Bank Savings Interest Rates

[el jefe]

A old man from bk told me 15 years ago Thai bank give over 10 procent interest rates? Can someone confirm this?

In the late 80's early 90's rates were highly competitive. I was offered 12% at one bank and 14% at another. Ahh, the good old days.

In 1980 or '81 you could get 16% in USD from American banks.

i thought this was the banking forum, not the history channel.

[fletchsmile]

A old man from bk told me 15 years ago Thai bank give over 10 procent interest rates? Can someone confirm this?

In the late 80's early 90's rates were highly competitive. I was offered 12% at one bank and 14% at another. Ahh, the good old days.

In 1980 or '81 you could get 16% in USD from American banks.

i thought this was the banking forum, not the history channel.

Around 1998 onwards I was getting over 60%pa on Indonesian IDR normal savings accounts. I used to go to Indonesia quite regularly so got the guys at the local office to help me open an account. It wasn't easy opening an account then, but like Thailand if you know people it helps

[topt]

Apologies if this has already been posted but SCB currently offering 3.46% fixed for 11 months.

[cheeryble]

Excuse me not going through hundreds of posts but I have a million and a half imported recently sitting in baht doing nothing.

It is for payment if I find a nice piece of land and maybe towards building.

So basically not sure if will need it or not. Or may need just some.

What would be a good bet where I have good interest but access just in case, or possibly getting monthly interest on some or all?

Thanks

[meand]

Excuse me not going through hundreds of posts but I have a million and a half imported recently sitting in baht doing nothing.

It is for payment if I find a nice piece of land and maybe towards building.

So basically not sure if will need it or not. Or may need just some.

What would be a good bet where I have good interest but access just in case, or possibly getting monthly interest on some or all?

Thanks

That sounds tailor made for the mentioned Bay (krungsri) 2.9% paid monthly no penalty if less than 2 withdrawls a month.

[pattaya_girl]

Krungsri Bank offer 3.4% interest over 11 Months.

TMB Bank offer 3.5% interest over 12 Months.

Which is the best deal ???, I am not very good at working this out, can anyone help me please.

[John 1]

Krungsri Bank offer 3.4% interest over 11 Months.

TMB Bank offer 3.5% interest over 12 Months.

Which is the best deal ???, I am not very good at working this out, can anyone help me please.

If you are deciding between these 2 it has to be TMB as you will receive the interest up front with in 7 days.

[Pinot]

Just a check since this referenced thread on claiming a tax refund has been archived: http://www.thaivisa....x/#entry2511376 Is the procedure still the same, location of tax office, etc.? (thread is from 09). Very good info in thread, just checking if anything is different and if anyone has done it recently.

Just a check since this referenced thread on claiming a tax refund has been archived: http://www.thaivisa....x/#entry2511376 Is the procedure still the same, location of tax office, etc.? (thread is from 09). Very good info in thread, just checking if anything is different and if anyone has done it recently.

back in jan.claimed tax paid on fixed dep.accs.for first time.gave me a tax id.card ref.no.address.next year i can do on line.

A question on getting tax paid returned. As an American I'm suppose to pay taxes on interest. If I get this tax back is this then reported to the IRS? I'd probably end up paying more than 15% in the US. If I don't request the Thai tax returned the IRS wouldn't know about it and I would come out the same or ahead? Thanks.

[meatboy]

Just a check since this referenced thread on claiming a tax refund has been archived: http://www.thaivisa....x/#entry2511376 Is the procedure still the same, location of tax office, etc.? (thread is from 09). Very good info in thread, just checking if anything is different and if anyone has done it recently.

Just a check since this referenced thread on claiming a tax refund has been archived: http://www.thaivisa....x/#entry2511376 Is the procedure still the same, location of tax office, etc.? (thread is from 09). Very good info in thread, just checking if anything is different and if anyone has done it recently.

back in jan.claimed tax paid on fixed dep.accs.for first time.gave me a tax id.card ref.no.address.next year i can do on line.

A question on getting tax paid returned. As an American I'm suppose to pay taxes on interest. If I get this tax back is this then reported to the IRS? I'd probably end up paying more than 15% in the US. If I don't request the Thai tax returned the IRS wouldn't know about it and I would come out the same or ahead? Thanks.

if you live in thailand you claim tax refunds on fixed term accounts.do you fill in a tax return form every year,i pay tax on my pensions in the uk.on income over £10,500 this is my retirement personal allowance.if usa has a tax agreement with thailand i dont think you have to declare interest earned.

[William Osborne]

This is a sticky about where to get the highest interest rates ... please open own thread if you have tax issues.... jeez, its only tax on interest earned anyway..hardly worth the bother is it

[Rimmer]

Saw K Bank this morning and put some funds with them at 3.25% over twelve months.

As William Osborne says please post your tax questions elsewhere, lets keep this thread simple and straight to the point which is:

Bank Savings Interest Rates

[meatboy]

Saw K Bank this morning and put some funds with them at 3.25% over twelve months.

As William Osborne says please post your tax questions elsewhere, lets keep this thread simple and straight to the point which is:

Bank Savings Interest Rates

k bank also do a step fixed over 22months average 3.61%,that will do for me,havent seen krung thai's 4% lately.

[Sophon]

Saw K Bank this morning and put some funds with them at 3.25% over twelve months.

As William Osborne says please post your tax questions elsewhere, lets keep this thread simple and straight to the point which is:

Bank Savings Interest Rates

k bank also do a step fixed over 22months average 3.61%,that will do for me,havent seen krung thai's 4% lately.

The current Kasikorn Bank step up promotion is for 18 months not 22.

Sophon

[pattaya_girl]

I am looking for a 12 month package, because 18 or 22 Months is a long time, and better promotions with higher interest rates will probably come out in that time.

Last year I got 4% on 3 Million Bt over 11 months, but the best I have found this year is only 3.5% over 12 Months at TMB interest to be paid at the beginning.

[meatboy]

Saw K Bank this morning and put some funds with them at 3.25% over twelve months.

As William Osborne says please post your tax questions elsewhere, lets keep this thread simple and straight to the point which is:

Bank Savings Interest Rates

k bank also do a step fixed over 22months average 3.61%,that will do for me,havent seen krung thai's 4% lately.

The current Kasikorn Bank step up promotion is for 18 months not 22.

Sophon

yes your right 18months just come back from their branch,dont they try and mislead you,the mrs,just put the neck out on one of their staff she saw the poster on the wall fixed term 15% started to read it when she was approached by a staff member who said 15% the mrs asked how long for pause,no answer,so the mrs said its only for 1month at the end,answer we have this one as well 3.25%.

[pattaya_girl]

Saw K Bank this morning and put some funds with them at 3.25% over twelve months.

As William Osborne says please post your tax questions elsewhere, lets keep this thread simple and straight to the point which is:

Bank Savings Interest Rates

k bank also do a step fixed over 22months average 3.61%,that will do for me,havent seen krung thai's 4% lately.

The current Kasikorn Bank step up promotion is for 18 months not 22.

Sophon

yes your right 18months just come back from their branch,dont they try and mislead you,the mrs,just put the neck out on one of their staff she saw the poster on the wall fixed term 15% started to read it when she was approached by a staff member who said 15% the mrs asked how long for pause,no answer,so the mrs said its only for 1month at the end,answer we have this one as well 3.25%.

Yes I went in to inquire, I saw the 15% offer. I ended up in there for an hour and the Manager came trying to get me to sign up for 15 Years, I had a right job getting out of the place. They still could not explain properly the 15% offer, the interest i would have got back was very low, its all worded wrong to get you there, then they put the pressure sales talk on.

[Sophon]

yes your right 18months just come back from their branch,dont they try and mislead you,the mrs,just put the neck out on one of their staff she saw the poster on the wall fixed term 15% started to read it when she was approached by a staff member who said 15% the mrs asked how long for pause,no answer,so the mrs said its only for 1month at the end,answer we have this one as well 3.25%.

Yes I went in to inquire, I saw the 15% offer. I ended up in there for an hour and the Manager came trying to get me to sign up for 15 Years, I had a right job getting out of the place. They still could not explain properly the 15% offer, the interest i would have got back was very low, its all worded wrong to get you there, then they put the pressure sales talk on.

Sure, the 15% is intended to catch your attention, but I can't really see the problem. For anyone who can read Thai or English the conditions are very clearly outlined in the advertisement, even going so far as to state the average interest rate of 3.61% p.a.

Sophon

[pattaya_girl]

Well i can read English and it caught me out, my Partner and Daughter can read Thai, it also caught them out. The Bank would have been better putting 3.61 % instead of confusing matters by putting 15%.

[Sophon]

Well i can read English and it caught me out, my Partner and Daughter can read Thai, it also caught them out. The Bank would have been better putting 3.61 % instead of confusing matters by putting 15%.

If you read the full text you will notice that they did put the 3.61% average interest rate in the advertisement. Of course, if you stop reading after the "15%" then you may get he wrong impression, but anyone thinking they can get 15% p.a. really need to educate themselves a little about the market before deciding where to put their money.

But I'm curious. What information is it you think is missing from the advertisement?

Sophon

[GreenSnapper]

Well i can read English and it caught me out, my Partner and Daughter can read Thai, it also caught them out. The Bank would have been better putting 3.61 % instead of confusing matters by putting 15%.

Selling something in Thailand means, they get a commission and would tell you any kind of lie to get it. That goes from the Powerbuy sales stalker to the bank manager.

You always have to inform yourself before you do any kind of financial transaction. Don't believe anything what is told you.

Last time at my K-Bank, they tried to sell me the "Wisdom" credit card. "You can play free golf and yada yada....".

"How much is it for one year?" - no answer

"Can you give me the conditions in English?" - "Cannot"

That's how it works here. Either you know exactly what you want, or you will be cheated.

[meatboy]

Well i can read English and it caught me out, my Partner and Daughter can read Thai, it also caught them out. The Bank would have been better putting 3.61 % instead of confusing matters by putting 15%.

If you read the full text you will notice that they did put the 3.61% average interest rate in the advertisement. Of course, if you stop reading after the "15%" then you may get he wrong impression, but anyone thinking they can get 15% p.a. really need to educate themselves a little about the market before deciding where to put their money.

But I'm curious. What information is it you think is missing from the advertisement?

Sophon

what is not wanted is what they advertise in large bold no.'s on a step fixed term on the last month in this case,we already knew what the average was[small print]but many others dont they only look at the bold ad.my wife went into the mall which has many banks to open a fixed term acc.when she met her freind who told her she was going to do the same told the wife she would get 7%,not so said the wf.not everyone is as educated as my mrs.so answer this why do they show 15%when its only for 1month out of 18 that is what i call misleading.

[chiang mai]

It would be an interesting exersise if someone were to sit down with a calculator and figure out the return on all of these advertised rates. I suspect, off the top of my head, that there's very little in it between any of the savings products that have been posted here, 2.9% daily compound interest sounds like the same thing as 3.4% compunded monthly and so on, the only thing that's variable is the term, three, six or nine months etc, in that respect the choice of product becomes much easier for most people since they are all basically the same.

[Pinot]

It would be an interesting exersise if someone were to sit down with a calculator and figure out the return on all of these advertised rates. I suspect, off the top of my head, that there's very little in it between any of the savings products that have been posted here, 2.9% daily compound interest sounds like the same thing as 3.4% compunded monthly and so on, the only thing that's variable is the term, three, six or nine months etc, in that respect the choice of product becomes much easier for most people since they are all basically the same.

http://ncalculators.com/investment/fixed-deposit-calculator.htm All kinds of calculators here. Have at it.

[pattaya_girl]

You do not get the 15% on the last Month as it says on the ad.. All of the interest is calculated over the total Months which works out at 3.61% which is no good for me because it is over 18 Months. In this time, better deals might come out at other Banks, i don't want to be stuck there for 18 Months. I prefer a 12 Month contract so will take my pennies elsewhere.

[meatboy]

You do not get the 15% on the last Month as it says on the ad.. All of the interest is calculated over the total Months which works out at 3.61% which is no good for me because it is over 18 Months. In this time, better deals might come out at other Banks, i don't want to be stuck there for 18 Months. I prefer a 12 Month contract so will take my pennies elsewhere.

me and mrs meat has 5fixed accs,over the past 2years the best we have had was 3.78% over 11months stepped,so when something decend comes along its got to be when your acc.has matured.we try and stagger our accs.over the 12month period,the only one i dont mind tieing up for a long term is my visa extension money.checked with bkkb.yesterday and the best on offer is 3.25 over 5months but that could be beat as they have a money expo.on 17th.

[pattaya_girl]

I went along to the TMB bank today, as they were giving 3.5% over 12 Months. I went in and specifically asked the lady, loud and clear if they did 3.5% over 12 Months, her reply was Yes. I sat there for nearly 2 Hours while they counted my money, and opened the two bank accounts, I also paid 500bt for the ATM card. At the very very end when everything was finished, the clerk came to me and said, sorry, today it has now gone down to 3.3%. I demanded my money back immediately, and told them that they had totally wasted my day, and how very very incompetent they were. They would not close the ATM account I had to open, so I am 500 bt down and stuck with an ATM card I will never use. I will never ever go to this TMB bank again. If this Clerk had of told me at the very beginning that it was 3.3% I would have not been interested. So many shy faces as i was leaving, even the Bank Manager got an ear bashing from me. What a disgrace.

[chiang mai]

I went along to the TMB bank today, as they were giving 3.5% over 12 Months. I went in and specifically asked the lady, loud and clear if they did 3.5% over 12 Months, her reply was Yes. I sat there for nearly 2 Hours while they counted my money, and opened the two bank accounts, I also paid 500bt for the ATM card. At the very very end when everything was finished, the clerk came to me and said, sorry, today it has now gone down to 3.3%. I demanded my money back immediately, and told them that they had totally wasted my day, and how very very incompetent they were. They would not close the ATM account I had to open, so I am 500 bt down and stuck with an ATM card I will never use. I will never ever go to this TMB bank again. If this Clerk had of told me at the very beginning that it was 3.3% I would have not been interested. So many shy faces as i was leaving, even the Bank Manager got an ear bashing from me. What a disgrace.

That's an old and well proven trick, Standard Chart. (prefered bank to terrorists and corrupt governments) pulled that trick on me earlier in the year and when I wrote to their CEO to complain I basically got a two fingered salute in return.

[pattaya_girl]

I went along to the TMB bank today, as they were giving 3.5% over 12 Months. I went in and specifically asked the lady, loud and clear if they did 3.5% over 12 Months, her reply was Yes. I sat there for nearly 2 Hours while they counted my money, and opened the two bank accounts, I also paid 500bt for the ATM card. At the very very end when everything was finished, the clerk came to me and said, sorry, today it has now gone down to 3.3%. I demanded my money back immediately, and told them that they had totally wasted my day, and how very very incompetent they were. They would not close the ATM account I had to open, so I am 500 bt down and stuck with an ATM card I will never use. I will never ever go to this TMB bank again. If this Clerk had of told me at the very beginning that it was 3.3% I would have not been interested. So many shy faces as i was leaving, even the Bank Manager got an ear bashing from me. What a disgrace.

That's an old and well proven trick, Standard Chart. (prefered bank to terrorists and corrupt governments) pulled that trick on me earlier in the year and when I wrote to their CEO to complain I basically got a two fingered salute in return.

Wow, it hapenned to you as well ?? I thought it was a genuine mistake on there part and that I was the unlucky one. They got what they wanted anyhow, they got there 500bt for there ATM card. The clerk whom I dealt with should have been made to refund me, as it was clearly her fault from the beginning, but they got told, that i would be putting this up on Thaivisa.com for everyone to see. The place was silent, they knew they were in the wrong and clearly embarrassed.

[John 1]

I went along to the TMB bank today, as they were giving 3.5% over 12 Months. I went in and specifically asked the lady, loud and clear if they did 3.5% over 12 Months, her reply was Yes. I sat there for nearly 2 Hours while they counted my money, and opened the two bank accounts, I also paid 500bt for the ATM card. At the very very end when everything was finished, the clerk came to me and said, sorry, today it has now gone down to 3.3%. I demanded my money back immediately, and told them that they had totally wasted my day, and how very very incompetent they were. They would not close the ATM account I had to open, so I am 500 bt down and stuck with an ATM card I will never use. I will never ever go to this TMB bank again. If this Clerk had of told me at the very beginning that it was 3.3% I would have not been interested. So many shy faces as i was leaving, even the Bank Manager got an ear bashing from me. What a disgrace.

That's an old and well proven trick, Standard Chart. (prefered bank to terrorists and corrupt governments) pulled that trick on me earlier in the year and when I wrote to their CEO to complain I basically got a two fingered salute in return.

Wow, it hapenned to you as well ?? I thought it was a genuine mistake on there part and that I was the unlucky one. They got what they wanted anyhow, they got there 500bt for there ATM card. The clerk whom I dealt with should have been made to refund me, as it was clearly her fault from the beginning, but they got told, that i would be putting this up on Thaivisa.com for everyone to see. The place was silent, they knew they were in the wrong and clearly embarrassed.

If you look at the web site the rate changed to 3.3% on the 7/8 so the staff were not aware this is the managers fault.

[pattaya_girl]

I went along to the TMB bank today, as they were giving 3.5% over 12 Months. I went in and specifically asked the lady, loud and clear if they did 3.5% over 12 Months, her reply was Yes. I sat there for nearly 2 Hours while they counted my money, and opened the two bank accounts, I also paid 500bt for the ATM card. At the very very end when everything was finished, the clerk came to me and said, sorry, today it has now gone down to 3.3%. I demanded my money back immediately, and told them that they had totally wasted my day, and how very very incompetent they were. They would not close the ATM account I had to open, so I am 500 bt down and stuck with an ATM card I will never use. I will never ever go to this TMB bank again. If this Clerk had of told me at the very beginning that it was 3.3% I would have not been interested. So many shy faces as i was leaving, even the Bank Manager got an ear bashing from me. What a disgrace.

That's an old and well proven trick, Standard Chart. (prefered bank to terrorists and corrupt governments) pulled that trick on me earlier in the year and when I wrote to their CEO to complain I basically got a two fingered salute in return.

Wow, it hapenned to you as well ?? I thought it was a genuine mistake on there part and that I was the unlucky one. They got what they wanted anyhow, they got there 500bt for there ATM card. The clerk whom I dealt with should have been made to refund me, as it was clearly her fault from the beginning, but they got told, that i would be putting this up on Thaivisa.com for everyone to see. The place was silent, they knew they were in the wrong and clearly embarrassed.

If you look at the web site the rate changed to 3.3% on the 7/8 so the staff were not aware this is the managers fault.

The staff should be made aware don't you agree. They should be made aware of any changes BEFORE the Bank opens in the Mornings. Not after customers have sat there for hours. I have complained on the TMB website also, but i very much doubt i will get a response, because they were in the wrong not me.