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Post by Fletchsmile on Apr 7, 2015 20:04:51 GMT 7
So which Thai bank gives you the best bang for your baht? For general Thai bank interest rates you could look at, Bank of Thailand (BOT)'s website, at the following link: www.bot.or.th/English/Statistics/FinancialMarkets/InterestRate/_layouts/application/interest_rate/IN_Rate.aspxThat will give you an idea of different banks' standard rates, and which banks overall pay more or less than others generally. The best rates though generally tend to be on promotions, non-standard term fixed deposits, special accounts, which are less easy to find. Rather than pounding the streets looking around, why not share decent rates you come across on here? Cheers Fletch
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Post by Fletchsmile on Apr 7, 2015 20:33:29 GMT 7
I don't mind walking around Bangkok for some things, but looking for best bank rates isn't really one of them to be honest The following I happened on recently may be of interest to others though: Tanachart (T-Bank) -Have some promotions in the special 12 Month (M) to 24 M range of 3% to 3.5% TMB - have a 12M "quick deposit" paying 2.7%, with interest up front, which existing customers can pay online - Their "ME" branded accounts which are online only and for now available to Thais only pay up to 2.75% including a 0.5% bonus. They are usually pretty competitive, so I got the Mrs to open one even though I couldn't. - Their "No Fixed" online account pays 2.0% including a 0.5% bonus, to get the bonus you need to ensure your average balance increases compared to the previous month. Historically it has been reasonably competitive. I have one of these, which I rarely touch, and I just add a thousand each month online to make sure the average goes up to get the bonus since I rarely touch it. Stan Chart - give 2.3% on their online only no frills eSaver, these have been consistently a competitive rate for several years now. We have these for the wife and kids, easy to switch between accounts online, although you would probably need to run another account alongside it if you want an ATM etc KBank - also have some specials for 1 to 2 years ranging between 2.35% to 3.3% CIMB - recently decreased their 12 Month (M) special to 2.6%, and - still have a 3M rate at at 2.3% as well as a 7M rate at 2.55% They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin) - have a 10M TD rate at 2.175% BTW While the big 4 banks like Bangkok Bank, SCB, KTB and KBank can generally be easier to find a branch, as the biggest players they're often less competitive on rates. Cheers Fletch
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Post by Fletchsmile on Apr 9, 2015 10:58:14 GMT 7
Standard Chartered (Thai) have some promotional rates on foreign currencies (FCY) until 31 August, for 3 month, 6M and 12M tenors, as follows: NZD 4.0% AUD 2.5% GBP 1.0% SGD 0.75% USD 0.5% HKD 0.5% EUR - greyed out - seems no-one wants Euros at the moment for some reason :; They look pretty decent rates to me (relatively speaking and in the world we're living in at the moment) - better than the rates I get off them from Stan Chart Singapore too. Check the terms conditions, fees though, as Thai banks often levy additional fees on FCY accounts for deposits and withdrawals. Haven't looked on these. They are also offering 1,500 baht buffet dining vouchers for every THB 500k worth deposited. Personally would prefer beer vouchers, but each to their own Cheers Fletch
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Post by Fletchsmile on Apr 20, 2015 17:53:14 GMT 7
Had a quick scan of rates today for the best rates. Not much exciting happening (then again interest rates rarely are unless you go back to the late 1990's). The general trend is downwards. So might be worth shopping around for the promos, below, instead of their standard rates Tanachart (T-Bank) -Have still have promotions for 24 M of 3% to 3.5% TMB - have a 12M "quick deposit" now reduced to 2.45% (from 2.7%), with interest up front, which existing customers can pay online - have a 9M "Exclusive TD" at 2.75% - 12M "Reward" TD @ 2.75% - Their "ME" branded accounts which are online only and for now available to Thais only still pays up to 2.75% including a 0.5% bonus. Although a variable rate, it has historically been competitive - Their "No Fixed" online account pays 2.0% including a 0.5% bonus, to get the bonus you need to ensure your average balance increases compared to the previous month. Although a variable rate, it has historically been competitive Stan Chart - reduced to 2.1% (from 2.3%) on their online only no frills eSaver, these have been consistently a competitive rate for several years now. We have these for the wife and kids, easy to switch between accounts online, although you would probably need to run another account alongside it if you want an ATM etc - Their current Marathon series, which is tiered, and restricted to 2 withdrawals a month now averages only 2%. This is comparable to BAY's mee tae dii KBank - also have some specials for 24M ranging between 2.35% to 3.3% on their super taweesup account KTB - have a couple of new promotions - 24M TD @ 2.825% - 36M TD @ 3.075% CIMB - previously decreased their 12 Month (M) special to 2.6%, and think it's still available - Other previous promos seem to have been pulled, and generally they've reduced They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin) - have a 10M TD rate at 2.175% - 24M TD @ 2.65% Cheers Fletch
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Post by Fletchsmile on Apr 27, 2015 15:26:58 GMT 7
Just had a quick scan of bank interest rates again. Not much change. The posts above is a reasonable reflection of what's out there at the top end. Cheers Fletch
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Post by Fletchsmile on Apr 30, 2015 17:07:46 GMT 7
Wsa passing by the Islamic Bank of Thailand today, and saw they had a 14m deposit paying 2.9%. That's a relatively decent interest rate in Thailand, particularly after the rate cut. Wouldn't be my bank of choice though, and not in great financial shape, although the government deposit protection insurance should cover you up to THB 50mio currently if things go bad. There is the risk that the DPA gets reduced in the future though, and was scheduled to be reduced to THb 1mio in August 2016, which is only a couple of months after your TD would mature. That said the authorities have a habit of putting back the date on reducing the DPA amounts, so may not get reduced. Wouldn't like to bet on it though for that type of return relative to stronger banks. Cheers Fletch
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siampolee
Detective
Alive alive O
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Post by siampolee on Apr 30, 2015 19:17:57 GMT 7
Why ask such questions here? You are surely aware that there is one of Thailand's leading financial experts available in the other place who is in his own words is a very wealthy and a savvy investor who for a paltry 1200$ U.S. will reveal all the secrets of his polished and stimulating financial success to you.
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Post by Fletchsmile on May 12, 2015 14:03:22 GMT 7
Indeed. Here's where we actually answer questions, rather than dodge them and shovel stuff
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Post by Fletchsmile on May 12, 2015 14:29:27 GMT 7
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Post by Fletchsmile on May 12, 2015 14:29:57 GMT 7
Had a quick scan of rates today for the best rates. The general trend is downwards, although banks haven't cut as much as they might after the last MPC cut. Worth shopping around for the promos, like below, instead of their standard rates Tanachart (T-Bank) - Still look have promotions for 24 M of 3% to 3.5% TMB - have a 12M "quick deposit" now 2.45%, with interest up front, which existing customers can pay online - have a 9M "Exclusive TD" at 2.75% - 12M "Reward" TD @ 2.75% - Their "ME" branded accounts which are online only and for now available to Thais only still pays up to 2.75% including a 0.5% bonus. Although a variable rate, it has historically been competitive - Their "No Fixed" online account pays 2.0% including a 0.5% bonus, to get the bonus you need to ensure your average balance increases compared to the previous month. Although a variable rate, it has historically been competitive Stan Chart - Now only 2.1% on their online only no frills eSaver. Has been consistently a competitive rate for several years now, considering it's instant access online, although you would probably need to run another account alongside it if you want an ATM etc - Their current Marathon series, which is tiered, and restricted to 2 withdrawals a month now averages only 2%. This is comparable to BAY's mee tae dii KBank - Seem to have pulled their special rates on TDs, and their taweesup account around 2.35% looks their best KTB - still showing promotions of - 24M TD @ 2.825% - 36M TD @ 3.075% CIMB - 12 Month (M) still at 2.6%, and think it's still available They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin)looks like still - have a 10M TD rate at 2.175% - 24M TD @ 2.65% BAY Their Mee Tae Dee account which has historically been good is now only up to 1.85% between 100k and 10mio. Cheers Fletch
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Post by Fletchsmile on May 13, 2015 16:32:10 GMT 7
For the 2 recent rate cuts: 0.25% to 1.75% on 11 March and then a further 0.25% to 1.5% on 29 April:
After the first rate cut of 0.25%, 4 large banks reduced their minimum lending rates (MLR) by 0.12%.
However, after the second rate cut of 0.25% there were no further moves in MLR after 29 April. So not much of the 0.5% or 50 basis points b.p. total cuts have been passed on to borrowers.
On the other hand, while the main cut in deposit rates was also after the first cut, they continued to drift down a bit further since the second. The extent of the deposit cuts has also been more than the lending cuts...
So it looks like:
- Cutting rates further wouldn't have much direct impact on lending rates and unlikely to make companies to want to borrow more
What it will mean though is:
- Depositors like in the west, will get pushed more and more into looking elsewhere for returns, and have to seek higher risks to do so
- Cutting rates has and would continue to weaken the baht. Down a baht or so on the past cuts (vs USD) While positive for exports, again it gets us into the circle of countries competing to devalue their currency, which globally isn't desirable either
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Post by Fletchsmile on May 22, 2015 15:32:28 GMT 7
Quick scan of rates: General trend continues downwards. Still might be worth shopping around for the promos, like below, instead of their standard rates Tanachart (T-Bank) - Still look have promotions for 24 M of 3% to 3.5% TMB - have further reduced their 12M "quick deposit" now 2.2% (from 2.45%), with interest payable up front, which existing customers can do online - have a 9M "Exclusive TD" at 2.5% (reduced from 2.75%) - 12M "Reward" TD @ 2.5 (reduced from 2.75%) - Their "ME" branded accounts which are online only and for now available to Thais only still pays up to 2.75% including a 0.5% bonus. Although a variable rate, it has historically been competitive - Their "No Fixed" online account pays 2.0% including a 0.5% bonus, to get the bonus you need to ensure your average balance increases compared to the previous month. Although a variable rate, it has historically been competitive - "Dream Savings Acc" pays up to 2.75%. You need to set an automatic saving schedule of between 500 - 25,000 baht a month for this account (so not big amounts), and you get the special rate up to 2.75%. You can transfer back to other accounts any time without penalty or costs. Stan Chart - 2.1% on their online only no frills eSaver. Has been consistently a competitive rate for several years now, considering it's instant access online, although you would probably need to run another account alongside it if you want an ATM etc - Current Marathon series, which is tiered, and restricted to 2 withdrawals a month now averages only 2%. This is comparable to BAY's mee tae dii I think they'll stop new accounts at end of May, and then start again with new rates in September. KBank - Seem to have pulled their special rates on TDs, and their taweesup account around now down to 2.25% looks their best KTB - still showing promotions of - 24M TD @ 2.7% (down from 2.825%) - 36M TD @ 2.9% (down from 3.075%) CIMB - 12 M still at 2.6%, and think it's still available They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin)looks like still - have a 10M TD rate at 2.175% - 24M TD @ 2.65% BAY Their Mee Tae Dee account which has historically been good is now only up to 1.85% between 100k and 10mio. Cheers Fletch
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Post by Fletchsmile on Jun 8, 2015 13:01:01 GMT 7
Quick scan of rates compared to last post: General trend continues downwards. Still might be worth shopping around for the promos, like below, instead of their standard rates Tanachart (T-Bank) - Promotions for 24 M of 2.35% - 2.65% (not long ago 3% to 3.5%) TMB - 12M "quick deposit" still at 2.2% with interest payable up front, which existing customers can do online - have a 9M "Exclusive TD" still at 2.5% - 12M "Reward" TD still @ 2.5% - Their "ME" branded accounts which are online only and for now available to Thais only still pays up to 2.75% including a 0.75% bonus (previously it was 2.75%, i.e same but including a 0.5% bonus, so the bonus element has increased. To get the bonus you need to increase your balance each month). Although a variable rate, it has historically been competitive - Their "No Fixed" online account pays 2.0% including a 0.5% bonus, to get the bonus you need to ensure your average balance increases compared to the previous month. Although a variable rate, it has historically been competitive - "Dream Savings Acc" pays up to 2.75%. You need to set an automatic saving schedule of between 500 - 25,000 baht a month for this account (so not big amounts), and you get the special rate up to 2.75%. You can transfer back to other accounts any time without penalty or costs. Stan Chart - 2.0 % on their online only no frills eSaver (reduced from 2.1%). Has been consistently a competitive rate for several years now, considering it's instant access online, although you would probably need to run another account alongside it if you want an ATM etc - Latest Marathon series III, which is tiered, closed 31 May. Restricted to 2 withdrawals a month now averages only 2%. This is comparable to BAY's mee tae dii. Likely to open the next series in September KBank - Seem to have pulled their special rates on TDs, and their taweesup account around now down to 2.25% looks their best KTB - still showing promotions of - 24M TD still @ 2.7% - 36M TD @ 2.95% (up slightly from 2.9%) CIMB - 12 M now down to 2.15% for individuals They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin)looks like still - still seem to have a 10M TD rate at 2.175% - 24M TD down to 2.5% (previously 2.65%) BAY Their Mee Tae Dee account which has historically been good is still only up to 1.85% between 100k and 10mio. BBL 24 M @ 2.25% 36M @ 2.5% Unusually competitive for BBL SCB 24 M "Smart Kid" @ 1.95% Cheers Fletch
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Post by Fletchsmile on Jun 9, 2015 20:15:48 GMT 7
Standard Chartered (Thai) recently sent me another mailshot. They have some promotional rates on foreign currencies (FCY) until 31 August, that may be of interest to some. Tenors are 3 month, 6M and 12M, as follows: NZD 4.0% AUD 2.5% GBP 1.0% SGD 0.75% USD 0.5% HKD 0.5% EUR 0.0% They look pretty decent rates to me (relatively speaking and in the world we're living in at the moment) - better than the rates I get off them from Stan Chart Singapore. Check the terms conditions, fees though, as Thai banks often levy additional fees on FCY accounts for deposits and withdrawals. Haven't looked on these. They are also offering 1,500 baht buffet dining vouchers for every THB 500k worth deposited. Cheers Fletch
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Post by Fletchsmile on Jul 7, 2015 12:12:24 GMT 7
Quick scan of rates since last post: General trend still downwards. As usual worth shopping around for the promos, like below, instead of their standard rates TMB- Up to 2.75% on "Dream Savings Acc". You need to set an automatic saving schedule of between 500 - 25,000 baht a month for this account (so not big amounts), and you get the special rate up to 2.75%. You can transfer back to other accounts any time without penalty or costs. - 2.55% including 0.55% bonus on "ME" branded accounts which are online only and for now available to Thais only (previously 2.75% with 0.75% bonus). To get the bonus you need to increase your balance each month. Although a variable rate, it has historically been competitive
- 2.0% including a 0.5% bonus on "No Fixed" account. To get the bonus you need to ensure your average balance increases compared to the previous month. Although a variable rate, it has historically been competitive
- 9M "Exclusive TD" down to 2.25% (from 2.5%) - 12M "Reward" TD down to 2.25% (from 2.5%) - 12M "quick deposit" down to at 2.1% (from 2.2%) with interest payable up front, which existing customers can do online Tanachart (T-Bank)
- Promotions for 24 M of 2.35% - 2.65% Stan Chart- 2.0 % on their online only no frills eSaver (reduced from 2.1%). Has been consistently a competitive rate for several years now, considering it's instant access online, although you would probably need to run another account alongside it if you want an ATM etc - Latest Marathon series III, which is tiered, closed 31 May. Restricted to 2 withdrawals a month now averages only 2%. This is comparable to BAY's mee tae dii. Likely to open the next series in September KBank- 2.25% on 24m TD looks their best. Taweesup account not that great now KTB- still showing promotions of - 24M TD still @ 2.7% - 36M TD @ 2.95% CIMB - 2.15% on 12 M They have a tendency to attach conditions to some of their special accounts, linking them to a need to open others so bear that in mind Government Savings Bank (Omsin)- 8/9M TD with around 1.93%- 24M TD still 2.5% BAYUp to 1.85% on their Mee Tae Dee account which has historically been good. Balance between 100k and 10mio. BBL24 M @ 2.25%36M @ 2.5%Unusually competitive for BBL SCB24 M "Smart Kid" @ 1.95%Cheers Fletch
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