Which Bank To Put 800K In For A Year?

[JetsetBkk]

SCB informed me that their term deposit account is now giving me 0.9% interest.

They wanted me to buy life insurance which somehows pays more, but I'm not interested.

So I'm looking for a better 1 year term deposit account.

After perusing the forum, I have a short list of LH Bank, Bangkok Bank and Thanachart Bank.

 

 Anyone have recommendations?

 

[couchpotato]

I just renewed at Bangkok Bank at 1% p.a. For normal deposit accounts I think that would be the maximum anywhere. And interest rates are dropping monthly.

[DaRoadrunner]

I would stay away from the smaller banks like LH Bank and Thanachart. Even if they pay a bit more interest. In these uncertain times one sticks with the biggest most solid bank, which in this country would be Bangkok Bank or SCB.

 

Never keep more money than you need in this Mickey Mouse country.

Edited May 15, 2020 by DaRoadrunner

[ChouDoufu]

also consider why you're getting the account.  it's for your immigration bail money, so you're gonna need to get your passbook updated and have a guarantee letter prepared each time you renew.  (maybe more often if io requires a visit after 90 days).

 

how convenient is it to do that on immigration morning? 

if you attend CW, some banks have branches in the immigration building.

bangkok bank opens at 8:30, you can get your book updated without a transaction required, and your letter in about ten minutes.

[Stadtler]

43 minutes ago, DaRoadrunner said:

I would stay away from the smaller banks like LH Bank and Thanachart. Even if they pay a bit more interest. In these uncertain times one sticks with the biggest most solid bank, which in this country would be Bangkok Bank or SCB.

 

Never keep more money than you need in this Mickey Mouse country.

Thanachart just bought TMB.  They are not small anymore.

[KhunBENQ]

9 hours ago, DaRoadrunner said:

Never keep more money than you need in this Mickey Mouse country.

If only the big players would be as suspicious as you and the exchange rate would be cause for joy.

 

 

[JetsetBkk]

10 hours ago, ChouDoufu said:

also consider why you're getting the account.  it's for your immigration bail money, so you're gonna need to get your passbook updated and have a guarantee letter prepared each time you renew.  (maybe more often if io requires a visit after 90 days).

 

how convenient is it to do that on immigration morning? 

if you attend CW, some banks have branches in the immigration building.

bangkok bank opens at 8:30, you can get your book updated without a transaction required, and your letter in about ten minutes.

Getting the paperwork easily is one of the reasons I stuck with Krung Thai for a few years before switching to SCB. Both banks know exactly what paperwork is needed, especialy if you give them a copy of the previous year's paperwork and ask them to update it all - the letter, the statement of account, the bank book copies... all with the bank's stamp and signed. It takes them quite a while - even the statement of account printout requires them to complete a form that I have to sign. I can see why they charge 200 baht for it all.

 

[JetsetBkk]

11 hours ago, couchpotato said:

I just renewed at Bangkok Bank at 1% p.a. For normal deposit accounts I think that would be the maximum anywhere. And interest rates are dropping monthly.

My SCB book says "Fixed Special" after my deposits are listed and also specifies the rate and due date.

So I'm looking for a fixed rate "term deposit" account (if that's the correct terminology).

I'm pretty sure when I checked various banks a few years ago, some of them said, basically, "Yes, fixed rate one year. Oh, you are farang. Cannot."

????

 

[DaRoadrunner]

2 hours ago, JetsetBkk said:

I'm pretty sure when I checked various banks a few years ago, some of them said, basically, "Yes, fixed rate one year. Oh, you are farang. Cannot."

This is one of my long standing complaints about the racist way Thai banks treat us filthy rich Farang. Dual interests rates, with Farang getting less than Thais. Is our Thai Baht not same same and as good as theirs? It appears to be good enough when they want 800k for Immigration.

[Stadtler]

15 hours ago, JetsetBkk said:

SCB informed me that their term deposit account is now giving me 0.9% interest.

They are constantly pushing <deleted> so you can get a simple service.  I wanted a saftey deposit box but they want me to buy life insurance.  Kaskikorn is doing the same <deleted>.

 

 

[JetsetBkk]

28 minutes ago, Stadtler said:

They are constantly pushing <deleted> so you can get a simple service.  I wanted a saftey deposit box but they want me to buy life insurance.  Kaskikorn is doing the same <deleted>.

I've got a Kasikorn account just for buying stuff on the internet. Kasikorn give you a "Shopping card" which is a "virtual" VISA card so it's easy to buy stuff from Lazada, AliExpress, etc. I keep only about 15K baht in it, so if someone hacks my account they aren't going to get much.

 

[Lacessit]

I've never had a problem getting a letter from Bangkok Bank for the annual extension ritual.

What I don't understand is why Immigration wants the passbook updated on the day of extension. Sure, one could have a debit or credit card attached and be removing funds that way. But if the bank letter states the account is passbook ONLY, I don't see why Immigration could not accept that.

[EricTh]

3 hours ago, JetsetBkk said:

Getting the paperwork easily is one of the reasons I stuck with Krung Thai for a few years before switching to SCB.

 

 

The fixed deposit interest rate is almost the same in every bank in Thailand.

 

My bank also wanted me to put my money in life insurance for xx (more than 5) years but I refused because it can't be used as proof for retirement visa application (I think). Furthermore, if there's an emergency premature withdrawal, you will lose whatever extra interest rate you gained.

 

So the main difference between one bank and another is the level of service and ease of getting documents for visa renewal.

 

I used to think that SCB was the best until I met a xenophobic branch manager and staff in my area. There are other SCB branches with better customer service but they are far away.

 

I now put my money in Krungsri bank and they have a flexible Mae Dee savings account that pays almost the same rate as fixed deposit but I can withdraw anytime. The branch manager and staff is also very friendly unlike that SCB manager.

 

Bangkok Bank's customer service is also good but they generally pay lower interest rate than Krungsri.

 

So it's not about interest rate which is almost the same but the level of customer service.

Edited May 16, 2020 by EricTh

[JetsetBkk]

41 minutes ago, EricTh said:

I now put my money in Krungsri bank and they have a flexible Mae Dee savings account that pays almost the same rate as fixed deposit but I can withdraw anytime.

Are you talking about this account?:

 

[JetsetBkk]

46 minutes ago, Lacessit said:

I've never had a problem getting a letter from Bangkok Bank for the annual extension ritual.

What I don't understand is why Immigration wants the passbook updated on the day of extension. Sure, one could have a debit or credit card attached and be removing funds that way. But if the bank letter states the account is passbook ONLY, I don't see why Immigration could not accept that.

I usually get the bank paperwork done one day and go to Immigration a day or two later. Phuket Immigration have never queried me about the dates.

[EricTh]

34 minutes ago, JetsetBkk said:

Are you talking about this account?:

 

 

Yes, it's this account, can't seem to remember the exact name. It provides me the flexibility of withdrawal in case there is an emergency without losing interest.

 

They have a restriction of 2 withdrawals per month but that's alright for me because I've another savings account with Bangkok Bank.

 

 

 

Edited May 16, 2020 by EricTh

[EricTh]

2 hours ago, Stadtler said:

They are constantly pushing <deleted> so you can get a simple service.  I wanted a saftey deposit box but they want me to buy life insurance.  Kaskikorn is doing the same <deleted>.

 

 

 

Does anyone know why bank officers like to push their life insurance packages on us?

 

A few aggressive officers always seem to promote this product every time I go there. They say the interest is higher but what are the cons besides a longer term?

 

Why do they discourage us from putting our money into term deposits?

 

Edited May 16, 2020 by EricTh

[Pib]

Go with the Krungsri Mee Tae Dai (MTD) acct....currently paying 1.1%....comes with a debit card....two free withdrawals per month but third and up per month incurs a Bt50 fee....comes with ibanking/mbanking....basically it's like a regular Thai savings acct but paying approx fixed acct interest level. 

 

For keeping a large amount which pays approx fixed acct interest but without the limitation of a fixed

acct, the MTD acct is a good way to go.  With a fixed acct you can't touch the money until its maturity date without losing most or all of the interest earned....also generally no debit card....basically it's money you can really touch unless wanting to lose a bunch of interest.   

 

But with a Krungsri MTD you get paid the interest monthly, can access the money anytime your want, etc.  I've been keeping my Bt800 retirement extension of stay money for around 5 years now in a Krungsri Bank MTD acct....been totally satisfied with Krungsri Bank.

[JetsetBkk]

3 hours ago, EricTh said:

 

Does anyone know why bank officers like to push their life insurance packages on us?

 

A few aggressive officers always seem to promote this product every time I go there. They say the interest is higher but what are the cons besides a longer term?

 

Why do they discourage us from putting our money into term deposits?

 

Two withdrawals per month is no problem for me as I intend to just leave it there for years unless I have an emergency.

 

re. the aggressive officers: while I was getting my paperwork done on Tuesday by a girl at the counter, this "aggressive officer" barged in and told me that my account was getting only 0.9% and that I could get more if I had their "insurance". But as I was busy with my paperwork I said I could come back and talk to her about it another day. She suggested tomorrow (Wednesday), but I said no as I was going to Immigration that day!

 

So she then said she could come to my house in Rawai on Thursday to talk about it which set the alarm bells ringing! She must be really desperate for the business if she was prepared to do that.

 

So I went back to the SCB after my trip to Immigration on Wednesday in order to stop the "house visit". She started telling me all about the scheme, but my first question was "What kind of insurance is it?" When she said "Life Insurance" I said I lived alone, didn't need it or want it, but thanks for asking. When I asked if the SCB gave better interest on other accounts, she said they didn't.

 

She looked a little saddened when I said I'd look into other banks' interest rates. So by reminding me how low their interest rates are, she has probably lost a customer!

 

[JetsetBkk]

1 hour ago, Pib said:

Go with the Krungsri Mee Tae Dai (MTD) acct....currently paying 1.1%....comes with a debit card....two free withdrawals per month but third and up per month incurs a Bt50 fee....comes with ibanking/mbanking....basically it's like a regular Thai savings acct but paying approx fixed acct interest level. 

 

For keeping a large amount which pays approx fixed acct interest but without the limitation of a fixed

acct, the MTD acct is a good way to go.  With a fixed acct you can't touch the money until its maturity date without losing most or all of the interest earned....also generally no debit card....basically it's money you can really touch unless wanting to lose a bunch of interest.   

 

But with a Krungsri MTD you get paid the interest monthly, can access the money anytime your want, etc.  I've been keeping my Bt800 retirement extension of stay money for around 5 years now in a Krungsri Bank MTD acct....been totally satisfied with Krungsri Bank.

Thanks Pib. I'll be paying them a visit on Monday, or possibly tomorrow if I go to Phuket Town.

[EricTh]

1 hour ago, JetsetBkk said:

 

 

re. the aggressive officers: while I was getting my paperwork done on Tuesday by a girl at the counter, this "aggressive officer" barged in and t

 

 

I know that the salesgirl would get a sales commission for selling you the life insurance but what does the bank gain from it versus a term deposit?

 

The bank still have to give us back the principal plus interest after x years even for a life insurance. (I think)

Edited May 16, 2020 by EricTh

[Baerboxer]

On 5/16/2020 at 2:27 AM, Ron jeremy said:

I wouldn't keep a red cent in this Mickey Mouse country. 

 

Yeah, right. Because the Western countries are in such great financial shape!

[Pib]

16 hours ago, JetsetBkk said:

Thanks Pib. I'll be paying them a visit on Monday, or possibly tomorrow if I go to Phuket Town.

 

And since many bank branches (i.e., SCB, Bangkok Bank, K-bank, just all/most Thai banks) can play the game of trying to get you to sign up for one of their "expensive debit" cards that includes some benefit like accident/live insurance you can only claim under certain conditions, it's always best to go in knowing from the "get-go" which card you want....tell the branch the call you want.  This can also give them the impression you are a customer not to be messed with from the standpoint of trying to sell high priced, mostly useless bank products. 

 

Anyway, see below link for a list of Krungsri Bank debit cards.  Their basic Bt200 annual fee card is their cheapest card (I use to have their no annual fee card but they discontinued that in Dec 2019 and I had to go in a choose another card....I chose their basic card at Bt200 per year.  Does everything I need....works in an ATM...works to purchase....etc.  

 

https://www.krungsri.com/bank/en/PersonalBanking/CardProducts/KrungsriDebitcard/debit-card-fees.html

[briofoz]

I was using Bangkok Bank Fixed Deposit account for a few years but biggest problem was that they needed to open a new account each year, so passport, lease, and copies of everything to open it.

 

Three years ago I went looking for higher interest and SCB were offering a better rate. Switched over, no need to open a new account each year, they roll it over into the same account and same bank Book.

 

Other services from Bangkok Bank are good, except there MBanking that for some reason will work on my Tablet but wont work on my Phone anymore.

 

Edited May 17, 2020 by briofoz

[Postmaster]

Bangkok Bank every time

[kotsak]

On 5/16/2020 at 1:42 AM, ChouDoufu said:

also consider why you're getting the account.  it's for your immigration bail money, so you're gonna need to get your passbook updated and have a guarantee letter prepared each time you renew.  (maybe more often if io requires a visit after 90 days).

 

how convenient is it to do that on immigration morning? 

if you attend CW, some banks have branches in the immigration building.

bangkok bank opens at 8:30, you can get your book updated without a transaction required, and your letter in about ten minutes.

Seems the poster is located in Phuket but since you mentioned CW, got a letter couple of months ago saying that SCB is closing shop in the CW Gov complex and transferring all accounts at the SCB branch in BigC near by along CW road. Of course that's a bummer, imagine you want to finish your renewal early morning and have to go over there first and then get back to the Immd. I am planning to move my deposit to another bank and hope they don't shut down too ????

[Tuvoc]

Are any of the Thai Banks state owned ?

[macahoom]

7 minutes ago, Tuvoc said:

Are any of the Thai Banks state owned ?

Government Savings Bank (GSB)
GH Bank
Bank for Agriculture and Agricultural Co-operatives (BAAC)
Export–Import Bank of Thailand
Islamic Bank of Thailand
ME Development Bank of Thailand

[5633572526]

On 5/16/2020 at 12:27 PM, JetsetBkk said:

Getting the paperwork easily is one of the reasons I stuck with Krung Thai for a few years before switching to SCB. Both banks know exactly what paperwork is needed, especialy if you give them a copy of the previous year's paperwork and ask them to update it all - the letter, the statement of account, the bank book copies... all with the bank's stamp and signed. It takes them quite a while - even the statement of account printout requires them to complete a form that I have to sign. I can see why they charge 200 baht for it all.

 

100 baht at Bangkok bank and took 10 minutes 

[Pib]

Just now, macahoom said:

Government Savings Bank (GSB)
GH Bank
Bank for Agriculture and Agricultural Co-operatives (BAAC)
Export–Import Bank of Thailand
Islamic Bank of Thailand
ME Development Bank of Thailand

That's from Wikipedia and a little incomplete....throw in KrungThai Bank to the list.