The 'Teachers Bank' in Buriram are paying 6% interest on fixed term savings accounts. Sounds too good to be true. Is it?

In 21 years here, I have never heard of the Teacher's Bank".  If such a thing exists at all, my wager would be that it is some sort of co-operative bank for Thai teachers. If someone wants to prove me wrong, I would be pleased to be informed.

My guess it's Omsin Bank. http://www.gsb.or.th/index2.aspx

 

AFAIK a Foreigner can't open a Account at that bank

 

Here a list from BOT with all Interest Rates from Commercial Banks in Thailand

 

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

"AFAIK a Foreigner can't open a Account at that bank"

 

I don't know about now, but it was possible a few years ago.

It is indeed a co operative set up and run by teachers. Many teachers use it to borrow and invest.

 

When a teacher borrows the payments are taken at source from their monthly salary.

 

Anyone can invest if they are introduced by a teacher. The money must be invested in a Thai name.

 

The percentage rate mentioned is accurate.

34 minutes ago, puchooay said:

It is indeed a co operative set up and run by teachers. Many teachers use it to borrow and invest.

 

When a teacher borrows the payments are taken at source from their monthly salary.

 

Anyone can invest if they are introduced by a teacher. The money must be invested in a Thai name.

 

The percentage rate mentioned is accurate.

6% is paid if it's in a Thai name. I keep 800,000 in a fixed term for my annual extension and receive 4.5% pa which my wife then puts into her/our account every year. The immigration office accept this bank as being acceptable, but people who I've tried to recommend this bank to think its too good to be true. Are any other members using this bank and what are their thoughts.

 

Address is:-
Buri Ram Teacher Saving Cooperative Limited
36/100 ถนน อิน จันทร์ ณรงค์, ตำบล ในเมือง อำเภอเมืองบุรีรัมย์ บุรีรัมย์ 31000
Phone:044 611 581