Deposit account rates ....... only in Thailand !!

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stattointhailand
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Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 23, 2010, 4:20 pm

Having spotted an advert outside the Bank of Ayudhya offering deposit account rates of 1.10% (8 months) or 1.65% (18 months), my wife suggested that we move our "visa money" account (currently paying 0.75%) to the B of A. Not being one who wants to miss out on a few free baht when it's on offer, I spent this afternoon withdrawing the money, and then going and waiting, and waiting, and waiting at the Bank of Ayudhya to open a new account.
When I finally got to the desk, I was informed that the deposit account is a 6 month account paying 0.7% ..... the 1.10% and 1.65% accounts are for THAI's ONLY.
I wonder what would happen to Barclays or Nat West if they tried that one in the UK?



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Re: Deposit account rates ....... only in Thailand !!

Post by hangsaboot » February 23, 2010, 4:44 pm

stattointhailand wrote:Having spotted an advert outside the Bank of Ayudhya offering deposit account rates of 1.10% (8 months) or 1.65% (18 months), my wife suggested that we move our "visa money" account (currently paying 0.75%) to the B of A. Not being one who wants to miss out on a few free baht when it's on offer, I spent this afternoon withdrawing the money, and then going and waiting, and waiting, and waiting at the Bank of Ayudhya to open a new account.
When I finally got to the desk, I was informed that the deposit account is a 6 month account paying 0.7% ..... the 1.10% and 1.65% accounts are for THAI's ONLY.
I wonder what would happen to Barclays or Nat West if they tried that one in the UK?
racial predjudice .

p.s. i noticed the advert .and was thinking on the same lines as yourself .
thanks , for saving me the bad experience and my time in making an enquiry .

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Re: Deposit account rates ....... only in Thailand !!

Post by Lionheart » February 23, 2010, 5:17 pm

Try the Government Housing Bank, their rates are nearly almost more attractive. I have one accont with them currently paying 1.75% But there are better rates on term deposit accounts. on 1yr, 2yr etc.

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stattointhailand
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Re: Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 23, 2010, 5:22 pm

Thanks Lionheart, I'll nip in there tomorrow.

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Re: Deposit account rates ....... only in Thailand !!

Post by BobHelm » February 23, 2010, 5:41 pm

I suspect it is a "nationality" get out clause, rather than a racial one.
I know some high interest, long term accounts offered in the UK (when there used to be such things :D )you had to be a UK resident in order to invest.
Glad Lionheart could offer an alternative to you Statto & that not all Thai Banks are quite so blinkered as some.

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Re: Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 23, 2010, 6:04 pm

I pointed out to her that I had been a Thai RESIDENT for over 5 years, and received the usual reply ........... a very nice gentle smile ............how can you get angry with the little lovie, she's only doing her job after all ......... now If I could get my hands round the neck of the guy that runs the bank .........

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Re: Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 23, 2010, 6:17 pm

I will just have to add them to the ever growing list of Thai establishments (Golf courses etc), that will NOT be receiving my future custom. Just got back from a golf "roadtrip" (report elsewhere), and when doing the planning, one of the courses that we were going to play had a "special Offer for Thai's only" ....... result 11 farang paid our money elsewhere .............. when will they ever learn !!

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Re: Deposit account rates ....... only in Thailand !!

Post by Texpat » February 23, 2010, 8:39 pm

Oh come on now ... you can't compare prices within Thailand. You must always, irrespective of how long you've lived here, compare to prices back home. That way the Thais are happy to overcharge you and you're happy to be receiving a bargain. Everyone's happy.

Simple ain't it? :cry:

When the price is double that of back home, as it often is, write it off to import taxes or underpaid clerks or excessive transportation costs. It'll make you feel better.

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Re: Deposit account rates ....... only in Thailand !!

Post by Welshboy » February 24, 2010, 4:00 am

Bob. This is a skin tax & raciest. I bet you my T/G would get the higher rate.......But we all know this is Thailand

Tex. All people should be equal under the law............................................But we all know this is Thailand

Stationthailand. What is the point of cutting off your nose to spite your face.......But we all know this is Thailand

With all its faults. It is still one of the best places in the world.I will keep visiting Thailand & one day retire there.

Good luck to all you lucky bastards, living out there !!! =D> =D>

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Re: Deposit account rates ....... only in Thailand !!

Post by parrot » February 24, 2010, 9:30 am

Well~! Welshboy and Texpat are going to get along just fine!
The only thing I don't understand is why you'd 'choose' to live in a place that treats you as you believe.

Now, where did I put my rose-colored glasses?

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Re: Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 24, 2010, 12:50 pm

Texpat ......

Oh come on now ... you can't compare prices within Thailand. You must always, irrespective of how long you've lived here, compare to prices back home. That way the Thais are happy to overcharge you and you're happy to be receiving a bargain. Everyone's happy.

I have lived here for 5 years, consider Udon "back home" and as I have not been beyond Thailands shores for one minute in the last 5 years, I have absolutely no idea of what the prices are in any other part of the world.

Welshboy ....

What is the point of cutting off your nose to spite your face......


Because I do what I believe in ............. ok, it's "smallfry", but if we all shrug our shoulders and pay, they will keep doing it. Refuse to pay the extra, let them know why you are refusing, and walk away. If more people had the "guts" to stand up for what they believe, the world (including Thailand) would be a better place. Where would we be know if Nelson Mandella/Lech Wollenza/The suffrogets/The Tollpuddle Martyrs etc etc had not "cut off their nose to spite their face".
It is because too many farang had the same "blaze" attitude about "well it would cost more at home" that a small beer now costs B50/B60 a bar fine is B300 and the girls expect to be paid B1000+

Rant over :lol: :lol: :lol:

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Re: Deposit account rates ....... only in Thailand !!

Post by Welshboy » February 25, 2010, 3:10 am

[quote Parrot]

I sympathize with those who have given up their homes back in the US/UK, then lost their homes/savings here because of a failed relationship. If there's a lesson to be learned for any potential newcomers, it's: don't burn your bridges back home and don't sink your life's savings in a home/property/relationship in Thailand without understanding the potential consequences. I've always considered Thailand a retirement paradise, not a hell hole. If it ever turns to that, I'm outta here.

Even with my rose coloured glasses. I can still read wise words!

There are a lot worse places in the world than Thailand, There are also better places?
My PERSONAL choice is Thailand.

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Re: Deposit account rates ....... only in Thailand !!

Post by Welshboy » February 25, 2010, 3:32 am

Stationthailand.......Rant over :lol: :lol: :lol:

When i go fishing, i like to catch big fish, thanks for the post. :lol: :lol:

IMO. You have lived here for many years, i an still a tourist. It is all about prospective's.
One day when i have lived there as long as you. I can be as happy & contented as you are.

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Re: Deposit account rates ....... only in Thailand !!

Post by KHONDAHM » February 25, 2010, 5:20 am

It always cracks me up when I hear Falang run around screaming racism. Puh-lease... The sign on the door does say Thai-land, ya know. :roll: Deal with it and stop complaining as it only makes you bitter. I think I qualify as the resident "expert" on this one. \:D/

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Re: Deposit account rates ....... only in Thailand !!

Post by stattointhailand » February 25, 2010, 11:42 am

Guys, I am NOT "running round screaming Racism or any other ism for that matter, just pointing out that what is happening (in my opinion) is wrong.
Its no different to when I was back in UK and that nice Mrs Thatcher privatised the industry that I worked in. I was told that I had been "given" about GBP500 in shares as an employee.I didn't agree that an industry which had been paid for by the British Taxpayer for 60 odd years should be "giving away" money to anyone exept the taxpayers who had previously bailed it out on many occations. I refused to accept the shares (cutting off my nose again), and caused absolute havoc in the admin and Human Resourses dept who took weeks sorting the "problem" out.
Everyone, including my wife and bosses said I was mad, (perhaps I am !!), but I still stood up for what I believed in, and could sleep at night. I must admit that two years later when the GBP500 had plumetted to less than GBP10, I did have a slightly smug grin on my face for days.
Sorry, but that's me ........ take it or leave it ....... that's the way I was brought up, and I hope will remain for the rest of my time on this earth.

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Re: Deposit account rates ....... only in Thailand !!

Post by KHONDAHM » February 25, 2010, 1:23 pm

stattointhailand wrote:Guys, I am NOT "running round screaming Racism or any other ism for that matter, just pointing out that what is happening (in my opinion) is wrong.
For the record, my post was not directed at your original post, but rather to those who replied with such charges. Cheers! ;)

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Re: Deposit account rates ....... only in Thailand !!

Post by designer » March 28, 2010, 5:39 pm

And I am only getting 8.25 on a 2 year goverement bond in south africa , :D

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Re: Deposit account rates ....... only in Thailand !!

Post by Prenders88 » March 28, 2010, 9:18 pm

Even that THAI ONLY rate is poor, you're better off keeping the money under the matteress.
I'm getting 10% yield on my lastest buy to let investment in the UK. I'd never keep any serious amount of wedge in a Thai bank, just enough to live on, and keep the immigration dept happy to renew the visa.

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Re: Deposit account rates ....... only in Thailand !!

Post by udonuk1 » April 4, 2010, 6:27 pm

It all depends on the AMOUNT you deposit in your account. There is a step up of interest rates up to 5% for large amounts in my Thai bank ! But for small amounts, i would agree, better under the mattress if you already have another Credit/Debit card . Also my bank offers "accident insurance" and per diem payments for any accident stay in an Udon hospital.

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Re: Deposit account rates ....... only in Thailand !!

Post by Gaudente » April 7, 2010, 12:08 am

stattointhailand wrote: When I finally got to the desk, I was informed that the deposit account is a 6 month account paying 0.7% ..... the 1.10% and 1.65% accounts are for THAI's ONLY.
Buy property funds quoted on the Stock Exchange of Thailand. They have a dividend payout of about 8% , and that's the same for Thais and farang as well.

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