high interest accounts

[xanadu]

No fixed interest rate , and beware of depositing large amounts.
The rate is dropping rapidly and a lot of people have made a couple of big mistakes.
First, do not deposit a large amount and then think you can live on the interest.
When I moved here I deposited 10k, changed to lira, and recieved approx 1 millyar (400 pounds) a month in interest. BUT it dropped rapidly to 120 million a month. (50 pounds), thats how I ended up starting a business with Scunner, .......pure starvation.
AND remember the rate changes more than any currency I know.
If you pull your money out at the wrong time, you can lose thousands.
Get good advice first, and I strongly reccomend the Finans bank as they will not let you lose money and are there to guide you all the way.

Lastly a good bet is the shares option. I have one of my accounts invested in a daily interest account and it is used to play the Market.
Be careful out there.......lol

[braveheart]

Xanadu
Am I correct in assuming that Sterling accounts held in Turkey are a waste of space?

Bob

[number2]

I have a sterling account to pay my electric bill, but it's not an high interest account, surely they are 2 different acounts, mine is with Koc bank. Alan

[stoop]

Is there any regulation on Financial Advisers in Turkey? I can see a market opening up here.

Stoop:D
Financial Consultant CertPFS

[karen]

Thanks for clearing that one up for me and to Heidi who set put my mind at rest that my share account sounds ok.

As with most things I'm sure the more of us investing the interests rates will get lower and benefits less, am I right in beliving that they've already halved in the last 18 months or so.

karen

[tribalelder]

If the interest rate drops by as much as half on your lira accounts just keep in mind that you will still be getting about double what you may get on a UK account. You wont be paying as much tax either!

[glennat]

Don't forget inflation.

Glen

[stoop]

Glen,

Inflation only comes into the maths if you are living in Turkey and/or using the money to purchase goods or services there.

If you can take out your money and convert it back into sterling the only extra charge would be the conversion rate.

This could be the major probelm for those hoping to make a fast buck as I an pretty sure that you would get a fairly crap rate of exchange if you want to convert Lira into Pounds and this would have a devastating effect on your gains.

After 18 years as a Financial Adviser/Consultant I have yet to find a sure fire bet for making a fast buck without taking a degree of risk. Usually the more you want - the more risk you have to take.

Ther endeth my lesson for today.

Stoop:D

[Dippey]

Too true Stoop.

The exchange rate loss would not occur to those who intend to live in Turkey permantly, as you would not convert back, and the GBP would be of no use to you. Needing GBP to travel back to UK to see your roots now and again would be of minimum impact.

So you need to ask yourself:-

How much are we talking about? (less than five thousand £, i'm going back to bed!)
Will you need to convert back into GBP and have forex impact.
If substanial amount, (i'm out of bed), look at other possibilities, longer term deals/stocks, brick & mortar etc, investments with guarantee capital repaid.


Two questions Stoopy, do you have a lot of money then ?? and what did you use to be between 18 and 31??LOL.

Ali

[stoop]

Dippsey (not a slip of fingers)

No I do not have a lot of money! It's all in bricks and mortar. I'm asset rich and cash poor at the mo. Why do you ask? Are you an asset stripper:P --lol

As for between 18 and 31 I assume you mean what did I do with my money between that age range as you know I am now 49 and have been an adviser for 18 years (keep up everyone).

Well to be frank - I just bloody spent it.

Stoopy