Banks announce an increase in savings interest

[rookie]

Hmmm...are banks are reacting to the sluggish Thai economy?

And, will local farangs receive the new interest rates on the money they have in-country? I've been receiving the previous paltry interest on the minimal funds I keep in-country, yet I know of a number of farangs that consistently get nothing on their deposits.

 

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Commercial banks announce an increase in savings interest

 

Following announcements by the Kasikorn and Siam Commercial Bank that there will be an increase in interest rates, many other commercial banks have made similar announcements.

 

The Bank of Ayutthaya has increased its 12 months savings interest form 0.25% to 3.25%, and loan interest from 0.25% to 7.25% for MLR and 7.75% for MOR and MRR. Meanwhile, Siam City Bank has increased its 12 months savings interest to 3.25% and its loan interest to 7.25% for MLR and 7.70% for MOR and MRR.

 

The Thai Military Bank, the 5th largest banking institution in the nation has increased interest rates of 12 month savings to 4%, 24 month savings to 4%, and 36 month savings to 4.25%. The Thai Military Bank's loan interests are at 7.25% for MLR and 7.75% for MOR and MRR.

 

The Bangkok Bank similarly announced that its 12 month savings interest would now be 3.25-4%, 24 month savings will be 4%, and 36 month savings will be 4.25%. Loan interest for MLR will be 7%, MOR 7.25%, and MRR 7.5%.

 

This increase in savings interest by commercial banks was made to complement market conditions and the banking interest policy of the government.

 

Source: Thai National News Bureau Public Relations Department - 07 March 2006

[Flashermac]

If you've had your account for years, you are probably getting whatever the Thais get. The govmt only started this "no interest for evil foreign devils" nonsense a few years ago.

 

p.s. The unie coop was paying 5% interest on savings accounts before the '97 crash. Even in 1998 to 2000 or so, it was 3%. Then it went down to below 1% -- and really sucks!

 

Also, years ago I had a dollar account at the Chase Manhattan here. Now the govmt says that's a no-no. Has to be in baht.