Flexible savings
Arwiwan Tangtrongchit, senior vice president of Standard Chartered Bank’s Wealth Management Department, shows the bank’s passbook during the launch of the Marathon Savings campaign.
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Standard Chartered Bank (Thai) will next month offer a hybrid deposit account called Marathon Savings returning 3.55-5 per cent interest.
"As the saving account is the best way to access customers, the bank has launched the new package with the objective of expanding its savings accounts," senior vice president Arwiwan Tangtrongchit said yesterday.At least 3,000 savers are expected to apply for this account, of which half will come from the bank's customer base and the rest from other banks. In the first two months after the 12-month Marathon Savings account is opened with a minimum deposit of Bt200,000, deposits and withdrawals can be made anytime. Thereafter, deposits are not allowed, while withdrawals are limited to twice a month. The product is available from November 1 this year to December 31 next year. The bank hopes to expand its total deposit base to Bt60 billion by the end of this year from around Bt56 billion now. In three to five years, saving accounts are expected to reach 30 per cent of total deposits - from 20 per cent today. Recently, Citibank offered extra rates for its fixed-deposit account, Flexible Time Deposit, which is similar to Marathon Savings. Citibank also offers the highest rate at 5 per cent. Although it is a fixed-deposit account, withdrawals can be made anytime. The minimum amount to open the deposit account is Bt200,000. Somruedi Banchongduang The Nation
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