Further drop in Interest rate

[desmartinson]

At last, a positive post.      

[Colwyn]

Well, if you want more positive Des I'll offer this for those who worry about 0% interest rates. In the UK the Islamic Bank of Britain is Sharia compliant and so offers no interest on savings. However, for a 2 year investment of over £1000 it does offer an "expected profit rate" of 2.83% AER. This is easily the best rate currently available and I am considering moving some funds there when my current deal of 3% runs out. [WARNING: see advice on Islamic banking below]. So, 0% interest rates are not necessarily the death knell for gaining from your savings.


ADVICE:
While marketed as savings, Islamic Bank of Britain gets your return by investing 'ethically'; never in arms, alcohol or drug companies. This means there's an element of risk – you're not 100% guaranteed to get the target rate. In its eight-year history, it's never paid less than the advertised rate, though if you've doubts, put your cash elsewhere.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed

[mac2010]

All the time my council tax is 160tl per year instead of 2000 pound per year and interest rates are 8% Turkey is for me.Things have gone up here but they have everywhere.I think we all knew that interest rates would never stay so high and turkey are taking advantage of much lower rates through out the world of 2%.I am sure if the rates ıncreased worldwide the rates here would follow to keep investers here.The benefits of living here are not just financail but the quality of life,beautiful weather most days,great food,and less stress.

[Sleuth]

Confirmed today at the Yapi Credi Bank...the interest rate has dropped a further 0.25%  from February  7.25%  .. to  7% March 14th   :-(    dropping  at a rate of 0.25%  per month  it seems

[Hellzbellz]

noticed last month HSBC is down to 6.5%, still its better than nothing  

[grahamturner09]

Could be worse UK interest 2% inflation 2.5% so you get -0.5% for your money

[Highlander]

Only if Turkish inflation if less than 7 %

[Colwyn]

Turkish inflation (CPI) in February was 7.03%. So also -0.5% in real terms.

[GordonA]

It's only money, & as my Dad used to say; "There are no pockets in a shroud" !! 

[Sleuth]

Down again yesterday according to the Turkish Daily News... lowest ever rate drop... down to 5% now apparantly on Erdogan`s insistence