Advice on supporting family please

[infinity11]

It is renewal time and i just want to check with other people in pats how they deposit their 800k retirement visa funds for the best rate.

I know first hand the rates vary with length of deposit.

Last year they has some funds with better rates but the were 'full' or sold out and told me to come back at the beginning of the next month for more options. <deleted>?

Might I do better by going to the big SCB bank near pat klang?

I am surprised by something every time i go to the bank here.

I get the feeling they aren't always telling me everything at my small branch, or they simply don't know.

helpful info, tips and tricks welcome

thanks

[KittenKong]

I think Kbank have a long step-bond that is currently offering the best rates over the term. I put mine into a 12 month TD with TMB earlier in the year at 3% (paid up-front) because Kbank were offering nothing to replace my old step-bond that matured at that time.

I think you can also get a decent fixed rate at LHBank, though I dont know if they are clued up about letters for immigration.

Most banks here seem to make it as difficult as possible to find out what their best rates and products are. Very odd.

[infinity11]

AND things ARE changing

i have had these fixed accounts for a long time but now not so easy

1-you have to now fill out a facta report if from the USA, no big deal

2-they told me they nedd 1 million minimum not 800k

3-they told me i need a work pernit now/again

4-it is now wait and see, otherwise if i dont get approved the moeny has to sit in savings at around 1%

[infinity11]

PS best offer they gave me was 15 months tiered paying out about 2.85%

[AbeSurd]

Today Bangkok Bank in Big C Extra on Central Road told me they have an 11 month fixed account at 2.8 percent. Minimum deposit 100,000 baht.

All things considered, not bad I thought.

[elgordo38]

Dear Abesurd

I find this rate difficult to believe as most banks are around 2% for 4 to 6 months. My BKK bank in Chiang Mai is only offering 2%

[KittenKong]

I find this rate difficult to believe as most banks are around 2% for 4 to 6 months. My BKK bank in Chiang Mai is only offering 2%

Rates around 2.8% are currently not so unusual for TDs of 9-12 months.

For 4-6 months you will get less, of course.

The trend seems to be downward at the moment.

[Ling Kae]

I went into KBank yesterday at Central Festival Pattaya, the best rate they could offer me was 2.8% for a 14 Month term with 1M baht minimum deposit, I said no thanks.

The Bangkok Bank deal Abe Surd mentions sounds good though.

[infinity11]

BTW there is an ad on the door at scb that looks like it says 4% for 15 months, if you see it and read thai please report back here, what it really means is you get 4% the last months of the term not for the whole time.

[Tony M]

BTW there is an ad on the door at scb that looks like it says 4% for 15 months, if you see it and read thai please report back here, what it really means is you get 4% the last months of the term not for the whole time.

I was in SCB this morning. The 15 month 4% deal is as follows :

It pays 2% for months 1 - 6

Then 3% for months 7 - 12

Then 4% for months 13 - 15

It averages out at 2.8%, I believe.

[Rimmer]

There is a pinned topic in the banking Forum that discuses all the deposit rates available HERE

[properperson]

i thought for your 800,000 b it had to be "instant access" and a 1 year term deposit didn't qualify ?

is that true ??

[chiang mai]

i thought for your 800,000 b it had to be "instant access" and a 1 year term deposit didn't qualify ?

is that true ??

No, All fixed rate deposits in Thailand can be cancelled by the account holder at any time, with the loss of interest paid.

[properperson]

i thought for your 800,000 b it had to be "instant access" and a 1 year term deposit didn't qualify ?

is that true ??

No, All fixed rate deposits in Thailand can be cancelled by the account holder at any time, with the loss of interest paid.

Well you learn something new every day.........when i asked my bank if a 1 year fixed was "ok for retirement visa" - i was told "no" - so have had mine in current account earning no interest at all for the last 4 years....

[chiang mai]

i thought for your 800,000 b it had to be "instant access" and a 1 year term deposit didn't qualify ?

is that true ??

No, All fixed rate deposits in Thailand can be cancelled by the account holder at any time, with the loss of interest paid.

Well you learn something new every day.........when i asked my bank if a 1 year fixed was "ok for retirement visa" - i was told "no" - so have had mine in current account earning no interest at all for the last 4 years....

I've been using fixed rate deposits for visa extension purposes for about eight years, as have loads of other people in Chiang Mai and Phuket. It would of course be prudent to ensure that your local immigration office will accept such an account but it's almost 99.999% certain they will. As for your branch's response to your question: it's not the branch that decided whether such accounts are acceptable or not, it's Immigration. And account closure of a fixed rate product is a long standing feature of fixed rate products in Thailand, they are fixed rate not fixed term.

[JacChang]

Definitely check out lhbank, they seem to be doing some deals better than our usual banks.