Savings interest rates

kyreniakate


Joined: 28/05/2008
Posts: 31

Message Posted:
22/03/2012 10:26

Advice wanted please, which is the best bank to transfer savings from UK, best rates, easy to deal with etc.

paddywack


Joined: 04/05/2009
Posts: 959

Message Posted:
22/03/2012 10:37

Iktisatbank

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
22/03/2012 11:46

Creditwest

TL 12 month rates between 9% and 11% depending on amount less 10% tax at source.

Temomed


Joined: 22/07/2010
Posts: 29

Message Posted:
22/03/2012 17:55

Iktisatbank.

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
22/03/2012 18:01

breezyboy

As a matter of interest, can you draw down your interest on a monthly basis or do you have to wait for the full 12 month term before you can benefit?

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
22/03/2012 18:07

Bear in mind that if using a UK Bank to effect the transfer, they will most likely charge you for the privilege, and that the TRNC bank receiving your Sterling may charge you 3% or so, or offer you a poor rate if converting to TL.

Many find it more cost effective to bring cash out with them - make sure that you declare it, and can show its origin, or else you may be suspected of money laundering - and change it to TL at one of the Exchanges (I find that the one opposite the Dome Hotel consistently offers the best rate).

Of course, by physically 'lugging it around', you run the risk of losing it en-route...

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
22/03/2012 20:22

This may help...



http://www.ncmoneyguide.info/?page_id=26



There are better deals to be had than what the banks advertise. For the right term and amount I have seen 11.5% offered recently.



And yes Alsancak Jack that is with the ability to take the interest monthly!

luaqhgt


Joined: 17/03/2010
Posts: 159

Message Posted:
22/03/2012 21:06

TEB = 11% on a current account - YES A CURRENT ACCOUNT - Located next to Mr Pound - English seaking staff - ask for Ipek

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
22/03/2012 21:22

Hi Swany

I may be wrong but I understood that any 'term' savings account whether it be 1 month/6 months/1 year meant that the interest rate was locked for the 'term' and the interest could only be drawn down at the end of the term. Also I understood that the longer the 'term' then the lower the interest rate only because the interest rate was locked for the term regardless of interest rate fluctuations. I am willing to be enlightened. But I must admit my information was only derived from 2 banks.

AJ

juliamoons



Joined: 14/05/2009
Posts: 849

Message Posted:
22/03/2012 23:02

You can be locked in which means that you have to leave your money there for the term be it 3,6,12 months but you can draw the interest monthly.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
22/03/2012 23:54

Hi AJ



I may not be common practice but it is possible to agree a rate for say a 12 month term and receive the interest monthly. Depending on where the bank thinks interest rates are going or if they would like your deposit for a longer term will determine whether you get a better interest rate over a shorter or longer term.

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
23/03/2012 11:39

luaqhgt, msg 8, are you sure it's a current a/c, sounds too good to be true. Interesting that TEB is the correspondence bank that Iktisat uses so I presume transfers in to TRNC if you're with TEB would be easier (as in simpler so less likely to dissappear!)

juliamoons



Joined: 14/05/2009
Posts: 849

Message Posted:
23/03/2012 13:39

The banks are looking for business at the moment. If you have a substantial sum to invest (200,000tl +) you can quite easily get 12% and have your interest paid monthly.

tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
23/03/2012 14:06

Garanti bank the top bank in Turkey are offering 10.5% - 11.00% here in the trnc with interest paid monthly.

Ok your not guaranteed the 20,000 euros per account as with the Cypriot banks, but then how how safe is the central bank that is supposedly in control over the Cypriot banks?

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
23/03/2012 14:12

HSBC plus, no charge to transfer from uk to TRNC and back again



PLUS....all done on line!

Visitor


Joined: 19/08/2010
Posts: 492

Message Posted:
23/03/2012 16:00

Remember with Turkish lira savings you have to take inflation into account. currently abt 10%

kyreniakate


Joined: 28/05/2008
Posts: 31

Message Posted:
23/03/2012 20:32

Thank you for all your posts and advice, think I know which one to go with now