Sterling Interest rate

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
09/06/2009 15:47

Just had an e-mail from Credit West Bank the interest rate from sterling is down to 4.25% now.

I have never in all my life had a bank who kept me so well informed so well done Credit west

twoexpats


Joined: 09/04/2009
Posts: 189

Message Posted:
09/06/2009 17:18

good to hear positive comments for any banking institution these days so, praise where due.

kelly25


Joined: 29/05/2008
Posts: 365

Message Posted:
09/06/2009 17:45

I think Iktisat bank are offering 4.25% on Sterling at the moment, but are the best for YTL accounts at 11.50% interest

http://www.iktisatbank.com/SPhERE/cPortal/iktisat/layouts/content.jsp?pOTmplt=cnt&pName=Faiz ve Ucretler

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
10/06/2009 07:20

Kelly 25

Credit west Bank are giving 12% on TL accounts

kelly25


Joined: 29/05/2008
Posts: 365

Message Posted:
10/06/2009 16:13

wow that is good! thanks nurseawful

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
10/06/2009 16:43

Hi Kelly25, can you tell me where there is a branch of this Iktisatbank please?

Thanks!

Natx

mod63


Joined: 10/06/2009
Posts: 19

Message Posted:
11/06/2009 13:41

Hi Kelly25

My wife and i have been banking with Kibris Continental over the past year and we are currently getting 13.75% on our savings.Tyra,who works on the customer services side is fantastic as she always keeps us up to date with rate changes etc.I know they are currently offering 13% on balances under 100,000 lira and new accounts,so they seem to be looking after there existing customers.Cheers.

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 13:42

Hi,

Yes, Iktisat bank are offering 4.25% on Sterling accounts at the moment, I found a branch on the road where the Savoy hotel is, but also their exhange rate today is 2.5 & if you have more than 50,000 YTL invested the monthly interest rate is 12%!

Natx

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 13:44

Mod63 even better! Where do they have a branch pls?

mod63


Joined: 10/06/2009
Posts: 19

Message Posted:
11/06/2009 14:06

Hi NatAless,



Tyra is based in the branch in Karaoglanoglu,which would be on the left hand side of the road if driving from Lapta to Girne,near the American Uni turning.They also have a branch opposite Lamar in Girne,on the Esentepe road.If you pop-in say hi to Tyra for us-Rob and Clare Kelly.Cheers.

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 15:37

Hi!

Will do thanks! Sounds like the best interest rates around, will check out tomorrow!

Natx

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
11/06/2009 16:00

Don't forget the exchange rate risks



The TL has dropped from about 2.30 to 2.54 against the pound (or about 10%) over the last few weeks.



Therefore, assuming you are getting approx 10% interest after tax on your TL account, the whole years interest has already been "lost" because of the devaluation of the TL against the £.



It's a high risk game. so be carefull out there



Mark

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
11/06/2009 16:08

Also there is a small possibility of Turkey devaluing their currency.

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 16:18

not sure I understand... however will not be wanting to convert back to GBP as I am living here now & although often prices are in sterling, you can always pay in TL according to the exchange...oh I see!..mmm but silly to keep a GBP account at 4/5% interest when you can convert to YTL & get 12/13% no?!With 12/13% its like earning a local wage every month for doing nothing!

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
11/06/2009 16:38

if you were to convert your TL back to £, you will get 10% less pounds than if you had done it a few weeks ago.



The 8% extra interest per year has already been wiped out , and 2% more





Mark

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 16:44

yes I see but am not intending to convert back!

Thanks!

Natx

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
11/06/2009 17:08

NatAless.

I have to agree with you. If you live here full time & are settled in Cyprus, converting TL back into Sterling is not an issue. Mark is always bringing this up. He doesn't live in Cyprus though.

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
11/06/2009 17:45

Scruff,



The issue with the Turkish economy is that it periodically unleashes a huge amount of inflation/devaluation of the lira.



1000 tl a month might seem like a good income today, but a few years of double digit inflation will severly reduce the buying power of that 1000tl - locals are somewhat protected as the minimum wage/civil service salaries are index linked to inflation, so their income will increase, while your interest received may not (unless interest rates go up)



All i'm saying is don't put all your eggs in one basket, no matter how nice that basket looks today



Mark

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
11/06/2009 17:54

lol Scruff!

Points taken Mark, good advice (honestly) I do see what you mean, actually the lady in the bank said something similar re eggs & baskets & not coverting it all into TL, will evaluate and sleep on it, thanks again.

Natx

loulou



Joined: 14/05/2008
Posts: 785

Message Posted:
12/06/2009 00:58

iktisat bank 12.5 on tl and 5% on stirling

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
12/06/2009 08:17

depending on how much you are investing, the more you invest, the higher the interest rate!