Bank Savings Interest Rates

[simoh1490]

3 minutes ago, moontang said:

Every bank in Thailand calls them "Fixed Deposits," and it is fixed at the rate( s) agreed upon, unless you make an early termination, but you never lose principal, unlike a bond.  No idea what point you are trying to make.

The point I'm making is that the fixed period is not binding on the consumer whereas the duration and the rate are binding on the bank. 

EDIT TO ADD: as OX has said above, it's probably a step up account although it may be an insurance product, perhaps somebody can translate the Thai footnotes.

[moontang]

I will go in the branch and asked about Fixed Deposits...the second photo is pretty dark...and yes, it could be the step up game, like SCB does...bait and switch.  I gave the link to the bank so you would know which bank...they aren't the only ones that dont keep interest rates up to date on their site....I would disregard info from 2012, and would disregard info from 2017, too.  

[moontang]

No such thing?  glad I didn't write that.  

[simoh1490]

2 minutes ago, moontang said:

No such thing?  glad I didn't write that.  

We've had this discussion several times in the seven years since I started this thread, the term "fixed deposit" doesn't specify duration, only interest rate. The point is important because posters typically want to know whether they can use those accounts for proof of savings for visa renewal purposes....they can, BOT rules specify the funds must be available on request. Most posters from the West think of a fixed deposit as meaning the funds are not accessible which in many western countries they are not, not so here.

[moontang]

33 minutes ago, simoh1490 said:

We've had this discussion several times in the seven years since I started this thread, the term "fixed deposit" doesn't specify duration, only interest rate. The point is important because posters typically want to know whether they can use those accounts for proof of savings for visa renewal purposes....they can, BOT rules specify the funds must be available on request. Most posters from the West think of a fixed deposit as meaning the funds are not accessible which in many western countries they are not, not so here.

and you are talking in circles.  They most certainly do specify tenor.  You can terminate early, but your interest rate could drop by 75%+ if you look how low some of the banks pay on regular savings.  There are also occasional reports of Immigration Officers saying you can't use them....probably because they have never had one and just dont understand.  So you gotta proceed with caution.  Just about all the banks are selling mutual funds and securities nowadays...and of course that isn't going to work.

 

But, as far as 800K proof....just make sure they don't mature in the three months prior to renewal....can cause a messy amount of back and forths.  That is a mistake I have seen a number of old timers make, usually the same ones that told me I was crazy for doing TM30....

[orientalist]

It's worth mentioning that some of the banks' promotional fixed deposit accounts' default setting is "interest at end of term," so if you want interest monthly you have to tell them and keep on mentioning it as they fill in the Thai-language T&C for you. Both Thanachart and CIMBThai have screwed this up for me on occasion.

[moontang]

1 hour ago, orientalist said:

It's worth mentioning that some of the banks' promotional fixed deposit accounts' default setting is "interest at end of term," so if you want interest monthly you have to tell them and keep on mentioning it as they fill in the Thai-language T&C for you. Both Thanachart and CIMBThai have screwed this up for me on occasion.

yep, they will also do auto rollover, at a rate not nearly as good as the promo rate that brought you there to begin with..but, that monthly interest isn't always an option, and you do need a separate savings account..same for credit unions in US..pain in the arse, compared to Fidelity...but if th give the manager heads up, they will take care of it and you won't have the unnecessary entries in your fixed deposit book.

 

BTW, I checked at Agriculture Bank..as suspected, the 2.5% is "for Thai peoples.". 1 2 month at 1.4%, 24 month at 1.5%....gotten better info from girls in Scout uniforms....up to you.  I am with a new immigration office, for me, so I am stuck g with BAY until renewal in six months, and might be able to get better then.  The economy seems decent, here, but there are some banking problems, for sure.  Perhaps, shortage of people to lend to.  I think they are trying to find their niche..they went to fee based banking a few years ago, and that was a fail because there are so many different payment methods.  But they obviously aren't seeking deposits.  In the US, when rates got way low, basically no one that needed a loan qualified...And the banks aren't geared towards sub-prime if at all.  Still fallout from 97-98.

[simoh1490]

2 hours ago, moontang said:

and you are talking in circles.  They most certainly do specify tenor.  You can terminate early, but your interest rate could drop by 75%+ if you look how low some of the banks pay on regular savings.  There are also occasional reports of Immigration Officers saying you can't use them....probably because they have never had one and just dont understand.  So you gotta proceed with caution.  Just about all the banks are selling mutual funds and securities nowadays...and of course that isn't going to work.

 

But, as far as 800K proof....just make sure they don't mature in the three months prior to renewal....can cause a messy amount of back and forths.  That is a mistake I have seen a number of old timers make, usually the same ones that told me I was crazy for doing TM30....

[ubonjoe]

Replies to a post that was edited have been removed.

[orientalist]

Thanachart Bank just called me and said they have a special deal, 2.45% for 4 years and 10 months, no tax, minimum 500K, and (I think) interest every 6 months. But the catch is this deal ends at midday, tomorrow, August 1.

 

I haven't seen any adverts for this deal, so it's probably a good idea to call your branch about it before going in. And they want a full set of documents when you apply. They mentioned work permit to me, so I assume it is open to foreigners who don't have PR.

 

Four years ago I put a chunk of money into Krung Thai for 5 years at 4% and have never regretted it, even though it is a long period.

 

[orientalist]

Thanachart Bank just called me and said they have a special deal, 2.45% for 4 years and 10 months, no tax, minimum 500K, and (I think) interest every 6 months. But the catch is this deal ends at midday, tomorrow, August 1.
 
I haven't seen any adverts for this deal, so it's probably a good idea to call your branch about it before going in. And they want a full set of documents when you apply. They mentioned work permit to me, so I assume it is open to foreigners who don't have PR.
 
Four years ago I put a chunk of money into Krung Thai for 5 years at 4% and have never regretted it, even though it is a long period.
 

False alarm! Just walked into a nearby branch and they said this is a fund, not fixed deposit. Maybe I didn't catch all they said on the phone as it was in rapid-fire Thai. Oh, well. Sorry about that.

Sent from my cell phone using Thaivisa mobile app

[orientalist]

LH Bank just announced a new "campaign":

 

12 months : 1.75%

24 months : 1.85%

 

Minimum 500K

 

These "campaigns" generally don't last long.

 

[denby45]

On 7/5/2018 at 10:24 AM, Oxx said:

 

I can't read the small Thai print, but I suspect this is a "step up" account.  The headline rate of interest is only paid for a short time towards the end of the 24 months, with a significantly lower interest rate at the start.  People get suckered in by the headline and don't read the small print. 

 

BAAC is a government bank (so not covered by the Deposit Protection Agency).  It's also got significant problems with bad loans.  Whilst the government will probably bail the customers out if the bank fails, that may take quite some time.

The way it is worded it looks more like a Teaser account which draws people in with the headline rate then drops down to another figure later. This particular one is 24 months and you pay up to 25,000baht per month into the account (must be in before the end of the month). It looks like the 3.4% only applies to the first 12 months then it drops to 2.5% for the second half. Of course you are only earning 3.4% on the first 25,000 you deposit and 3.4% *11/12 on the second and so forth.

 

 

Den

[moontang]

8 hours ago, denby45 said:

The way it is worded it looks more like a Teaser account which draws people in with the headline rate then drops down to another figure later. This particular one is 24 months and you pay up to 25,000baht per month into the account (must be in before the end of the month). It looks like the 3.4% only applies to the first 12 months then it drops to 2.5% for the second half. Of course you are only earning 3.4% on the first 25,000 you deposit and 3.4% *11/12 on the second and so forth.

 

 

Den

as stated, BAAC doesn't have the deposit insurance, so I would assume it may be a very poor choice for extension money.  Might be a few that have used it..believable, but technically cannot.

[denby45]

On 8/8/2018 at 9:05 AM, moontang said:

as stated, BAAC doesn't have the deposit insurance, so I would assume it may be a very poor choice for extension money.  Might be a few that have used it..believable, but technically cannot.

Do you mean retirement extension? You need a lot more than 25,000 for a retirement extension.

 

Den

[moontang]

I was talking about BAAC in general....whatever deposit product you choose from them stands a strong chance of failing the litmus test at Immigration.  

[denby45]

On 8/9/2018 at 8:16 PM, moontang said:

I was talking about BAAC in general....whatever deposit product you choose from them stands a strong chance of failing the litmus test at Immigration.  

Noted.

 

Den

[Briggsy]

On 5/6/2018 at 2:40 PM, TallGuyJohninBKK said:

And as usual, had a bit of the typical Thai bank staff circus at the pre-visit a week ahead of time. The original new accounts staff started out claiming the 1 year fixed deposit account I wanted was their preferred account (for higher balances) that I didn't qualify for. It wasn't and the rates sheet in front of her clearly said so, but anyways... Then another staff came along and began to tell me that the 1 year fixed account I wanted was only eligible for those with a tabien ban, which I didn't have. Then finally, a 3rd staff came along and told the original new accounts staff person that yes I could have to the regular 1 year fixed account. And fortunately the original staff heeded that advice, so that's the account I got.

I particularly enjoyed and related to this paragraph. I thought it only happened to me. I am not taking pleasure in your being a little messed around by the absurd and contradictory statements of bank staff but it is heartening when one discovers one is not alone in one's suffering.

[Wandr]

On 7/31/2018 at 11:42 AM, orientalist said:

Thanachart Bank just called me and said they have a special deal, 2.45% for 4 years and 10 months, no tax, minimum 500K, and (I think) interest every 6 months. But the catch is this deal ends at midday, tomorrow, August 1.

 

 

 

A question about Thanachart. I have asked several branches in Chiang Mai and they will not open any account for foreigners who do not have a work permit.

Has this policy changed, or is there a branch that opens acounts on the basis of a retirement visa?

[orientalist]

2 hours ago, Wandr said:

A question about Thanachart. I have asked several branches in Chiang Mai and they will not open any account for foreigners who do not have a work permit.

Has this policy changed, or is there a branch that opens acounts on the basis of a retirement visa?

 

I'm not sure about that as I got my first account when I had a work permit and they were still Siam City Bank. They do seem to be strict about paperwork. When I applied for the e-Savings account last year they wanted a full set of documents even though I've had other accounts for over a decade. Fortunately, I have PR now.

[moontang]

4 hours ago, Wandr said:

A question about Thanachart. I have asked several branches in Chiang Mai and they will not open any account for foreigners who do not have a work permit.

Has this policy changed, or is there a branch that opens acounts on the basis of a retirement visa?

TMB was the one I found most unreasonable...CIMB two doors down has better rates, free ATM,....basement of Airport Plaza is a good place to shop for banks....especially with Immigration moving back...you can also pay PEA in the same basement, and there is now a Dairy Queen down there.

[denby45]

Saw an ad about Krungthai

"Krung Thai Bank 3 Year Fixed Deposit 2%"

 

Anyone any details about who can take up the offer. Is it limited to Thai only?

 

 

Den

[chingmai331]

Retirement extension monies now arriving at my Bangkok Bank from USA, into my current savings account.

Does the Thai Immig care whether that money (800,000 baht) is in savings account, fixed deposit account or ??  I presume i will open a fixed deposit account, like a CD, at same bank,  and get best interest and no touching for some time.  

Is this the 'best' Thai plan? Let's be frank, i'm doing this only coz of Thai rules; if my choice would leave that cash in 1.85% money market USA account.

[Henryford]

24 minutes ago, chingmai331 said:

Retirement extension monies now arriving at my Bangkok Bank from USA, into my current savings account.

Does the Thai Immig care whether that money (800,000 baht) is in savings account, fixed deposit account or ??  I presume i will open a fixed deposit account, like a CD, at same bank,  and get best interest and no touching for some time.  

Is this the 'best' Thai plan? Let's be frank, i'm doing this only coz of Thai rules; if my choice would leave that cash in 1.85% money market USA account. 

I think their only rule is that you can access the money quickly (with or without loss of interest). If it is totally fixed then it can not be used for the 800k.

[roobaa01]

you can have 1.85 % , 500 k thb, fixed deposit 24 months with lh bank thailand.

 

wbr

roobaa01

[BobTH]

3 hours ago, chingmai331 said:

Retirement extension monies now arriving at my Bangkok Bank from USA, into my current savings account.

Does the Thai Immig care whether that money (800,000 baht) is in savings account, fixed deposit account or ??  I presume i will open a fixed deposit account, like a CD, at same bank,  and get best interest and no touching for some time.  

Is this the 'best' Thai plan? Let's be frank, i'm doing this only coz of Thai rules; if my choice would leave that cash in 1.85% money market USA account.

I live in Bangkok and use the Chaengwattana Immigration office here in the city. As you might know already rules are not always exactly the same at different offices. My office accepts fixed income bank accounts to satisfy the requirements of an extension of stay based on being over 50 years old or the so called (retirement extension of stay). There are different types of fixed income accounts but immigration only wants you to use the ones that you can receive your money any time you like while it is in the account, even before maturity. However if you choose to take it out before the maturity date, in most of them (not all) you will lose all of the interest the account has made to that date. These are the types that Immigration wants you to have.

The first year the money has to season in the accounts for two months before you go to get your extension. The years after that it has to season for three months before you go for your extension. 

Here is a link to the what the government insured banks are offering. Keep in mind they sometimes run specials that might be a little better rate and do not show up here. But this will give you an idea of where you might want to try first.

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

 

[Mapguy]

To respond to Chiang Mai333's query, by far the most convenient way to show financial eligibility is with a long-term fixed deposit account at one bank.  You have forgotten to factor in changes in exchange rates over a year which could be better or could be worse.  If you know the secrets of playing the international currency markets, please share!

 

Many chase interests rates among Thai banks.  A lot seem to do this as a hobby.  This can be like trying to drive 5km to save 5 bhat on a kilo of potatoes! Often a lot of mistaken information (even rumor) is posted because differences in account rules are not known before posting.  An unfortunate lack of attention to detail that confuses people.

 

Regarding Immigration requirements (a topic on another pertinent CM thread for Chiang Mai posters), the simplest (and most restful) route by far is to work with a convenient bank, obtain a one-year or longer automatically renewable FD account, and keep yor book updated.  Ensure, of course, that renewal is automatic.  If cautious, then go renew it personally. Not a big deal.

 

[JetsetBkk]

On Monday, September 17, 2018 at 1:22 PM, BobTH said:

<snip>

Here is a link to the what the government insured banks are offering. Keep in mind they sometimes run specials that might be a little better rate and do not show up here. But this will give you an idea of where you might want to try first.

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

 

 

The last time I got interest deposited in my Krung Thai account was June 2002. They deposited the interest and then took it out again. I went to the bank and asked why. "Because you're a farang" I was told.

 

My Pass Book says "Savings Deposit" on it. I have an ATM card for it.

 

The BOT website shows this:

 

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

 

So, for Krung Thai bank, does "Deposit Rates for Individuals..." apply only to Thais? Or is it different for different banks?

 

Or is it different for foreigners staying here under different circumstances, e.g. retired foreigners versus working foreigners?

 

I have a large sum (~ 500k Baht) I want to deposit and simply want to pick a bank and an account that gives a decent return.

 

Any help gratefully received.

 

[JAS21]

12 minutes ago, JetsetBkk said:

 

The last time I got interest deposited in my Krung Thai account was June 2002. They deposited the interest and then took it out again. I went to the bank and asked why. "Because you're a farang" I was told.

 

My Pass Book says "Savings Deposit" on it. I have an ATM card for it.

 

The BOT website shows this:

 

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

 

So, for Krung Thai bank, does "Deposit Rates for Individuals..." apply only to Thais? Or is it different for different banks?

 

Or is it different for foreigners staying here under different circumstances, e.g. retired foreigners versus working foreigners?

 

I have a large sum (~ 500k Baht) I want to deposit and simply want to pick a bank and an account that gives a decent return.

 

Any help gratefully received.

 

CIMB ...think it is called speed saver gives 'good'!! interest but I think you need 1M to get the top rate and that is only about 1.5% ... but it is instant access.

[moontang]

6 hours ago, JAS21 said:

CIMB ...think it is called speed saver gives 'good'!! interest but I think you need 1M to get the top rate and that is only about 1.5% ... but it is instant access.

Correct..and a great ATM card...a million aggregate will get you preferred rates on fixed.  Yellow pays 1.3%. and no withholding ...