Managing your finances can be challenging, and finding the right bank is a crucial first step. Local banks in Thailand have recently increased their interest rates, but they still fall short of the returns offered by many global banks.
Most banks in Thailand offer 0.10-1.9% interest rates for savings accounts and fixed accounts after the Monetary Policy Committee (MPC) raised the policy rate at the end of March 2023. While these might seem like reasonable rates, it's worth exploring alternative options.
Deposit Rates for Individuals of Top Commercial Banks in Thailand as of 13March 2023
Source: Bank of Thailand
Thinking about growing your wealth? There are 4 banks which are very competitive when it comes to higher interest rates on your deposits which Thai nationals can become members of. Lucky us!
Kiatnakin Phatra Bank is one of the local commercial banks in Thailand. The bank has extensive experience of over 40 years in financial services. It offers currency accounts in several foreign currencies including USD.
Annual interest rate: 1% for USD savings account
Annual subscription fee: -
Deposit guarantee scheme: 1 million baht (approximately $30,000) under the Deposits Protection Agency (DPA) based on a per depositor per institution basis
United Overseas Bank (UOB) is a multinational banking institution headquartered in Singapore, with a strong presence in South East Asia. UOB Thailand provides a wide range of personal financial services, such as foreign currency deposit accounts for 7 currencies including USD.
Annual interest rate: 0.10% for USD savings account
Annual subscription fee: No subscription fee / Yearly maintenance fee of 50$ charged for inactive accounts
Deposit guarantee scheme: Foreign currency deposits are not covered by the DPA.
HSBC is a British multinational banking organization, with subsidiaries in 66 countries and a strong presence in Asia. HSBC Thailand was the first commercial bank in the country, established more than 130 years ago. It provides currency accounts for 14 major foreign currencies.
Annual interest rate: 0.10%
Annual subscription fee: No subscription fee
Deposit guarantee scheme: -
Xapo Bank - your best bet for competitive interest
Xapo Bank is a private bank established in Gibraltar. The bank is fully regulated by the Gibraltar Financial Services Commission both as a credit institution and DLT institution.
Annual interest rate: 4.1% for USD deposits and 1% for Bitcoin deposits
Annual subscription fee: $150
Deposit guarantee scheme: Up to $100,000 guaranteed under the Gibraltar Deposit Guarantee Scheme
Growing USD savings in Thailand - closing out with our opinion
Finding the right bank to protect and grow your holdings is essential. If you are looking to maximize the return on your USD savings, then it can be smart to consider an overseas bank. Offshore banks usually offer higher interest rates than local Thai banks.
In this sense, Xapo Bank can be an interesting option! While all the options covered are good to consider, the interest rates for USD deposits offered by Xapo Bank are more competitive. And this can help you unlock the true potential of your wealth.
Learn more about Xapo Bank at www.xapobank.com.
Unfortunately, Xapo Bank only offers a bank account in one foreign currency. If you are looking to save in multiple foreign currencies in Thailand, you should take a look at the services offered by Kiatnakin Phatra Bank, UOB, or HSBC. They all offer accounts in several foreign currencies, including USD.
It’s also worth noting that offshore banks like Xapo are not for everyone: they’re built to suit individuals seeking to increase their wealth by earning interest on US dollar holdings outside their home country.
Now, the most important thing for you is to find the right banking option that matches your savings goals and risk tolerance.!