north cyprus interest rates

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
03/09/2010 13:48

just checked HSBC ytl time deposit ,now 6.5% giving 5.7% after tax. At that rate hardly worth the risk of banking in TRNC and if currency fluctuations stay the same, the buy sell difference wipes that out.Have the other banks dropped so much as will need to find a new home for my savings.



Why is the ytl rate in NC 1% less than in Turkey.?

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
03/09/2010 14:13

I was told this week at Iktisat bank their gross rate for deposits under 50000ytl was 8 percent. Limasol bank was 9.5 for the same amount.

MotoMoto


Joined: 15/02/2009
Posts: 152

Message Posted:
03/09/2010 16:42

IKtisat and Credit West are both 8.5% gross



HSBC rate is a piss take - as always



Otherwise go offshore - speak to Scott at FMA to achieve 13% net out of Australia - worked well for me these last 17 months..

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
03/09/2010 17:47

Motomoto



What is FMA.? Sounds interesting.





Hell of a difference 3% between the banks. Will definately move ,5.7% is rubbish ,considering the risk of losing your money if the bank crashes,above 8% at least you can say you are getting something back for the risk factor.

Will check up on internet the ease of use of IKtisat, limasol and creditwest.



Ta, Deniz for the limasol. Huge interest spreads arent there, before tax, 6.5. 8.5 and 9.5. for roughly the same accounts.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
03/09/2010 18:26

FMA is Astute Financial Management Associates Ltd. The only independent financial advisers (IFA) registered in the TRNC and work to the UK's FSA standards.

We offer a wide range of financial planning solutions one of which is the “Australian Income Product”. Our website is http://www.astutefma.com We offer an initial consultation at no cost and with NO obligation. This is for us to find out if we can help you and for you to work out if you like the way we work. Call James on 05338874241 or email jamess@astutefma.com. Alternatively check out the web site and contact the office from there.

juliamoons



Joined: 14/05/2009
Posts: 849

Message Posted:
03/09/2010 18:26

Credit West ıs currently 9% http://www.creditwestbank.com/index.php?option=com_content&view=article&id=71&Itemid=130&lang=en

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
03/09/2010 18:57

Thanks Swany,

Will bear that in mind.At the moment I dont want to increase my exposure to the stockmarket ,but will call in for a chat next year or contact via web site.Hopefully the Aus dollar will be cheaper .



Message 6

That will do fine,

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
03/09/2010 18:59

PS,

Anyone know why the 1% difference at HSBC between local turkey rate and trnc rate.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
03/09/2010 20:29

Hi Girne 29 re Message 7

Two very important points raised and for clarity if I may the Australian product is not Stock market based and the fund is hedged against currency risk. The currency you invest in is the one the product is geared to so it does not matter what any other currency does. If you want to invest in the Australian dollar or most other major currencies one can.



As to why the main land HSBC offers better rates that the TRNC HSBC is simply because they can. People go to them for perceived security and they get away with it. Why not make a little more profit. I would imagine they would tell you that there are extra costs involved.



Hope to hear from you in next year.