Bank Savings Interest Rates 2021

[skatewash]

On 6/20/2020 at 9:34 AM, prakhonchai nick said:

Kasikorn bank paid me 850 baht interest yesterday for the half year on my savings account. They deducted tax at 15%

 

My wife received a similar amount of interest. No tax deducted!

 

WHY?

 

Racism?

You wife almost certainly opened her account and associated her Thai Tax ID with the account.  Did you?  If an account has an associated Thai Tax ID then there is no 15% withholding on interest earned for savings accounts from the first baht.  It starts being withheld I believe after you accumulate 20,000 baht of interest (not sure about that figure).  Interest is withheld automatically in all fixed deposit accounts.

Get your Thai Tax ID if you don't already have (and get the Thai Tax ID card, not just the number as it is often needed to get your tax refund from Krung Thai bank) and ask to have it added to savings account.  Sometimes they can do this.  Sometimes the old account has to be closed and a new one opened with the Thai Tax ID (depends on the bank).

[skatewash]

On 1/22/2021 at 2:39 PM, Yellowtail said:

Krungsri "Mee Tai Dai" Savings Account now at 1.00%, limited to two withdrawals per month. Just switched my immigration account from fixed over to this. The rate is not locked in, but at 1% there's not much to lose...

Withdrawals are unlimited, the first 2 each month are free, 50 baht fee per withdrawal after the first 2 each month.

[55Jay]

20,000 Baht/year threshold for tax withholding on bank interest, is still in play. 

----------

https://www.rd.go.th/english/6045.html

-----------

As Skatewash noted, and other members in past years, get your Tax ID # and then bank staff can re-code your account so that tax in not withheld automatically - although believe this doesn't apply for Fixed Accts as noted earlier. 

 

Not a lot of money in my case anymore, but the pay-off was not having to deal with filing a Thai tax return to get the withheld interest refunded.  That alone made the effort worthwhile to me.

[gamb00ler]

Today, I did manage to get a normal Savings account opened at SCB.  My expired Residence certificate from local Thai Imm. seemed to resolve any questions.

 

I had requested they also open the SCB Easy Account with 1.5%.  Apparently their system wouldn't allow it even after conferring with their head office.  When I asked if I had a Thai Tax ID they could open it, they said yes.

 

If I get a Thai Tax ID will that number be the same as would appear on a pink Thai ID?

 

What gov't office issues the Tax ID?

Edited August 13, 2021 by gamb00ler

[55Jay]

6 minutes ago, gamb00ler said:

Today, I did manage to get a normal Savings account opened at SCB.  My expired Residence certificate from local Thai Imm. seemed to resolve any questions.

 

I had requested they also open the SCB Easy Account with 1.5%.  Apparently their system wouldn't allow it even after conferring with their head office.  When I asked if I had a Thai Tax ID they could open it, they said yes.

 

If I get a Thai Tax ID will that number be the same as would appear on a pink Thai ID?

 

What gov't office issues the Tax ID?

Not sure about Pink ID#. 

Thai Tax/Revenue Department, find the one closest to you on the internet.

Depending on where you live, could be a small tax office in an Amphur facility.  That's where I started to file the docs, but still had to drive in to the main Revenue Office in the city to finish the process.

[Wandr]

On 7/3/2021 at 12:45 PM, orientalist said:

LH Bank still has fixed deposit:

 

0.85% 3 months

0.95% 6 months

1.05%  12 months

1.10%   24 months

How is LH when it comes to documents for immigration? Bank statement for a year and stuff like that.

And what about the Big C Maehia branch...any comments on it?

[orientalist]

3 hours ago, Wandr said:

How is LH when it comes to documents for immigration? Bank statement for a year and stuff like that.

And what about the Big C Maehia branch...any comments on it?

No idea really as I have PR and am not living in CM. As for applying for the account, I don't think they were any more difficult than other banks. All banks seem to be difficult if we don't have a work permit!

[topt]

6 hours ago, Wandr said:

How is LH when it comes to documents for immigration? Bank statement for a year and stuff like that.

I have  been using one in Pattaya for more than a few years now. The first time it took 2 goes to get the letter right and they are not the quickest at getting it done so give yourself some time. However that is going to depend on the individual branch staff.

[asiaexpat]

I have used LH documents for the last 5 years. The first time took they were not very efficient but subsequent documents ready in ten minutes after request. I supplied an example the first time. Statements were easily printed out.

[gamb00ler]

Has anyone penetrated LH Banks website (English version) to actually find out any useful information?

https://www.lhbank.co.th/Corporate/en/index.html

 

It's the worst bank website I've ever encountered.

 

On the Thai version of their website all textual information is displayed as images and as such cannot be selected and used by Google translate.

https://www.lhbank.co.th/Home/Index

 

 

Edited September 15, 2021 by gamb00ler

[Yellowtail]

1 hour ago, gamb00ler said:

Has anyone penetrated LH Banks website (English version) to actually find out any useful information?

https://www.lhbank.co.th/Corporate/en/index.html

 

It's the worst bank website I've ever encountered.

 

On the Thai version of their website all textual information is displayed as images and as such cannot be selected and used by Google translate.

https://www.lhbank.co.th/Home/Index

What are you looking for?

 

Not a customers but I just looked at it and it seems to work okay for me. 

 

Are you running a VPN? 

[gamb00ler]

27 minutes ago, Yellowtail said:

What are you looking for?

 

Not a customers but I just looked at it and it seems to work okay for me. 

 

Are you running a VPN? 

I can access it but they don't provide anything useful in English and the Thai version is presented as images only.  It is much more difficult to translate the Thai from images to English text.

 

Sorry if I didn't make my issue clear.

 

I did finally get the images from the Thai version of LH website translated.

Here's the Google translation of the Pro-Fit 1.5% savings account:

 

Pro-Fit Digital Savings Deposit LH BANK No need to go to a branch and verify identity at C .. 7-year board-Open an account anywhere, anytime through the application-Get high interest from the first baht to 5 million baht-Conditions  Low, no ceiling and no minimum deposit Product characteristics - Open an account online, no minimum - Use only a mobile phone number and E-Mail Check the movement of the account at LH Bank M Choice at all times.. Note: Thai nationals and  Aged 15 years or more (cannot open a joint account) Interest rates displayed on reference media announced interest rates as of July 23, 2021. The current interest rates can be checked at the bank's website or branches. • Terms and interest rates apply.  According to the bank's announcement, this deposit product is covered by the Deposit Protection Agency for the amount stipulated in the law.

 

Edited September 15, 2021 by gamb00ler

[skatewash]

7 minutes ago, gamb00ler said:

I can access it but they don't provide anything useful in English and the Thai version is presented as images only.  It is much more difficult to translate the Thai from images to English text.

 

Sorry if I didn't make my issue clear.

The Google Lens app is good for translating an image of Thai text.

 

Google translate camera will work as well.

[gamb00ler]

1 minute ago, skatewash said:

The Google Lens app is good for translating an image of Thai text.

 

Google translate camera will work as well.

Thanks... I got the details of how to do it at the same time you posted.

[matchar]

I just opened the SCB EZ savings account at my local branch. Thai citizens can open on the app but foreigners can't and the staff initially assumed foreigners aren't allowed to open this account but we got there in the end.

Luckily there was no queue but I was still there for the best part of an hour and a half, they had to call head office to figure out how to add my tax ID to the account but they said it's done now so hopefully there won't be any tax deducted from my interest in December.

 

I finally got access to my old Thanachart ultra savings account yesterday after finally hunting down an open ttb branch after months of waiting. I was there for 2 hours while they migrated my account to a ttb passbook and updated my phone number so I could migrate to the new app. Turns out since June they massively reduced the interest rate if your balance is under 2 million baht to only 0.25% and it's paid biannually instead of monthly. You can boost it to 0.9% if you open a "ttb all free account" and make 5 transactions every month if I understand correctly. But I will be transferring most of my money to the SCB EZ account now since the interest rate is a lot better and no need to faff about with pointless transactions.

[Yellowtail]

Remember when you could get an EXTRA couple points shopping around? Now you're lucky to get 1%.

 

Not really worth bothering with if it takes any effort. 

[gamb00ler]

I sent an e-mail to the LH Bank customer service and inquired about opening a Pro-Fit account that pays 1.5% with maximum balance of 5M฿.  Their response:

Thank you very much for your interested in our products.

Regarding your inquiry, we would like to informed you

The Pro-fit saving account  ,should be open only Thai citizen

Cause it prove by Identity Card No.

 

Note : We have to process under the regulation of BOT.

 

I was planning on getting the pink ID card.  Now I have one more reason to do so.  Perhaps their system will accept my application when I can provide an ID #.

[Orinoco]

11 hours ago, gamb00ler said:

I sent an e-mail to the LH Bank customer service and inquired about opening a Pro-Fit account that pays 1.5% with maximum balance of 5M฿.  Their response:

Thank you very much for your interested in our products.

Regarding your inquiry, we would like to informed you

The Pro-fit saving account  ,should be open only Thai citizen

Cause it prove by Identity Card No.

 

Note : We have to process under the regulation of BOT.

 

I was planning on getting the pink ID card.  Now I have one more reason to do so.  Perhaps their system will accept my application when I can provide an ID #.

Having a pink ID card, does not make you a Thai citizen 

[Yellowtail]

1 hour ago, Orinoco said:

Having a pink ID card, does not make you a Thai citizen 

He's not trying to become a citizen, he only wants to open a particular bank account. It probably won't work, but it might, stranger things have happened. 

[Orinoco]

23 minutes ago, Yellowtail said:

He's not trying to become a citizen, he only wants to open a particular bank account. It probably won't work, but it might, stranger things have happened. 

did you read the reply he got from the bank ?

that is why i posted what i did.

[Yellowtail]

6 hours ago, Orinoco said:

did you read the reply he got from the bank ?

that is why i posted what i did.

Yes, I read it. Did you read my response? I said it probably would not work. 

 

I've dealt with enough issues here that I would not assume something was true because I got an email from someone saying it was. 

[Orinoco]

4 minutes ago, Yellowtail said:

Yes, I read it. Did you read my response? I said it probably would not work. 

 

I've dealt with enough issues here that I would not assume something was true because I got an email from someone saying it was. 

Get a life mate.

Welcome to the  special list.

 

[Yellowtail]

1 hour ago, Orinoco said:

Get a life mate.

Welcome to the  special list.

 

Get a life? What is this, 1980? 

[gamb00ler]

On 9/15/2021 at 10:35 PM, gamb00ler said:

The Pro-fit saving account  ,should be open only Thai citizen

Cause it prove by Identity Card No.

 

Note : We have to process under the regulation of BOT.

 

 

13 hours ago, Orinoco said:

Having a pink ID card, does not make you a Thai citizen 

I was planning on making the effort to get a pink ID card anyway.  Then with that ID, I'll test their explanation.

 

I almost NEVER trust explanations I get from low level Thai employees in anything but the simplest of cases.  Too often they don't want to say "I don't know, but I'll find out for you".  They just make their best guess so they have an answer.

 

Their answer also implied that they believe that only Thai citizens can get an ID number.  That has been proven incorrect many times by the expat community.  It seems reasonable that their system will accept the number assigned to a pink card holder as it is in the same format as for a Thai national.

 

11 hours ago, Yellowtail said:

He's not trying to become a citizen, he only wants to open a particular bank account. It probably won't work, but it might, stranger things have happened. 

I find it hard to believe that @Orinoco would assume that I thought with a pink ID card I could trick them into thinking I'm a Thai citizen.

Edited September 16, 2021 by gamb00ler

[orientalist]

On 9/16/2021 at 10:54 PM, gamb00ler said:

I was planning on making the effort to get a pink ID card anyway.  Then with that ID, I'll test their explanation.

I have a pink card and have had LH accounts for years but I couldn't get the Pro-fit account. When you try to apply via the app it says "new account opening function available for Thai citizens only."

 

[orientalist]

I just spent an hour at SCB trying to open an EZ account (or any account) but could not. As often happens, their regulations for documentation don't include the case of PR. Migrant workers, retirees, etc, yes, PR holders, no. Two months ago I opened an account at Krungsri no problem.

 

So, in 40 years in Thailand, SCB is the first bank to completely refuse me an account. Ironically, I did have an account with them 30 years ago, but they couldn't find it in their system.

 

Krungsri offers 1.00% interest but I'd still like to put some funds in a 1.5% account.

[orientalist]

Has anyone managed to open a Krung Thai Next savings account? I have a regular savings account and applied via the app but at the end of the process it said I should go to a branch for further verification. Sounds like the runaround I got with the Kasikorn and LH e-savings accounts. The NEXT account offers 1.50% at present.

[orientalist]

4 hours ago, orientalist said:

Has anyone managed to open a Krung Thai Next savings account?

I tried today. "For Thai citizens only..." And I had to fill in a Covid self-declaration before they would let me enter the office. <deleted>.

[asiaexpat]

On 8/13/2021 at 2:22 PM, gamb00ler said:

Today, I did manage to get a normal Savings account opened at SCB.  My expired Residence certificate from local Thai Imm. seemed to resolve any questions.

 

I had requested they also open the SCB Easy Account with 1.5%.  Apparently their system wouldn't allow it even after conferring with their head office.  When I asked if I had a Thai Tax ID they could open it, they said yes.

 

If I get a Thai Tax ID will that number be the same as would appear on a pink Thai ID?

 

What gov't office issues the Tax ID?

Tax ID number is same as number on Pink ID card. 

[skatewash]

18 minutes ago, asiaexpat said:

Tax ID number is same as number on Pink ID card. 

It can be the same or different.  If you acquired your Tax ID number prior to having a Pink ID card it will very likely be different.  If you present your Pink ID card when you acquire your Tax ID number it will very likely be the same.