Non-deposit 'ME by TMB' products in the pipeline

TMB Bank plans to launch non-deposit “ME by TMB” products once the brand is well enough known, said Rachada Sermsillapakul, director of marketing and for ME.

ME by TMB was launched in 2011 under the concept “Do It Yourself to Get More” for customers who prefer to manage their banking transactions on their own electronically and get higher interest rates. It offered 3 per cent per annum, against 0.75 per cent from an ordinary savings deposit. The launch attracted about 200 account applications a day.

The bank now is offering 3.75 per cent for new customers who open an ME by TMB account before the end of August. 

Rachada said ME had non-deposit products in its pipeline but they would not be launched yet because the bank wants the base to mature, targeting more than 100,000 accounts. At the same time, the customers should be educated that ME by TMB is an electronic channel that can hold their savings with a high return.

The non-deposit products under consideration are credit cards or other forms of lending. The customers should enjoy lower interest rates as they will manage the transactions themselves.

Rachada said 70 per cent of depositors were newcomers to TMB Bank. 

ME by TMB accounts hold Bt200,000-Bt300,000 on average, higher than Bt100,000 for the banking industry. 

ME by TMB currently has four branches and will open one more this year. The branches are all in Bangkok, but the bank has attempted to broaden its customer base in the provinces through fairs such as the Money Expo.