KittenKong Posted February 3, 2019 Share Posted February 3, 2019 12 hours ago, orientalist said: This month CIMB has 2.40% (2.50% for Preferred) for 24 months. Aha. My current TD with them matures this month. Good timing. Link to comment Share on other sites More sharing options...
KittenKong Posted February 3, 2019 Share Posted February 3, 2019 18 minutes ago, moogradod said: May this fixed term account then be regarded as a more or less risk free investment ? CIMB are covered by the Thai deposit protection scheme. Link to comment Share on other sites More sharing options...
moogradod Posted February 3, 2019 Share Posted February 3, 2019 2 hours ago, KittenKong said: CIMB are covered by the Thai deposit protection scheme. I was thinking the guaranteed sum will drop sometime in 2020, but I am not sure. My wife might deposit more than 5 Mio THB for 2.5% is certainly not so bad currently. The interest will drop to 2.0% for everything over 1 Mio THB according to the CIMB website. Still not that bad. Link to comment Share on other sites More sharing options...
KittenKong Posted February 3, 2019 Share Posted February 3, 2019 4 hours ago, moogradod said: I was thinking the guaranteed sum will drop sometime in 2020, but I am not sure. They have announced reductions before but then seemed to put them off. Link to comment Share on other sites More sharing options...
Spellforce Posted February 3, 2019 Share Posted February 3, 2019 There is a really interesting investment offered at CIMB Thai: https://www.cimbthai.com/en/personal/news-and-promotions/promotions/promotion/promo-021111.html Fixed deposit max 1 MB, 24 month Interests = 2,4% pa paid monthly Does that mean if you make a deposit in that bank (800,000 bahts) = 2 years visa + good interest rates ? Link to comment Share on other sites More sharing options...
Khaeng Mak Posted February 3, 2019 Share Posted February 3, 2019 33 minutes ago, Spellforce said: There is a really interesting investment offered at CIMB Thai: https://www.cimbthai.com/en/personal/news-and-promotions/promotions/promotion/promo-021111.html Fixed deposit max 1 MB, 24 month Interests = 2,4% pa paid monthly Does that mean if you make a deposit in that bank (800,000 bahts) = 2 years visa + good interest rates ? I was unaware that a 2.4% return was...good. Link to comment Share on other sites More sharing options...
davehowden Posted February 3, 2019 Share Posted February 3, 2019 5 minutes ago, Khaeng Mak said: I was unaware that a 2.4% return was...good. Well you learn something everyday don't you ! Link to comment Share on other sites More sharing options...
KittenKong Posted February 3, 2019 Share Posted February 3, 2019 1 hour ago, Khaeng Mak said: I was unaware that a 2.4% return was...good. Well, it's better than you can get in most of Europe and just about anywhere else in Thailand. Link to comment Share on other sites More sharing options...
KittenKong Posted February 3, 2019 Share Posted February 3, 2019 1 hour ago, Spellforce said: Does that mean if you make a deposit in that bank (800,000 bahts) = 2 years visa + good interest rates ? No visa is included. If you mean "can I deposit 800,000B in this account and use it to obtain retirement extensions for the next two years" then the answer is yes. Link to comment Share on other sites More sharing options...
davehowden Posted February 3, 2019 Share Posted February 3, 2019 34 minutes ago, KittenKong said: Well, it's better than you can get in most of Europe and just about anywhere else in Thailand. Maybe, but deposits in Europe are not usable for the 800,00 baht extension money, and if you can better in a Thai bank where the money is immediately available please enlighten us. Link to comment Share on other sites More sharing options...
JimmyJ Posted February 4, 2019 Share Posted February 4, 2019 ``` Link to comment Share on other sites More sharing options...
KittenKong Posted February 4, 2019 Share Posted February 4, 2019 12 hours ago, davehowden said: Maybe, but deposits in Europe are not usable for the 800,00 baht extension money, and if you can better in a Thai bank where the money is immediately available please enlighten us. My point was that the 2.4% rate from CIMB is indeed pretty much the best available here. And I was also pointing out that the 2.4% rate at CIMB beats many European/UK rates too. So maybe not "good" but still better than the rest. Link to comment Share on other sites More sharing options...
moogradod Posted February 7, 2019 Share Posted February 7, 2019 On 2/3/2019 at 8:03 AM, KittenKong said: CIMB are covered by the Thai deposit protection scheme. They better be. I just read about their performance. Fitch believes CIMB Thai will require serious help from their Malaysian parent. We have been at Krungsri Bank yesterday, too. They confirmed that the government guarantee will drop to 1Mio in 2020 (August I think). We put 1.3 Mio into the CIMB preferred fixed term account yesterday - and would have nearly considered to increase this amount blinded by the good 2.5%. But now we will consider to remove again the excess 300'000 and stay only at 1 Mio. What would be really interesting is a comprehensive list of all Thai Banks with their Credit Ratings. If the 1 Mio limit comes into effect there might be a serious shortage of high rated banks if you want to put all your money somewhere more or less secure. Link to comment Share on other sites More sharing options...
macahoom Posted February 7, 2019 Share Posted February 7, 2019 40 minutes ago, moogradod said: They better be. I just read about their performance. Fitch believes CIMB Thai will require serious help from their Malaysian parent. We have been at Krungsri Bank yesterday, too. They confirmed that the government guarantee will drop to 1Mio in 2020 (August I think). We put 1.3 Mio into the CIMB preferred fixed term account yesterday - and would have nearly considered to increase this amount blinded by the good 2.5%. But now we will consider to remove again the excess 300'000 and stay only at 1 Mio. What would be really interesting is a comprehensive list of all Thai Banks with their Credit Ratings. If the 1 Mio limit comes into effect there might be a serious shortage of high rated banks if you want to put all your money somewhere more or less secure. At the moment it is 10 million baht. From 11th August 2019 until 10th August 2020 it will be 5 million baht. From 11th August 2020 onward it will be 1 million baht. Of course, those dates may be postponed, as has happened before. Link to comment Share on other sites More sharing options...
moogradod Posted February 7, 2019 Share Posted February 7, 2019 16 minutes ago, macahoom said: At the moment it is 10 million baht. From 11th August 2019 until 10th August 2020 it will be 5 million baht. From 11th August 2020 onward it will be 1 million baht. Of course, those dates may be postponed, as has happened before. Thanks. So "it will be " reads "it might be". For anybody considering a 24 month fixed term just now a planning nightmare. Announcements which are nothing more than that - without any validity. Printed on glossy paper and distributed everywhere. This list of ratings of the Thai banks which I mentioned would be of help regardless which limit is when introduced. Link to comment Share on other sites More sharing options...
davehowden Posted February 7, 2019 Share Posted February 7, 2019 CIMB reminds me of "Northern Rock" in the UK about 10 years ago. Why do you think they are offering such generous rates, out of love? And should the poo hit the fan I would expect ex-pat accounts to be well down the pecking order. "If it seems too good to be true then it probably is" Link to comment Share on other sites More sharing options...
roobaa01 Posted February 7, 2019 Share Posted February 7, 2019 a good bank is lh bank offering 1.75 % for 12 months min. thb 1000. wbr roobaa01 Link to comment Share on other sites More sharing options...
moontang Posted February 7, 2019 Share Posted February 7, 2019 1 hour ago, davehowden said: CIMB reminds me of "Northern Rock" in the UK about 10 years ago. Why do you think they are offering such generous rates, out of love? And should the poo hit the fan I would expect ex-pat accounts to be well down the pecking order. "If it seems too good to be true then it probably is" https://www.cimbthai.com/en/investor-relations/financial-information/credit-ratings.html Link to comment Share on other sites More sharing options...
moogradod Posted February 7, 2019 Share Posted February 7, 2019 4 hours ago, moontang said: https://www.cimbthai.com/en/investor-relations/financial-information/credit-ratings.html These financial results do not look as bad as the article I read in the net. Crucial question: Hands off CIMB THai with a 24 months commitment with 2.5% or not ? CIMB is obviously covered by the Government guarantee at least for amounts up to 1 Mio CHF beyond August 2020 IF they will implement this new threshold. So a 2 years fixed asset above that would bring with it a risk for 6 months. Alternatives are ICBC with 1.85 % average (step-up starting at 1.5%) over 15 months and Krungsri with 1.85 % as well for (I think it was) 18 months. All within the time frame BEFORE a possible 1 Mio THB guarantee limit would be introduced. Link to comment Share on other sites More sharing options...
moontang Posted February 7, 2019 Share Posted February 7, 2019 I got 2.0% on a 18 month...last month at CIMB..I plan on buying some 24 month FD in a few months..just don't want them maturing during seasoning. Link to comment Share on other sites More sharing options...
mogandave Posted February 9, 2019 Share Posted February 9, 2019 I got 2.0% on a 18 month...last month at CIMB..I plan on buying some 24 month FD in a few months..just don't want them maturing during seasoning.Why? Link to comment Share on other sites More sharing options...
moogradod Posted February 9, 2019 Share Posted February 9, 2019 On 2/8/2019 at 12:52 AM, moontang said: I got 2.0% on a 18 month...last month at CIMB..I plan on buying some 24 month FD in a few months..just don't want them maturing during seasoning. So you think CIMB is safe for longer term commitments ? Their profit decreased astronomically leaving some mere million THB. I am just about to cancel all comittments with them, but maybe the 1.3 MTHB for 24 months are just tolerable. Not really sure about this deposit guarantee though - davehoven mentioned a pecking order which I can imagine to be true. Link to comment Share on other sites More sharing options...
moontang Posted February 10, 2019 Share Posted February 10, 2019 18 hours ago, mogandave said: Why? You just have to make 100% certain of how the maturity is handled. If it automatically goes into savings, that would leave a hole in your fixed account..even for five minutes. If it renews, there is still two extra entries in your book during seasoning. Caused a problem in CM....I like KIS...keep it simple, but still want the best rates. CIMB is still profitable..even CIMB Thai. How many of the largest EU Banks consistently make profit? The whole financial sector is getting squeezed by people using technogy to avoid Bank fees, as well as what the ETFs have done to comissions. The Thai banks almost simultaneously made a lot of transactions free, to stay competitive, last year, and that had to hurt them, but it is great for the consumer. Link to comment Share on other sites More sharing options...
mogandave Posted February 10, 2019 Share Posted February 10, 2019 You just have to make 100% certain of how the maturity is handled. If it automatically goes into savings, that would leave a hole in your fixed account..even for five minutes. If it renews, there is still two extra entries in your book during seasoning. Caused a problem in CM....I like KIS...keep it simple, but still want the best rates. CIMB is still profitable..even CIMB Thai. How many of the largest EU Banks consistently make profit? The whole financial sector is getting squeezed by people using technogy to avoid Bank fees, as well as what the ETFs have done to comissions. The Thai banks almost simultaneously made a lot of transactions free, to stay competitive, last year, and that had to hurt them, but it is great for the consumer.I thought the fixed accounts just roll into a new fixed with the same term. I’ll be sure to ask, I’m going to open a new fixed account after I decide between four and eight hundred... Link to comment Share on other sites More sharing options...
KittenKong Posted February 10, 2019 Share Posted February 10, 2019 33 minutes ago, mogandave said: I thought the fixed accounts just roll into a new fixed with the same term. CIMB always send me an SMS a few days before maturity. If I dont go in they roll it over into a fairly short TD that pays significantly less interest than the promotional TDs. Part of the reason may be that the promotional accounts rarely have exactly the same duration from one month to another, so there may be no exact equivalent to the account that is maturing. For what it's worth, my retirement extension 800k is now earning 2.5% at CIMB and will not need renewing until 2021. Link to comment Share on other sites More sharing options...
mogandave Posted March 1, 2019 Share Posted March 1, 2019 For what it's worth, my retirement extension 800k is now earning 2.5% at CIMB and will not need renewing until 2021.All that money stuck and going to waste!!!! Link to comment Share on other sites More sharing options...
moontang Posted March 2, 2019 Share Posted March 2, 2019 On 3/1/2019 at 6:59 PM, mogandave said: All that money stuck and going to waste!!!! Compared to other government guaranteed investments, it is pretty decent. GBP and Euro are facing much more uncertainty than THB. Link to comment Share on other sites More sharing options...
manchega Posted March 8, 2019 Share Posted March 8, 2019 On 3/1/2019 at 6:59 PM, mogandave said: All that money stuck and going to waste!!!! I agree, how can anyone think that a rate just ahead of inflation is any good? Link to comment Share on other sites More sharing options...
mogandave Posted March 8, 2019 Share Posted March 8, 2019 I agree, how can anyone think that a rate just ahead of inflation is any good?Particularly if you could be burning through it on girls and booze... Link to comment Share on other sites More sharing options...
ravip Posted March 8, 2019 Share Posted March 8, 2019 On 3/1/2019 at 5:29 PM, mogandave said: All that money stuck and going to waste!!!! Any other better choice that would achieve the same results? Link to comment Share on other sites More sharing options...
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