Answered2 years ago
Which banks in Thailand offer the best long-term deposit interest rates?
Has anyone done research on which banks have the best long term deposit interest rates?
Answer summary
The discussion revolves around the current banking interest rates for long-term deposits in Thailand. Several banks, including UOB and CIMB Thai, are mentioned, with UOB advertising a 2% promotion and CIMB Thai's Speed D Plus Savings offering 1.88% until the end of December 2024. The conversation highlights general dissatisfaction with interest rates in Thailand compared to other countries and mentions other options for saving, such as government savings banks that offer lottery entries based on deposits. There is a focus on finding the best possible rates due to upcoming financial requirements for retirement visas.
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Sandra **********
OPWe need to drop money for our retirement visa. Because it needs to sit may as well get the best interest rate ..... So no plans to leave Thailand so long term can be 1-5 years
Gregory ********
What do you classify as long term—you have 32 days,6m,1 year,etc ,etc
T ****************
Google has
Jeff ********
Yes
Bucky ********
if you get the Government loan rate you’re doing great
Tom ********
Buy Gold
Brook ********
2% now. It was 2.5%
Duncanc **********
Russian banks
Cliff *********
Your bank at home
Brian *********
Don’t mean to be negative but it’s a joke. I get 5% in my home country so that’s where most of it stays. 👍
Todd *********
@Brian ********
I currently get 8% in Mexico on 3-6 month 'GIC's'. There is mandatory tax withholding by the govt for 10% so net gain is 7.2%. Been high interest rates there for many years nowLing *****
@Brian ********
me too.Gregory ********
@Brian ********
is that gross or net return after taxBrian *********
@Gregory *******
its interest so it’s taxable.Gregory ********
@Brian ********
no prob —post again when you need to register in Thailand—how would you live on thailand if you dont earn enough income🙈🙈🙈🙈Gregory ********
@Ling ****
well my point is you guys are all advertising your gross before tax returns—but you need pay tax on the interest so that is not your net return that you receive in your hands—not sure whether they deduct tax at source in Oz or not—but that’s what happens in Thailand—anyway Thai have approved and are in the process of gazetting—in future if you more than 180 days per year—you will be taxed on your WORLD WIDE INCOME—so if you not paying tax there—you will be paying tax on it in Thailand soon after gazettedBrian *********
@Gregory *******
seems a few wide brush stroke analogies there! The most prominent is earning enough interest to qualify for taxation. Most retirees don’t have that much money to be worrying about Thailand taxes on interest. 🤣Gregory ********
@Brian ********
well in a way thats bad news—cause you will have to pay tax from 1 jan 2024 on it here in Thailand if you bringing the interest here—furthermore Thai revenue have approved and are gazetting that in future if you live here more than 180 days you will be TAXED ON YOUR WORLDWIDE INCOME—so in future it WILL be taxedBrian *********
@Gregory *******
that is an assessment based on an income level that is MUCH greater than earned interest remotely touches unless someone already has a substantial level of income.So that’s not accurate. I paid zero taxes on my interest last year.
Ling *****
@Gregory *******
I don't, I keep my money in Australia where I am receiving 5.5% interest from ING bank. The point I was making is that the Thai savings accounts pay around .75% interest and then they deduct 15% tax off those earnings. It is way more beneficial to keep your savings in your home country bank and transfer over only what you need day to day or when currency rates are in your favour.Gregory ********
@Ling ****
i am not having the conversation with you—@brian @Gor****
knows what i am getting at—you no little it seems —why would you bring money here at the current Thai rates🙈🙈🙈Ling *****
@Gregory *******
so what, Thai banks take tax off my interest payments from their accounts too. That brings my real interest to .5%.Gregory ********
@Brian ********
yep —so at about 35% tax—the return is about 3,25% net👍👍Todd *********
At this point, anything close to 2% is great lol. And you are losing to inflation. Not worth it
Julian *******
I’m getting 1.75% with government savings bank plus entry to their monthly lottery which guarantees, depending on the size of your deposit, a win each month, my winnings so far equate to 4.3%
Michael ********
@Julian ******
i only ever get 200 b winnings lolJulian *******
@Michael *******
as I said it depends on the amount of deposit,Michael ********
@Julian ******
i put half a mil in 6 months ago to try it. Will look at figures end of year
Taketo *********
Speed D Plus Savings by CIMB Thai have promotion 1.88% from september to 31 dec 2024.
Tin **********
Kasikorn
Bob **********
Keep you money at home you won’t get much here
Limp ********
UOB have promotion right now, 2%
Richard ********
@Limp *******
promotion ?!!!Limp ********
Yes, it will be 1.5% after.
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