interest rates

PIPIE


Joined: 05/01/2008
Posts: 5499

Message Posted:
20/02/2009 10:29

Both HSBC and Turkbank have reduced interest accounts , have the other banks also ?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
20/02/2009 10:33

22% at continental yesterday

PIPIE


Joined: 05/01/2008
Posts: 5499

Message Posted:
20/02/2009 11:10

cheers Nge , is that monthly ? or annualy ?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
20/02/2009 11:19

monthly there is of course tax on it of 8%

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
20/02/2009 11:20

Garanti, Iktisat and Creditwest have all gone down but not as much as Turkbank. The latter will not move money without origianal signed letter. All the others do it with a faxed copy of a signed letter. My letter has been on the way to Turkbank for 3 weeks!!!



Nige - what is continental's monthly rate?

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/02/2009 20:10

Does anyone have any info on continental bank, have they been around for a while ?

If anyone has accounts there, are you happy with the bank ?

Anyone heard anything untoward ?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
20/02/2009 20:28

breezyboy 22%

MotoMoto


Joined: 15/02/2009
Posts: 152

Message Posted:
20/02/2009 20:32

Continental must be desperate to pay 22% when all other banks are reducing rates to reflect lower rates from Turkish Central Bank i.e. 17 - 17.5%

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
20/02/2009 20:54

Kibris Continental Bank.

Established 1998 so a relative newcomer to the banking sector in the TRNC.

They do not appear to have a proper web presence.

I really do think that those that chase the highest interest rates are going to get their fingers burnt before too long. Just my humble opinion.



http://www.bankers-directory.com/index.php?a=company&ctr=Cyprus&tn=&cmp=&sw=&pg=16



AJ

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
20/02/2009 22:27

I think Continental's normal monthly rate is 19%. They pay higher rates for large deposits.

AJ I don't think there is much point in them having a big web presence as they are a very basic bank, i.e. current accounts, savings accounts and loans. They do not issue cards and they do not have ATMs (currently).

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/02/2009 22:50

AJ, Thanks fo the info.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/02/2009 22:54

Are they covered by the compensation scheme ?

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
20/02/2009 23:10

eager

I think they are but please don't think that you will get all your money back straight away if things go wrong. It is far better to spread your investments around a selection of banks and that way you limit your losses. In the last banking collapse in the TRNC it appears as though investors got their money back but it took a few years and obviously there was no interest payable so effectively they lost money and had no access to their capital for some time.

I would look at long term established banks and especially those that survived the last banking crisis. May not pay so much interest as others but they appear to me more prudent in the way they do business.

AJ

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
20/02/2009 23:16

AJ, ...Point taken.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/02/2009 11:04

How would someone find out how long banks have been trading, is there a website with this info on to look at ? Thanks

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
21/02/2009 22:45

Eager - it doesn't matter how long a bank has been trading - look at Lehman Bros.......





Nick

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
21/02/2009 23:01

Nick, True but NC and Turkish banks have not exposed themselves [if you know what i mean ] in the same way as Lehman Bros. I think that the Turkish banks and economy are in better shape than most with much less in the way of toxic loans.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
22/02/2009 10:33

Eager - i'm aware of this - my comment was that the length of time a company has been in business shoudn't be taken as future security.....



About 10 years ago my Lawer's practice were going to buy the lease on a large departmental store "as an investment" - a company called "allders" had signed a 20 year lease and were paying over £100,000 pa. rent - They had been established for over 50 years and the selling price reflected the "excellent security" Allders offered.....



Anyway, they didn't buy it and a couple of years later Allders went bust and the unit is still empty.....





Nick

crystalbay121


Joined: 22/02/2009
Posts: 6

Message Posted:
23/02/2009 00:52

Does anyone have the lowdown on Universal bank?

They are offering 16% for low to moderate savings but will go up to 21% for amounts over 30,000 gbp.

This presumably is an annual rate.

I dont believe they are linked to Turkey as such.

They seem to be a newish bank with no net presence.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
23/02/2009 07:26

eager

yeah of course,lol.

just like the guarentee's on exchange land.

dream on! this is the trnc.

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
23/02/2009 09:31

Christalbay Universal have recently reduced their rate from 21% to 20% and it is monthly. They do have a website.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
23/02/2009 12:50

Does anyone bank with Universal or Continental ? If so , are you happy with them, what's your opinion of them ?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
23/02/2009 12:54

Continental very very happy with then, used karalanaglu and karakum brancehes very friendly english speaking staff, not loads of queues and not loads of paper work to open an account longest wait 10 yes ten minutes.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
23/02/2009 13:29

Thanks Nige, Have they a website?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
23/02/2009 13:31

no that i know of

Mountain Edge



Joined: 23/02/2007
Posts: 199

Message Posted:
23/02/2009 13:58

Whereabouts in Karaoglanoglu is it, Nigel?

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
23/02/2009 14:12

on the left just past the gau turn off

Whistler


Joined: 28/07/2008
Posts: 1332

Message Posted:
23/02/2009 14:32

Eager. We bank with Universal after TuirkBank kept lowering our interest without telling us. We are more than happy with them, as said above By Nige about his bank, they are friendly and helpful, no queues and they even make us coffee. That is the Karaoglanoglu branch near Pegasus.

Mountain Edge



Joined: 23/02/2007
Posts: 199

Message Posted:
23/02/2009 14:36

Cheers for that Nigel

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
23/02/2009 15:25

I work for the Continental Bank Karaolanoğlu branch. The bank has been arround for approx 17 years and offers good rates of ınterest on all savings accounts.

They have fluent english speaking personnel in most branches.



If you need any kind of information please donot hesitate to contact me on

(0392) 822 4359 or 05338417388



E-mail tabdullah@kibriscontinentalbank.net



Tyra

loulou



Joined: 14/05/2008
Posts: 785

Message Posted:
23/02/2009 16:30

eager i have banked with universal for two years no probs friendly staff carnt complain and no waiting

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
23/02/2009 16:38

Msg 28 & 31, Thanks for that, do you know how long Universal have neen around ?

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
23/02/2009 18:25

Hi, I changed over to Seker Bank last week when HSBC went down to 11%. and got 17.75% There is an english speaking girl (lady) called Yelliz and she got out the large brochure/book on Seker Bank, giving it's history, all the companies that it owned, and branches, and sat and answered any questions that I asked. Very helpful.

Stella

markvpiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
23/02/2009 18:36

Has anyone ever worried about how banks can pay 4% + over base rate ?



Watch out for pyramid schemes



Mark

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
23/02/2009 18:45

Mark - the Turkey base rate is 11.5% - if continental bank are paying 22% that's over 10% above....





Nick

scoobydoo


Joined: 10/11/2008
Posts: 2434

Message Posted:
23/02/2009 20:15

today new interest rates were issued. credit west are offering 15% monthly on less than 100,000TL and 16% for more. Iktisatbank are offering 15.25% plus 16.25%.

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
23/02/2009 20:29

girne



Thank you very much for your professional approach & your friendly service please do not get to many new customers as I like no queues in and out in 10 miniutes easy parking .

mrpenk


Joined: 30/06/2009
Posts: 1

Message Posted:
04/08/2009 23:42

moving to lapta soon and would like some advice on banking,can you help?thnx.

Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
05/08/2009 07:25

You'd be lucky if you got 12% at any of the banks as of today.Still its a lot better than the UK.

ricky


Joined: 26/01/2009
Posts: 294

Message Posted:
05/08/2009 12:04

Madoff & Co is offering more %.....

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
05/08/2009 13:44

I work for the Continental Bank in Karaolanoglu Almost opposite the GAU turning. we are offering at present 12% / 12.5% on TL monthly.



Stg 5.5% monthly

6.0% 3monthly

6.5% 6monthly

7.0% yearly



If you need any kind of advice please call me on 05338417388

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
05/08/2009 14:18

I get 12% at Iktisatbank and have not been informed of anything different recently!

Natx

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
05/08/2009 14:19

..contd (on tl monthly)