term deposits

[eastvanman2]

I am a Canadian national living and working in Thailand...does anyone have advice/experience on term deposits in Thailand..best banks to work with...I have held just general accounts with SCB for 12 years..i guess what i would be looking at is the the type of Term deposit where you initially deposit a set amount then add to monthly over a fixed period of time...look forward to your input

Edited August 13, 2017 by eastvanman2

[lopburi3]

You should be positing in the banking section of forum for best advise - will flag for moderator to move.

[metisdead]

Moving to the Banking forum for knowledgeable responses. 

[lopburi3]

Sorry no reply - I only use fixed term deposits where you deposit a set amount one time for a set period of time and receive interest at the end of that time.  All banks have this type and if money is needed it can be withdrawn at any time with only the loss of any interest.

 

There are, or were set, monthly deposit plans/insurance that banks, such as SCB, often push.  For children they are an option but in my view not a very good one.  After about twice the deposit time you receive a payout.  Something you may want to check if insurance is really wanted.

 

Some banks also offer a high interest (although that is relatively low currently) account that allows you to deposit at any time.  Believe they mentioned KTB as having.

[allane]

Term deposits in Thailand are somewhat different than those in Canada, at least as they were when I left there in the mid 90's.

Here, they are somewhat more like a savings acct. After making an initial deposit, and getting it started you will be given a passbook, like that for a savings acct. , You can then walk into the bank on any day and deposit additional funds for 3 mo., 6 mo., 12 mo. or whatever other term lengths are on offer. Each deposit then creates a new maturity date for itself. I have used CIMB, Kasikorn Bank and Bangkok Bank, but I think the other major banks also offer deposits of this type.

Edited August 15, 2017 by allane
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