iktisat bank interest rates

bjrice


Joined: 08/04/2008
Posts: 53

Message Posted:
27/05/2010 10:14

have just looked on there website and they're saying 15.25% for a 1 month tl. account. i think it must be a mistake or am i reading it wrong.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
27/05/2010 10:55

Apparently it is a mistake, rates are really 8-9%

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
27/05/2010 10:55

Just checked the site myself and that is what it says. May be worth popping into a branch to confirm it as this is a much higher rate than other banks are offering.



Paul

michelle3012


Joined: 07/11/2008
Posts: 578

Message Posted:
27/05/2010 10:59

Time Deposits Interest Rates

Deposit Type TL GBP USD EUR

1 Month /

1 Month Time Deposits 8:00% 3:50% 3.25% 3.25%

3 Months /

Time Deposits 3 Months 8:00% 3.75% % 3:50 3:50%

6 Month Term /

6 Months Time Deposits 8:00% 4:00% 3.75% 3.75%

1 Year Term /

1st Year Time Deposits 8:00% 4:25% 4:00% 4:00%

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
27/05/2010 11:09

They have 2 different pages now showing TD rates One of these pages is showing the correct rates & another page is showing the high rates. I emailed them on Monday morning about this but & they were supposed to be in the process of fixing the problem then. I have come to the conclusion that IT skills in the TRNC are not as they should be?

kathsj


Joined: 25/06/2009
Posts: 72

Message Posted:
27/05/2010 22:21

Can you remind me what is the tax?

Thanks



Kath

petemate


Joined: 16/09/2008
Posts: 228

Message Posted:
27/05/2010 23:03

8 per cent

fencel


Joined: 27/05/2010
Posts: 1

Message Posted:
27/05/2010 23:35

Limassol Turkısh Koop Bank give 9/5 İnterest per monthly for turkish lıra and monthly 5 per sent interest

for pound. and also they have good custumer service, you have to try it.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/05/2010 23:38

Just to remind everyone that when the banks say for instance 8% per month, they really mean 8% p.a. for monthly deposits.

ismet

kiria


Joined: 15/01/2009
Posts: 19

Message Posted:
28/05/2010 02:57

Limassol Turkısh Koop Bank:

web site not working?

no English language, no internet access?

http://www.limasolbank.com

Or is there another web site?

nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
28/05/2010 07:28

Limassol Turkish internet banking is not working yet - they are still developing it. They only have the opening page on their website at the moment. I've banked with them for years though and have always found them very helpful. Their interest rates are better than Iktisat and they are, as a co-operative of long standing, a pretty secure bank.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
28/05/2010 07:36

Don't be alarmed by 8% tax, that's only on the interest, so you get to keep 92% of the interest.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
28/05/2010 07:51

Personally, with the debacle of Akfinans I am moving my cash from a North Cyprus Bank to a Turkish Bank. Do not want to support these sort of dealings any longer.

sloan



Joined: 24/02/2009
Posts: 808

Message Posted:
28/05/2010 08:00

Limassol Turkısh Koop Bank is definitely a bank that has given a mortgage to the builder after properties have been paid for fully by ex-pats.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
28/05/2010 08:38

David, it seems a bit harsh to tar all banks with the same brush.



Of course driving other Local banks to look for repayment of loans secured on land might actually exacerbate the situation.... But you must do what you feel your conscience tells you to do.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
28/05/2010 09:37

Groucho,



If the other banks suddenly found their funds diminishing they may bring pressure to bear on the other one.



We have to attempt to save these homes from being sold so trying all we can.

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
28/05/2010 09:45

If you make a withdrawal from an Iktisitbank monthly deposit account, on a day other than *interest *day, do you lose interest just on the amount withdrawn or on the whole amount for that month.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
28/05/2010 11:40

Msg 17. Iktisat are no different to all the banks when it comes to Time Deposits.

If you make a withdrawal (or a deposit) on any day, other than the Maturity day, then you lose any interest earned on the whole amount deposited. This doesn't apply if the Maturity day is a weekend day or a bayram, but you have to visit the bank on the next possible day if you want to withdraw or add from/to your account.

Some Banks have a 2 or 3 day window (check with the bank) for withdrawals & deposits too, but the Maturity date will be reset when you make the withdrawal.

Example of this. Your usual maturity date is 20th each month. The bank you use has a window of days when you can make a withdrawal/deposit. You make a withdrawal or deposit on the 22nd of the month (2 days late). You will still earn all your interest for the prior period, but your new maturity date will be 22nd of each month & you will lose 2 days interest for your next interest period.