peeba7 Posted August 20, 2016 Share Posted August 20, 2016 Apologies if this have been covered before and my lack of time to do a long search and reading so consider this an update with some additional information added please August 2016. Time to renew the fixed deposit account. 1-What is the best rate I can get at SCB pattaya. Should be the same at any location, yes? Long term is fine. 2-Best rates at other banks? 3-Also is it true that with an unused account (some or all) in Thailand over a year, you lose (all the money in) the account? On the SCB website I found no rates or lengths. After phoning the call center three times trying to manage their menus this is the best I heard: 12 month fixed 1.3% at SCB. 4- 12 months is the longest they offer now? 5-How can I get better than 1.3% on this type of account for retirement visa purposes? Also please do not forget to get your tax withholding refund each year (if allowed) as they tell me you can not waive the tax withholding from these accounts. 5-Is that true? Link to comment Share on other sites More sharing options...
boomerangutang Posted August 20, 2016 Share Posted August 20, 2016 SCB probably pays about 1.5%. You may consider a bank in Cambodia. Link to comment Share on other sites More sharing options...
ezzra Posted August 20, 2016 Share Posted August 20, 2016 Try the Krung Sri bank, I get 2%+ on term deposits on call, meaning, you can withdraw any time you like no penalty, also, when it comes to large amount deposit in the millions, the trick is to spread the deposit on few saving accounts and thus you don't pay income on your interests earn, only after you have earned B.20,000 you start to pay tax, but than you close the account and start all over again, perfectly legal..... Link to comment Share on other sites More sharing options...
chiang mai Posted August 20, 2016 Share Posted August 20, 2016 There's a long standing pinned topic at the top of this forum that answers all your questions, there's lots of useful info in there. Link to comment Share on other sites More sharing options...
henry15 Posted August 20, 2016 Share Posted August 20, 2016 Go to GSB, they give the highest intrest, and you don't have to pay the 15% tax. Link to comment Share on other sites More sharing options...
Kabula Posted August 20, 2016 Share Posted August 20, 2016 Spend it and enjoy your money! After the tax deduction, you will wonder why you made the deposit at so low interest, after you get so little back! The little you get back inflation will reduce it even more when you go to spend it. If you are using the bank funds to apply for a retirement extension, I'm told some Immigration Offices are telling retirees they prefer to see the Thai bank funds in a savings account, not a fixed account. They also like to see periodic withdrawals as well. Link to comment Share on other sites More sharing options...
chiang mai Posted August 20, 2016 Share Posted August 20, 2016 Best to separate the 800k on deposit from your day to day spending money, put the 800k into a fixed rate deposit and forget about it. BTW even though it's a fixed rate for a specified period of time, it's not a fixed term, you can withdraw it any time, with loss of interest of course. Link to comment Share on other sites More sharing options...
MadMac Posted August 20, 2016 Share Posted August 20, 2016 CIMB has the best rate for savings account, 1.0%. Go figure. Link to comment Share on other sites More sharing options...
12DrinkMore Posted August 20, 2016 Share Posted August 20, 2016 4 hours ago, ezzra said: Try the Krung Sri bank, I get 2%+ on term deposits on call, meaning, you can withdraw any time you like no penalty, also, when it comes to large amount deposit in the millions, the trick is to spread the deposit on few saving accounts and thus you don't pay income on your interests earn, only after you have earned B.20,000 you start to pay tax, but than you close the account and start all over again, perfectly legal..... Which is that? The best they have is a nine month step up with an average interest of 1.6%. I am unanware of any term deposit that allows interest free withdrawals. That would sort of negate the "term". Link to comment Share on other sites More sharing options...
akentryan Posted August 20, 2016 Share Posted August 20, 2016 UOB gave me 1.91% for 12 months interest paid monthly. Branch on West side of 2nd Road about Soi 13/4. I think it was 3 million minimum though. The other banks were offering very short terms like 4 months. Income tax withheld is not a problem. Get a statement from the bank at year end and get a refund. I think you have have to have over 300,000 in income before you pay tax. The people at the tax office have always been very helpful when it comes to filing. One interesting aspect of getting monthly interest payments is if you cash out before the fixed deposit matures they will deduct gross interest paid from the principal amount meaning you still have to file a return to get the tax withheld. Link to comment Share on other sites More sharing options...
Berty100 Posted August 20, 2016 Share Posted August 20, 2016 2 minutes ago, akentryan said: UOB gave me 1.91% for 12 months interest paid monthly. Branch on West side of 2nd Road about Soi 13/4. I think it was 3 million minimum though. The other banks were offering very short terms like 4 months. Income tax withheld is not a problem. Get a statement from the bank at year end and get a refund. I think you have have to have over 300,000 in income before you pay tax. The people at the tax office have always been very helpful when it comes to filing. One interesting aspect of getting monthly interest payments is if you cash out before the fixed deposit matures they will deduct gross interest paid from the principal amount meaning you still have to file a return to get the tax withheld. How long ago was it that you started that fixed deposit? Link to comment Share on other sites More sharing options...
Krataiboy Posted August 20, 2016 Share Posted August 20, 2016 A German bank has started charging customers for looking after their money. The rest will follow. It's just a matter of time. With central banks around the world creating digital money for their little brothers to play with, they don't need our pittances any more. Sales of safes are starting to boom. It's an ill wind. . . Link to comment Share on other sites More sharing options...
Oxx Posted August 21, 2016 Share Posted August 21, 2016 The Bank of Thailand publishes fixed deposit rates for all Thai banks at: https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx However, that only goes out to 24 months. ThaiMBA publishes rates going out to 36 months, but only in Thai: http://www.thaibond.com/bond_info/bankrate.aspx However, the best rates are often for irregular maturities (e.g. 5 or 11 months), and you can only find these, AFAIK, on individual bank websites. Link to comment Share on other sites More sharing options...
Briggsy Posted August 21, 2016 Share Posted August 21, 2016 http://www.scb.co.th/th/about-scb/rates-and-fees 1.7% p.a. for a 3 year fixed term deposit. 1.6% p.a. for a "Dai Kap Dai" 15-month fixed term deposit. Slightly higher for "Up to Me; My Goal; My Saving" account. I don't know the conditions. (That really is the name) Link to comment Share on other sites More sharing options...
chiang mai Posted August 21, 2016 Share Posted August 21, 2016 11 hours ago, akentryan said: UOB gave me 1.91% for 12 months interest paid monthly. Branch on West side of 2nd Road about Soi 13/4. I think it was 3 million minimum though. The other banks were offering very short terms like 4 months. Income tax withheld is not a problem. Get a statement from the bank at year end and get a refund. I think you have have to have over 300,000 in income before you pay tax. The people at the tax office have always been very helpful when it comes to filing. One interesting aspect of getting monthly interest payments is if you cash out before the fixed deposit matures they will deduct gross interest paid from the principal amount meaning you still have to file a return to get the tax withheld. What date did that 1.91% start, UOB haven't had anything like that for months? Although they do have a 2% six months deal but it's an insurance product and not a fixed rate. Link to comment Share on other sites More sharing options...
chiang mai Posted August 21, 2016 Share Posted August 21, 2016 8 minutes ago, Oxx said: The Bank of Thailand publishes fixed deposit rates for all Thai banks at: https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx However, that only goes out to 24 months. ThaiMBA publishes rates going out to 36 months, but only in Thai: http://www.thaibond.com/bond_info/bankrate.aspx However, the best rates are often for irregular maturities (e.g. 5 or 11 months), and you can only find these, AFAIK, on individual bank websites. The BOT is pretty standard stuff but doesn't include the all important specials that each bank offers from time to time. Link to comment Share on other sites More sharing options...
KittenKong Posted August 21, 2016 Share Posted August 21, 2016 17 hours ago, boomerangutang said: You may consider a bank in Cambodia. That would not be acceptable for a retirement extension deposit. Link to comment Share on other sites More sharing options...
KittenKong Posted August 21, 2016 Share Posted August 21, 2016 1. SCB dont have very good rates so I dont follow them. 2. Best I know of currently is 2% at CIMB. 3. No. Banks may make a small monthly charge on accounts that are unused for a long time and have a very small balance. Eventually the balance may reach zero. 4. See 1 5. Not sure what you mean by waive in this context but with most banks there is no way of avoiding the tax on TDs, though it can be reclaimed as you mention. Link to comment Share on other sites More sharing options...
KittenKong Posted August 21, 2016 Share Posted August 21, 2016 13 hours ago, 12DrinkMore said: I am unanware of any term deposit that allows interest free withdrawals. That would sort of negate the "term". Bizarrely enough, all Thai TDs seem to allow for withdrawal/closure before the end of the term. Though if you do it they either pay no interest at all or pay only their standard interest rate rather than the headline rate of the term deposit. I also have never heard of a Thai TD that allows early withdrawals whilst still getting the headline interest rate. Link to comment Share on other sites More sharing options...
louse1953 Posted August 21, 2016 Share Posted August 21, 2016 19 hours ago, boomerangutang said: SCB probably pays about 1.5%. You may consider a bank in Cambodia. Not sure if that will help extension of stay. Link to comment Share on other sites More sharing options...
peeba7 Posted August 21, 2016 Author Share Posted August 21, 2016 Thank you all, helpful. Link to comment Share on other sites More sharing options...
bazza40 Posted August 21, 2016 Share Posted August 21, 2016 20 hours ago, Krataiboy said: A German bank has started charging customers for looking after their money. The rest will follow. It's just a matter of time. With central banks around the world creating digital money for their little brothers to play with, they don't need our pittances any more. Sales of safes are starting to boom. It's an ill wind. . . The banks with negative interest rates are going to find their depositors are fleeing to other banks that pay interest,or even to banks in other countries. Where did these geniuses get the idea people would pay them to hold their money? Link to comment Share on other sites More sharing options...
swissie Posted August 21, 2016 Share Posted August 21, 2016 Why bother with fixed income securities, while real-estate developers in Pattaya offer an annual yield of 10 % within the Condo-Circus. Guaranteed!! Of course, nobody has so far been able to isolate the final granter of such "guarantees". (Who is guarding the Guards comes to mind). Cheers. Link to comment Share on other sites More sharing options...
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