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[Pib]

From looking at the TMB site regarding their No Fixed Account product it appears to offer  "up to a maximum of 2.25%" which implies to me different deposit amounts may earn different levels of interest with the max being 2.25%.   When trying to read more regarding the fine print a person seems to run into Thai language only documents...image type documents that Google Translate can't deal with.

 

 Anyone know if the No Fixed Account is a tiered interest to amount or maybe tier interest to period of time type account with the max reaching 2.25%....and if so, what are the tiers?   I hate these bank sites that don't provide enough details/info English...but hey, that's my problem I guess as I just need to learn to read Thai.

[Pib]

Here's a Nation news article from mid 2012 talking about the No Fixed Account.  From the article it appears pretty popular, but still don't give explain clear enough for me how the interest is paid. On the TMB website in their interest rate tables they imply/state a "Maximum Interest Rate of 2.25%."   So does this mean there is some balance tiers involved to reach the maximum 2.25%?   Thanks in advance for any additional info.

[JacChang]

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I check out the money market fund rates from time to time. I don't find the K-money market range worthwhile: T+1 settlement plus I can usually find better rates in savings accounts. While in some countries they are worthwhile, in Thailand I find generally not

 

eg TMBs ME and No Fixed accounts consistently beat these MM rates, as does Stan Chart's Marathon Savings accs (they bring out every Sep/Oct/Nov Mar/Apr/May) and their e-Saver accounts. All these allow pretty much instant access if you really need it. By consistently I don't mean always, but the majority of the time.

 

Last time I looked the K-Asset MM fund had earned about 14% over 6+ years, and commonly is only 2.X % annualised. Just did a quick google and that still holds. Here's Feb of this year - first one I came to - bit out of date but the picture is usually similar:

 

http://www.kasikornasset.com/EN/FundDocuments/Fund%20Fact/K-MONEY_Eng.pdf

 

One other thing that isn't clear is whether their returns are quoted after the management fee of 0.5%. I've never bothered to check though, as I say I usually find it easy to have an easier access account with better rates. Yes it beats the 3m standard fixed deposit rates, but then again those aren't exactly the best rates on the market either.

 

Cheers

Fletch

 

Hello Fletch, I'll give those accounts you mentioned a check later. To see if they are better, and I'll report back for our members.

 

I used to use k-money, but since about a year ago, a new one is available which I would recommend over k-money. It is k-mplus. It has slightly better 0.2-0.3% than the k-money. I've seen the AUM of these two funds changed hands during this past few months. K-money used to be the king as it was the highest performing MM fund, and k-mplus was the new guy with 10% nav of k-money. But I guess customers are smart  , now k-mplus is equivalent to k-money in AUM. Which makes me afraid actually, because a sudden surge of 1000% increase in money will scare the fund manager hahaha.

 

k-mplus stands at 2.6% gains per year. I used the NAV of Aug2013 to Aug 2014. So the management fee is already applied into the NAV and customers don't have to worry about it. Another point I would like to mention is, savings deposits, you will incur tax of 15%. While these funds you don't, so K-MPLUS at 2.6% is actually equivalent to 3.0588% gains if compared to savings.

 

3.05% gains if compared to deposits, and next day exit ticket without fees/restrictions.

So I still use them for now.

[chiang mai]

Savings deposit tax of 15%, paid on fixed rate deposits, is reclaimable via the Thai tax system .

 

http://www.thaivisa.com/forum/topic/610294-obtaining-refund-of-tax-withheld-on-thai-bank-fixed-savings-account/

[JacChang]

Savings deposit tax of 15%, paid on fixed rate deposits, is reclaimable via the Thai tax system .

 

http://www.thaivisa.com/forum/topic/610294-obtaining-refund-of-tax-withheld-on-thai-bank-fixed-savings-account/

Thanks, we get it all back? Or a percentage.

[chiang mai]

 

Savings deposit tax of 15%, paid on fixed rate deposits, is reclaimable via the Thai tax system .

 

http://www.thaivisa.com/forum/topic/610294-obtaining-refund-of-tax-withheld-on-thai-bank-fixed-savings-account/

Thanks, we get it all back? Or a percentage.

 

 

The first THB 150k of interest income is tax free and tax on it can be reclaimed in full, read the thread!