Calis Beach and Fethiye Turkey Discussion Forum

Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: stevebir on October 08, 2009, 15:58:20 PM

Title: Interest Rates
Post by: stevebir on October 08, 2009, 15:58:20 PM: Can anyone tell me which bank offers the highest interest
rates for our savings.
I hear maybe the ING bank for a 35 day account.
I am thinking of changing banks from Finansbank with a 30
day account.
Things are getting tight !!!

Steve.
Title: Interest Rates
Post by: mercury on October 08, 2009, 16:05:07 PM: Wrong section Steve.
Title: Interest Rates
Post by: brianthegardener on October 08, 2009, 17:10:31 PM: quote:
Originally posted by mercury

Wrong forum Steve.

why is Steve`s question wrong...hes asked the right question in the right place ?

Steve..to answer your question..its best to shop around..im with Finans Bank, but im happy with them.
Title: Interest Rates
Post by: Scunner on October 08, 2009, 17:20:58 PM: I think someone has moved it here (correct forum) from somewhere else in CBFland (incorrect forum)
Title: Interest Rates
Post by: brianthegardener on October 08, 2009, 17:49:39 PM: in that case ...SORRY... 8)
Title: Interest Rates
Post by: mercury on October 08, 2009, 18:24:55 PM: No problem Brian. I thought I was going mad for a minute.
Title: Interest Rates
Post by: sunnyd on October 09, 2009, 07:38:00 AM: The interest rate has dropped quite alot recently. I went to update my book yesterday and the interest rate was around 9%!!! I was shocked as the last time I checked it was 11.5%. I am with the ING bank.
Title: Interest Rates
Post by: karaokemark on October 09, 2009, 07:55:47 AM: I got 9.5% with Fortis on Monday.
Mark
Title: Interest Rates
Post by: jacx on October 09, 2009, 22:46:30 PM: HI I have been trying to do some research on this myself and saw this thread, please could you tell me if the rates that you are quoting are before or after tax, thanks.
regards Jacquie
Title: Interest Rates
Post by: Crabbit on October 09, 2009, 23:24:31 PM: jacx
They will be the rates before tax, therefore after tax is deducted and inflation is taken into account you will be in minus territory,

(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
Title: Interest Rates
Post by: Scunner on October 09, 2009, 23:51:09 PM: That depends on the rate of inflation where you live :)
Title: Interest Rates
Post by: brianthegardener on October 10, 2009, 05:43:45 AM: in Turkiye it wont be minus territory...inflation is dropping quickly here now.
Title: Interest Rates
Post by: jacx on October 10, 2009, 12:42:42 PM: I was talking about in Turkey, I already have an account with the Garanti bank and was just wondering as i said whether the rates being quoted were net or Gross, thanks.
:)
Title: Interest Rates
Post by: Crabbit on October 10, 2009, 20:01:13 PM: quote:
Originally posted by brianthegardener

inflation is dropping quickly here now.

Not as fast as interest rates

(http://i409.photobucket.com/albums/pp173/crabbit49/crab.gif)
Title: Interest Rates
Post by: nigel brown on October 15, 2009, 15:04:52 PM: hi can anyone tell me the interest rate in the hsbc this month thanks
Title: Interest Rates
Post by: steveb1 on October 15, 2009, 15:37:21 PM: 8.25%
Title: Interest Rates
Post by: nigel brown on October 15, 2009, 15:41:55 PM: thanks steveb1
Title: Interest Rates
Post by: karaokemark on October 15, 2009, 16:10:34 PM: Was 9% at Fortis yesterday
Mark
Title: Interest Rates
Post by: brianthegardener on October 15, 2009, 17:04:31 PM: predicted to be going down again by 50 basic points again tonight,15th October..at 7pm Turkiye time.

The Central Bank DID lower the interst rate by 50 basic points as predicted.
Title: Interest Rates
Post by: Tykatem on October 15, 2009, 20:03:08 PM: Finansbank gave me 9.5% on Tues
Pete
Title: Interest Rates
Post by: sunnyd on October 15, 2009, 22:16:13 PM: ooo 14th October... ING gave 8.25%! May think about changing!
Title: Interest Rates
Post by: corbindallas on October 31, 2009, 11:42:22 AM: I got 9% at Fortis on the 24 Oct.
Title: Interest Rates
Post by: c1 on October 31, 2009, 14:08:52 PM: must have used your multipass
Title: Interest Rates
Post by: mercury on October 31, 2009, 18:43:26 PM: After a "discussion" 9 percent at AK Bank. 28th October
Title: Interest Rates
Post by: nigel brown on November 08, 2009, 19:47:33 PM: hi cud anyone tell me the interest rate in hsbc this month november thanks
Title: Interest Rates
Post by: Tykatem on November 09, 2009, 16:18:34 PM: Hi nigel,

the interest rate can vary from day to day and will also depend on the amounts deposited
Title: Interest Rates
Post by: calvin 1949 on November 09, 2009, 17:58:33 PM: quote:
Originally posted by nigel brown

hi cud anyone tell me the interest rate in hsbc this month november thanks

8.5% this month :(will have to ease back on the nights out ;)
Calvin
Title: Interest Rates
Post by: nigel brown on November 10, 2009, 17:30:35 PM: thank u down again
Title: Interest Rates
Post by: brianthegardener on November 17, 2009, 16:16:24 PM: and the interest rate again is going down, so this article suggests..

http://www.hurriyetdailynews.com/n.php?n=central-bank-expected-to-continue-to-cut-benchmark-rate-2009-11-16
Title: Interest Rates
Post by: brianthegardener on November 20, 2009, 07:07:43 AM: the interest rate was lowered again last night by the goverment Central Bank by 25 basic points.....the least drop for several months.
Title: Interest Rates
Post by: tinkerman on November 20, 2009, 08:11:43 AM: ours stayed the same this month on the 18th.
Title: Interest Rates
Post by: brianthegardener on November 20, 2009, 08:36:38 AM: The rate went down at 7pm on 19th
Title: Interest Rates
Post by: nigel brown on December 10, 2009, 18:55:00 PM: hi does anyone no the interest rate for december at hsbc it was 8.5 nov hope its gone up thanks
Title: Interest Rates
Post by: tinkerman on December 10, 2009, 18:57:56 PM: Finans went up .25 this week
Title: Interest Rates
Post by: peecee on December 16, 2009, 06:33:23 AM: hi, does anyone know if the interest rate has gone up or down this month?
Title: Interest Rates
Post by: brianthegardener on December 16, 2009, 07:28:51 AM: the Central Bank of Turkey will make desision on the interest rate for the next 30 days on 19th of month, as it has done each month for the last 10 months...the present rate is 6.50%....BUT many banks are giving a little higher than that depending which bank you are with.
Title: Interest Rates
Post by: nichola on December 16, 2009, 15:07:37 PM: quote:
Originally posted by tinkerman

Finans went up .25 this week

I bank with Finansbank and mentioned this interest increase to Dogan the other day and he asked me if I knew if the other banks had also put up their interest rates.

If not he said this may mean the Finansbank needs money.

Today he got a phone call from a member of staff in Fethiye offering him 10.25% if he puts his money (ha ha what money) in Finansbank.

I am quite concerned because as recent posts suggest that the interest rates change on a given day of the month the 19th.

Does anyone know the following

1. have other banks put up their interest rates

2. is there any evidence that there is cause for concern.

I have no wish to lose my life savings such as they are and the govt only guarantees 50,000TL in any one bank.

There may be a case for spreading the money around if you have more than 50,000TL in savings.

Any information about this would be gratefully received and I will trawl the internet to see what if anything I can find out.

Nichola
Title: Interest Rates
Post by: normbosh on December 16, 2009, 18:13:38 PM: I thought it was 50.000 TL per person, so a joint account
is 100.000 ? is this not the case [?] :o
Title: Interest Rates
Post by: susuz.1 on December 16, 2009, 22:18:29 PM: Norm, ThisIsMoney.co.uk published an article in 2008 (although the interest rate to which they refer in the article is way out of date) and they say in the article that the Government Protection Scheme maximum is 50,000 YTL per person. Here's the link:

http://www.thisismoney.co.uk/savings-and-banking/ask-an-expert/article.html?in_article_id=448606in_page_id=111

Hope this helps

Susuz 8)
Title: Interest Rates
Post by: Stressed Eric on December 17, 2009, 06:06:34 AM: garanti have raised their interest rates twice in the last few weeks....now offering 8.75%. according to the press garanti have made huge profits this year.
Title: Interest Rates
Post by: Firo on December 17, 2009, 09:31:03 AM: We had the same phone call as you Nichola offering us 10.25% if we reopened our monthly account. Shame we haven't got any 8)
Fi
Title: Interest Rates
Post by: karaokemark on December 17, 2009, 09:49:08 AM: When I was with Finnansbank they offered opening offers for new accounts, which only lasted a month, Fortis is 8.9% today
Mark
Title: Interest Rates
Post by: nichola on December 17, 2009, 16:37:12 PM: http://www.scribd.com/doc/24129619/National-Bank-of-Greece-s-Fate-is-Closely-Tied-to-Its-Home-Country-s-Credit-Worthiness 14th Dec09

The only thing I could find about Finans bank that isn't dated about 10 million years ago.
Title: Interest Rates
Post by: nichola on December 17, 2009, 16:40:11 PM: quote:
Originally posted by Firo

We had the same phone call as you Nichola offering us 10.25% if we reopened our monthly account. Shame we haven't got any 8)
Fi

Fi, perhaps they'll give me 10.25% to keep my money in there[?]
Title: Interest Rates
Post by: Firo on December 17, 2009, 19:57:12 PM: Worth a try. Threaten to move it and iu bet you get a better rate ;)
Title: Interest Rates
Post by: tinkerman on December 17, 2009, 20:07:59 PM: Most banks will offer you a better rate for the first month after changing banks, but if you are happy is it really worth it?
Title: Interest Rates
Post by: brianthegardener on December 18, 2009, 05:56:22 AM: The Central Bank of Turkey at its monthly meeting,December, kept the interest rate at 6.5%, the first time in twelve months it has not been reduced,BUT it did say interest rate changes may occur in the future.
Title: Interest Rates
Post by: tinkerman on December 18, 2009, 14:59:38 PM: 10% at Finans today normal rate :), there is also a chance to add another .5% if you put 10% of your interest account into your everyday account for one month :)

Tinx ;)
Title: Interest Rates
Post by: tinkerman on December 18, 2009, 15:01:06 PM: no threats needed!
Title: Interest Rates
Post by: tribalelder on December 18, 2009, 16:05:46 PM: Sounds like a good deal doesn't it?.....but is it really? Take the hypothetical case All figures before tax to make it easier. You have 100000 TL which gets you 10% that is you get 833 TL a month Interest You put 10000 TL into your daily account so you only have 90000 getting 10%That is 750TL a month. Plus approximately 4% on the 10000 now in your daily account...That is 33TL a month. So your 100000 TL is now earning 783TL and you have lost 50TL a month interest Your remaining 90000 will gain an extra 0.5% which is 37.5 TL which means you are still 12.5 TL a month worse off!
Title: Interest Rates
Post by: tinkerman on December 18, 2009, 16:13:57 PM: I did say no to that one Bryan ;) but I hadn't worked it out.:D
Title: Interest Rates
Post by: tribalelder on December 18, 2009, 16:49:40 PM: I think all the banks are trying the hard sell at the moment to drum up business!
Title: Interest Rates
Post by: banker on January 13, 2010, 07:47:34 AM: I am ready to help :D
Title: Interest Rates
Post by: brianthegardener on January 14, 2010, 18:38:04 PM: no change in interest rate by the Central Bank of Turkiye for january...this is the same as last month...6.50%...as in all cases many banks are offering higher, depends which bank you with.,,next interest rate review is on 18th febuary
Title: Interest Rates
Post by: karaokemark on January 21, 2010, 07:06:28 AM: An interesting article on what is expected of interest rates this year.
http://www.todayszaman.com/tz-web/news-199212-imf-anchor-may-lead-turkey-to-grow-by-some-5-percent.html

Mark