Is there an end in sight to the fall in Interest Rates

ripoffrock


Joined: 05/08/2008
Posts: 255

Message Posted:
31/08/2009 04:44

I have had a savings account with the HSBC in Girne for 3 years. In the last 12 months the interst rates have halved. This month they paid 10.25 and next month will be paid at 8.75. Is this the case with all local banks?



Can anyone give me any figures or advice as to where I should move my savings?

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
31/08/2009 07:03

its dropped all over the world, still a good rate here, and it will only keep falling thank god.trade currency or shares

kavenkoy


Joined: 10/04/2008
Posts: 1787

Message Posted:
31/08/2009 08:10

a typical isa in the uk is 1% or less ,you should be glad lol



kav

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
31/08/2009 08:29

in a word - "no" - i think interest rates will continue to fall...



its a good job none of us are dependant on the interest from our savings to sustain life over here, otherwise we'd be in trouble....

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
31/08/2009 11:02

Ithink this is a concern N/N when ex pats budgeted for life in TRNC the most important for some was the high interest rate as you say to sustain a good lifestyle , this is why a lot of folk are either cutting there cloth according to there width or considering pastures new .

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
31/08/2009 12:09

Interest rates will rise again next year, all over including Britain

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
31/08/2009 16:09

mess 6 - blimey - how ja know Eager...

catalkoykid


Joined: 15/02/2009
Posts: 1190

Message Posted:
31/08/2009 16:28

mess 5 surley no 1 thought the rates would stay high in trnc forever,or did they lol

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
31/08/2009 21:36

Once the recession is under control up they will go !

Goonerboy


Joined: 01/04/2009
Posts: 723

Message Posted:
31/08/2009 21:58

'cept your wealth sustains your health lol

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
31/08/2009 22:23

If interest rates go up in the UK, disaster looms for a lot of those who have a mortgage.

andy-f


Joined: 03/05/2009
Posts: 1256

Message Posted:
31/08/2009 22:52

just a question , what are the interest rates in mainland turkey ? surely the rate at hsbc in girne must be the same fifty miles north on the mainland? i ask this as a few people talking about relocating to turkey.



andy

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
01/09/2009 01:31

Banks in the uk cannot keep lending money for mortgages at such a low rate of return, they have been under pressure from above to toe the line whilst the recession is still around, if not then the goverment will take a closer look at their dealings. After the recession then they will want to make up for lost ground ie.. interest rates going up, and then the govt will raise taxes and cut public spending to pay for all the borrowing that it has done to keep the country afloat. the money has to come from somewhere and no prizes for guessing who will pay for it.

melbrandy


Joined: 23/08/2009
Posts: 44

Message Posted:
01/09/2009 08:23

Andy

Interest rates in mainland Turkey are on average approx. 1% higher than TRNC. However bear in mind that the withholding tax is higher there. Net net, the interest amount in your pocket is less in Turkey. This does not take into account the significantly lower cost of living there.

ripoffrock


Joined: 05/08/2008
Posts: 255

Message Posted:
01/09/2009 17:58

So what are the rates of interest at other local banks, are they as low as 8.75?

Is it worth moving my savings? I here some banks are busier than others due only to there rate of interest.

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
01/09/2009 18:18

Credit West and Iktisatbank are both paying 11% on TL accounts and 4% on Sterling accounts.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
01/09/2009 18:22

mess 17 - for this month, then what ?



HSBC down to 7.75%......

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
01/09/2009 18:46

Best ask Mystic Meg, I,ve got a bank account not a crystal ball Nick, sorry.

tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
04/09/2009 22:12

Turk Bank now at 7.75% when in there today on tl.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
05/09/2009 03:03

Has any of you guys thought of trying "universal bank" in Karaoglanoglu.

I have been with them for nearly 2 years now.More then happy with their services,and I get better rates then most of you mentioned.

Altough Iam not,they also speak reasonable english.

If any of you guys go there,just ask to speak to "SEVTAP HANIM",she is the manageress of the branch.You can also quote my name(in my profile)if you want.

Try it,you'll never know what you might get otherwise.