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Where is the best place or bank to invest in ?

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mickeyfin


Joined: 02/12/2009
Posts: 65

Message Posted:
02/12/2009 15:17

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Message 1 of 31 in Discussion

where is the best place or bank to invest in ?????????????????



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
02/12/2009 15:20

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Message 2 of 31 in Discussion

Me!



Richard



smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
02/12/2009 15:23

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Message 3 of 31 in Discussion

At the moment the way the rate of interest is going dont bother



Serkan


Joined: 12/05/2009
Posts: 75

Message Posted:
03/12/2009 11:21

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Message 4 of 31 in Discussion

I am all favour of investing in business, cyprus full of opportunities. Sounds like you have money but not sure what to do with it.



Good luck



mickeyfin


Joined: 02/12/2009
Posts: 65

Message Posted:
03/12/2009 12:47

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Message 5 of 31 in Discussion

thanks all for your replys an new here so looking at whats going on ,cheers



nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
03/12/2009 13:40

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Message 6 of 31 in Discussion

Creditwest Bank if you contact the manager Figen Kaymak she will be able to advise you and she speaks perfect English.



figen.kaymak@creditwestbank.com



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
03/12/2009 15:07

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Message 7 of 31 in Discussion

Best investment is Exchange rates ( also...tax exempt )



Ossie


Joined: 19/01/2008
Posts: 311

Message Posted:
03/12/2009 15:13

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Message 8 of 31 in Discussion

Please explain Stewart. Surely investing in ER must be a big big risk?



Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
03/12/2009 15:50

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Message 9 of 31 in Discussion

Made a few quid buying in and out of turkish lira.



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
03/12/2009 18:30

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Message 10 of 31 in Discussion

Dear Ossie



have sent you an email with details



best regards



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
03/12/2009 19:48

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Message 11 of 31 in Discussion

Stewart makes a point but timing is everything. Currency speculation - that's what it is - is not for the risk averse & not for everyone here.



NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
03/12/2009 21:39

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Message 12 of 31 in Discussion

Not Iktsatbank anymore, their interest rates have gone down to 10.5 :0(

Natx



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
04/12/2009 00:18

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Message 13 of 31 in Discussion

If you live in KKTC then just look at each of the local banks. HSBC will offer the lowest rate because of their international base. The local banks will offer a higher rate. Which you choose will be personal preference.



Some of the above postings say about currency speculation but unless you are a gambler this is a market to keep out of.



If you have cash now, transfer it to tl and place it on deposit at something over 10%.

My own view is that this rate will continue to devalue over the coming months



Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
04/12/2009 00:33

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Message 14 of 31 in Discussion

I agree with the one who suggested speaking to Figen at CreditWest. She is manager of two branche,s one at Karaoglanoglu and another at Catalkoy. She is very helpful, and CreditWest have a policy of helping ex pats. You may well get a better rate of interest from them than other banks. They certainly are the best at the moment. And I don't have money to invest, so have no personal interest, but I have got to know most of the banks that deal with ex pats, and Figen is a good starting point of enquiry.

If you don't like what she offers ask around, but just make sure you feel your money is safe and that you are not motivated by greed! And of course the greatest return in any bank is on turkish lira. Wait until the exchange rate is good and then place it into a tl account. Interest rates vary but way in frontof sterling.

When I win the Lotto this week, I will certainly go to CreditWest!



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/12/2009 00:35

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Message 15 of 31 in Discussion

Turkey reduced their deposit rate again in November, but by only 0.25% instead of 0.50% as in previous months. For the first time in a year, the TRNC Central bank rate has not been reduced & is now on par with Turkish Central Bank. Hopefully we are reaching the end of the fall in Interest rates. The credit crunch has not been so severe as in UK. USA & the EU.

I use Creditwest for day to day banking. I'm fully satisfied with their service. I would not recommend a bank to anyone. It has to be a personal decision.



sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
04/12/2009 00:40

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Message 16 of 31 in Discussion

If your getting 10% per month etc on cash deposits/bank accounts,thats a pretty darn good return in my book! Better than gambling which way a market/currency will go!A good business man/woman will aim to double their wealth every 5 yrs,then compounding takes over,einstein said compounding is the 8th wonder of the world.If you think i'm talking out of my backside put 10k in creditwest or another bank and forget about it for 5yrs.At say approx 9% a month avg. Sta.rt at 10k-------end of

YR 1------------- 20k

yr 2------------- 40k

yr 3------------- 80k

yr 4------------- 160k

yr 5------------- 320k

by end of year 5 you would split it up to several banks and other investments,i'm unsure of tax implications in the trnc and you would have to watch devaluation of currency from time to time but if you transferred between sterling acs and tl accounts you could make a lot more.After 10 yrs youd be wondering what to do with it all!!



karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
04/12/2009 00:42

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Message 17 of 31 in Discussion

Sporty--- what happens if the bank goes bust ?











If something is too good to be true then it usually is.



EssexOB


Joined: 29/06/2007
Posts: 80

Message Posted:
04/12/2009 00:50

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Message 18 of 31 in Discussion

Sporty,



Please tell me where I can get 9% PER MONTH. I'll be on the plane with lots of cash.



kaysera


Joined: 14/07/2009
Posts: 103

Message Posted:
04/12/2009 00:53

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Message 19 of 31 in Discussion

Sporty

Where do you get 9% a month???



sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
04/12/2009 00:58

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Message 20 of 31 in Discussion

mesg 17, you spread it around when it gets a decent sum,dont put yr eggs in one basket!Thats why i said you split it up after 5yrs,sh1t happens,but i dont think the tl will collapse again like it did a decade ago.Lifes a chance,if you fear doing things and stretching yourself you end up doing nowt imho.



mesg 18 ,look at mesg 6 then book your flights!!Transfer-i think you can only carry 10k in cash.



sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
04/12/2009 01:02

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Message 21 of 31 in Discussion

mesg 19, iktisakat bank!!!! i was getting 10.5% although it may be a percent less now as interest rates are on the move of late.



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/12/2009 01:13

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Message 22 of 31 in Discussion

Sorry Sporty. It's not 9 or 10% a month. It's 9 or 10% per annum less 8% tax. So net return per month is 0.83% less tax at 8%.

Example 10,000 TL (approx 4,000) on deposit for 1 month at 10% per annum interest would net you 76.69 TL after tax. At 2.50 TL to 1 you are talking about 30 net per month on 4,000 sterling.

I really hope your generation isn't running UK. limited. This maybe why the loads of money generation in the UK. suffered the credit crunch.



sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
04/12/2009 01:25

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Message 23 of 31 in Discussion

scruff,i'm laughing now!i'd better get in touch with my bank as i shall need to reaffirm what i have been told by the bank,infact i completed on a place in sept and i was reassessing my funds in the uk so i could transfer a "lump"sum,infact when i was over in sept i even opened an account for my son too,if i'm wrong i'm happy to apologise,however saying that people like my generation is running uk ltd was a bit low!!funny but low. For the record, uk ltd retired at 36yrs old,was a paper millionaire at 40 and doubled that in the last 5 yrs!at a time when a lot were losing their heads.No offence taken my friend.



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/12/2009 01:26

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Message 24 of 31 in Discussion

msg 14

MarieB Creditwest are not offering the highest rates.

At present on monthly deposit they are paying 9.75% gross per annum less 8% tax.

Why do people think the rates are per month? The rates in Turkey & the TRNC might be higher than the UK. but not they are not that high. Monthly deposit accounts pay higher rates than annual deposit rates because interest rates are falling. Eg. You put a sum on deposit for 1 month. At the end of the month interest rate has fallen 0.50%. If you invest on annual deposit basis, rates are lower but fixed for the year. You cannot touch your Capital or the interest for a year. Annual interest accounts work just the same way in the UK. They are instant access but if you withdraw any Capital then you earn no interest at all.



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
04/12/2009 03:05

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Message 25 of 31 in Discussion

Hi Sporty. Sorry if you were offended. Come on 10% interest per month = 120% per annum. I really don't believe you thought that. Maybe you need moi as your Personal Financial advisor. Happy to advise & I'm dead cheap. Free even on this BB.



Corbo



Joined: 13/09/2009
Posts: 627

Message Posted:
04/12/2009 07:36

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Message 26 of 31 in Discussion

Gold is still the best bet..



http://www.bullionvault.com/gold_prices.do?considerationCurrency=GBP



Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
04/12/2009 12:00

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Message 27 of 31 in Discussion

Hi.....This is my recommendation:



when rate is 2.5 or above, buy YTL....then put this in to a high interest account paying % monthly.

when the rate goes down to low 2.3's....buy back GBP



Do all this on line, 4 / 5 times a year.....then 20% or more is realistic...and your money is always in cash that can be drawn out at any time!



( I use HSBC )



cafedooz


Joined: 03/12/2009
Posts: 6

Message Posted:
04/12/2009 12:05

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Message 28 of 31 in Discussion

scruff you seem to make people feel like idiots, who are you, on another page you took the piss out of someones spelling, how do u know if thats person is dislexic or not, and sorry if i have spelt anything wrong but not everyone is as smart as u, oh sorry YOU



sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
04/12/2009 12:23

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Message 29 of 31 in Discussion

Hi Scruff,i'm not offended in the least xx



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
04/12/2009 12:47

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Message 30 of 31 in Discussion

cafedooz

I don't think Scrufff is wrong to try to help somebody have a clearer understanding of something that appears to be shangri-la to that person but unfortunately isn't.



Sorry Sporty but Scruff is correct. I use Creditwest , Ikitisat and Garanti. The first two offer the better rates and I was lucky enough to get 12 month rates when they were high. Unfortunately these start to end soon. If you want to know where you are up to for a year then use 12 month rates. Rates vary according to how much you put in.



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
04/12/2009 13:04

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Message 31 of 31 in Discussion

Scruff was right, Sporty got it wrong, of course its 10%, 11% or whatever per annum and not per month.



Stewart msg 27.....I assume that is what a lot of people are doing, but of course you have to take into account the loss of interest when moving from tl to s. Also it may be a while before tl it moves up again, does'nt seem to be moving around as much as it did earlier in the year, but if you have spare cash then i agree that there is money to be made as long as you keep a close eye on any changes.



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