Deposit accounts : bank with best rates ?

[FlyFree]

Buy oil. Any oil. Cooking oil will do

Sticking money in a bank and worrying whether you're getting 3.5% or 4.2% or 4.25% is madness.

Why not just keep the cash and keep throwing some of it away? Same thing.

With all the money being printed, inflation is about to go to hell in a handbasket.

[thaisold]

If your on a retirement visa then your retired and you are no longer getting a pay check. Don't be foolish with your money now that you have it, put it in the bank get the percentage point offerred and leave it at that. Playing stocks gold etc is not wise for retirees what if you lost it all and it can happen then what, you won't live in thailand anymore!

[Thetyim]

Here's a very useful link.
Shows the deposit interest rate for banks in Thailand

Daily Interest Rates of Commercial Banks

[Scandinavian]

Both of you need to look at buying gold bar with, if not all, a large % of your cash pile.

Where?
What's the current going rate?
Any idea what customs would say if you try to take it out of the country?

I have been stocking up on gold bars quite a while now. I recommend Hua Heng Seng in Thailand, they are biggest with the best reputation. Biggest bricks that are easy to get, over the counter is 10baht in weight, which today costs 250 000 Baht.
As long as they key fundamentals stay the same, gold has no way to go but up. I'm absolutely sure that gold will just continue to rise for many more years. But we'll always have the nay sayers who are normally just pissed off cos they don't have the money to buy brick after brick after brick of gold...

[OhOh]

Hua Heng Seng

Their web site is

Hua Seng Heng Gold Futures Co.,Ltd.

[Troy]

When I first semi-retired in Thailand (2005 for 18 months) ...I bought a 1 m baht Government bond (joint with the wife) at 5.1%, put 40,000 sterling into gold and the rest I split between Euros and sterling. Immigration accepted the 1m Baht bond without problem...but at the end of the year Kasikorn bank told us it was reduced to only 3.5%...WTF!....but still better than a bank in the UK and the Gold was rising so I resigned to telling them they were a bunch of thieving bastards and moved it into Gold....never looked back....just transfer as necessary....but don't expect it to last...

[OhOh]

but don't expect it to last.

Do you mean your nest eggs or golds rate of appreciation?

[Butterfly]

As long as they key fundamentals stay the same, gold has no way to go but up.

that's the problem, the fundamentals says that Gold is overpriced. Long Term Supply is far greater than Demand. It's all speculative at the moment, and yes entering Gold now is not wise.

but at the end of the year Kasikorn bank told us it was reduced to only 3.5%

it was probably 1yr government notes, not a long term government bond. Unless they were referring to you at the current yield. If it was, then you were stupid to sell, because you were still getting the high coupon and the price of the bond went up, giving it a yield of 3.5%, doesn't mean you were getting 3.5%, just that new buyers were getting 3.5%, you were still getting your 5.1%

another reason why most individuals should stay away from bonds, they don't understand the complex mechanics behind them

[keekwai]

dont waste your time there youll get stamped Foreigner no interest

Are there other countries that follow this disgusting practise?

To top it off ... If you use a Teller to make a DEPOSIT ... they charge you for the "privilege" of GIVING them money (Which they use to make MORE money)

Most countries charge you (in certain circumstances) for withdrawals ... fair enough. But could you imagine the reaction in Western countries if a bank CHARGED YOU FOR DEPOSITS? That bank would soon have no customers.

TIT ... I suppose.

[Thetyim]

Immigration accepted the 1m Baht bond without problem

That is interesting

[keekwai]

10baht in weight.

Can someone explain the weight system of gold here? Why is "Baht" used as a measurement of weight? Is it a colloquial thing?

[Butterfly]

Most countries charge you (in certain circumstances) for withdrawals ... fair enough. But could you imagine the reaction in Western countries if a bank CHARGED YOU FOR DEPOSITS? That bank would soon have no customers.

you obviously never went banking in Switzerland

they will charge you as much as 0.5% of the money you deposited,

how is that for doing nothing and taking a management fee for it

[Lecram]

The interest rate her is low but tied to interest rates on borrowing. As we farangs cannot borrow money from Thai banks it all seems once again geared to ripping us off. Their are other ways of staying here on a yearly visa and I recommend some research. Once you have wised up and worked out how to do this I then recommend you are smart and leave your money where it is safe... the country you came from! Australia pays up to nearly 8 percent on some bank accounts and up to 9.75 on some investments albeit with some risk. I have been receiving 8.25 to 9.75 percent variable for the last 7 years in such investments in Australia and not had a problem. Lets start being smart about how we do things and how we stay here long term. It is our money so if the Thais want it lets hold it back till we either get a fair deal or work out that we don't really need to play their game. Leaving money in your own country ensures the atm dragon cant finger it and you can live on the interest rate. 3.75% so Thailand can take our money is just stupid. Will you all please wake up and do your research!!!

[keekwai]

I wonder if Paypal Thailand would be considered a "Thai Bank"? They pay interest. Nah ... probably not.

[rick75]

Australia pays up to nearly 8 percent on some bank accounts and up to 9.75 on some investments albeit with some risk. I have been receiving 8.25 to 9.75 percent variable for the last 7 years

Lecram where abouts are you getting that type of return? at the moment the best you would hope for would be 6% and that would be locked in for 5 years.

[keekwai]

HSBC I'll bet.

[keekwai]

10baht in weight.

Can someone explain the weight system of gold here? Why is "Baht" used as a measurement of weight? Is it a colloquial thing?

Never mind ... Google to the rescue.

One baht Thai gold is equivalent to 15,244 grams before it is worked up. After the work the weight should be equal with or more than 15,16 grams, to still be termed as one baht gold. (To simplify it, one baht of gold normally is termed as 15,2 grams)

A little extra info if anyone's interested ...

Advantages of Purchases of Thai Baht Gold

1) Durability: Many westerners often believe that 18K or 14K are the best gold purity for jewelry. High-Karat gold is too soft. However, in reality, some gold jewelry, such as chains, necklaces with plain or classic styles can be crafted or produced at 23K gold with durability. With higher gold content, Thai Jewelry can be worn everyday for daily lives without tarnishing or corroding.

2) Brilliance Color: Thai gold jewelry with 23K purity has a distinguished characteristic are their brilliance and “intense yellow color”. Gold jewelry with less gold contend often has pale yellow or green yellow.


3) Good Prices for Selling Back: Thais often invest a proportion of their money in gold ornaments because gold ornaments can be easily changed to money. Every Thai gold shops are willing to buy back gold ornaments at a specific selling price, which is a little less than a buying price. Selling prices change daily by the government and correspond with the buying prices. Thai gold shops will normally buy back 23K gold jewelry only as those with less gold purity (18K or 14K) is probably cost much more to extract the gold content than the worth of the jewelry itself. Generally, customers get best prices when they sell them back to the stores they bought.


4) Financial Security: Gold in most Asian countries is considered a readily convertible asset. Prices of gold in the world market are remarkably increased for the recent years. Purchasing gold bullion or jewelry could be a good investment.


5) Low Prices: Compared to prices of gold jewelry in western markets, Thai gold jewelry contains much more gold content but is sold at cheaper prices. Normally, prices of Thai gold jewelry is no more than 5% above of the spot price of gold, while prices of western gold jewelry is as high as 40% above the spot price. Some said that this is because Thai jewelry designs are inferior to western jewelry designs. As a result, they pay premium for craftsmanship for western jewelry. Currently, Thai craftsmen can craft or produce complicated styles similar to western styles without paying premium for the craftsmanship.

[rick75]

HSBC I'll bet.

Nope there rates are one of the lowest. Up to 1 million Au for 5 years 4.25%

[keekwai]

Really? It's been 5 years since I closed my Oz accounts. (Departed indefinitely!) ... but thought it was higher.

[rick75]

Yeh I know pretty poor. Check out the link it gives a basic rundown on whats on offer.

Term Deposits | Compare Australia's Best Term Deposit Interest Rates at InfoChoice

[mysticpaki]

Hi All

I am presently thinking of moving to Thailand on the retirement visa and already have an account in Siam Commercial Bank Phuket (just a few hundred dollars worth of thai baht)
I was told that foreigners dont get any interest so could you please advise how to go about it that i qualify for the retirement visa and its yearly renewal requirement every year and also get interest on it.
I plan not to use this 800 K but would like to use the interest monthly or yearly earned if any.
i am married not to a thai women.
Please advise.My email is cliche61@hotmail.com
Many thanks
Eddie

[Troy]

t was probably 1yr government notes, not a long term government bond. Unless they were referring to you at the current yield. If it was, then you were stupid to sell, because you were still getting the high coupon and the price of the bond went up, giving it a yield of 3.5%, doesn't mean you were getting 3.5%, just that new buyers were getting 3.5%, you were still getting your 5.1%

another reason why most individuals should stay away from bonds, they don't understand the complex mechanics behind them [at]

Kasikorn bank, at the time, were doing fixed 1 year Im baht bonds...I had no choice but to sell....They were also doing 5m Baht bonds that were indefinite and could be sold at current rates...but I didn't want to invest that much since I was worried about the Political situation...(which ended up with a coup when my fixed term bond was up for sale)....

Immigration, as I said had no worries in accepting the bond for the purposes of type O visa renewal...which was the main purpose of the investment..

[jaapie]

I am getting 3.65% (less 15% withholding) on amounts 50 000 and up at Bank of Ayudhya - length of lock in 5 months only. Please note this is an annualised rate.
This varies from month to month (they often have "offers")
They also have a special savings account (max 2 withdrawals per month - this one I think 2.1% per annum)
Tried to open an account in Australia - it seems impossible if you are not resident there or do not show intent to move there. NZ similar although their rules seem a biit slacker.

[Butterfly]

Immigration, as I said had no worries in accepting the bond for the purposes of type O visa renewal...which was the main purpose of the investment..

you can do it also with your stock portfolio, and it's a good strategy for immigration renewal, show them commitment

[Thetyim]

Tried to open an account in Australia - it seems impossible if you are not resident there or do not show intent to move there.

Yes that is a big stumbling block. It is possible but you have to pull strings to get them to open an account.

Have you considered Malaysia?
Interest rates are the same as Thailand but no WHT is deducted.