Bank interest rates

[debbie.1]

Hi Everyone - has anyone moved to Turkey and transferred their money to a Turkish account to take advantage of their rates? We have considered doing this to have a small income and would like some advice. We are still on planning stages to move to Fethiye, the house has just been put on the market, we basically cant wait!

[mrkeith]

The days are long gone when you could make any significant money from interest rates in Turkey but hey are still higher than the UK, you need to change your money at the correct rate i.e the highest. I suppose it depends really on the ammount of money you are depositing.

[philrose]

Finance Bank were ofering around 9% on new savings accounts last week. Worth shopping around though as the amount of interest will vary slightly between banks and according to how much you want to invest.

[ovaciksarah]

I,m with Zirrat as well as Finans, and they give a better rate when you invest for 8 weeks, last month it was 9.37

[debbie.1]

Thanks for the info! Do you live in Turkey permanantly? We are in the process of selling our house so were looking at transferring all the proceeds to a turkish account/ accounts. We have spoken to a couple of people and some leave half in the UK and half in Turkey.

[philrose]

I belive that the Turkish goverment will guarantee your savings up to 50,000 lira per account so it would be wise to spread your savings between banks if more than this amount. I live in Turkey but keep money both here and in the UK.

[debbie.1]

Thanks Philrose - funny enough there was a programme on the other night informing people to open several accounts of 50k to guarantee safety. May I ask why some people keep their money in the uk and in Turkey? I know this probably may sound a bit dim but would like as much information as possible to determine what our best options would be. Thanks Debbie :-)

[mrkeith]

If you transfer all your money here at say 2.35 exchange and then say after 2 years you want to move on and still have the same ammount in the bank you will loose money unless you can change it back at a lesser rate which is difficult as they allways buy lira at higher rates than they sell it, this is true of all currencies. If you have some kind of emergency and need to return to the UK it is best to have a pot of money there also if you have a credit card for emergencies (reccomended) it is easier paid via your UK bank account.
Don't think it's dim to ask and ask about things especially when you decide to buy a property

[stoop]

As mrkeith implies - be careful that you don't put all your eggs in one basket. However he's slightly too simplistic saying that it's difficult to make money when you decide to move it on. If you buy in at 235ytl and have the same amount of cash in say 2 years time it will depend on the exchange rate at that time exactly what you will make or lose. Many people invest in currency and make money this way - just by buying in at one price and selling it back at a better price.

[debbie.1]

Thankyou all  - you have been really helpful! because i am new to here I have just discovered the drop down with all the discussions on! (im learning! ) :-) - no doubt I will be back again to gain your much needed advice - Debbie