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Interest rates in North Cyprus

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katenianholia


Joined: 30/08/2010
Posts: 29

Message Posted:
08/09/2010 20:34

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Message 1 of 20 in Discussion

We were initially going to buy a house in Northern Cyprus but after reading forums and taking onboard the advice given. We are now going to rent for about 18 months before we commit to anything. If we were to invest the 100.000 that we were going to spend on a property into a North Cyprus bank, what are the risks , which banks are bestb and what interest would that give us each month . We currently bank with HSBC



Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
08/09/2010 20:49

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Message 2 of 20 in Discussion

If you read the various threads on this forum, especiaaly about property scams carried out by or in collusion of banks you would keep your money well away from the TRNC,

Others may suggest the opposite advice.

Geoff



fosterscan


Joined: 27/02/2010
Posts: 541

Message Posted:
08/09/2010 20:57

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Message 3 of 20 in Discussion

Geoff is that your advice ?



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
08/09/2010 21:11

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Message 4 of 20 in Discussion

You can invest with HSBC over here and link it to your UK account. For the amount you are talking of, you will also have the privileges from the Premier Banking Account, i.e. free travel insurance, no fees for transferring money....and the use of the VIP Lounge at airports, amongst other things. Over here you just need the equivalent of 30,000 to get a premier account and that can be linked to your normal bank account in the UK which will also be a premier account - the one amount qualifies both.



The rate at the moment is not brilliant - just gone down to 7.75% from 8.25% for Turkish Lira account.....but it is as secure as you can get with banks these days, with the normal guarantees of european banks.



And before anyone says it.........no, it is not a franchise......it is HSBC hence they can link to your UK accounts.



Other banks in TRNC offer higher interest but you need to consider the risks and the benefits of both.



Hope this helps



Pixie


Joined: 18/03/2009
Posts: 489

Message Posted:
08/09/2010 21:42

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Message 5 of 20 in Discussion

mrs gee

I have my money in a cypriot bank but I think I will transfer my money to hsbc ıs the vip lounge the one for all card holders?

would you know of any perks for iş bankası?



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
08/09/2010 22:09

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Message 6 of 20 in Discussion

Hi Pixie, sorry don't know about is bankasi - but can recommend the Premier Account Manager - Dilek - at the Girne branch of HSBC - down from the water fountain roundabout - she would be your own personal manager of your Premier Account - and I tell you what, banking has never been so easy....I just email her when I want to do anything.....and bingo! it's done, no hanging around in queues........or if you want to go in.....again, preferential treatment for having a Premier Account, just go upstairs and see her. So much easier than some of the other banks.



Pixie


Joined: 18/03/2009
Posts: 489

Message Posted:
08/09/2010 22:15

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Message 7 of 20 in Discussion

Thanx so much for the info. Sounds wonderful. Unfortunately Im in Nicosia, but I will check it out



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
08/09/2010 22:19

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Message 8 of 20 in Discussion

Hi Pixie, I am sure there will be a branch of HSBC in Lefkosa that will offer the same service. Good luck.



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
08/09/2010 23:47

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Message 9 of 20 in Discussion

As you are only insured for 30.000 euros in each account but can have as many accounts as you wish with any one bank. Do you get the same interest on 30,000 euros account as you would 100,000 euros account? Or do you have to take the risk and put all your money in one account to get a higher interest rate?





The butlers wife



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
09/09/2010 08:39

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Message 10 of 20 in Discussion

I believe that they consider the full amount you have invested rather than accounts separately, but best to have a chat with them. A I said Dilek is very helpful, and if you are not happy with the rate she will check with her head office in Turkey to get a better one. Also depends on length of the time deposit - I tend to go for whichever is the best at the maturity......not always best to go for 12 months in case interest rates go up in the meantime. It's just the same as UK really, except there does seem to be some room for negotiation when it comes to the rate offered for your balance.



Hope this helps.



katenianholia


Joined: 30/08/2010
Posts: 29

Message Posted:
09/09/2010 09:34

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Message 11 of 20 in Discussion

Thanks for the helpfull info.



cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
09/09/2010 10:05

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Message 12 of 20 in Discussion

kate put your money offshore free from tax



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
09/09/2010 12:15

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Message 13 of 20 in Discussion

Cyprusairsoft

The tax on accounts in TRNC is only 10% of the 11% you can still obtain on large amounts for 12 months.

I beleive that the central bank's cover is good as they paid out in 2001 fairly quickly and learnt a lot of lessons from that problem. Also Creditwest's parent company has some solid accounts by any standards.



fosterscan


Joined: 27/02/2010
Posts: 541

Message Posted:
09/09/2010 18:42

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Message 14 of 20 in Discussion

cyprusairsoft which offshores do you recomend and what are the rates ?



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
09/09/2010 18:51

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Message 15 of 20 in Discussion

msg 9.

It's actually a maximum of 20,000 euros in each account & not 30,000 euros.

Also mrsgee is correct. You do not need to have all the money in one account if the bank pays a higher rate of interest for a higher deposit.

Most banks now aren't doing that anyway. Most of the banks are now paying a certain rate per month whether you have the minimum of 500 TL deposited or far more.



Smity



Joined: 14/09/2009
Posts: 826

Message Posted:
09/09/2010 20:09

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Message 16 of 20 in Discussion

Do HSBC use the pay money in at any time and you loose that months interest scam



mrsgee


Joined: 23/06/2009
Posts: 396

Message Posted:
10/09/2010 10:17

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Message 17 of 20 in Discussion

Message 16, yes, HSBC operate the same rules on fixed term investments as the other banks, i.e. transactions can only take place on the maturity date, otherwise you lose interest earned in that month.........UK fixed term bank accounts have the same rules, i.e. you agree to invest your money for a fixed period for which you get a better rate of interest. Not sure where the 'scam' comes into it though.



lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
11/09/2010 19:46

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Message 18 of 20 in Discussion

message 12 is as much good as a chocolate fireguard



Please can you answer message 14 as I am interested.



What jurisdictions are you suggesting and in what currencies???????????



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
11/09/2010 20:01

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Message 19 of 20 in Discussion

I should like to know the answer as well to msg. 14 from the writer of msg. 12??



pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
13/09/2010 22:32

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Message 20 of 20 in Discussion

Be careful, when in power Gordon Brown found his way into offshore accounts. I had some in the

Isle of Man which I quickly switched.



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