Bank Savings Interest Rates

[JimmyJ]

9 hours ago, moontang said:

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

How does one get the withheld tax back?

[moontang]

1 hour ago, JimmyJ said:

How does one get the withheld tax back?

Walk into the bank and get a statement of taxes paid, then go to your local Revenue Office.. 

[hrrecruiter]

On 5/13/2019 at 5:31 PM, scubascuba3 said:

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

Do you or anyone know where would be the best rate for a larger sum of 10 million thb? Thank you

[mogandave]

Do you or anyone know where would be the best rate for a larger sum of 10 million thb? Thank you

India is strong right now, as are Cambodia and Vietnam

[orientalist]

CIMB Thai is offering "digital savings accounts" with interest of 2% on deposits of 500-100,000 baht up to September 30, 2019. A free debit card is also available.

 

https://www.cimbthai.com/en/personal/news-and-promotions/promotions/promotion/promo-0210.html

[moontang]

10 minutes ago, orientalist said:

CIMB Thai is offering "digital savings accounts" with interest of 2% on deposits of 500-100,000 baht up to September 30, 2019. A free debit card is also available.

 

https://www.cimbthai.com/en/personal/news-and-promotions/promotions/promotion/promo-0210.html

let us know how explaining to the immigration officer why you do not have a passbook goes.  Their preferred debit card is best in LOS, IMO...can get for free with 1 million on deposit.  I am taking the 1.75 tax free one year...

[orientalist]

This month CIMB Thai has 1.95% (2% for Preferred) fixed deposit  for 7 months.

[denby45]

On 7/5/2019 at 4:31 PM, orientalist said:

This month CIMB Thai has 1.95% (2% for Preferred) fixed deposit  for 7 months.

Good info thanks.

 

Oh how do you qualify for preferred?

 

Den

[macahoom]

1 hour ago, denby45 said:

Good info thanks.

 

Oh how do you qualify for preferred?

 

Den

 

I believe you need to have a minimum of three million baht on deposit with CIMB to qualify as a Preferred customer. I think it used to be one million, but I'm not sure.

[moontang]

51 minutes ago, macahoom said:

 

I believe you need to have a minimum of three million baht on deposit with CIMB to qualify as a Preferred customer. I think it used to be one million, but I'm not sure.

I think there are two tiers, 1 million and three million... Aggregate... and I have gone below one million and never a problem.  You will want speed savings to get the monthly interest, and that is a good low value account to attach their free preferred atm, which is the best in LOS... IMO.  CIMB is guilty of different tales at different branches, but like with the 1.75 tax free being for "Thai peoples" you gotta put them on the phone and take a seat.  BBL does the same thing and only recently upped their rates to be even competitive.  Lots of suckers getting half a percent.. CIMB might be one of the best ways to get your money out from Malaysia if you ever suddenly had to leave. 

[orientalist]

Right. Two tiers. If you deposit 1m when you open an account they will sign you up right away and you can get the special debit card (no fee at any bank's ATM anywhere in Thailand). When I asked about how an upgrade to the higher tier works, they told me they would be "looking at the account balance from October to December."

[moontang]

6 hours ago, orientalist said:

Right. Two tiers. If you deposit 1m when you open an account they will sign you up right away and you can get the special debit card (no fee at any bank's ATM anywhere in Thailand). When I asked about how an upgrade to the higher tier works, they told me they would be "looking at the account balance from October to December."

Also, free use of 6500 machines in ASEAN. 

[denby45]

19 hours ago, macahoom said:

 

I believe you need to have a minimum of three million baht on deposit with CIMB to qualify as a Preferred customer. I think it used to be one million, but I'm not sure.

Thanks I will look into it however I hope it's not 3 mil. OUCH!!

 

Den

[thaibook]

On 4/29/2019 at 9:02 AM, moontang said:

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.  

where can I find the performance figures for the BBL bond fund.  The reports on the website are in Thai which I do not read.  Have you found them superior to fixed deposits or savings accounts?

[moontang]

4 minutes ago, thaibook said:

where can I find the performance figures for the BBL bond fund.  The reports on the website are in Thai which I do not read.  Have you found them superior to fixed deposits or savings accounts?

Interest rates are too low now..I was getting about 4% years ago, and it likely is around 2 now.  Try www.set.co.th I did mine through the manager at Chianti gate branch manager...good dude.

[Torso84]

Hello,

 

I found a rate that seems quite interesting: 2%/year with 3 month maturity through a fund called "Advance Finance". Here is their website: http://www.advancefin.com/FUNDING/Funding-Interest-Rate.aspx#.XVpqrOuCvIU

 

Except that, after making some research, I found that the banks often in top ranking are:

- Thai credit bank: 2.15%/year with 12 month maturity

- Ayudhya bank: 1.9%/year with 6 month maturity

- CIMB bank: 1.95%-2%/year with 7 month maturity (promotion)

 

Which one would you recommend me to go with ?

Do you know other more interesting options ?

[JAS21]

On 7/12/2019 at 1:40 PM, denby45 said:

Thanks I will look into it however I hope it's not 3 mil. OUCH!!

 

Den

I was told yesterday that their min ..to keep Preferred... is 1Mthb..I have been with CIMB for several years now ...their 7month is 2% and you can have as many of those accounts as you like....better than the 1.35% Speed Saver which I use as my Current Account

[moontang]

4 hours ago, JAS21 said:

I was told yesterday that their min ..to keep Preferred... is 1Mthb..I have been with CIMB for several years now ...their 7month is 2% and you can have as many of those accounts as you like....better than the 1.35% Speed Saver which I use as my Current Account

Correct, but there are two levels of preferred..one mil and three mil, but one mil gets you the better rates, and the very free atm card to use at any Thai Bank ATM, and some kind of discount at Major Cineplex...speed saver requires 100k to get 1.35%, but they do reshuffle the minimums on that occasionally..it beats Mae Tae Dee most of the time.  It has been good, but they screwed up my letter once..I only noticed the second error..and there are always a few making up rules, but they will fold like a chair from TESCO, if you know what you are talking about.  I got the tax free, one year at 1.75% in May for over 55..after they said "for Thai people's.."

[JAS21]

4 hours ago, moontang said:

Correct, but there are two levels of preferred..one mil and three mil, but one mil gets you the better rates, and the very free atm card to use at any Thai Bank ATM, and some kind of discount at Major Cineplex...speed saver requires 100k to get 1.35%, but they do reshuffle the minimums on that occasionally..it beats Mae Tae Dee most of the time.  It has been good, but they screwed up my letter once..I only noticed the second error..and there are always a few making up rules, but they will fold like a chair from TESCO, if you know what you are talking about.  I got the tax free, one year at 1.75% in May for over 55..after they said "for Thai people's.."

Yes ...Speed Saver, not long ago you needed 1Mthb to get the higher rate and they could very well do that again so be careful moving money from Speed Saver to the 2% 7month account.

[moontang]

3 minutes ago, JAS21 said:

Yes ...Speed Saver, not long ago you needed 1Mthb to get the higher rate and they could very well do that again so be careful moving money from Speed Saver to the 2% 7month account.

I just checked, 1.35% for up to 5 million..as long as you have 100k in it (average balance for the month, I believe), paying 1.6% for up to 30 million, with five million minimum.  I like how they pay interest on the last day of the month at 23:59:59, unlike stock dividends.  "BLT" just tried the same scam on a friend that they tried on me, at a different branch....sign on the window, sign on the wall, sign on her desk with promo..he filled out the mountain of paperwork, then they told him that promo was over..and he has run a company here for 15 years...he went through the roof...lol, can't let your guard down.

[JAS21]

1 hour ago, moontang said:

I just checked, 1.35% for up to 5 million..as long as you have 100k in it (average balance for the month, I believe), paying 1.6% for up to 30 million, with five million minimum.  I like how they pay interest on the last day of the month at 23:59:59, unlike stock dividends.  "BLT" just tried the same scam on a friend that they tried on me, at a different branch....sign on the window, sign on the wall, sign on her desk with promo..he filled out the mountain of paperwork, then they told him that promo was over..and he has run a company here for 15 years...he went through the roof...lol, can't let your guard down.

YES... but they can change that offer and time..if you have depleted your Speed Saver and then they up the amount to above your saving level you won't get the 1.35% or whatever.

 

I opened the fixed term this afternoon...available until end of the month ..and they told me that 100K level can vary...as I said not long ago they had it at 1Mthb. I actually opened several accounts just in case I needed some money quick...

[moontang]

I keep emergency money in Mae Tae dee, without an ATM attached to it, unlike my speed account, but did use speed account for 800K one year.  I feel a bit safer with it in FDs, though.  Speed is often required to have FDs at CIMB.

[JAS21]

41 minutes ago, moontang said:

I keep emergency money in Mae Tae dee, without an ATM attached to it, unlike my speed account, but did use speed account for 800K one year.  I feel a bit safer with it in FDs, though.  Speed is often required to have FDs at CIMB.

I have limited my Speed Saver ATM Card to 40K/day.  And anyway CIMB tell me when money goes into or out of my account 

 

Also don't forget Bank Collapse compensation is now only 1Mthb...for each person at each bank

 

The CIMB Internet banking is only available for Thais at present ... I have BBL Banking app...hugely useful...

[macahoom]

4 hours ago, JAS21 said:

I have limited my Speed Saver ATM Card to 40K/day.  And anyway CIMB tell me when money goes into or out of my account 

 

Also don't forget Bank Collapse compensation is now only 1Mthb...for each person at each bank

 

The CIMB Internet banking is only available for Thais at present ... I have BBL Banking app...hugely useful...

 

Why do so many people get this wrong?

 

The amount covered by the Deposit Protection Agency is currently 5 million baht.

[JAS21]

7 hours ago, macahoom said:

 

Why do so many people get this wrong?

 

The amount covered by the Deposit Protection Agency is currently 5 million baht.

Seems you are correct ..I just googled ...5M up to 10Aug 2020...the lady at CIMB told me 1M yesterday...so no worries then ....

 

You may quote my text BUT don't be an ....... and highlight it ....K

[macahoom]

8 minutes ago, JAS21 said:

Seems you are correct ..I just googled ...5M up to 10Aug 2020...the lady at CIMB told me 1M yesterday...so no worries then ....

 

You may quote my text BUT don't be an ....... and highlight it ....K

 

Okay!

[moontang]

17 hours ago, JAS21 said:

I have limited my Speed Saver ATM Card to 40K/day.  And anyway CIMB tell me when money goes into or out of my account 

 

Also don't forget Bank Collapse compensation is now only 1Mthb...for each person at each bank

 

The CIMB Internet banking is only available for Thais at present ... I have BBL Banking app...hugely useful...

You let them lie to you...I have been doing internet banking with CIMB for about four years, and use the clicks app, also.

[JAS21]

2 hours ago, moontang said:

You let them lie to you...I have been doing internet banking with CIMB for about four years, and use the clicks app, also.

Wow ...why did I write that!!! I have had Internet banking for years as well ... they told me yesterdsy that it is the My Preferred App that won't work for me at present ... does your My Preferred App work? BBL APP is good

[moontang]

30 minutes ago, JAS21 said:

Wow ...why did I write that!!! I have had Internet banking for years as well ... they told me yesterdsy that it is the My Preferred App that won't work for me at present ... does your My Preferred App work? BBL APP is good

Yes, I just tried it...I hadn't been in it in a while, and it recognized me, and verified me...How do you earn points?  150 for the lounge at swampy...yes, BLT App is good.

[Number 6]

SCB vs Bangkok Bank

 

Thinking of shifting x 100s to BKK bank just to diversify. My experience at BKK bank in larger BKK branches good. Not so much in smaller ones. I've heard they have a better interest rate on fixed accounts.

 

I like SCB and banked for years. Multiple accounts. Issue no hassle letter for immigration at a few branches.

 

Any comments about which might be more foreigner friendly? I'm partial to SCB.

 

The reason I even bothered with BKK bank account is to facilitate social security transfer when I hit 62. 

 

I recall some years back reading SCB made near fatal investment in steel production facility or something like that.