YTL Interest rates

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
11/12/2008 19:57

Does anyone know which banks are giving the best interest rates on both monthly and yearly YTL.

Thoughts are that with rates reducing worldwide, NOW might be the right time to fix a good rate for 12 months.

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
11/12/2008 20:12

if you go and see franky at universal bank ozankoy she is english and will give you the best guidence give it a try as i spent 2 years getting a lot less with more risk

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
11/12/2008 20:21

After yesterdays meeting at Pia Bella I think it is time for all people with housing problems to withdraw funds from certain banks who are guilty of giving mortgages on land that is having homes built on.



I am not saying which but I would not go through the doors of Universal!



We have a good rate with Iktisatbank but the best thing you have to do is just go into all the banks, collect the data and then compare.



Iktisatbank have a specific English Language section upstairs on Girne high street.



Another that comes up with good rates is Continental.



You must NEVER put money on deposit with a Cypriot bank for longer than 3 months, best is a rolling monthly account with fixed withdrawl points. I think the reason for my comment is be self explanatory on two fronts. First is the world wide problems in banking and finance and second rates are now changing so quickly to get the best you need to be flexible.

froggy


Joined: 21/11/2008
Posts: 10

Message Posted:
11/12/2008 20:38

Well I am with HSBC not the best interest rate, but you have the backing of HSBC worldwide. so if the banks here start to go under. I dont think HSBC will let one of their branches do the same, some people have a problem with HSBC, but if you look at the saftey of your investments, think about how much you get back if it goes under E20,000 with most banks. HSBC state they will have the full support of HSBC world bank, this is just my thoughts and also information I have been given.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
11/12/2008 20:40

froggy,



We have no problems with HSBC, and would recommend as you suggest to use them as your fallback. Then spread your wings into the more risky places.

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
11/12/2008 20:41

How can we find out which banks are guilty of this before we make a decision as at present we are with Sekerbank (are they on the list).

Take your point about staying flexible, but unless I aim to convert it into another currency the change of rate is immaterial.

As I say my concern is the worldwide interest rates dropping, and will the YTL do the same.

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
11/12/2008 20:49

all banks here have a gaurantee up to £20k if you put in £6000 to universal bank you will get 17% on a monthly account this is the best i have found try and see no queue straight in personal service no take a ticket at ozankoy anyway try it who cares if you dont i walk in 2 minutes im out are you

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
11/12/2008 22:37

HSBC are currently offering 18.45% for time deposits of 30 days, watch out because they only offer 18.2% on E deposits for the same duration. Why? It's a mystery to me....



I think the guarantee is 20K Euros but I suppose that's just about the same as £20K these days.

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
11/12/2008 22:46

Gates

As far as I understand it is that it is €20000 per account which may be a lot of difference from £20000. And not every bank has signed up the the Central Banks insurance policy. Be careful

AJ

Peeky



Joined: 08/05/2008
Posts: 100

Message Posted:
11/12/2008 23:28

I was offered 19% by a bank a couple of weeks ago, and told that they recomended opening multiple accounts below 20k Euros in each, and that the whole sum was then protected. This seems most unlikely to me - I think it is a marketing ploy. If it is true then I am sure this loophole will be closed soon.

WAZ-24-7



Joined: 18/10/2008
Posts: 695

Message Posted:
11/12/2008 23:37

The high interest rates are an indication of the instability of the currency.

We are very fortunate in the TRNC to have GB sterling as a base currency..thank goodness its not the Euro.



Very tough on the brits that are in the ROC or other EU states.



HSBC has lower rate of interest but has one of strongest international balance sheets. I would keep exposure in the YTL at a level below £10,000 and keep a very carefull eye on the currency markets. If it crashes and is devalued, it will happen very quickly. An internet account with HSBC will enable a quick evacuation. Over the counter accounts will take too long and be too late.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
12/12/2008 10:33

cyprusishome re post 3.

the bank you are banking with, i have been told a few things about recently.

my sons friend on the net was asking him to launder money through this bank in lefkosa for him and some friends.

apparently lots of his mates in poland had been doing it, tax evasion, ect ect.

but someone had been charging them mega bucks to set up accounts with the branch in lefkosa, only needing a photo copy of their passports.

clearly my son say he was unable to do it for him .

these people requesting his help are all online hackers!

from what we were told, this was happening in the lefkosa branch, but it only takes one bad apple!

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
12/12/2008 12:44

Garanti 18.75%

Iktisat 19%

Turk bankasi 15.5%

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
12/12/2008 12:58

Hi, FYI....HSBC is 18% plus compound interest .....it takes an hour ( via the internet ) for money to be transferred back to my HSBC bank in the uk ...how long would it take the other banks to transfer money if it looks like going belly up..or could you?!..in the Uk you are safe up to 50K

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
12/12/2008 13:21

come-on-aylin, msg 8.



Do you know that there is a two tier rate system with HSBC?



On the opne account section it asks if this is a "local account" ie Turkish. When you do the pull down, the alternative is "TRNC" and a lower rate. There is an explanation for the lower rate elswehre on this forum.





Have done this myself and you open the wrong one and end up paying more tax. This could be the case with difference in e-account and time deposit.



I will check later myself but in mean time may be worth checking yourself.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
12/12/2008 13:45

HSBC follow up.



Perverse this one, I have just checked for my accounts and this is correct, sorry for doubting you.



Guarantee is up to 20,000 euros but does anybody really think that if TRNC went bankrupt today we would all get our 20k back???

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
12/12/2008 13:55

did a few years ago

come_on_aylin


Joined: 14/06/2008
Posts: 908

Message Posted:
12/12/2008 16:41

CIH



Yes, I had to look a couple of times myself! I can't understand why the interest rates on Time and E deposit accounts differ. Would have thought E deposits would attract more as, technically, they are less work for the bank. I think you can open either online but haven't tried. The rate I quoted was for TRNC, annoyingly you get a bit more if you are based in Turkey, seems to be the same story with all banks here.



It's only recently that HSBC have become more competitive with their interest rates but then all the banks are fighting for the same business.

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
12/12/2008 17:27

Thanks for all the postings, decided today to stay with Seckerbank monthly with 19% interest (yearly was 19% also).

Stirling was still 5% monthly which we also continued with.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
12/12/2008 21:45

I think you are doing right thing. As the saying goes - if it ain't broke don't fix it.



Come-on-etc - you can open both on line and have done so when already got an e-saver but had a bit more for a shorter period.

Maddie



Joined: 16/11/2008
Posts: 147

Message Posted:
13/12/2008 16:58

Any chance of get together - I could do with a crash course please

bakhyt


Joined: 20/10/2008
Posts: 32

Message Posted:
13/12/2008 17:35

The Turkish goverment central bank protected amount per account is 50,000 ytl , the HSBC is no different then any Turkish bank as its a franchise , spread your money around , but beware not all Turkish banks are protected , did see a list once on the internet , will see if i can find it again

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
13/12/2008 17:49

no the hsbc is not a franchise check it out b4 posting crap

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
13/12/2008 18:49

HSBC don't do franchises... their good name is too valuable.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
13/12/2008 18:52

HSBC Bank AS Turkey, of which Kyrenia is a branch, reports directly 100% in to HSBC Bank plc in the UK.

Skogsy


Joined: 15/05/2008
Posts: 339

Message Posted:
13/12/2008 20:00

So, simply please. If I stuck 50k sterling into an account here, which bank would pay the best interest? And, cos I am not the brightest, what income on that investment would it give me per month +/-?

Cheers

Skogsy

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
15/12/2008 17:41

Skogsy

When discussing HSBC I have been told to check how many days they pay interest, that it isnt the same as other banks. I dont know this but am passing it on.

I bank with Garanti and Iktisat. They pay between 18.75 and 19% which has 8% tax deducted at source.

So for YTL100,000 you get YTL 18750 per year less 8% tax = YTL 17250 or YTL 1437.5 per month if you put it into a monthly account.

You only get about 5% if you leave it in a sterling account, so much better to put it into a YTL monthly deposit account when the YTL\£ is at a good rate for buying YTL.