Paying money into bank account

[Lamberts]

I opened a bank account with Garranti last year and have finally got it sorted so that it pays interest on a monthly basis. However when I tried to pay some money into the account I was told I could only do so on the 9th of each month (anniversary of when I opened the account) otherwise I will lose interest!!!
If this is true it causes a bit of a problem as I can't guarantee our visits to Turkey will be around the 9th.
Has anybody else come across this issue?

[jwood]

I believe that is the case although I haven't personally tested it.

[Diverbaz 1]

Thats correct, if you draw outside that date you will lose the months interest.
What you need is a current account as well and have the interest paid into that when it's due, that way your interest is available when you want it. If you want to put some back into the high interest account, you can but only on the 9th.
The loss of interest applies if you pay money IN to the account on any day but the 9th.

Baz

[kenkay]

Hi Lamberts. Yes it is true. We have a 35 day high interest account and supposing we altered anything in the account within the 35 day period we would lose the interest accrued up to that point and a fresh 35 day stint would begin from them. We were in the same situation. We wanted to invest more into the account but were due to come home so we would have lost 20 days interest.
To overcome it we paid some money into our lira current account and asked them (in writing) to transfer the required amount into the high interest account when the 35 days expired. It worked fine, got the extra money in with no loss of interest.
We have internet access to our accounts and would probably be able to make transfers on line - if I was clued up enough.
Ken

p.s. this is also at Garanti

[Lamberts]

Thanks for all your prompt replies, I now understand the system.

[sue mac]

well can you explain it to me in toddlers english when I next see you please Steve, as I would like to transfer money on a monthly basis to fund our spends when out!!!

[captainjon]

To make the banks system work to the full, you need what is loosely known as a monthly,or 30 day savings account.To feed money into the bank assuming you are in the UK,you also need a sterling account.Money left in there gives slightly less than a similar account in the UK.Lastly a current account which gives no interest,in fact attracts a service charge<this account can pay all your monthly bills,Free.The monthly savings account,earns you the maximum interest and the contract is the term you agree with your bank contact or account manager depending on the bank in question.At the end of each period of contract you instruct your contact to leave the interest in that account,or tell him to move some,or all of it into your current account.If the maturity date of this interest falls ona weekend or turkish holiday< banks closed> your contact may on this occasion leave it until the next banking day.If your contact is good,he will move it early -.later if the rate is about to go up or down. I have my account managers mobile number and his email address,and instuct him accordingly one day before the maturity.References to high interest depend on the amount of money you have to invest and all the banks are slightly different but it is abount £40000 sterling, 90-100000 lira or $45000.If you want to invest only £5-10000 ,t is possible to enjoy daily interest at a rate some two percent below best,you can withdraw daily up to 1pm on any day after this time you have to wait till the next day.This account is better than leaving money in your current account earning nothing.Sorry to be long winded hope this is all clear

[captainjon]

Hi Lamberts, I have just realised you live in the UK,so I should also add,you can have 60,or 90 day investment period if you wish.If the rate is high as at this moment it may be to your advantage to get max compound interest as the rate stays at the one you contract for!

[number2]

Or if you can, open another account the same as the first, a fortnight later, so that whatever time of the month you are there you will be able to draw out, or deposit money, unless you are here for a week, in th middle of the 2 dates. Alan

[kevin b]

If you withdraw money from high interest account in Turkey before the set date do you only loose interest on the amount withdrawn or interest on the whole amount in the account.