Banking 20k!

mp3lover


Joined: 14/04/2008
Posts: 5


Message Posted:
14/04/2008 19:32

Hi just a quick question. If I was to put £20k into a nc bank account what sort of interest in £ would i be looking at getting a month?

Thanks dani

orangekazzie



Joined: 31/07/2007
Posts: 944


Message Posted:
14/04/2008 19:34

a very poor return. I think HSBC are paying about 5% at the moment on sterling.

Karen

ukturk



Joined: 01/09/2007
Posts: 1892


Message Posted:
14/04/2008 19:50

hi mp3

welcome to the forum, it depends on what kind of exchange you will be putting it in to a high interest account, if you put it in to a high interest account using sterling even thou it will be higher than the rate you would get back in the u.k it does not match the rate you would get if you change it in to lira

sterling between 5-6% but lira anywhere between 18-20% if its lira account you will probabley earn around 1000ytl after tax a month which calculates to £400

hope this helps

regards

ukturk

mp3lover


Joined: 14/04/2008
Posts: 5


Message Posted:
14/04/2008 19:50

sorry I meant to say was I would be changing it to ytl so would be around

52,124

Thanks dani

PIPIE


Joined: 05/01/2008
Posts: 710


Message Posted:
15/04/2008 07:52

Ukturk . Do you know what bank is paying the best interest ? i have E -mailed a few with no reply .

Cheers

lovingcyprus


Joined: 02/03/2007
Posts: 454


Message Posted:
15/04/2008 15:54

mp3lover



I wouldn't invest £20k into a YTL account just now as the YTL is going to suffer from a devaluation (by some 10-20%) over the next few months, I suggest you wait a while.

TimothyCadman


Joined: 13/12/2007
Posts: 349


Message Posted:
15/04/2008 16:47

lovingcyprus,



Please give concrete support to your last statement.



Maybe I was looking on the web in all the wrong places, but I'm unable to find any scare mongerers going on about devaluation.

simma


Joined: 03/02/2008
Posts: 264


Message Posted:
15/04/2008 16:59

Hi Loving cyprus, I wouldn't mind some insight into your last statement too.

John.

lovingcyprus


Joined: 02/03/2007
Posts: 454


Message Posted:
15/04/2008 18:13

Take a look at the following:-



http://cmax.americanexpress.com/Internet/AssetManagementSolutions/Global/files/news_docs/EFIC.pdf





The YTL has already devalued this year by quite a lot and has got further to fall as it is really really overvalued

wynyardman



Joined: 15/12/2007
Posts: 1450


Message Posted:
15/04/2008 18:25

Hi mp3lover.



Maybe I am naive.



But I rather suspect that the best offer that you will get, will be several offers of marriage if



you have £20,000 in the bank.



For my part, ageing, rheumatoid, but 100% willing!!!



Ring 01740 644095 but I need at least 7 days notice



Good luck and cheers!



wynyardman

ukturk



Joined: 01/09/2007
Posts: 1892


Message Posted:
15/04/2008 18:36

hi pipie

most banks offer the same kind of interest rate, i use hsbc but your best bet is too come over and shop around!!!! one thing i would say htou try and keep to banks that are well know internationally or in turkey



i took a look at the link that was provided by lovingcyprus and read the 3month and 12month forecast (estimate) and it shows in actual fact the lira will be stonger against the dollar and this website actually compares all exchanges to the dollar which in actual fact has got no relavance to the pound when changing to lira

at todays rate which 2.59lira to the pound it is actually getting stronger and all financial reports i read state that the lira has been the most stable in years compred to the euro,dollar and the pound, so for some extraordinary reason the lira was to crash against the pound, buying lira will be a good thing right now because the money (sterling) you change now will be worth more if you change back to pound you will be making more for your money and not forgetting the money you will earn by having a high interest account

regards

ukturk

PIPIE


Joined: 05/01/2008
Posts: 710


Message Posted:
15/04/2008 19:35

Thanks Ukturk

lovingcyprus


Joined: 02/03/2007
Posts: 454


Message Posted:
15/04/2008 20:42

ukturk



I'll bet you 50 YTL that by 1 October 2008 there will be more YTL to the £



Today there are 2.58 YTL to the £ (see http://www.hifx.co.uk/)



Are you game for this wager??????

ukturk



Joined: 01/09/2007
Posts: 1892


Message Posted:
15/04/2008 21:03

hi mate

so basically you are saying you saying by oct people will be better off because if they change their money then they will get more for their pound

you should be a financial adviser lol lol

im really not a betting man but lets say a couple of rounds of drink then and its 2.59ytl to the £ http://www.xe.com/ucc/convert.cgi

what kind of margin thou shall we say something it has not been this year because it has gone over this rate over the last 6months and by the way you are talking it will rocket

regards

ukturk

lovingcyprus


Joined: 02/03/2007
Posts: 454


Message Posted:
16/04/2008 16:53

Hi ukturk



Time period: 01/01/08 to 04/16/08.

Average (107 days): 2.41727

High: 2.64550

Low: 2.25780



You're on for a couple of drinks, the highest the YTL has been so far this year is 2.64550 so lets say if the rate is more than this on 1 October 2008 I win.



Hows that sound???

cyprusishome


Joined: 31/03/2007
Posts: 571


Message Posted:
16/04/2008 20:32

ukturk,



I think you will find if you investigate that lovingcyprus is a financial advisor.



That said, if I were a gambler I would join him in his bet agin you, 2.70 for me is a natural rate in current climate.

larry f


Joined: 29/01/2008
Posts: 117


Message Posted:
16/04/2008 21:33

Hi lovingcyprus,

Just read that your the financial wiz-kid of the forum!! Do you know what the exchange rate is to the euro?

Larry

newlad



Joined: 02/03/2008
Posts: 657


Message Posted:
16/04/2008 21:35

Hi mp3 ,

See you in Barca should be able to get a ticket for 20k,

Regards,

Paul.

ukturk



Joined: 01/09/2007
Posts: 1892


Message Posted:
16/04/2008 22:00

hi lovingcyprus

yeah that sounds fair mate you are on for a couple of drinks!!!

cyprushome i dont need to investigate i know lovingcyprus does or used to do thats why i added my comment was Joking!!!!!!!! thats what the lol lol was for



hi larry the euro to the lira was 2.10ytl to the euro today hope this helps

paul that is one expensive ticket you have been told is that a seat in the changing rooms!!!!lol

warm regards to you all

ukturk

newlad



Joined: 02/03/2008
Posts: 657


Message Posted:
16/04/2008 22:06

Think i will just watch the game in a bar in the square mate,

Keep smiling,

Paul.

larry f


Joined: 29/01/2008
Posts: 117


Message Posted:
16/04/2008 22:18

Thanks ukturk

Larry

mp3lover


Joined: 14/04/2008
Posts: 5


Message Posted:
17/04/2008 10:11

Thanks for everyones input on this one!

You have given me a good insight into what our money would return.

Me and other half are thinking of moving over to nc in the future but we only have 20k savings, thinking of renting and coming back to work in the uk for 3 months every year which would give us 7k to live on and interest would pay the rent! Am I dreaming or could this work?



Thanks mp3