Author Topic: Monthly interest Rates (Read 3473 times)

Steve May · « **on:** September 04, 2011, 21:51:30 PM »

Hi, all I am new to this forum and wanted some info on the Turkish HSBC banking system, am I right in saying that anyone can open one of these monthly accounts, get interest made from that month, then re invest capital for another 30 days and just keep going like this every month, surley their must be some kind of catch here.
Looking forward to an answewer from any x pats who currantly lives there.

Scunner · « **Reply #1 on:** September 04, 2011, 22:10:32 PM »

Well it's true Steve, you can make in the region of 7-9% - the "catch" if there is one is that these are Lira accounts, not sterling/euro/dollar accounts so you run the risk of wiping out your interest gain with exchange rate changes. This was most notable in recent months where the TL/£ rate went from something around 2.35/£ to 2.95/£. In other words, putting aside your 9% interest, with that exchange rate movement 100,000 Lira converted back to £42,500 earlier this year - today the same 100,000 TL would exchange back to £35,200.

Supacabby · « **Reply #2 on:** September 04, 2011, 23:13:53 PM »

I guess other "catches" would be that you need a Turkish tax number & need to set up the accounts in person rather than investing over the internet from the UK, other than that I can't seem to find a fault with getting in excess of 8% interest (gross)on my hard earned dosh!

Oh yes, you will pay 1.5% tax on your reward too, still a better net return than the measly 3% from Santander!

tribalelder · « **Reply #3 on:** September 05, 2011, 08:13:45 AM »

Surely that should be 15%

tony jenkins · « **Reply #4 on:** September 05, 2011, 09:20:12 AM »

Yes, but dont call him Shirley

Supacabby · « **Reply #5 on:** September 05, 2011, 09:40:54 AM »

Sorry you are correct Brian, you pay 15% of the interest in tax.

Love,

Shirley!

tribalelder · « **Reply #6 on:** September 06, 2011, 10:03:25 AM »

Careful....you know how people talk

desmartinson · « **Reply #7 on:** September 06, 2011, 17:03:10 PM »

Its ok Brian, you,re too far away now for speed dating.

Steve May · « **Reply #8 on:** September 07, 2011, 19:15:16 PM »

Thanks Guys but this is still buggin me
hsbc bank
22-31 day account 8.00% TRY or 1.75% Pound sterling. so if I have a Sterling account and get 1.75% interest on 31 day account that would mean in total a years interest in pound sterling account would be 12 x 1.7% = 21% is that right or am I missing something here.

Scunner · « **Reply #9 on:** September 07, 2011, 19:18:25 PM »

1.75% per annum surely, not per 31 days

Author Topic: Monthly interest Rates (Read 3473 times)

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