[evadgib]

Mods: feel free to move these British links if there's a better place for them.

https://www.gov.uk/government/news/hmrc-warns-offshore-tax-dodgers

https://www.gov.uk/government/news/changes-to-uk-anti-money-laundering-measures

https://www.gov.uk/government/news/independent-review-of-the-co-operative-bank-launched

[topt]

On 3/7/2018 at 3:42 PM, evadgib said:

Mods: feel free to move these British links if there's a better place for them.

https://www.gov.uk/government/news/hmrc-warns-offshore-tax-dodgers

https://www.gov.uk/government/news/changes-to-uk-anti-money-laundering-measures

https://www.gov.uk/government/news/independent-review-of-the-co-operative-bank-launched

Would make more sense under a separate heading in the Home Country forum............?

[MadMac]

My 2y 2.6% fixed deposit with Islamic Bank matured this week and I closed it.

 

Islamic Bank in the moment only offers shorter term deposits which are:

4 months: 1.4%

7 months: 1.5%

 

Nothing other than that, so this last high interest paying option is also gone now.

[JimGant]

Quote

so this last high interest paying option is also gone now.

Apparently the caliph ruled it usurious.

[Oxx]

On 3/15/2018 at 6:54 PM, MadMac said:

this last high interest paying option is also gone now.

 

These were never products paying interest.  For "wadiah" products, the lender is only entitled to the original amount back.  Any additional payment is an optional "gift".  and for "mudarabah" products, what went on behind the scenes was that your money is used to finance trading transactions.  If those transactions don't work out, you don't get your money back.

 

These are riskier products than conventional bank offerings.

[denby45]

6 minutes ago, Oxx said:

 

These were never products paying interest.  For "wadiah" products, the lender is only entitled to the original amount back.  Any additional payment is an optional "gift".  and for "mudarabah" products, what went on behind the scenes was that your money is used to finance trading transactions.  If those transactions don't work out, you don't get your money back.

 

These are riskier products than conventional bank offerings.

Is that correct? I was actually looking into that.Didn't know there was risk involved. I remember they were stating interest and not profit rate as an Islamic Bank normally would.

 

Den