Calis Beach and Fethiye Turkey Discussion Forum

Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: trainer on June 14, 2019, 20:19:35 PM

Title: Bank Accounts
Post by: trainer on June 14, 2019, 20:19:35 PM

some questions regarding deposit accounts
A bit hypothetical but if I had £10000 to put in a deposit account in turkey

whats best lira or sterling (which one gives the better interest rates) 

what tends to be the best bank

can you withdraw monthly (IE when the interest is paid)

looking at a rate for today what would the £10000 earn a month

how much tax is paid
 
there will be some more questions but please make the answers simple as I haven't got a clue regarding banking
Thanks in advance

Title: Re: Bank Accounts
Post by: jackstee on June 16, 2019, 15:29:07 PM

Around 24 % per month and that is taxed 15%
You can get different types of accounts, paying daily,monthly or annual interest rates.
Best to visit them all as some have quite low interest rates compared to others.

Title: Re: Bank Accounts
Post by: 1calis on June 16, 2019, 17:45:34 PM

Wish it was 24% per month.

Title: Re: Bank Accounts
Post by: Liz 101 on June 16, 2019, 21:46:37 PM

Quote from: trainer on June 14, 2019, 20:19:35 PM

can you withdraw monthly (IE when the interest is paid)

Best bet is to have a savings & a current account; have the interest paid into your current account. That way you can draw the interest at any point in the interest period

Title: Re: Bank Accounts
Post by: hornedfrog on June 17, 2019, 15:21:42 PM

I know there are people on here much smarter than me, but I work that out (simple interest) as a net effective annual rate of 20.4%; If we let the interest be compounded and apply the "rule of 72", does that mean your initial £10k investment would double within 3.53 years?

C'mon mathemagicians...is that close? (Certainly better than the 5.2% gross rate I'm getting here in the UK...)

Dale

Title: Re: Bank Accounts
Post by: 1calis on June 17, 2019, 17:14:50 PM

Hornedfrog. You are correct. Most though use the interest to live on, no problem there, so compounding does not affect most account holders. Of course the lira may drop,or rise, so you may,or may not, get back that amount of sterling.

Title: Re: Bank Accounts
Post by: yabanci on July 25, 2019, 13:19:30 PM

Quote from: jackstee on June 16, 2019, 15:29:07 PM

Around 24 % per month and that is taxed 15%

Not any more. The Turkish Central Bank under new governor Murat Uysal cut interest rates for the first time in over 4 years,by 4.25% at their policy meeting today.

https://www.dailysabah.com/finance/2019/07/25/turkeys-central-bank-cuts-interest-rates-by-425-basis-points-lira-stands-firm

Title: Re: Bank Accounts
Post by: legless on August 19, 2019, 08:19:49 AM

Jackstee, as someone that has lived out there for a considerable time which bank would be your suggestion for current/savings, taking into consideration it would be good to use a bank where someone spoke good English as the system could be explained better. I did use Deniz bank once over, however they continually messed my accounts up.

Thanks in anticipation       

Title: Re: Bank Accounts
Post by: Liz 101 on August 19, 2019, 09:15:28 AM

IMHO Alper at Garanti on Migros road & Senim at Seker fit the bill. Have banked with both for a considerable length of time with no issues whatsoever