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Post by Fletchsmile on Mar 22, 2016 11:06:21 GMT 7
Just had a quick scan for March to see if it's worth Mrs.Naam crossing the street for Again, generally downwards if any moves. Worth shopping around for the promos, like below, instead of their standard rates. (Rates are indicative only, and may have changed by the time you get there )
Most of the best rates are 2%-ish 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. - 2.5% including 0.5% bonus (down slightly from 0.55% bonus) on "ME" branded accounts which are online only and for now available to Thais only / your trusted Thai spouse/partner. To get the bonus you need to increase your balance each month. Although a variable rate, it has historically been competitive. One nice feature of the account is it shows how much accrued interest you have to date so you know how much to be expecting when payment is made. - 1.8% including bonus of 0.5% on (down from 1.9% incl. bonus) "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 - 2.1% average rate on their Up and Up account, a tiered account with 4.15 % being the final rate - 9M "Exclusive TD" 1.65% (down from 1.8%) - 12M "Reward" TD 1.9 % (down from 2) - 12M "quick deposit" 1.6% (down from 1.8%, interest payable up front, which existing customers can do online) Tanachart (T-Bank) - Promotions for 24 M of 2.35% - 2.65% - not sure if still open or just for old accounts Stan Chart - 2.25% on Just One account for deposits of 0 - 100,000 only. So small balances only may also be useful for kids. Above 100k it drops significantly to only 1% - 1.75% on their online only no frills eSaver. Has been consistently a competitive rate for several years now. It's an instant access online access so you would probably need to run another account alongside it if you want an ATM etc - 1.7% average on Marathon Savings 14 series I (down from previous series of 1.85%). This was launched again from 1 March. Tiered rate 1.25% - 3.3% over 6 months open from 1 Mar - 31 Mar. Restricted to 2 withdrawals and THB 200k+ to get best rates. This is comparable to BAY's mee tae dii but better rate at the moment and for periods of 6m at a time, although you just take out the next series when it's due. KBank - 2.25% on 24m Taweesup KTB - 24M TD @ 2.7% on Zerotax max account - not sure if this is still open to new customers - 36M TD @ 2.95% on Zerotax max account - not sure if this is still open to new customers CIMB - 2.15% on 12 M - Up to 1.8% on their speed saving account for balances > THB 1mn They've 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) - 24M TD 2.5% BAY 1.6% (down from 1.7%) on their Mee Tae Dee account which has historically been good, but less so in recent months. Balance between 100k and 10mio. Below 100k or above 10mio drops to only 0.6% BBL 24 M @ 2.25% SCB 24 M "Smart Kid" @ 1.7% UOB .. Cheers Fletch {BTW: Don't forget that after 11 August 2015 deposit protection drops to THB 25mio. It's scheduled to drop to THB 1mio from August 2016. While this may not happen, bear it in mind if taking out fixed/term deposits over one year, as the maturity's could be guaranteed at much lower levels than when you took them out}
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AyG
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Post by AyG on Apr 1, 2016 9:11:54 GMT 7
It looks like rates aren't going to improve any time soon. The Bank of Thailand is sending out hints of "monetary easing", which I interpret as cutting interest rates, probably stoking inflation. The future looks pretty bleak. (And will continue to do so until the government finally gets the large infrastructure projects started.) www.bangkokpost.com/business/finance/917609/rate-setting-panel-keeps-options-open
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AyG
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Post by AyG on Apr 6, 2016 10:34:23 GMT 7
It looks like rates aren't going to improve any time soon. The Bank of Thailand is sending out hints of "monetary easing", which I interpret as cutting interest rates, probably stoking inflation. Well, it looks like the commercial banks have pre-empted the BoT rate cuts and started cutting their rates this week, presumably in response to the BoT Monetary Policy Report which came out on March 31st . So far Bangkok Bank, Kasikornbank, Krungthai Bank, TMB and SCB have done so. I suspect the others won't be too far behind. The next MPC meeting is scheduled for May 11th. I fully expect to see a cut in the Policy Rate (1 day repo rate).
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Post by Fletchsmile on Apr 6, 2016 10:50:27 GMT 7
Banks have also been revising downwards their loan rates
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Post by Fletchsmile on May 3, 2016 14:18:23 GMT 7
Quick snapshot at end April/start of May, and it looks like Mrs.Naam would be better staying at home enjoying a glass of port with Dr.Naam than crossing the street Again, generally downwards moves and some even more pronounced than the last few months or so. Banks are finding things slow going so if they can't grow loans as quickly as they'd like they try and cut funding costs. Worth shopping around for the promos, like below, instead of their standard rates, but again there also seems less promos around. (Rates are indicative only, and may have changed by the time you get there ) Most of the best rates are scraping 2% if lucky TMB - a few products removed from this list as no longer among best rates - Up to 2.5% on "Dream Savings Acc" (down from 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. - 2.1% including 0.3% bonus (down from 2.3% including 0.5% bonus) on "ME" branded accounts which are online only and for now available to Thais only / your trusted Thai spouse/partner. To get the bonus you need to increase your balance each month. Although a variable rate, it has historically been competitive. One nice feature of the account is it shows how much accrued interest you have to date so you know how much to be expecting when payment is made. - 1.6% including bonus of 0.3% on (down from 1.8% incl. 0.5% bonus) "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 Tanachart (T-Bank) - 1.5% on 12m, 1.7% on 24m Stan Chart - 2.25% on Just One account for deposits of 0 - 100,000 only. So small balances only may also be useful for kids. Above 100k it drops significantly to only 1% - 1.75% on their online only no frills eSaver. Has been consistently a competitive rate for several years now. It's an instant access online access so you would probably need to run another account alongside it if you want an ATM etc - 1.49% average on Marathon Savings 14 series III (down from previous 14 series I and II which were 1.7% and 1.72%). This was launched again from 1 March for series I, April series II and series III will close end of may. Tiered rate 1% - 3% over 6 months open from 3 May - 31 May. Restricted to 2 withdrawals and THB 200k+ to get best rates. This is comparable to BAY's mee tae dii, but for periods of only 6m at a time. You could then just take out the next series when it's due. Rate is now below mee tae dii for first time in a while KBank - 1.3% on 12m, 1.45% on 24m KTB - 24M TD @ 2.45% on Zerotax max account - not sure if this is still open to new customers - 36M TD @ 2.7% on Zerotax max account - not sure if this is still open to new customers CIMB - 2.15% on 12 M - Up to 1.8% on their speed saving account for balances > THB 1mn They've 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) - 24M TD 2.5% BAY 1.5% on 24m 1.6% on their Mee Tae Dee account which has historically been good, but less so in recent months. Balance between 100k and 10mio. Below 100k or above 10mio drops to only 0.6% BBL 24 M @ 2.25% SCB 24 M "Smart Kid" @ 1.7% UOB .. Cheers Fletch {BTW: Don't forget that after August 2016 deposit protection drops to THB 15mio. It was scheduled to drop to THB 1mio from August 2016, but the THB 1mn level has been pushed out again to 2020 with stepped decreases along the way. THB 15mn should be fine for most people as per person per bank, but if higher than that just bear in mind the guarantee may have fallen by the time your deposit matures if you're going for longer terms}
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Post by Fletchsmile on Jul 11, 2016 14:40:49 GMT 7
Quick snapshot of where we are in July Again, generally downwards moves if any. Banks are still finding things slow going so if they can't grow loans as quickly as they'd like they try and cut funding costs. Worth shopping around for the promos, like below, instead of their standard rates, but again there also seems less promos around. (Rates are indicative only, and may have changed by the time you get there ) Most of the best rates are scraping 2% if lucky TMB - a few products removed from this list as no longer among best rates - Up to 2.5% 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). You can transfer back to other accounts any time without penalty or costs. - 1.8% including 0.3% bonus (down from 2.1% including 0.3% bonus) on "ME" branded accounts which are online only and for now available to Thais only / your trusted Thai spouse/partner. To get the bonus you need to increase your balance each month. Although a variable rate, it has historically been competitive. One nice feature of the account is it shows how much accrued interest you have to date so you know how much to be expecting when payment is made. - Up to 1.4% including bonus of 0.1% on (down from 1.6% incl. 0.3% bonus) "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 Tanachart (T-Bank) - 1.5% on 12m, 2.15% on 24m - check T&C Stan Chart - 2.25% on Just One account for deposits of 0 - 100,000 only. So small balances only may also be useful for kids. Above 100k it drops significantly to only 1% - 1.5% on their online only no frills eSaver (down from 1.75%). Has been consistently a competitive rate for several years now. It's an instant access online access so you would probably need to run another account alongside it if you want an ATM etc - 1.49% average on Marathon Savings 14 series III (down from previous 14 series I and II which were 1.7% and 1.72%). This was launched again from 1 March for series I, April series II and series III will close end of May. Tiered rate 1% - 3% over 6 months open from 3 May - 31 May. Restricted to 2 withdrawals and THB 200k+ to get best rates. This is comparable to BAY's mee tae dii, but for periods of only 6m at a time. You could then just take out the next series when it's due. KBank - 1.6% on 30m KTB - 24M TD @ 2.45% on Zerotax max account - not sure if this is still open to new customers - 36M TD @ 2.7% on Zerotax max account - not sure if this is still open to new customers CIMB - 1.4% on 9m,10m,11m - Up to 1.65% (down from 1.8%) on their speed saving account for balances > THB 1mn They've 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) - 24M TD 2.5% BAY 1.9% on 24m (actually seems up on last time!) 1.4% (down from 1.6%) on their Mee Tae Dee account which has historically been good, but less so in recent months. Balance between 100k and 10mio. Below 100k or above 10mio drops to only 0.6% BBL 24 M @ 2.25% on "no tax" acc. Check T&C SCB 24 M "Smart Kid" @ 1.7% UOB .. Cheers Fletch {BTW: Don't forget that after August 2016 deposit protection drops to THB 15mio. It was scheduled to drop to THB 1mio from August 2016, but the THB 1mn level has been pushed out again to 2020 with stepped decreases along the way. THB 15mn should be fine for most people as per person per bank, but if higher than that just bear in mind the guarantee may have fallen by the time your deposit matures if you're going for longer terms}
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AyG
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Post by AyG on Jul 11, 2016 15:36:42 GMT 7
BAY 1.9% on 24m (actually seems up on last time!) 1.4% (down from 1.6%) on their Mee Tae Dee account which has historically been good, but less so in recent months. Balance between 100k and 10mio. Below 100k or above 10mio drops to only 0.6% I'm not sure that these figures are correct. Looking at the announcement of new rates on 29 June, I see 1.5% on 24 months fixed and 1.35% on Mee Tae Dai. Source: www.krungsri.com/bank/getmedia/5cd0922c-46f5-401a-bd0b-b66e997d8906/Deposit-Rate-28062016-eng.aspx
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Post by Fletchsmile on Jul 11, 2016 15:54:24 GMT 7
BAY 1.9% on 24m (actually seems up on last time!) 1.4% (down from 1.6%) on their Mee Tae Dee account which has historically been good, but less so in recent months. Balance between 100k and 10mio. Below 100k or above 10mio drops to only 0.6% I'm not sure that these figures are correct. Looking at the announcement of new rates on 29 June, I see 1.5% on 24 months fixed and 1.35% on Mee Tae Dai. Source: www.krungsri.com/bank/getmedia/5cd0922c-46f5-401a-bd0b-b66e997d8906/Deposit-Rate-28062016-eng.aspxYes you're right. Sorry about that Mee Tae Dee is now only 1.35%. I just checked their website For Stan Chart and TMB I look at the rates myself. For the others they're from a schedule someone else prepares to give an idea of rates, so they can sometimes be a bit out of date. Looking at the file date it was 21 June so a couple of weeks back. I think quite a few banks have generally revised down end June/ early July.
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Post by Fletchsmile on Apr 22, 2019 16:16:24 GMT 7
Nothing much of interest has been happening in the best bank account interest rate space. Article today in BKK post, highlights some. TMB's DreamSaver seems about the best rate at the moment. Not mentioned in the article: TMB's No Fixed and Krungsri's Mee Tae Dee, which I'd consider better than several of the others that got a mention: www.bangkokpost.com/news/special-reports/1665064/small-deposits-add-up
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AyG
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Post by AyG on Apr 22, 2019 16:23:43 GMT 7
Article today in BKK post, highlights some. What that article crucially misses is whether the accounts are for Thai nationals only. I rather suspect than many, if not most, are so restricted.
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GavinK
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Post by GavinK on May 25, 2019 9:34:57 GMT 7
Article today in BKK post, highlights some. What that article crucially misses is whether the accounts are for Thai nationals only. I rather suspect than many, if not most, are so restricted. Yep, UOB TMRW Thai Nationals only (and “good looking” to apply). CIMB Digital application is via their app, which is all in Thai. 1st step is to enter your Thai id number (won’t accept id number from those pink id cards so must be Thai National).
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GavinK
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Post by GavinK on May 25, 2019 9:50:05 GMT 7
I like Thanacharts Ultra Savings account - limit of 2 withdrawals per month but easy to work around if you also have their esaver and basic savings account. All can be managed via their app. Was 1.5% but now rate on new accounts is 1.6% and since you’re only allowed to have 1 of these accounts you need to close down the old one and open a new one to get the new rate. That means a branch visit... and those guys are really slow.
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Post by Fletchsmile on Jun 2, 2019 12:43:39 GMT 7
TMB's no fixed is still up there, as it has been over the years, since it's launch.
I get 1.6% per month.
The basic is 1.3% per month. But if you also have their "No Fee" (transactional account) account in addition to the "No Fixed" (savings account), and make 5 transactions a month via No Fee, then you get the bonus 0.3%.
They change round from occasionally what is needed to get the bonus. But it's never that difficult. The 5 transactions icludes transfers between the 2 accounts. So simple to just do 5 transactions back and forth if nothing else. Both accounts are accessible from online banking. But I also use the No Fee for ATM etc.
No restriction on withdrawals from NoFixed. But it has no ATM - hence the No Fee account used for transactional banking alongside is a nice fit. Comes with a passbook, though the only thing I use that for is when immigration comes round for my Visa.
Basically they're just encouraging you two have a No Fee transactional account and No Fee for savings. Rate on NoFee is poor, but there are rarely any bank charges for anything (hence name No Fee). Keep a small-ish balance in the NoFee for use and to avoid fees, and get the higher rate on NoFixed Savings
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GavinK
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Post by GavinK on Jun 6, 2019 13:35:43 GMT 7
TMB's no fixed is still up there, as it has been over the years, since it's launch. I get 1.6% per month. The basic is 1.3% per month. But if you also have their "No Fee" (transactional account) account in addition to the "No Fixed" (savings account), and make 5 transactions a month via No Fee, then you get the bonus 0.3%. They change round from occasionally what is needed to get the bonus. But it's never that difficult. The 5 transactions icludes transfers between the 2 accounts. So simple to just do 5 transactions back and forth if nothing else. Both accounts are accessible from online banking. But I also use the No Fee for ATM etc. No restriction on withdrawals from NoFixed. But it has no ATM - hence the No Fee account used for transactional banking alongside is a nice fit. Comes with a passbook, though the only thing I use that for is when immigration comes round for my Visa. Basically they're just encouraging you two have a No Fee transactional account and No Fee for savings. Rate on NoFee is poor, but there are rarely any bank charges for anything (hence name No Fee). Keep a small-ish balance in the NoFee for use and to avoid fees, and get the higher rate on NoFixed Savings You can also get 1.6% on the No Fixed Account by taking the balance up to THB 2M. The 0.3% bonus rate is then applied from the following month. The rate drops again to 1.3% if the balance drops below THB 2M. Thanachart Ultra is better in that the 1.6% starts on balances of THB 100,000.
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Post by Fletchsmile on Jun 6, 2019 14:24:25 GMT 7
You can also get 1.6% on the No Fixed Account by taking the balance up to THB 2M. The 0.3% bonus rate is then applied from the following month. The rate drops again to 1.3% if the balance drops below THB 2M. Thanachart Ultra is better in that the 1.6% starts on balances of THB 100,000. The limit of only 2 withdrawals a month would be an issue for us at the moment.
Our primary savings account is actually our Mortgage Saver (peviously Mortgage One) account with Tisco. They offset the balance versus our mortgage so it saves us 3.73% mortgage interest on any money deposited. We can't get anywhere close to that on a normal deposit.
No Fixed is then secondary where I park smaller funds to get a reasonable interest rate, but maintain enough balance and flexibility to pay 2 or more credit cards, feed my No Fee transactional account, feed Mrs Smile's No Fee Account, other income, etc etc. so for now it's more dynamically managed on the balance than just 2 withdrawals a month would allow.
Worth keeping an eye on Tanachart for the future though (for me), particularly if and when we clear the mortgage.
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