i interest Rates

[tinkerman]

as Jim says standard rate for 32 day account at Finans is 11.6%

[karaokemark]

The Banks are very clever to give better interest on 32 day accounts because of course you only get 11 months a year where you get paid.
You can only draw your interest on one day a month, or add to the account on that day without loosing money.

For my money I think the Orange account is better, the interest is paid daily you can add or take money out everyday if you wish. But always a good idea to spread your cash around different banks.
Mark

[tinkerman]

I think to offer 12.5% for one month just to get you in there then offer 1% below the going rate is not a particularly good offer

[Liz 101]

The whole point of the Orange account is that you can draw out / pay in daily without loosing any interest

[Karennina]

Can someone advise please, if I had £60000 to invest in a Turkish bank account by freeing up some equity on my house in Uk, so that I could live half the year in Turkey, if the interest rates stayed around 10% in Turkey would this mean after one year I would roughly gain £6000 per year, really grateful for any help

[tinkerman]

less 15% tax

[Dutchie]

But you only get 10 procent interest for Turkish Lira.
So you'd have to convert your pounds into TL.
If the exchange rate drops and you want to convert it back into pounds, you might end up with a loss instead of a gain.

[Karennina]

Ok many thanks did not realise about the 15% tax so that would be one factor to take into account, and also the other about converting to TL lots to think about but much appreciated folks:D

[Scunner]

It's a complicated thing to work out fully - if you are retired to Turkey then £/TL exchange rates are not that relevant (as you are saving liras and spending liras so the value against the £ isn't overly relevant unless you envisage changing the whole lot back to sterling at a later date) but you will have to bear in mind that being resident there means you are affected by inflation rates, which people saving in Turkey but living in the UK are obviously not.

The key to it all is to change your £s into Lira when the rate is up at 2.98 and change it back to sterling when it is 2.20 - not easy to do  

[Supacabby]

Don't forget you are only covered up to 50,000tl in the event of a bank collapse, best to spread it between different banks, in your example I'd split it into 3 accounts & take a small risk on the odd bit that's over.

Also if you need to use some of the capital to live on this will affect the amount of interest gained.