Clicx debuts with special interest rates of up to 4%

First virtual bank seeks customers

On its first day of operation today, Thailand's first virtual bank Clicx debuted by offering deposit rates of up to 4% per year to attract customers.

Clicx Bank allows customers to open deposit accounts via the Clicx app.

According to the bank's website, the promotional deposit interest rate of 4% for its Clicx Save account is available for the first three months following today's launch.

Clicx Bank, established jointly by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business, allows customers to open deposit accounts via the Clicx app starting today.

Customers holding a Clicx Save account, the bank's core deposit product, can open a Clicx Save Max 4% pocket. Each customer is limited to one pocket per person, in compliance with Bank of Thailand regulations.

The bank stated the 4% interest rate applies to deposits of up to 20,000 baht, while any amount exceeding this limit earns an interest rate of 0.5%, according to its website.

Clicx Bank confirmed it implemented security measures to safeguard customer accounts, including identity verification and the detection of potentially unusual transactions. If any risks are detected, the bank plans to conduct investigations and suspend transactions in accordance with established procedures to mitigate potential losses.

"Depositors are protected under the same standards as commercial banks, using security technologies specifically designed for digital operations," the bank stated.

Moreover, Clicx Bank is preparing to roll out additional financial products, including a digital lending service called Clicx Ready Credit.

Other banks offer digital savings products with competitive interest rates. Land and Houses Bank offers a 3% digital savings rate through its B You Max account for deposits of up to 10,000 baht.

Kiatnakin Phatra Financial Group also offers a 3% digital savings rate for deposits of up to 10,000 baht.

Kanjana Chockpisansin, head of the research team for banking and finance at Kasikorn Research Center, said virtual banking typically begins with savings and investment products, which differentiate themselves from traditional banks through product features.

For example, digital savings products from virtual banks often cap deposit amounts and promotional periods, targeting underserved and unserved customer segments in line with central bank requirements.

"If a customer deposits 20,000 baht with Clicx Bank for three months at a 4% annual interest rate, the depositor would earn a return of 200 baht under the bank's terms and conditions, which aligns with the income profile of underserved and unserved segments," she said.