Interest For Savings Account

[zzap]

I have had an ordinary Savings account with Krung Thai bank for 8 years now, regularly transferring funds from abroad.

When I recently went to update my book, there was no end-of-year interest accounted, unlike the 7 years before.

After querying, I was referred to the (new) manager, who bluntly stated: "Farang mai dai dok."(Foreigner cannot have interest). I pointed out that I opened the account with the understanding of receiving interest and received it for the last 7 years. "They made a mistake. You need to have a 'tabien ban'." was all I could get out of him. I stayed in LOS on and off on tourist visas, so no 'tabien ban'. He wouldn't indulge my curiousity further. I should add that his English is far worse than my Thai (which is far from perfect).

Rather than making a big scene there and then, I decided to inform myself before taking this further.

He may be 'right' to interpret the matter this way, legislation may be typically 'spongy', or perhaps there's a new regulation?

There is not a lot of money involved, but of course if I can't get interest, I'll put my cash somewhere else. Also I found the guy to be very rude, this is no way to talk to a long standing customer, and I am determined to take the matter further, either with him or further up the Krung Thai management.

Any info, experiences regarding this issue?

[steveromagnino]

Any info, experiences regarding this issue?

Govt banks are a law unto themselves; I cannot guarantee you are necessarily entitled to an interest bearing account, as bank managers reserve the right to refuse accounts to anyone as they see fit.

Maybe ask another manager and you might get a different answer.

I know many foreigners with interest bearing accounts; however there MAY be some truth to the you being on tourist visa, I thought you needed a proper visa to get a bank account here? Maybe since you applied prior to this, they are now going to try to stop you having a bank account here altogether...

You should try some other bank, and you may find things much easier. However, to ease your mind, this last year has been not so hot for interest, so you aren't missing out on too much

[Tywais]

However, to ease your mind, this last year has been not so hot for interest, so you aren't missing out on too much

So true about that! I get about .75% (at the moment) on savings account. I remember long time ago (pre-baht crisis) being offered 14%.

Last month my bank teller noticed my balance and asked why not put it into a fixed deposit and can earn about 3.25%. Told her was going to buy a car soon (true) but may move the balance after the purchase to a higher yield.

Forgot to mention my account is with Bangkok Bank (and has been for about 15 years).

Edited February 9, 2006 by tywais

[Guest endure]

You can put it into a fixed term deposit anyway. If you put it into a 3 month fixed term and leave it there for 3 months you get the interest and can draw without penalty. If you draw before 3 months all that happens is that the 'clock' is reset and you have to wait 3 months for the next interest payment.

[Ricardo]

I was able to open a Savings-Account with Siam Commercial Bank while just on tourist-visas, paying in advance-money, prior to the purchase of our new home, ie. significant amounts. And have always received interest.

Having said which - I do recall seeing information-posters which had a nil-interest band.

If my bank ever actually enforced this, I would immediately switch to another bank, no question.

[iansc]

I was able to open a Savings-Account with Siam Commercial Bank while just on tourist-visas, paying in advance-money, prior to the purchase of our new home, ie. significant amounts. And have always received interest.

Having said which - I do recall seeing information-posters which had a nil-interest band.

If my bank ever actually enforced this, I would immediately switch to another bank, no question.

every bank account i have had has paid interest, bangkok bank,thai farmers, thia military,siam bank, even dormant accounts that i had not touched for 10 plus years recieved interested and no account keeping fees. I updated these and was amazed they still existed some after 14 years. If you check all bank web sites they say no interested to non residence on savings accounts, but they all offer interest on term depositis. But i would say they are all competing for farang cash so they pay it on savings accounts.

[LoveDaBlues]

I opened a savings account in early November 2005 at Krung Thai bank. I was told up front that no interest would be paid to farang. Also no banking charges so long as I keep at least 500 baht in the account. I have a multi-entry non-imm 'O' visa.

Nice to hear you can get some interest paid here......was led to believe otherwise.

[zzap]

I know interest is pretty low at present, I just found the guy was rude and didn't explain what's going on. I even wondered whether this was a hint for me to close the account before they're going to do so.

Initially the bank told me (8 years ago), this is the only kind of account I could get on a tourist visa, I was let to believe everything is fine.

Anyway, thanks for the replies, so far it confirms what I suspected: There seem to be no binding rules regarding this and individual managers have a lot of discretion. No surprises here...

I'll shop around for another account.

[zzap]

According to the Bangkok Bank website, I can get interest opening an account with them.

So, the new manager was just bullshitting me...

I'll go in and have a 'word' with him once I establish a new account.

[LoveDaBlues]

According to the Bangkok Bank website, I can get interest opening an account with them.

So, the new manager was just bullshitting me...

I'll go in and have a 'word' with him once I establish a new account.

Take him a screen shot.....really stick it up his arse.......

[bkkmadness]

Print out the info on the bangkok bank website, take them in and ask for an explanation for the manager. If he's still arsey with you tell him you'll need his name so you can take it up further with his superiors as he doesn't seem to be able to follow the policy of his own bank. He might change his mind then and just 'trying it on' for the moment. Though for whatever reason, beats me, not his cash is it.

[marshbags]

The manager was rude to you right.

Personally i would have close the account and look for a customer friendly bank.

Forget the hassle and stay coolllllllllllllllll

Ask around and i,m sure you will find a good one elsewhere very easily by word of mouth.

The interest is a pittance anyway and unless you have loads in the account move on.

( Which you say you haven,t )

Unless your here full time, why bother with the bank anyway.

I use travellers cheques as back up, no problems in 13 + years and they don,t have a sell by date either.

You will gain more in exchange rates than the .75% on offer at the moment and most important, flexability.

Any left you can cash back home if you don,t need them anymore.

I have a mate who cannot return to Thailand, possibly passed on now and his account still has money in it which will go to the Thai benevolent society ??????????

marshbags

Edited February 10, 2006 by marshbags

[rainman]

Bangkok Bank told me the same when i opened my accounts two years ago. the first year, no interest. last december i got interest on all my accounts.

[phuketsiam]

I've always found the banks to be a random, "you need WP", you don't need WP, this much interest, no this much cos you are farang, imagine in Europe if they published different interests rates for different races, that would be a laugh. Point is though you need service from a Bank, of you don't get it, change until you do, I ended up with about 5 acounts in the end.

[Carmine6]

According to the Bangkok Bank website, I can get interest opening an account with them.

So, the new manager was just bullshitting me...

I'll go in and have a 'word' with him once I establish a new account.

Where does it say this? I was thinking of opening an account for convenience, but the no interest turned me off.

I've found where you can get interest on a time deposit, but for a regular savings it says no interest for a non-resident. For regular accounts it keeps mentioning "Bring your passport and work permit along when you want to open a bank account. " There is also mention of a "Certificate of Residence"

Savings Deposit

Interest Rate (%) / Year

Current Deposit

0.00

Savings deposit for :

- Retail Customer

0.75

Savings deposit for :

- Non Resident - Individual

0.00