Author Topic: Large interest rate drop (Read 20603 times)

mercury · « **on:** January 25, 2009, 13:41:11 PM »

The banks in Turkey are all dropping their interest rates by quite a bit. Our in Finnans went from 20.75% to 14.25% after a "lengthy discussion" they rang me at home to say I could have 15%. H.S.B.C dropped to 15%. Have spoken to the managers in both banks and they say the rates will drop again in the next 2 months before they are expected to rise again in April. (Not sure how they know this)? It's going to have a big effect on people who are living on the interest. Added to the fact that the exchange rate has dropped it is a double whammy for the pensioners out here. They have seen their income plummet by a third. Sorry to be the bearer of bad news for anyone coming and expecting to live entirely on savings interest.

saoirse · « **Reply #1 on:** January 25, 2009, 15:14:37 PM »

days of living off intrest are gone and I doubt very much high rates will return

tribalelder · « **Reply #2 on:** January 25, 2009, 15:31:21 PM »

The exchange rate only comes into it if you are changing sterling in to TL and if you live here your savings are probably in a Lira account so it is academic. How absolutely wonderful to only Get 15%gross.....I am delighted.....How ever would I manage in the UK with the same savings on about 3% and a much higher cost of living

stoop · « **Reply #3 on:** January 25, 2009, 15:47:05 PM »

Welcome to the recession! It's gong to get much worse before it gets better.

15% still ain't bad though.

saoirse · « **Reply #4 on:** January 25, 2009, 16:06:45 PM »

quote:
Originally posted by tribalelder

The exchange rate only comes into it if you are changing sterling in to TL and if you live here your savings are probably in a Lira account so it is academic. How absolutely wonderful to only Get 15%gross.....I am delighted.....How ever would I manage in the UK with the same savings on about 3% and a much higher cost of living

mightnt be 15 for too long. Many reckon its heading to single figures and less quite qucikly

tinkerman · « **Reply #5 on:** January 25, 2009, 16:57:19 PM »

Less than single figures?

saoirse · « **Reply #6 on:** January 25, 2009, 17:10:45 PM »

lol

I meant low single figures

mercury · « **Reply #7 on:** January 25, 2009, 17:58:51 PM »

We have friends who have their English pensions paid into their Banks in England and then have to draw it here or change into TL. their income has dropped by a third. As far as I know it's not possible to have a pension paid into a Turkish Bank? The rate is not going to stop at 15%. I know that 15% is a huge amount of interest compared to the U.K but still a big drop in income for those here who aren't getting a pension yet or get just the state pension and rely on their savings to live. Before anyone says anything else. Yes I know we are still better off here!.

Diverbaz 1 · « **Reply #8 on:** January 25, 2009, 18:28:58 PM »

If their pension exchange rate has dropped by a third, they are with the wrong bank, current exchange rate cica 2.26 to the pound, plus a third means they were getting 3.39, I don't remember it being that high in the last few months.

Baz

tinkerman · « **Reply #9 on:** January 25, 2009, 18:33:37 PM »

The interest rate has dropped by a third.

Author Topic: Large interest rate drop (Read 20603 times)

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