Current TL interest rates

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
23/01/2009 21:19

Reading through a current posting titled WHICH BANK I think it may help a lot of us hard up Ex pats if you could post any current interest rates you are aware of. This may help make our minds up what to do on the day we pick up our monthly interest.

AndyP



Joined: 18/04/2008
Posts: 517

Message Posted:
23/01/2009 21:24

Continental Bank (Opp. Karakum Lemar) TL = 19% - 21% GBP = 5% - 6%

midas


Joined: 27/12/2008
Posts: 23

Message Posted:
23/01/2009 22:23

As of today most banks in TRNC have announced cuts in interest rates to around 14-16%

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
23/01/2009 23:13

Is there a site one can go on to see the rates on a daily basis?

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
24/01/2009 00:25

Yes, but it is the individual bank sites.



But ask the question are you a proffesional investor or like me someone who just tries to do the best you can.



You really need a lot of available cash and instant access to the money markets if you want to make any profit in those markets.



A small ode. A friend was looking in one of the exchanges here where they keep an electronic display of the current rates. Checked what was on offer, walked to a nearby excahnge where there was a less benificial rate. So back to first exchange where in the intervening 15 minutes there had been a considerable drop in rates!!!!! So one seriously p***ed off friend!!



Oh well, just an observation.

john1234


Joined: 20/04/2009
Posts: 321

Message Posted:
22/04/2009 08:15

Hi Andy,



Thank you but is Continental a safe bet for YTL TDAccounts?



Garanti's barely 12% is not that enticing and by the way, what part gets payed to the govt. out of that?

The rates advertised are net or gross?



I haven't banked their in some time.



I appreciate your help!

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
22/04/2009 09:57

John1234,

I believe that advertised rates are Gross, p.a. - not nett, not APR, not AER or any of that 'nonsense'

So 100 TL deposited for 1 year will earn 12 TL gross interest, less tax @8% - so knock off 96 Kuruş, and you're left with the princely sum of 11.04 TL.

Don't spend it all at once!

I think that the tax is deducted 'at source', so you don't need to worry about how to pay it. Be grateful for small mercies.

Keith.

john1234


Joined: 20/04/2009
Posts: 321

Message Posted:
26/04/2009 05:15

Dear Keith,



Thnank you so much for your time, I appreciate it. It's been a while since I've done any banking there. I see that the interest rates went down mostly in banks that are from the Turkish mainland. What is your opinion about Continental or Koopbank?

They seem the most solid out of all the Cypriot banks?!?



My main concern and question is if it ingeneral is better to get 12% solid and safe or gamble with N. Cypriot banks with 19 or 20% and not sleep too well at night?



I would again appreciate your opinion.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
26/04/2009 05:58

13% and great service at Creditwest,strong balance sheet,available online if you ask very nicely...

dozza67


Joined: 11/07/2008
Posts: 607

Message Posted:
26/04/2009 11:21

Message 9, we would agree with that. Credit west is far above any of the other banks for service and is one of the most solid banks on the Island.

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
26/04/2009 17:01

john1234,

I'm sorry, but I have no idea regarding the relative stability or safety of ANY of the Banks - one or two members on here do seem prepared to air their views on this subject, but I haven't investigated any of their statements

The 'general rule' - "The greater the possible returns, the greater the risk" might seem to be appropriate to the situation, but it is dangerous to generalise (when there is anything of VALUE at risk!) - so I would recommend that you seek advice from a disinterested financial expert. When I say 'disinterested, I obviously mean one who does not stand to gain wherever you put your money!

Sorry not to be able to provide more concrete advice.

Keith.

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
26/04/2009 17:49

mess 10 what makes you think they are solid,



mess 11 so I would recommend that you seek advice from a disinterested financial expert. it was all the experts that got he world in the shit, in the first place

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
26/04/2009 17:53

catalkoykid,

You're so right!

What WAS I thinking of?

Thanks for bringing me back down to Planet Earth

Keith.

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
26/04/2009 17:57

Message 10



As were lloyds



halifax



rbs



northern rock ...............................

Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
28/05/2009 10:53

Turk Bankasi is probably the most well established bank here. Others mentioned on this thread are comparatively new.

I believe that a deposit guarantee system is in place but do not remember the details. Perhaps someone can enlighten us about this. Maybe check with FMA ?

phylray



Joined: 21/09/2007
Posts: 1727

Message Posted:
28/05/2009 12:37

I have found Turk Bankasi quite adequate, although not the highest interest at present.

The College where I worked on the University Campus used Coop Bank, and we were

paid in part YTL and party dollars.

yunus



Joined: 14/05/2009
Posts: 327

Message Posted:
07/06/2009 13:34

my auntie is a bank manager in istanbul- turkey. when i asked for advice on banks in northern cyprus and stability, she said that only "turkiye ziraat bankasi" and "halk bank" are the two government guaranteed banks in northern cyprus. this means if tomorrow you go to your bank and the doors are shut for good, you get your cash back. all other banks are not guaranteed and your money is gone. do not think that it could not happen because it has happened in turkey 3 -4 times over the past ten years. all tears, shouting and screaming but to no avail. i get 12 percent interest at halk bank which is at the big roundabout in kyrenia which leads to nicosia. there is never any waiting and the staff are fab. the ziraat bank is at the entrance to the harbour opp. the Ataturk statue. although waiting times vary depending on how busy they are. the bottom line is both these banks are 100 percent guaranteed and as a citizen of gb, trnc and tc i just would not trust others

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
07/06/2009 13:41

had an e-mail from Credit West the other day their rate now down to 12% as well!

But a brilliant bank nothing too much trouble for them and they always keep us informed of changes in rates.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
07/06/2009 14:21

A bit of scaremongering, and free advertising me thinks.

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
07/06/2009 14:23

14 % at continental nice people to deal with and no queues

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
07/06/2009 14:30

Nige, Hoe much on sterling?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
07/06/2009 14:34

no idea 5% i think

the-chadders


Joined: 20/05/2009
Posts: 3

Message Posted:
19/06/2009 14:32

Is it possible to open a sterling deposit account in TRNC. We are comeing out there to retire in October and I'm frankly confused about different bank accounts. I understand that if I change my money into YTL and put that on deposit with,say,Creditwest, I get a good rate of interest. But the risk of inflation can eat into your original capital. I was thinking maybe put half on deposit in Sterling and half in YTL. Can any of you out there recommend a good bank, and importantly those to steer clear of.

Any advice greatly appreciated.

billyboy1


Joined: 01/06/2009
Posts: 590

Message Posted:
19/06/2009 14:49

I have hsbc accounts...one in ytl and one in sterling

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
24/06/2009 11:19

They may be goverment banks but you tell your AUNTİE that all banks whether private or goverment run they are all guaranteed by the Central bank and have an ISO number which guarantees them. İf any bank does go under then the Central Bank takes over which means no customer looses their moneyand, then they will be merged with a goverment run bank.



The Continental Bank are now offering 13% on the TL

other rates available :



STG EURO DOLLAR

1 Month 5.50 5.50 5.00

3 Monthly 6.00 6.00 5.50

6 Monthly 6.50 6.50 6.00

1 Year 7.00 7.00 6.50



Any advice need please call me



Tyra

Continental Bank

K/oğlu

(0392) 822 4359

gaziali


Joined: 23/03/2009
Posts: 28

Message Posted:
26/06/2009 20:48

Reply to message 23

I am the manager of Universal Bank Catalkoy branch. Why dont you pop in and have a coffee and we can discuss your requirements. I am sure we will be able to assist you.

Ali Gazi

the-chadders


Joined: 20/05/2009
Posts: 3

Message Posted:
30/06/2009 23:03

Ali Gazi, I shall be in Northern Cyprus for 2 weeks holiday starting 19 July prior to my wife and I moveing there.

I should like to take you up on your offer of coffee and talk about banking my money.

gaziali


Joined: 23/03/2009
Posts: 28

Message Posted:
02/07/2009 09:15

Thank you the-chadders. Looking forward seeing you here. Would you like to have nescafe or Turkish coffee?

if it is Turkish coffee would you like some sugar? lol

gotavilla


Joined: 22/04/2009
Posts: 175

Message Posted:
24/08/2009 19:55

I've just retired and am planning to move over. I found in the newspaper ( I can't remember which one) that your money in all banks in TRNC is guaranteed for E20,000 only in each bank, which was brought in by the mainland and TRNC governments, after the last crash. So, if you have the equivalent of E50,000 banked in one bank, you still only get back E20,000 if they crash.

Can anybody confirm this?

Gotavilla's other half

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
24/08/2009 20:21

It is guaranteed up to 20,000 Euros equivalent per account so you could have 3 accounts in the same bank with 20k, 20k and 10k and they would all be guaranteed.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
24/08/2009 20:22

20,000 per account, not bank.

gotavilla


Joined: 22/04/2009
Posts: 175

Message Posted:
27/08/2009 09:43

Many thanks for your responses.



Gotavilla's other half

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
27/08/2009 09:52

if you have large sums i would advise spreading it around to several banks,dont put all your eggs in one basket,your not even holding the basket yourself!