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toront500 · 32 · 1337

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Offline toront500

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Guys

Looking for a bank that offers the best interest on savings accounts. Any info appreciated.


Offline Anton

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Looking for a bank that offers the best interest on savings accounts. Any info appreciated.

If you need to deposit an amount ranging between 100,000 and 10,000,000 THB, as far as I know the Krungsri "Savings Mee Tae Dai Deposit Account" is currently the best option available, at 2.30%, paid monthly. Krungsri is another name for Bank of Ayudhya. They are at The Mall too, third floor.

Check out this discussion from reply #32 on: http://korat-farang.com/forum/index.php?topic=5952.0

The latest interest rates notification by the bank (see point 7): http://www.krungsri.com/bank/getmedia/075c11cc-ad10-4b7b-a063-ff1e6fe58489/Deposit08Dec-2014-en.aspx

Only limitation: free teller and ATM operations (deposits/withdrawals) are limited to 2 per month.
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Online dam12641

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Bangkok Bank are offering 2.8%pa for a fixed term deposit of 11 months.


Willieme

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As Anton said on his original post, with Krungsi Bank, if you  keep you annual interest  gains to under 20,000 baht you dont pay the 15 per cent tax.  You get 2 w/drawals a month, so when you account balance starts to creep up, make a withdrawal.


Offline Anton

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if you  keep you annual interest  gains to under 20,000 baht you dont pay the 15 per cent tax

At the current rate of 2.3%, you can deposit up to 869,500 THB without incurring in that tax... ;)
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Online dam12641

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"if you  keep you annual interest  gains to under 20,000 baht you dont pay the 15 per cent tax
At the current rate of 2.3%, you can deposit up to 869,500 THB without incurring in that tax... ;)"

Yes, but if you do a Fixed Term Deposit at 2.8%, you still get more interest even after paying the tax and you are not limited on what you can deposit.

2.8%*0.85=2.38%



Offline toront500

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Guys

Thanks for the info.  Something to think about.


Offline Anton

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Yes, but if you do a Fixed Term Deposit...

He didn't ask about fixed term deposits, he mentioned explicitly "savings accounts" in the OP. Everybody knows that fixed terms pay higher interest rates, the longer the term the higher the rate.
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Offline Anton

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At the current rate of 2.3%, you can deposit up to 869,500 THB without incurring in that tax...

The Mee Tae Dai rate has now gone down to 2.0% (see here). You can now deposit up to 999,999 THB on that type of account without incurring in the tax.
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Offline Anton

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The Mee Tae Dai rate has now gone down to 2.0% (see here). You can now deposit up to 999,999 THB on that type of account without incurring in the tax.

The Mee Tae Dai rate has now gone down to 1.85%  :(  (source)

You can now deposit up to 1,081,000 THB on that type of account without incurring in the tax.
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barryofthailand

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We got 1.8% for 7 months from Thai Government bank


Offline Coolkorat

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There is another option: I have not done the maths on this account - it may be a great deal, it may not be. But Standard Chartered are a well-regarded bank:

https://www.sc.com/th/personal-banking/deposits/savings-account/bonus-saver/en/


Offline Anton

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The Mee Tae Dai rate has now gone down to 1.85%  :(  (source)

You can now deposit up to 1,081,000 THB on that type of account without incurring in the tax.


Down to 1.80% since July 7 (source)

You can now deposit up to 1,110,000 THB on that type of account without incurring in the tax.
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Offline Anton

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Down to 1.80% since July 7 (source)

You can now deposit up to 1,110,000 THB on that type of account without incurring in the tax.


Down to 1.70% since December 11 (source)

You can now deposit up to 1,175,000 THB on that type of account without incurring in the tax.

This has lost much of its attractiveness by now.
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Offline Anton

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Down to 1.70% since December 11 (source)

You can now deposit up to 1,175,000 THB on that type of account without incurring in the tax.


Down to 1.60% since April 1 (source) and you can deposit up to 1,249,000 THB without incurring in the tax.
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Offline Anton

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Looking for a bank that offers the best interest on savings accounts. Any info appreciated.

If you need to deposit an amount ranging between 100,000 and 10,000,000 THB, as far as I know the Krungsri "Savings Mee Tae Dai Deposit Account" is currently the best option available

It seems that TMB is offering an account similar to the Mee Tae Dai, currently paying 1.70 % monthly (down from 1.80 last month). Ask for a TMB non fix kind of account and don't give up if, at first, they tell you that it is only for Thais. Mee Tae Dai is now down to 1.60 as announced.
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Offline dereklev

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Looking for a bank that offers the best interest on savings accounts. Any info appreciated.

If you need to deposit an amount ranging between 100,000 and 10,000,000 THB, as far as I know the Krungsri "Savings Mee Tae Dai Deposit Account" is currently the best option available

It seems that TMB is offering an account similar to the Mee Tae Dai, currently paying 1.70 % monthly (down from 1.80 last month). Ask for a TMB non fix kind of account and don't give up if, at first, they tell you that it is only for Thais. Mee Tae Dai is now down to 1.60 as announced.

The interest rates quoted are per annum not monthly.
“Life’s journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally worn out, shouting ‘Holy shit…what a ride!” - Hunter S. Thompson


Offline Anton

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Looking for a bank that offers the best interest on savings accounts. Any info appreciated.

If you need to deposit an amount ranging between 100,000 and 10,000,000 THB, as far as I know the Krungsri "Savings Mee Tae Dai Deposit Account" is currently the best option available

It seems that TMB is offering an account similar to the Mee Tae Dai, currently paying 1.70 % monthly (down from 1.80 last month). Ask for a TMB non fix kind of account and don't give up if, at first, they tell you that it is only for Thais. Mee Tae Dai is now down to 1.60 as announced.

The interest rates quoted are per annum not monthly.

What I meant is that matured interests are paid monthly, as specified in reply no. 1.
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Offline dereklev

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Looking for a bank that offers the best interest on savings accounts. Any info appreciated.

If you need to deposit an amount ranging between 100,000 and 10,000,000 THB, as far as I know the Krungsri "Savings Mee Tae Dai Deposit Account" is currently the best option available

It seems that TMB is offering an account similar to the Mee Tae Dai, currently paying 1.70 % monthly (down from 1.80 last month). Ask for a TMB non fix kind of account and don't give up if, at first, they tell you that it is only for Thais. Mee Tae Dai is now down to 1.60 as announced.

The interest rates quoted are per annum not monthly.

What I meant is that matured interests are paid monthly, as specified in reply no. 1.

OK in that case it would be paying 0.142% monthly ;D
“Life’s journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally worn out, shouting ‘Holy shit…what a ride!” - Hunter S. Thompson