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Savings and fixed deposits are another way to save money that will take you on the path to becoming a millionaire without having to take too much risk like investing in stocks or other forms of investment. Let’s get to know each type of deposit and check the interest rates of savings and fixed deposits in August 2024 of each bank here.
What is a Savings Deposit Account?
Savings deposits are suitable for small savers or new salaried employees who may start with a small amount of money because even a small amount can be deposited and it is guaranteed that you will receive a return.
There is no fixed deposit period. You can deposit and withdraw money at any time, which makes it highly liquid and not difficult in case of emergency. You can also use your passbook as collateral for a loan or overdraft.
As for the return or interest on savings accounts, interest is calculated daily, but is usually returned to the account every 6 months or twice a year, paid at the end of June and the end of December of each year. The interest rate on savings accounts is considered the lowest compared to other deposit accounts, such as fixed deposit accounts.
What is a Fixed Deposit Account?
Fixed deposits are suitable for those with some spare money, including those who intend to save money to buy things or services. This type of deposit makes it easier to control the savings, but it may lack flexibility and liquidity. Those who cannot plan their monthly expenses and expect to have to pay for emergencies, including those with uncertain regular income, should avoid it.
The account will have a specific deposit period, such as 3 months, 6 months, or 12 months (no need to deposit every month), and pay interest once when the period is complete and the interest received will be subject to a withholding tax of 15% (the actual interest received will be lower than the bank’s announcement).
You cannot withdraw before the due date. If you want to withdraw, you must close the account and if you withdraw, you will not receive interest. Or in the case of withdrawing before the due date but depositing for a long time, you may receive interest at the savings interest rate.
But the obvious advantages are the interest rates that are higher than regular savings accounts and current accounts, as well as lower risk than investing in stocks or funds, and can be used as collateral for loans. In addition, if you deposit a large amount of money, you may receive benefits provided by the bank, which will vary from bank to bank.
Reading up to this point, many people may be worried about having to withhold tax as mentioned. If you are worried about that, in addition to general fixed deposit accounts, you may want to try using tax-free fixed deposit accounts. In addition to not having to withhold tax at 15%, there is also a special interest rate that is higher than normal. This is due to the government’s policy to encourage people to save more money.
Compare the advantages and disadvantages of savings deposits VS general fixed deposits
- Savings deposit
| Pros | Cons |
| Even a small amount of money can be deposited | The interest rate is considered the lowest compared to other types of deposit accounts |
| There is no minimum deposit | Easy to withdraw/withdraw, making it difficult to control money |
| No fixed deposit period | – |
| Guaranteed returns | – |
| High liquidity because you can withdraw/withdraw at any time, so you won’t be in trouble if you need emergency money | – |
| Passbooks can be used as collateral for loans or overdrafts | – |
2. Fixed deposit
| Pros | cons |
| Earn higher interest rates than regular savings accounts and current accounts | Lack of flexibility and liquidity because you cannot withdraw before the due date |
| Be disciplined and save more than savings because you can’t withdraw immediately | There is a minimum deposit. Some fixed deposit accounts have very high minimums. |
| Lower risk than investing in stocks or funds | Withdrawals before the maturity date may not earn interest or may earn less interest than specified. |
| If you deposit a large amount of money, you may receive benefits provided by the bank. | General fixed deposits Interest received will be subject to a 15% withholding tax. |
| Can be used as collateral for a loan. | – |
Check savings and fixed deposit interest rates of each bank.
| Bank | Savings | 3 Months | 6 Months | 12 Months | 24 Months |
| Land and House | 0.25% | 1.40% | 1.50% | 1.75% | 1.85% |
| Krungthai | 0.30% | 1.17% | 1.25% | 1.70% | 2.25% |
| Krungsri Ayutthaya | 0.30% | 1.10% | 1.25% | 1.70% | 2.10% |
| UOB | 0.35% | 0.90% | 1.10% | 1.55% | 1.70% |
| CIMB Thai | 0.35% | 1.00% | 1.20% | 1.60% | 1.90% |
| SCB | 0.30% | 1.10% | 1.25% | 1.70% | 2.25% |
| Kasikorn Thai | 0.30% | 1.05-1.10% | 1.20-1.25% | 1.60-1.70% | 2.15-2.25% |
| BANGKOK BANK | 0.45-0.55% | 1.20% | 1.25% | 1.60% | 2.00% |
| Thanachart Thai Military Bank | 0.125% | 1.05% | 1.15% | 1.55% | 1.70% |
| Kiatnakin Phatra | 0.25% | 1.35-1.50% | 1.50-1.65% | 1.80-1.95% | 1.95-2.10% |
| ICBC (Thailand) | 0.70-1.45% | 1.60% | 1.80% | 1.90% | 2.25% |
| TISCO | 0.30-2.00% | 1.70-2.00% | 1.75-2.05% | 1.85-2.15% | 1.90-2.15% |
| Mega Global Commercial | 0.50% | 1.00-1.30% | 1.20-1.50% | 1.30-1.80% | 1.35% |
| Thai Credit Public Company Limited | 0.40% | 0.95% | 1.80% | 1.95-2.25% | 2.15% |
| Bank of China (Thailand) | 0.25-1.25% | 0.625% | 1.25% | 1.60% | 1.75% |
Finally, no matter what type of deposit you choose, saving money is a good thing. Take it slow and study the information carefully. Don’t just choose a deposit interest rate that offers a higher rate. You should also consider the conditions, convenience, and stability of the bank.
