Who Offers The Best Interest For Savings And Time Deposit

[yankee-expat]

I opened several bank accounts, it is becoming my hobby lately. I'm tired of the idiot banks IE BANGKOK BANK giving me the "cannot open internet account" for Farang no work permit. Ayudha did it in 20 minutes. I opened a Thanachart Bank Account, but the entire signup is in Thai and they want a Thai ID number. So no internet yet for Thanachart, but Ayudha was dead simple, open the account, get a card, use card online to open internet banking.

One thing with Thanachart, is that they offered 4.8 percent interest on a 12 month time deposit. I put 50,000 baht in there and asked them what if I need the money before the 1 year. No problem, I lose the interest. The English translation was not great but seems ok.

What are you experiences with interest rates - are the compound or simple?

I figured that I could take advantage of the higher interest by not putting 500,000 baht into a time deposit, but putting it in smaller increments. That way if I need some cash, I can pull a 50,000 baht deposit out without affecting 10 other 50,000 baht time deposits.

Thanachart pays 2.5 percent on savings and higher on the time deposits. I have to keep at least 400,000 baht for my visa extension and since I don't touch that money ever, it might as well be in a higher interest account.

What do you know?

Edited December 16, 2006 by yankee-expat

[yankee-expat]

Here is chart. Can someone explain to me why I would want to commit for longer than 12 months?

[Tywais]

Here is chart. Can someone explain to me why I would want to commit for longer than 12 months?

The usual reason is that your interest is locked in at that rate and if the rates go down later, you're ahead of the curve. Of course the converse is true, if they go up you are stuck with the lower rates.

[briley]

The other points of interest between the banks are:

Can you get an ATM card?

What is the cost of internet access and/or ATM card?

[bmanly]

Here is chart. Can someone explain to me why I would want to commit for longer than 12 months?

With those rates I would not commit for more than 12 months. Come back at the end of the 12 Month period and check out everything again.

[yankee-expat]

Here is chart. Can someone explain to me why I would want to commit for longer than 12 months?

With those rates I would not commit for more than 12 months. Come back at the end of the 12 Month period and check out everything again.

I guess you didn't notice, that in true Thai Style the interest goes down after 12 months.