Top 6 Savings Accounts in Thailand (2020)
Thailand’s banks are some of the best in the world in terms of safety, however the interest rates most of them provide aren’t all that great. This is due to Thailand’s Government having a relatively low interest rate on the bonds they deploy, making banks not have as much to pass down to you.
None the less, I believe Thailand’s currency is one of the best in the world, and they still offer interest rates unlike many western countries/banks, so I’d gladly be comfortable keeping my savings in a thai savings account. We’ll cover the best savings accounts below for both Thai citizens as well as foreigners who may want to open a savings account in Thailand.
My Favorite Account Overall: Krungsri's Mee Tae Dai Savings Account
If you can get this account (Must be Thai Citizen or Resident) it’s the absolute best. It has the best interest rate of any Thai banks — even higher than most long-term term deposit accounts — but allows you to withdraw your money at any time without incurring a fee/penalty.
They offer around a 1% interest rate per year on deposits, but if you sign up digitally they often give you a bonus fraction of a percent or two, currently coming out to around 1.3% per year in yield on your deposits.
That’s not all that much, and you’d be better off investing in property or many Thai Stocks in our opinion, but to keep some money in cash to ensure you have enough to pay your bills if you lose your job or your business makes less — that’s a great purpose for this account. We’d personally put our first 60,000 -> 100,000 baht in this account then any more we could save after that would go into investments in Thailand such as Central Pattana (CPN), Siam Cement (SCC), or into a basic studio apartment.
You can apply for this account online to get the extra couple percent per year through this link — it’ll take you to the page on their website about this account.
An Overall Great Alternative: K-Bank's (Kasikornbank's) Savings Account
While they don’t offer quite as high of rates as the above account offered by Krungsri they do offer competitive rates that are as good as to slightly above all other thai banks — and personally I’ve always had wonderful experiences with K-bank. Their financial status is also the best of all the banks in Thailand in my opinion, although I’d say all Thai banks are perfectly safe and aren’t going out of business anytime soon.
Getting down to the numbers — K-Bank offers 0.5% on their regular savings accounts that you can withdraw from immediately, and offers term-deposits with slightly higher yield, although I wouldn’t bother doing them as their yield isn’t much higher compared to K-bank’s regular savings account.
You can check the current rates K-bank offers on this page of their website.
Foreigners can sometimes get this account, and if they can it can be better than the below-mentioned “best account for foreigners,” however often foreigners seem to have trouble getting this account, which is why we do not say this is the best account for foreigners despite potentially higher rates for foreigners.
Best Account for Foreigners: Bangkok Bank Term Deposit
Most other Thai bank’s aren’t very willing to open up accounts for foreigners, but bangkok bank seems to always be willing to if you go into one of their branches/locations in one of Thailand’s larger cities. The rates they provide are comparable to other banks, which for Thai-Residents is quite decent, but for non-resident foreigners they’re close to 0% for savings accounts, and not too much better at around 0.5% for their term deposit accounts.
Unfortunately as a non-resident you can’t get a better rate unless you invest in bonds directly, however for many foreigners it’s not about the return, but simply fulfilling a requirement for a special visa application or property purchase, so I figured I’d include this account regardless.
If you’re a foreigner and haven’t been able to get an account elsewhere, then definitely try bangkok bank, as they’ll almost certainly let you open an account with them, it just might not provide a great interest rate. You can check the current rates on their accounts on this page of their website, but they won’t be impressive for foreigners — I’d just go into a location and sign up if you’re just trying to fulfill visa requirements.
Decent Account For Thai-Residents: KrungThai Bank's Savings Account
We’ve extended this page from Top 5 to Top 6 as many people have asked us about if KrungThai’s savings account is any good — and it is pretty alright. It would be our 6th choice over-all, as it’s not really any better than the other accounts offered by other banks we listed here, with the exception of Bangkok bank — we’d say KrungThai’s account is probably a bit better for Thai-Residents that aren’t foreigners.
They offer modest rates of around 0.5% for their regular savings account for Residents of Thailand, and absolutely nothing for non-residents. If you already bank with KrungThai then it may not be worth it to you to switch and use another bank just for your savings, as their rate isn’t much lower than the other Thai Banks currently.
You can confirm the current rates they provide for each of their accounts by accessing the rates pdf on their website.
Best For High-Network Individuals: SCB's Jad-Tem Account
If you’re a very wealthy individual with 200,000 baht -> 10,000,000 baht then this account is a fantastic choice as it offers a 1.5% interest rate — the highest of any Thai banks currently.
If you don’t have that much money then it’s not a particularly special account as it only offers 0.5% per year on balances below 100,000 baht, making it no better than any of the other accounts mentioned here if you aren’t quite wealthy.
We don’t really see a reason to have more than 100,000 baht in a savings account and would personally rather invest in thai stocks instead of holding money over 100,000 baht in a savings account — but if you want to then definitely apply for this account instead of one of the others we mentioned here, as it offers significantly more money for high-network savers.
Best for Children & Teenagers: UOB's tax-free Care-4-Kids Account
This account offers the best rate for children, at around 2% per year, however it isn’t as accessible due to it being offered by one of the smaller banks in Thailand. I wouldn’t use this account if your child is young, as it requires you to keep it in the account to remain tax-free and keep the interest gained, however if they’re already a teenager or close to it then it could be a great option for them to either save their self or for you to put in a little money aside for them to have in a few years when they become an adult.
It requires you to lock the money in for 24-month terms or longer, but we’d say it’s best to stick with the shortest (24-month) terms as they’re overall safer and make it easier for your child to get the money when they grow up when they want or need it.
If your child is still small we’d probably not get them their own savings account but instead just keep the money in your savings account, as in our opinion it’s not worth having to keep it in the bank for many many years when you don’t know what the future will hold for you or them. The money may be better kept in your account where they could access it sooner if they want/need it for something they want in particular.
If you want to read more about the account and the restrictions it has you can do so on UOB’s website by clicking here.