high interest accounts

[number2]

I would like to set up an high interest account,is it easy to sort out,and what is the interest rate at the moment with the new ytl, can i pay with an English cheque, or do i have to pay cash,just want to sort things out for when i move over to calis,if you let me stay that is, cos you aint met me yet and you might not like me, lol. Alan

[teresa321]

We opened an account Alan and it was very easy. Not sure you can use an English cheque, it is probably cash or transfer from your bank in England (they can charge a bit as well which is not good for smaller amounts).

I get the impression you will fit in - you like Calis and the forum, I hope to see you in May.

Teresa X

[Anne]

Easy peasy Alan.  
Visit the bank of your choice, fill in the forms with the help of English speaking staff.  Transfer your money over or take it with you - we did this - very scary though.
Done and dusted!

[mikeh]

we opened a TL bank account when in Calis with the finans bank interest rate 17%. dont know if thats good or bad rate? It took about 20 mins but I was told that was on a good day as there was no queue!  The thing is you only get interest on Turkish lire as far as I know and hence GBP have to be exchanged then you have to take into account inflation rate to work out a true rate of growth of your capital.

[loz]

Hi Number 2.  We opened our account with Garanti, instead of carry large amounts to deposit can open with 1000YTL =£396 (today)you can then transfer by swift from bank in UK approx 5days, or by cheque, this is cheaper as charge on 7.50YTL per cheque, but the downside is cheques can take 3 weeks to clear.  
The interest rate this month has dropped to 19%, remember that tax will be deducted monthly from this at present it is 18% eg..

£10,000= 25,200.00YTL x19%=4,788YTL divide by 12 = 399YTL permnth less tax of 18% =327.18YTL (or 130 large Efes)
This is as accurate as can be with the fluctuation in figures, but is a pretty good guide to work with.
have fun.

[karen]

LOZ,

Am I being thick here (Quite poss), if you get 19% interest but pay 18% tax doesn't that leave just 1% interest? can anyone explain?

We have an account with koc bank took the managers advice and you'll laugh at this because we are not entirely sure what we've done, but we think we've brought shares with our money (this was good advice according to our estate agent) and should get us the best return on our money. We will leave it there untill we go out in may and see how its doing..... I'll keep you all posted

Does this sound like something anyone else has done.

Might sound like we're crazy, but hay ho yeah we are!!

karen

[braveheart]

Karen,
I reckon that Loz has calculated the 18% TAX from the INTEREST GAINED

Regards

Bob

[Sinbad]

We have had some money in various accounts with our bank and the interest earned between each visit is great. Last month we opened another account and it is paying 21.5%.

[Steve (redding43)]

Karen

I'm no expert but isn't the tax only payable on the interest earned.

Therefore £100 @ 19% Interest is £19. You then pay tax on this £19 of 18% (no calculator handy but approx. £4)

I'll leave you to work it out in Turkish Lira!

Steve

[Dippey]

So then, release the £200,000 equity and re mortgage your house on a 4.99% fixed rate interest repay only for five years and stick it in a 19% high interest account. = roughly £190,000 interest earned less £ 50,000 repay interest, less tax, fees etc clear profit £100,000+.

Not bad, slight catch can anyone get a fixed High interest rate account for five years?

Ali