Harris Blows an Easy Interview, Trump Pounces: She is Just Joe Biden Redux

[thairookie]

I was with Bangkok Bualuang for quite a while, at 2.65% or thereabout for every three monthly intervals.

Recently BBL emailed me to inform me of the automatic renewal of my FD but interest rate has gone south to 1.15% or thereabouts.

What is the situation with other banks ?

[Pib]

Same...Bank of Thailand has significantly lowered its rates to help spur the economy....lower BOT rates in turn drives commercial banks to lower their rates. Same thing has been going on in many other countries.

Sent from my Samsung S4

[meatboy]

we are alright till jan,and april 2015,3.5, 3.3 and 3.2% you just wait till the end of their financial year when more has gone out than come in.

[falang07]

it started to go up recently, many banks offer around 3%

[Pinot]

3% is probably as good as you're going to get. I consider it a fair return but the Thai baht could be at 35/$USD by 1/1/2015. I was bring in $'s and stashing it in savings accounts because I thought the baht was a good value. Now, I don't know.

Is the baht strong enough to stay where it is? The $ is falling against the baht today. It's been resilient. So far it is.

[12DrinkMore]

it started to go up recently, many banks offer around 3%

Just give one single example out of the "many banks". There are none offering 3%, the best rate is the TMB at 2.5% on a one year deposit.

The whole world has to import the zero interest rate policies of the Great US of A and the other, so called, "mature economies" of Japan, Europe and the UK.

Otherwise they would be flooded with USD's borrowed at nothing, distorting the exchange rates, stock markets and other asset prices.

[AyG]

it started to go up recently, many banks offer around 3%

Just give one single example out of the "many banks". There are none offering 3%, the best rate is the TMB at 2.5% on a one year deposit.

Actually, Land & Houses offers 2.95% for a one year deposit. TISCO, ICBC and Thai Credit Retail Bank all offer above 2.5% too.

As for getting 3% it's available from L&H and TCRB (24 month deposits in both cases). Not "many banks", but it is attainable.

[Pib]

it started to go up recently, many banks offer around 3%

Just give one single example out of the "many banks". There are none offering 3%, the best rate is the TMB at 2.5% on a one year deposit.

The whole world has to import the zero interest rate policies of the Great US of A and the other, so called, "mature economies" of Japan, Europe and the UK.

Otherwise they would be flooded with USD's borrowed at nothing, distorting the exchange rates, stock markets and other asset prices.

Below are a couple of examples: Kbank's 24 month Super Taweesub Deposit...paying 3.2 or 3.5%, and Bangkok Bank's 24 to 60 month Sinmathaya Subthawee Deposit paying 2.5 to 2.75%. Below cut and pastes taken from their websites today.

[AyG]

Below are a couple of examples: Kbank's 24 month Super Taweesub Deposit...paying 3.2 or 3.5%, and Bangkok Bank's 24 to 60 month Sinmathaya Subthawee Deposit paying 2.5 to 2.75%. Below cut and pastes taken from their websites today.

Those rates aren't for fixed deposit accounts. They're savings deposit accounts which require you to pay in a fixed sum monthly. The rates are not comparable.

[Pib]

Below are a couple of examples: Kbank's 24 month Super Taweesub Deposit...paying 3.2 or 3.5%, and Bangkok Bank's 24 to 60 month Sinmathaya Subthawee Deposit paying 2.5 to 2.75%. Below cut and pastes taken from their websites today.

Those rates aren't for fixed deposit accounts. They're savings deposit accounts which require you to pay in a fixed sum monthly. The rates are not comparable.

Yeap, but it still a savings account earning that much interest.

[AyG]

Below are a couple of examples: Kbank's 24 month Super Taweesub Deposit...paying 3.2 or 3.5%, and Bangkok Bank's 24 to 60 month Sinmathaya Subthawee Deposit paying 2.5 to 2.75%. Below cut and pastes taken from their websites today.

Those rates aren't for fixed deposit accounts. They're savings deposit accounts which require you to pay in a fixed sum monthly. The rates are not comparable.

Yeap, but it still a savings account earning that much interest.

Check the title of the thread. Savings account ≠ Fixed deposit account.

[Pib]

The banks provide their core deposit interest rate info to the Bank of Thailand (BOT). Taken from the BOT website, below is the Daily Interest Rate of Thai banks for 17 Jun 14...it don't show all the different deposit rates, but it shows most of them. Always go to the individual bank web sites to see all the interest rates and different savings deposits offered.

[Asiantravel]

even 1% is better than what you will need to be prepared for because the trend is you will receive absolutely zilch interest and in fact you will have to pay the bank to keep your money with them

Edited June 18, 2014 by Asiantravel

[AyG]

even 1% is better than what you will need to be prepared for because the trend is you will receive absolutely zilch interest and in fact you will have to pay the bank to keep your money with them

There are a few reasons to think that's not true. Globally, quantitative easing has to come to an end fairly soon. The Governor of the Bank of England recently warned that interest rates in the UK will probably rise later this year. In the USA, they are in the middle of tapering quantitative easing and interest rates should rise there soon. A rising tide lifts all boats, so I expect interest rates to increase here over the next year, not go down.

In Thailand, interest rates have also been pushed low because of a depressed level of economic activity thanks to the political situation. Now that stability has been restored (at least until the next popular uprising), businesses will be looking to invest more, borrowing from banks, leading to interest rates broadly rising.

The only major risk I can see at the moment is a labour shortage brought upon by migrant workers continuing to leave the country. The junta has made it a priority to get the message out that there isn't going to be a major crackdown on migrant illegals. I just hope the message gets across.

[Asiantravel]

even 1% is better than what you will need to be prepared for because the trend is you will receive absolutely zilch interest and in fact you will have to pay the bank to keep your money with them

There are a few reasons to think that's not true. Globally, quantitative easing has to come to an end fairly soon. The Governor of the Bank of England recently warned that interest rates in the UK will probably rise later this year. In the USA, they are in the middle of tapering quantitative easing and interest rates should rise there soon. A rising tide lifts all boats, so I expect interest rates to increase here over the next year, not go down.

In Thailand, interest rates have also been pushed low because of a depressed level of economic activity thanks to the political situation. Now that stability has been restored (at least until the next popular uprising), businesses will be looking to invest more, borrowing from banks, leading to interest rates broadly rising.

The only major risk I can see at the moment is a labour shortage brought upon by migrant workers continuing to leave the country. The junta has made it a priority to get the message out that there isn't going to be a major crackdown on migrant illegals. I just hope the message gets across.

" there are a few reasons to think that's not true "

You are evidently out of touch because the ECB has just lowered the rate it pays on bank deposits from 0 to negative 0.1 percent so it is now charging banks to hold money with them overnight.

[MadMac]

Islamic Bank said they still have 3%, see the other thread. I got that info last Friday when it was still at 3.15%.

[falang07]

I got 3% in CIMB last month for 12-month fixed deposit

[falang07]

Thanachart, 3.06% for 14 months, 2.65-2-85 for 8 months, see http://www.thanachartbank.co.th/TbankCMSFrontend/rateth.aspx?rateid=4

I am sure there are many more like Tisco, LH, you just need to search a little

[falang07]

but if baht plummets more, 3% will be quite a poor compensation

[topt]

even 1% is better than what you will need to be prepared for because the trend is you will receive absolutely zilch interest and in fact you will have to pay the bank to keep your money with them

There are a few reasons to think that's not true. Globally, quantitative easing has to come to an end fairly soon. The Governor of the Bank of England recently warned that interest rates in the UK will probably rise later this year. In the USA, they are in the middle of tapering quantitative easing and interest rates should rise there soon. A rising tide lifts all boats, so I expect interest rates to increase here over the next year, not go down.

In Thailand, interest rates have also been pushed low because of a depressed level of economic activity thanks to the political situation. Now that stability has been restored (at least until the next popular uprising), businesses will be looking to invest more, borrowing from banks, leading to interest rates broadly rising.

The only major risk I can see at the moment is a labour shortage brought upon by migrant workers continuing to leave the country. The junta has made it a priority to get the message out that there isn't going to be a major crackdown on migrant illegals. I just hope the message gets across.

" there are a few reasons to think that's not true "

You are evidently out of touch because the ECB has just lowered the rate it pays on bank deposits from 0 to negative 0.1 percent so it is now charging banks to hold money with them overnight.

Seems a good idea if you want to encourage the banks to lend to SMEs etc - nothing to say the banks will do the same to their depositers as they would likely stop depositing........

Also AyG is forward looking and Thailand is not in the ECB.........

[SheungWan]

even 1% is better than what you will need to be prepared for because the trend is you will receive absolutely zilch interest and in fact you will have to pay the bank to keep your money with them

There is no law that says that retail bank accounts should be free. Secondly, if you are unhappy with the interest rates offered then change bank(s).

[Thighlander]

If you must stay with BKK Bank, go in on the day your TD matures and ge the 4 month 2% promo. Otherwise they automatically renew at the 1.15% 3 month....Oh, and they take 15% in txes. I just switched to www.krungsri.com on amounts of 100,000 to 10,000,000 they give you 2.35% and no taxes are withheld. They seem to be very accomodating to foreigners,as well. Unlike, unscramble this: to find correct initials: Thai Bowel Movement......total jerk-offs, xenophobic, just tell me one thing: How the F--- can I show you my work permit, when my long stay visa says in big letters: Employment Prohibited. And I've heard L & H require WP, also. A lot of us who have a million or so in the bank, do it for retirement extension purposes...so it's nice to get a decent return, but we need competence, when it is time to get the letter...that's why I recommend www.krungsri.com. And I think us farang should stop doing business with these anti-farang banks...like when I sell my condo; "Oh, you want to get a mortgage with Thai Movement Bowel? Sorry, they will not be allowed in my unit to appraise. Hurt them wear it counts...their bottom line. BTW< Bangkok Bank has done me right over the 8 years I have been there, and I haven't seen a better way to get money over here than going through BKK Bank NY...so that account is definitely staying open. The 800K will be at Krunsgri, but everything is subject to change. I once changed jobs for 5 dollars more per day, and a free, good salad bar for lunch. As a young retiree, my legitimate part time job is a) keeping the Thais honest and managing my money.

[AyG]

I just switched to www.krungsri.com on amounts of 100,000 to 10,000,000 they give you 2.35% and no taxes are withheld.

I've heard L & H require WP, also.

I presume that the Krung Sri account you're talking about is "Savings Mee Tae Dai Deposit Account", though that pays 2.30% (not 2.35%), and there's only 1% interest on the first 100,000 Baht. I think you'll find that you're wrong about 15% tax being withheld, though, since this isn't one of the tax privileged accounts.

As for L&H requiring a work permit, when I ask Head Office told me they also required a police report from my home country, amongst other ludicrous things (and this was just to deposit money with them). They're definitely not interested in the business of foreigners. But then it's like so many Thai shop staff who'd rather say "mai mii" than have to deal with a foreigner - even one who speaks Thai fluently.

Generally, I find that the banks offering the most enticing interest rates are the ones least prepared to deal with foreigners.

[Pib]

I just switched to www.krungsri.com on amounts of 100,000 to 10,000,000 they give you 2.35% and no taxes are withheld.

I've heard L & H require WP, also.

I presume that the Krung Sri account you're talking about is "Savings Mee Tae Dai Deposit Account", though that pays 2.30% (not 2.35%), and there's only 1% interest on the first 100,000 Baht. I think you'll find that you're wrong about 15% tax being withheld, though, since this isn't one of the tax privileged accounts.

As for L&H requiring a work permit, when I ask Head Office told me they also required a police report from my home country, amongst other ludicrous things (and this was just to deposit money with them). They're definitely not interested in the business of foreigners. But then it's like so many Thai shop staff who'd rather say "mai mii" than have to deal with a foreigner - even one who speaks Thai fluently.

Generally, I find that the banks offering the most enticing interest rates are the ones least prepared to deal with foreigners.

Yea, I expect it is taxed otherwise KrungSri would make that an advertising/selling point...plus it does pay high interest similar to a fixed account variant. When looking at the conditions of the account, see Para 10.10 in below cut and paste from the KrungSri website. But whether it's taxed if over Bt20K interest earned or the fixed account 15% for any amount of interest earned I couldn't say based on info I could find at the KrungSri website.

1

0 Savings Mee Tae Dai Deposit Account: Deposit terms

10.1 Eligible depositors are individual customers who open an account only under their name (joint accounts,

account “for” or “by” are not permitted).

10.2 The minimum for the initial deposit is THB 500.

10.3 For depositing with a cheque, the deposit shall be considered as complete only after the cheque has been

cleared.

10.4 The interest rate and fees on this deposit is as per the Bank’s announcement.

10.5 The Bank shall calculate interests on a daily basis based on the remaining balance and shall deposit such

interests after deduction of withholding taxes to such account on the day before last working day of each

month.

10.6 The depositors shall be able to make the Withdrawal Transaction 2 times of each month with free of charge,

after that, the Withdrawal Transaction fee will be charged in the amount of 50 Baht per transaction given

that such fee will be deducted from the account in the next day.

10.7 Withdrawal Transaction means any withdrawal or fund transfer via all of the Bank’s channels which also

include automatic account deduction and the closing of account.

10.8 In the case where the remaining balance is less than the Withdrawal Transaction fee, the depositors shall

not be allowed to make any Withdrawal Transaction.

10.9 Depositors shall be able to close their account at the branch where the account has opened.

10.10 The calculation of the interest tax is as per the regulations/conditions of the Revenue Department.

10.11 The Bank reserves the right to change conditions or service procedures without any prior notice to depositors.

[Thighlander]

I just switched to www.krungsri.com on amounts of 100,000 to 10,000,000 they give you 2.35% and no taxes are withheld.

I've heard L & H require WP, also.

I presume that the Krung Sri account you're talking about is "Savings Mee Tae Dai Deposit Account", though that pays 2.30% (not 2.35%), and there's only 1% interest on the first 100,000 Baht. I think you'll find that you're wrong about 15% tax being withheld, though, since this isn't one of the tax privileged accounts.

As for L&H requiring a work permit, when I ask Head Office told me they also required a police report from my home country, amongst other ludicrous things (and this was just to deposit money with them). They're definitely not interested in the business of foreigners. But then it's like so many Thai shop staff who'd rather say "mai mii" than have to deal with a foreigner - even one who speaks Thai fluently.

Generally, I find that the banks offering the most enticing interest rates are the ones least prepared to deal with foreigners.

Good luck getting a letter to immigration from L & H. But two things 1) you are correct in tht they did lower the rate to 2.3 from 2.35...however, you are incorrect about how it is calculqted, and they give three examples at the bottom of the page clearly showing that with a balance of 2,550,000 you will get 2.3% on the entire amount, but make sure you don't go over 10,000,000 or you will get .75% on the entire amount. As far as taxes...yeah it's all taxable, but as I stated they don't automatically withhold like they did on my BKK Bank TD. If you go over 20,000 in one year they will withhold, but other customers say they will get a call from the branch advising them to switch to a TD or some other way to avoid withholdings, which you can get back anyway, but who wants to deal with that kind of crap for 500 or 1000 thb.

Interest is also paid monthly, which beats the heck out off BKK Bank paying twice per year.

http://www.krungsri.com/en/consumer-detail.aspx?did=195&tid=2⊂=true

Edited June 21, 2014 by Thighlander

[TallGuyJohninBKK]

Generally, I find that the banks offering the most enticing interest rates are the ones least prepared to deal with foreigners.

I think that's a pretty accurate assessment.

When people post here about various banks and their interest rates, they ought to at least mention whether work permits are required to open with that bank, as that will make a difference to a lot of people here.

Also, some of the monthly deposit accounts mentioned above with 3% or so interest rates (assuming you make the promised deposit each and every month for two or three years) are capped at a total maximum balance of 600,000 baht -- which would make them no use for people hoping to use their deposits toward an 800,000 baht Immigration requirement for a retirement extension.

Not to mention, how willing or able is that particular bank to provide an deposit letter for Thai Immigration, and are they willing to do in in a timely manner to satisfy Immigration -- and not a week old by the time you receive it.

[falang07]

SCB is now giving 2,8% for a 16 month fixed deposit, I have just seen it today in the department store

[AyG]

SCB is now giving 2,8% for a 16 month fixed deposit, I have just seen it today in the department store

Yup. With a minimum deposit of 3 million Baht.

[SheungWan]

SCB is now giving 2,8% for a 16 month fixed deposit, I have just seen it today in the department store

Yup. With a minimum deposit of 3 million Baht.

A lot of guys on this forum are desperately searching for 3%+ on their 30 thousand baht deposits.

[AyG]

One product that someone else mentioned in this forum is Bank of Ayuddhaya (Krung Sri) Mee Tee Dai savings account. It offers tiered interest rates:

First 100,000 Baht, 1.0%

100,000 to 10 million Baht, 2.3%

Above 10 million Baht 0.75%

That 2.3% is better than shorter term fixed deposits, and the account allows 2 free withdrawals a month.

To me this looks attractive. I don't want to tie up my money for 2-3 years to get 2% p.a. since I'm convinced that interest rates have to rise from where we are now.

No restrictions mentioned on the website (other than it's only for individual, personal applicants). No need for regular deposits.

Anyone got any thoughts on this account, or experience of opening one?

http://www.krungsri.com/en/consumer-detail.aspx?did=195⊂=true