Bank Savings Interest Rates

[EricTh]

2 minutes ago, Number 6 said:

Guarantor for what 555 I'm giving them money. They should be needing a guarantor lol.

That's what I argued but they said 'it's the bank rules'.

 

So I couldn't open an account there but  went to SCB instead.

 

I think they don't really want foreigners money and that account is for benefit of Thai citizens.

[Number 6]

Thanks. I have 3 SCB accounts. Will just do that.

[EricTh]

1 minute ago, Number 6 said:

Thanks. I have 3 SCB accounts. Will just do that.

It's doable if you have a Thai wife that acts as guarantor.

 

 

[moontang]

5 hours ago, Number 6 said:

Thanks. I have 3 SCB accounts. Will just do that.

i have 3 cimb accounts...no wp, no guarantor.  The people who tout SCB are fools or sheep, and notice they almost never state what rate they are getting..KTB is the same, now with 20 million thais waiting for a government giveaway.

[cheeryble]

Because I'm old I have the CIMB Seniors 12 month deposit at 1.75% tax free

Looks like tax free for a balance less than 30k


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[DaRoadrunner]

1. Would Immigration accept 800K in a Promissory Note or must it be in a bank account?

2. Can it be the equivalent in a US$ Thai bank account?

[topt]

On 4/28/2019 at 12:35 PM, moontang said:

i have 3 cimb accounts...no wp, no guarantor.  The people who tout SCB are fools or sheep,

Which only goes to prove that every branch reacts differently.

I had 2 CIMB accounts but when one fixed account finished and I wanted to renew with a new promotion they wanted me to have a guarantor.....this was some years ago.

 

I hadn't noticed anyone "touting SCB" as you put it........

[moontang]

1 hour ago, topt said:

Which only goes to prove that every branch reacts differently.

I had 2 CIMB accounts but when one fixed account finished and I wanted to renew with a new promotion they wanted me to have a guarantor.....this was some years ago.

 

I hadn't noticed anyone "touting SCB" as you put it........

My experience says that when your gut tells you that someone is an idiot making up rules, it might be best to double check, before quoting it as fact.  Like the stock brokers, they aren't foreigners, so special rules have never applied to them, and they don't know, as it has never affected them personally.  With a million, you get a preferred card, and it is easy to resolve these matters.  You already had the fd book.. Should have taken five minutes. How many have you seen on here stating they can't send money home?  BS.  One real problem is that once the US made them fill out a ton of extra paperwork, they almost all starting coming up with excuses, and would tell you the building was on fire if they thought that would get rid of you.  And that is still a problem, besides the general smart phone laziness often exhibited here. Been 12 years since I needed a guarantor to buy a bbl bond fund...but it just so happened that since I was clean shaven and not a dirty backpacker, the bbl manager served as my guarantor.. and I had just met him.  

[TallGuyJohninBKK]

On 4/28/2019 at 10:50 PM, DaRoadrunner said:

1. Would Immigration accept 800K in a Promissory Note or must it be in a bank account?

2. Can it be the equivalent in a US$ Thai bank account?

 

I think the answer to your question No. 1 above is going to be a definite NO as far as Immigration accepting an 800K promissory note.  They want cash in the Thai bank, period.

 

[moontang]

At one point, I was told they would take a foreign currency account at a thai bank...but I am not sure how the deposit insurance would work on that.  Lots of extra fees in those accounts, too.  Many have been surprised by some of the fees.

[MikeWill]

 

 

 

3 hours ago, moontang said:

... I was told they would take a foreign currency account at a Thai bank...

Yes, sure, they take a foreign currency account at a Thai bank.

[crs]

Am I reading right that some bank accounts don't deduct tax meaning no need to claim tax refunds? Details appreciated, if so.

 

I'd guess this is an old Q but not easy searching on phone... Thanks.

[topt]

On 4/30/2019 at 12:00 AM, moontang said:

At one point, I was told they would take a foreign currency account at a thai bank...but I am not sure how the deposit insurance would work on that.  

It doesn't.

On 4/30/2019 at 12:00 AM, moontang said:

Many have been surprised by some of the fees

Makes you wonder why they did not check online or in the branch first - fee structure often available in English......Threads on here as well.......,. 

[topt]

6 hours ago, crs said:

Am I reading right that some bank accounts don't deduct tax meaning no need to claim tax refunds? Details appreciated, if so.

 

I'd guess this is an old Q but not easy searching on phone... Thanks.

see here -

 

Better to ask any details in that thread

[Henryford]

I use Krungsri bank and they pay interest gross, with no tax deductions. But i think only upto 20,000 baht a year. Beyond that maybe tax is applied.

[peterbkk2]

I use Krungsri bank and they pay interest gross, with no tax deductions. But i think only upto 20,000 baht a year. Beyond that maybe tax is applied.

What kind of Krungsri account do you have? I have a Krungsri MTD account and they deduct the 15% tax.

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[Henryford]

I use MTD too.

[mogandave]

My Krungsri account pays gross the first few months of the year, and then after so much is paid out (not sure how much) they start deducting.

Depending on your income you may get it back if you file.

If you file US you also have to declare the income, but can get credit for the tax paid.

[orientalist]

If you are looking for a short-term option, Thanachart's Ultra Savings account (no tax) is now offering 1.60% for amounts over 20K. That's better than their e-savings account (1.50%, no tax) and many banks' 3-month and 6-month FD accounts..

[moontang]

islam bank is doing 1.85 15 month fd.

[moontang]

that 1.75 tax free 12 month at cimb for 55 and up is very tempting.  I got 500 to put in a 1 or two year.....anybody know what current 24 month is paying at cimb?

[scubascuba3]

What kind of Krungsri account do you have? I have a Krungsri MTD account and they deduct the 15% tax.

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I opened a MTD account a few months ago and they deducted tax from the first month, new policy apparently

[scubascuba3]

Krungsi Bank has a 2.15% 4 year fixed which I'm toying with doing ahead of my 800k extension

[moontang]

Just now, scubascuba3 said:

On 5/8/2019 at 7:13 AM, peterbkk2 said:

What kind of Krungsri account do you have? I have a Krungsri MTD account and they deduct the 15% tax.

Sent from my SM-C7000 using Tapatalk
 

I opened a MTD account a few months ago and they deducted tax from the first month, new policy apparently

that is certainly a game changer...has always been a good one, and sometimes best.

[stan18]

As an analogy to post 2635 but with a twist, I suggest caution regarding the current Thanachart "ultrasaving"  account scheme. This proposal at first view looks “relatively”  favorable however, although seemingly unmentioned on website, and possibly also at application, opening an account with a passport (but seemingly not an id card) results in immediate tax deduction for  any interest. Apparently in force for a long time already.

[moontang]

6 hours ago, stan18 said:

As an analogy to post 2635 but with a twist, I suggest caution regarding the current Thanachart "ultrasaving"  account scheme. This proposal at first view looks “relatively”  favorable however, although seemingly unmentioned on website, and possibly also at application, opening an account with a passport (but seemingly not an id card) results in immediate tax deduction for  any interest. Apparently in force for a long time already.

Most of the better paying accounts withhold tax.  Not hard at all to get it all back. 

[stan18]

32 minutes ago, moontang said:

Most of the better paying accounts withhold tax.  Not hard at all to get it all back. 

^^ Unfortunately, this seems to have been true for some but not for others.

 

Regardless of magnitude (within limits), tax on Interest from accounts designated as "saving" has traditionally not been implemented identically to that from accounts designated as "fixed deposit" . But it appears that "the times they are a changin".

 

 

 

 

[canopus1969]

On 5/13/2019 at 5:17 PM, moontang said:

that 1.75 tax free 12 month at cimb for 55 and up is very tempting.  I got 500 to put in a 1 or two year.....anybody know what current 24 month is paying at cimb?

I only use the 12 month option at 1.75% but if you call them on 02 626 7777 they will give you the latest on 24 months deposits

[moontang]

13 minutes ago, stan18 said:

^^ Unfortunately, this seems to have been true for some but not for others.

 

Regardless of magnitude (within limits), tax on Interest from accounts designated as "saving" has traditionally not been implemented identically to that from accounts designated as "fixed deposit" . But it appears that "the times they are a changin".

 

 

 

 

MTD was the only regular savings account I would call better paying, that did not withhold, then CIMB offered equal or better in Speed Savings and also did not withhold, but required a million vs. 100k for best rate.  Eventually, there will be a higher interest rate environment and you will trigger withholdings. 

[moontang]

3 hours ago, canopus1969 said:

I only use the 12 month option at 1.75% but if you call them on 02 626 7777 they will give you the latest on 24 months deposits

Yeah, they said 1.70 on a 24..no promo, but communication could have been better.  Leaning towards the 12 month 1.75 no withholding, but they might say not for foreigner, but two branches told me I could do the 55 yo and up plan. So I might have to put her on the phone, and it won't be the first time.. but overall cimb in cnx, uth, and bkk have done me right.. knock wood.