Further drop in Interest rate

[Ian]

Nichola - thank you for some very good advice  

I found out last December that shopping around within your own bank deals is well worth the effort before taking any decisions to leave.

Often these deals are not widely promoted to expats like the TEB bond issue at 9% and taxed at 10% as long as you deposited for 6-months.

That is the "offer" I took on Nov 30th but from memory the offer was only available for 3 days to subscribe which does make it difficult if you are not in Turkey.

[desmartinson]

Spot on Nichola, i recall making  a post on here a while back, when people were praising ing bank, i went to my bank finnans and was told yes we do that too Des, so i did exactly the same, have upgraded if thats the right word on 3 occasions with a better interest rate, of course cant do anything about the powers that be changing things,and my other bank Seker are very good too with assistance.   

[karaokemark]

The differenec is Des ING advertised it nationally, you had to go and ask for it at Finnans Orange account has just dropped to 7.25%
Mark

[desmartinson]

Fair comment Mark, but a big difference i see on here and talking to people who are not on here is more people seem to be leaving ING bank than Finnans bank.

[Colwyn]

So with interest in Turkey @ 7.25 and inflation @ 7.31 (February 2013) it looks like Erdogan is hitting his target of 0% real interest rates (it was always a zero inflation adjusted rate he wanted not a zero absolute rate). And that doesn't allow for tax being taken off which puts net interest way below inflation. That's not much different from the UK with inflation @ 2.7% and you are lucky to get interest rates of above 2% (before tax) unless you have an Introductory Bonus or other special deal. After tax, savers in both countries get net interest that is over 1% behind inflation - Turkey slightly more behind.


Yep, we're getting poorer.

[desmartinson]

Yep but look on the bright side Colwyn, here in turkey summertime we dont have rivers bursting their banks, people with sandbags ouside their front doors to stop the house flooding,fields full of water. and in february we can sit outside in the sunshine and the country does,nt come to a standstill because its covered in snow. oh and we dont have David Cameron either.    

[nichola]

oh and we don't have David Cameron either.      

Praise be to Allah!

[Colwyn]

Yep but look on the bright side Colwyn, here in turkey summertime we dont have rivers bursting their banks, people with sandbags ouside their front doors to stop the house flooding,fields full of water. and in february we can sit outside in the sunshine and the country does,nt come to a standstill because its covered in snow. oh and we dont have David Cameron either.     

Oh I know the advantages Des - even if we are having a drought here in Bristol where it last rained 11 days ago! But this thread is about interest rates and some people think that getting 7% is obviously better than getting 2%. I just wanted to point out  that it ain't necessarily so (in the words of the song). But mainly to say that RTE's 0% has been achieved, with some disadvantage to those living on the proceeds of their savings. Still, as you say, the sunshine is free.

[desmartinson]

Follow you perfectly Colwyn, but if people came here or anywhere else and thought hey this is great, interest rate i e 21%  and we can live here forever. and suddenly it falls and quess what they have to go back and start work again as they are not retirement age with a company pension or back up. bit like stocks and shares, you have to know they can go up they can go down. here endeth the lesson.  

[jackstee]

Would like to add. Although the inflation rate has gon up. But not like the 105% of the early 90's, it can still be quite cheap to live here.
Friday veg market. All veg for a week for two and maybe a fruit or two, 10 - 15 TL.
 Although the meat seems epensive I get a cut of
beef(presumed not horse) at migross at 23 TL KG. (special) and this makes two roasts for us plus two meals for Charlie.
Add the cost to the veg and it works out at about 75 pence each for the three of us for a roast.

By the way I do it on the BBQ, so add another 3 - 5 tl.

We also found a new beer at 3 tl can and a white wine that if well chilled, is drinkable at 13 tl for 1.5 tl.

So it can be done but the electricity can gobble the moneyup.