savings interest

[charlesh]

Any comments ion the best sort/s of accounts to have in Thai banks with respect to improved interest rates ie, term deposits, day accounts etc?/
Charles H

[Randy Cornhole]

As a ferrang you will get little or no interest on your money in a Thai account. Its better to keep your money in a bank in your country of origin.

[niggle]

Only have account you need - ie for visa purpose. Interest rate can be as low as 1.5 %
Get bet rate in home country and transfer when necessary, using ATM

[buksida]

Agree with both comments above you'll get very little interest from a Thai bank.

Today's rates from Kasikorn:

Standard account : 0.75%
Fixed Deposit 6 months : 2.0%
Fixed Deposit 12 months : 2.25%

Its better off overseas.

[JimmyGreaves]

However:

When the baht drops by 7 baht in a couple of months and you have for example 100,000 UK pounds in a UK account. That used to be worth 6.9 Million baht and now only worth 6.2 million baht a loss of 700,000 baht - Big Bucks that you can buy a good car with.

You really have to spread the load in my humble opinion!~

[dtaai-maai]

... and you have for example 100,000 UK pounds in a UK account. That used to be worth 6.9 Million baht and now only worth 6.2 million baht a loss of 700,000 baht

Oh, to have such problems. Life's such a bitch...

[Onlyme]

And the 100,000 GPB is giving you a minimum of 400 GBP per month interest.
PS. If you're not getting at least 5% after tax, something is wrong!

[JimmyGreaves]

And the 100,000 GPB is giving you a minimum of 400 GBP per month interest.
PS. If you're not getting at least 5% after tax, something is wrong!

Yes but losing 700,000 baht in 3 months is well over 10,000 pounds so you have alot of 400.00 pounds per month to make that loss up!

Again, You really have to spread the load in my humble opinion!~

[JimmyGreaves]

... and you have for example 100,000 UK pounds in a UK account. That used to be worth 6.9 Million baht and now only worth 6.2 million baht a loss of 700,000 baht

Oh, to have such problems. Life's such a bitch...

An example to show that 5% growth in the UK and money already in Thailand can be worth more depending on which way the cookie crumbles. And yes would be nice to have such problems.

[PET]

Exchange rates go up as well as down and so it is not correct to just give the example of the last few months. PET

[JimmyGreaves]

Exchange rates go up as well as down and so it is not correct to just give the example of the last few months. PET

And so does interest rates!

Double Again, You really have to spread the load in my humble opinion!~`?

[Randy Cornhole]

I have been looking to invest a bit of money and have seen 6.7% which seems quite good. But you have to be careful at the moment with things like the Northern rock fiasco. It seems prudent to spread your investment over several companies. Most credited ones (I forget the name of the acreditation bureau) have a ?35,000 insurance cover policy so if you have 100,000, spread it over 3 or 4 investment companies. Just remember do some homework...
If you keep it offshore remember you pay no tax on interest earned.

[JimmyGreaves]

if your in the uk check http://www.moneysavingexpert.com they seem to give good advice as well as cheap telephone call numbers

[lindosfan1]

After the Nothern Rock crisis when it emerged that any deposits over 10,000 pounds where not protected. The rules where amended to guarantee that deposits up to 35,000 are protected it is not insurance it is law. That applies to all British banks and building societys

[niggle]

I reiterate previous advice about www.moneysavingexpert.com
They have an article this month about the 35,000 (actaully it is abot 32000) guaranteee . Well worth looking at and subscribing to their newsletter