notice saving accounts

[damole]

hi

I have a local friend who has trouble saving and I thought I would recommend a notice account, either 30 or 90 days. Do these exist in Thailand? If so which banks offer them?

cheers

damole

[55Jay]

If you mean like "no notice" accounts, like not CDs, like, not fixed accounts, then mine at Krungsi is paying 2.3% right now.

If he or she can put away like 2 million, it could buy some, like, noodles, for like, 2 weeks.

I like noodles. Noodles are good.

(Idiocracy 1996)

[Pib]

I think the OP means a "notice" account which makes it hard, painful, complicated, and/or slow to get to the funds...basically you need to give advance notice and then also suck-up any associated penalties.

Even the majority of Thai bank traditional fixed savings accounts allow withdrawal with no notice (just walk-in and withdraw the money) but of course you then lose the majority of interest earned...I guess losing the majority of the interest could be painful.

But with some hybrid fixed savings accounts like the one 55Jay mentioned where a person can withdraw several times per month without penalties, a hybrid fixed savings account usually pays less interest than a traditional fixed savings account but a lot more than a regular savings account.

Edited November 30, 2014 by Pib

[damole]

Yes this is what I am looking for, an account where you cannot withdraw money without penalty if you don't give notice. It helps to encourage savers to keep their money in the account rather than spend it on the basis they will get better interest rates than an instant access account.

[55Jay]

Yes this is what I am looking for, an account where you cannot withdraw money without penalty if you don't give notice. It helps to encourage savers to keep their money in the account rather than spend it on the basis they will get better interest rates than an instant access account.

Think I saw those accounts with HSBC when I was with them. They no longer do retail in Thailand though.

Looked at Bangkok Bank, didn't see anything, you could run through the list of banks, might find something. http://www.inntron.com/bank_thc.html

I would go with a fixed account and try to get them/him/her on board with the concept of saving. Hard if they don't have much to begin with. More severe and requires trust would be you open one, if you are able to, and hold the funds - protect them from themselves. That can backfire though.

End of the day, you can lead a horse to water but can't make them drink.

Chok Dee.