Table of bank and MFI deposit rates?
LOLC is reducing their top rate for FTDs to 7% beginning next week. Is this true at other MFIs as well?
Does anyone know why cambodia official intetest rate is 0.71%, official deposit rate is 1.44% and yet deposit takers are paying many times that?
Rate is up to 8.8% per year for 24 or 36-month term deposits at LOLC now. Any other institutions same or better?
Not that I have seen. Woori Bank were offering 9% p.a. on 13-17 month deposits earlier this month but that offer was soon used up.
Last I looked 12M USD:
LOLC 8.25 increased to 8.50 on 10th April
Prasac 8.25
Woori 7.50 special offer 9.00 13-17 months Ended
AMK 7.75
Hattha Bank 8.00
Amret 7.25
Faites vos jeux, Mesdames et Messieurs !
There's a website with information on the current deposit interest rates in Cambodia. It has tables for monthly payouts and payouts on maturity, for both USD and KHR:
https://interestcambodia.com/
https://interestcambodia.com/
Hi frigidaire,
Thank you for this link. Very helpful.
In the past (before Covid), I had some 1 and 2 year US$ deposits ( no riel) with Visionfund and Kredit.
But both these MFI's are now changed into foreign banks: Korean Wooribank and Phillipsbank from Singapore.
I think that I will stick with these these 2 banks for now.
But I don't know this LOLC MFI....Any forum members that worked with this MFI in the past? Or is it safer to just stick with this Wooribank and Phillipsbank?
By the way, Amret also looks very interesting but I also have no experience with them.... don't know them and I don't know if I should/could work with them or just stay away from them.....
Any idea's? Thanks for the help....
Thank you for this link. Very helpful.
In the past (before Covid), I had some 1 and 2 year US$ deposits ( no riel) with Visionfund and Kredit.
But both these MFI's are now changed into foreign banks: Korean Wooribank and Phillipsbank from Singapore.
I think that I will stick with these these 2 banks for now.
But I don't know this LOLC MFI....Any forum members that worked with this MFI in the past? Or is it safer to just stick with this Wooribank and Phillipsbank?
By the way, Amret also looks very interesting but I also have no experience with them.... don't know them and I don't know if I should/could work with them or just stay away from them.....
Any idea's? Thanks for the help....
i have and had fixed-term deposits with LOLC for a long time. They were always good. They are, however, somewhat smaller than other MFI/Banks. Personally, I would spread out my savings between several of them and reduce risk. Places like Sathapana turned into full-fledged banks and offer less interest but still much better than ABA and the like. This is important if you like to have a cc and need to secure it with a term-deposit.
part 2:
I had deposits with Kredit MFI in the past. Once the Singapore Chinese took over things went south very fast. Fees introduced and increased and playing games, telling me stories about their policy. I answered that they have exactly 5 minutes to either comply and drop their excuses or hand me my money. Pointing out that VisionFund, now Wooribank, was just a short walk down the road. The problem was that they had messed up my tax status. Simply forgotten to process the papers. Their mistake and I was to pay for it.
Secondly, I had a hard time to get any good information on the Singapore Bank. Flashy webpages but hardly any data. In the end I was happy to leave and never looked back. Their current interest rate is rather low and unattractive.
Wooribank is ok and I have no complaints aside from their 7.5% interest rate which should rise soon. Hattha is surely as good and about the same rate at 7.35%.
I find Prasac as good and with a better rate. Amreth I still need to check.
These are just general observations which need to be seen in the context of each individual's specific needs and preferences.
I had deposits with Kredit MFI in the past. Once the Singapore Chinese took over things went south very fast. Fees introduced and increased and playing games, telling me stories about their policy. I answered that they have exactly 5 minutes to either comply and drop their excuses or hand me my money. Pointing out that VisionFund, now Wooribank, was just a short walk down the road. The problem was that they had messed up my tax status. Simply forgotten to process the papers. Their mistake and I was to pay for it.
Secondly, I had a hard time to get any good information on the Singapore Bank. Flashy webpages but hardly any data. In the end I was happy to leave and never looked back. Their current interest rate is rather low and unattractive.
Wooribank is ok and I have no complaints aside from their 7.5% interest rate which should rise soon. Hattha is surely as good and about the same rate at 7.35%.
I find Prasac as good and with a better rate. Amreth I still need to check.
These are just general observations which need to be seen in the context of each individual's specific needs and preferences.
thanks for this information. very interesting.
Right now I am hesitating to divide some assets in between LOLC and Amret. I have already a long term US$ deposit account with Wooribank and Phillipsbank. But I have to agree with you that I was not very happy with the service in Phillipsbank. They offered me 8% but didn't want to guarantee me that for the next year.. they kept on mumbling about a one time promotion of 8%.
With Wooribank I have 7.5% at the moment for a 12 month automatic roll over deposit in US$
Amret would be interesting because they have an office in Poi Pet which would make it easier for me to visit their office. I will bring them a visit there. I will also try to find out if there is an office of LOLC in Poi Pet.. That way I would not have to fly or travel to Phnom Penh. I could just cross the border in Poi Pet and visit LOLC and Amret there.
I have to think about this and I need to travel to their offices in Poi Pet to find out if it is possible to open long term deposit accounts in US$ there. Let's hope...
Right now I am hesitating to divide some assets in between LOLC and Amret. I have already a long term US$ deposit account with Wooribank and Phillipsbank. But I have to agree with you that I was not very happy with the service in Phillipsbank. They offered me 8% but didn't want to guarantee me that for the next year.. they kept on mumbling about a one time promotion of 8%.
With Wooribank I have 7.5% at the moment for a 12 month automatic roll over deposit in US$
Amret would be interesting because they have an office in Poi Pet which would make it easier for me to visit their office. I will bring them a visit there. I will also try to find out if there is an office of LOLC in Poi Pet.. That way I would not have to fly or travel to Phnom Penh. I could just cross the border in Poi Pet and visit LOLC and Amret there.
I have to think about this and I need to travel to their offices in Poi Pet to find out if it is possible to open long term deposit accounts in US$ there. Let's hope...
Hi again,
my problem with Philipp Bank is a trust issue. The service people were the same as with Kredit when I left. They simply had different manuals to follow. As I said earlier, I dont understand what the group is doing, in detail, and found, at the time I was searching, no info on assets etc. The real big thing though was that the last annual reports of Kredit showed a huge amount of money loaned to one single client. Probably, Philipp bank. That made me move my money asap. I was thinking of keeping 1 deposit with them but then they screwed it up. No use for them.
Poipet. You have practically all banks there, Woori, Hattha, Aba, Acleda, Sathapana, Prasac, Lolc and others. All within one kilometer along the main road, many practically door to door.
You might need to open NEW accounts with the bank even if you have one in PP. The reason is that they charge fees for deposits into your PP account if you use a provincial branch. Prasac is 2% I think, dont hold me on that.
There is NO problem to open accounts, it is the same rules as in PP. Just have your paperwork ready. Branch managers in the provincial towns might be more eager to sign you up and have the funds credited to their branch than some pricks in PP. You are also closer to the person who makes the decision. Due to covid I had to open deposits in Siem Reap. The manager at 3 locations took personally care of me and re-issued the new term deposit (the old PP based had matured) for his branch.
There is, indeed, no need to fly to PP. The train is, by the way, ironically the most effective way to the border if you come from BKK. It gives you around 2.5 hrs to do your business in Poipet if you want to take the return train to BKK. Total cost: 49 THB each way.
You are aware, no doubt, that you have only 2 land entries per year to Thailand. If you are on a Tourist visa or visa waiver, Aranyaprathet border immigration is the perhaps the toughest in the country. They want a hotel reservation, an outbound flight, 20K THB in cash. I had a nice lady last month who was happy just with the reservation and ticket.
If you have problems with the additional conditions, you might consider opening accounts at Pailin or Koh Kong. Pailin has the same banks and there is a van service between the border and BKK. Both Pailin and Koh Kong are at a short distance from the border. Koh Kong has buses from Trat until around 3/4 PM back to BKK.
In sum, you have more options than Poipet but the others are less comfortable and cost more than the cheap train tickets. Secondly, you can spread your savings like in PP. Expect the same service as in PP if not better. My experiences with the banks in provincial branches is very good, one horrible exception is ABA. That bank has gone down big time in terms of arrogant staff, bad service in general and low rates. I closing down my account with them soon.
Let us know how things worked out for you. I am sure that kind of information is valuable for others as well.
my problem with Philipp Bank is a trust issue. The service people were the same as with Kredit when I left. They simply had different manuals to follow. As I said earlier, I dont understand what the group is doing, in detail, and found, at the time I was searching, no info on assets etc. The real big thing though was that the last annual reports of Kredit showed a huge amount of money loaned to one single client. Probably, Philipp bank. That made me move my money asap. I was thinking of keeping 1 deposit with them but then they screwed it up. No use for them.
Poipet. You have practically all banks there, Woori, Hattha, Aba, Acleda, Sathapana, Prasac, Lolc and others. All within one kilometer along the main road, many practically door to door.
You might need to open NEW accounts with the bank even if you have one in PP. The reason is that they charge fees for deposits into your PP account if you use a provincial branch. Prasac is 2% I think, dont hold me on that.
There is NO problem to open accounts, it is the same rules as in PP. Just have your paperwork ready. Branch managers in the provincial towns might be more eager to sign you up and have the funds credited to their branch than some pricks in PP. You are also closer to the person who makes the decision. Due to covid I had to open deposits in Siem Reap. The manager at 3 locations took personally care of me and re-issued the new term deposit (the old PP based had matured) for his branch.
There is, indeed, no need to fly to PP. The train is, by the way, ironically the most effective way to the border if you come from BKK. It gives you around 2.5 hrs to do your business in Poipet if you want to take the return train to BKK. Total cost: 49 THB each way.
You are aware, no doubt, that you have only 2 land entries per year to Thailand. If you are on a Tourist visa or visa waiver, Aranyaprathet border immigration is the perhaps the toughest in the country. They want a hotel reservation, an outbound flight, 20K THB in cash. I had a nice lady last month who was happy just with the reservation and ticket.
If you have problems with the additional conditions, you might consider opening accounts at Pailin or Koh Kong. Pailin has the same banks and there is a van service between the border and BKK. Both Pailin and Koh Kong are at a short distance from the border. Koh Kong has buses from Trat until around 3/4 PM back to BKK.
In sum, you have more options than Poipet but the others are less comfortable and cost more than the cheap train tickets. Secondly, you can spread your savings like in PP. Expect the same service as in PP if not better. My experiences with the banks in provincial branches is very good, one horrible exception is ABA. That bank has gone down big time in terms of arrogant staff, bad service in general and low rates. I closing down my account with them soon.
Let us know how things worked out for you. I am sure that kind of information is valuable for others as well.
LOLC Cambodia: LOLC Cambodia is one of the largest MFIs in Cambodia, with over 200,000 borrowers and depositors. The company offers a wide range of financial products, including loans, savings, and insurance. LOLC Cambodia has a strong track record of financial performance, and it is rated "A" by MicroRate.
AMK Microfinance Institution: AMK Microfinance Institution is another large MFI in Cambodia, with over 150,000 borrowers and depositors. The company offers a similar range of financial products to LOLC Cambodia, and it is also rated "A" by MicroRate.
Phnom Penh Microfinance Bank: Phnom Penh Microfinance Bank is a smaller MFI in Cambodia, but it has a strong reputation for financial performance. The company offers a wide range of financial products, including loans, savings, and insurance. Phnom Penh Microfinance Bank is rated "B+" by MicroRate.
Wing Microfinance Bank: Wing Microfinance Bank is a newer MFI in Cambodia, but it has grown rapidly in recent years. The company offers a wide range of financial products, including loans, savings, and insurance. Wing Microfinance Bank is rated "B+" by MicroRate.
Risk factors: You should understand the risks involved in investing in microfinance, such as default risk and interest rate risk.
some more negative news here.....
https://cambojanews.com/rights-groups-f ... ikocredit/
https://www.phnompenhpost.com/national/ ... es-clients
AMK Microfinance Institution: AMK Microfinance Institution is another large MFI in Cambodia, with over 150,000 borrowers and depositors. The company offers a similar range of financial products to LOLC Cambodia, and it is also rated "A" by MicroRate.
Phnom Penh Microfinance Bank: Phnom Penh Microfinance Bank is a smaller MFI in Cambodia, but it has a strong reputation for financial performance. The company offers a wide range of financial products, including loans, savings, and insurance. Phnom Penh Microfinance Bank is rated "B+" by MicroRate.
Wing Microfinance Bank: Wing Microfinance Bank is a newer MFI in Cambodia, but it has grown rapidly in recent years. The company offers a wide range of financial products, including loans, savings, and insurance. Wing Microfinance Bank is rated "B+" by MicroRate.
Risk factors: You should understand the risks involved in investing in microfinance, such as default risk and interest rate risk.
some more negative news here.....
https://cambojanews.com/rights-groups-f ... ikocredit/
https://www.phnompenhpost.com/national/ ... es-clients
Isn't this threat supposed to give the current rates?
the last posts have been a waste of time IMHO.
Amk, 36 months, 8.25% with monthly interest withdrawal and 8.50% otherwise
For USD.
the last posts have been a waste of time IMHO.
Amk, 36 months, 8.25% with monthly interest withdrawal and 8.50% otherwise
For USD.
Yes, you're right, but it's not the highest rate available. Current rates of all main banks and MFI's (updated every Monday) for USD and KHR accounts can be found here:
With monthly (or quarterly) payout: https://interestcambodia.com/fixed-depo ... ly-payout/
With payout at maturity: https://interestcambodia.com/fixed-depo ... ty-payout/
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Why are bank fixed deposit interest rates so high.
by Birdy » Thu Apr 25, 2019 1:58 pm » in Money, Banking and Insurance - 15 Replies
- 8365 Views
-
Last post by mrdome
Tue May 21, 2019 7:31 pm
-
-
-
8.8% fixed term deposit rates now....
by wolfcreek » Thu Apr 20, 2023 10:01 pm » in Cambodia Speakeasy - 10 Replies
- 1829 Views
-
Last post by jackrossi
Sun May 07, 2023 7:22 pm
-
-
- 1 Replies
- 2308 Views
-
Last post by Khamad
Fri Jun 28, 2019 3:58 am
-
- 1 Replies
- 1240 Views
-
Last post by horace
Fri Jun 19, 2020 8:45 pm
-
-
Any prediction on when the 3k deposit requirement may be lifted?
by Jools » Fri Aug 21, 2020 10:59 am » in Questions and Answers - 24 Replies
- 4714 Views
-
Last post by Alex
Sun Aug 23, 2020 3:12 pm
-