Locked savings account dedicated to financing my daughter's education

[karl73]

Hi,

I would like to open a remunerated savings account for my 14 years old daughter, who is Thai. The account will be dedicated to financing her future education at the university. Ideally, I’m looking for a locked account with a minimum term of 5 years, during which no withdrawals would be possible from anybody.

Does such an option exist in Thailand? If not, are there any alternative solutions you would recommend ?

Thanks

[malmomike77]

Depending on your home country I would make use of savings instruments there and then transfer to sum in 5 or more years to Thailand.

[Shutree]

Depending on your home country I would make use of savings instruments there and then transfer to sum in 5 or more years to Thailand.

That is probably the way I'd do it.
I know that Bangkok Bank has fixed deposits, with terms up to 3 years. The interest rates are quite low for Thai Baht. Other banks probably have similar.
It sounds like you don't want anyone touching the lump sum. The catch with a fixed deposit is that you can use it as colateral to borrow from the bank. At a higher rate of interest than the deposit is earning. It's just too tempting.

[Happy As Larry]

I know that Bangkok Bank has fixed deposits, with terms up to 3 years. The interest rates are quite low for Thai Baht. Other banks probably have similar.

Yes all the banks have them but they can be accessed at anytime (with penalties). I would doubt that they could be set up with no possibility of withdrawals