Author Topic: Should we invest?  (Read 9308 times)

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Offline kayakebab

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Re: Should we invest?
« Reply #10 on: May 22, 2015, 07:22:53 AM »
The charges vary from bank to bank. Personally were with Finansbank and because we have 2 direct debits going out of our account for bills there are no charges.
You would need to check with each bank really.



Offline usedbustickets

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Re: Should we invest?
« Reply #11 on: May 22, 2015, 12:34:49 PM »
I wonder what currency these Turks hold their savings in? Or bullion.of course.
The shoe box kind of currency.

On a more focused approach I'd say that a 35 day sterling account in TEB or HSBC are available and are paying around 1.7% (less tax at 15%)which is more than you get in the uk, plus you do not have the anguish of money being transferred into TL, with all the risks, costs and issues with it.

Offline JohnF

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Re: Should we invest?
« Reply #12 on: May 22, 2015, 15:02:59 PM »
If JohnF had been rather less pithy he might have said it ain't the smartest thing to decide on investing £25k based on what people on a forum might say.

I've been called many things Colwyn, but "pithy" is a first.

I thought I was being humorous but making the message clear.  I could simply have said "are you effing nuts?"

After reading about the CHP's plan to build a "mega" city in Malatya, I tried to come up with some pro's & con's for a non resident chucking a wedge into a Turkish savings account just now.  I failed miserably on the pro's, mainly due to your excellent illustration which highlighted the reality of high interest rates and inflation.

The con's...  in addition to your points, where do you start?
  • The increasing volatility of the lira
  • The likelihood of lower interest rates shortly
  • Currency exchange fees
  • Oh, did I mention the volatility of the lira?
Couldn't be arsed writing any more.

JF




Offline sue mac

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Re: Should we invest?
« Reply #13 on: May 26, 2015, 19:40:26 PM »
Glad to hear it John.....and pardon me for being such an idiot. I'm just not as "in the know" as people who live out there, and when we listen to ex pats talking of the great interest rates they are getting, is it any wonder we ask for some advice when we've got a bit of cash to spare..!  Thankfully the likes of Colwyn politely offered that advice....thanks Colwyn.

Offline Colwyn

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Re: Should we invest?
« Reply #14 on: May 27, 2015, 10:21:21 AM »
Just to give you a little more to think about - I was reading something on another forum where the member said he had three Santander 123 accounts. Anticipating people wondering if this was legal he explained that he had one, his wife had one and they had a joint account. I might ask Santander if this is OK as it would give us another opportunity to consider. It would be worth getting the 3% even without cashback since there is a potential £40 per month return (after tax) at a cost of the £2 fee.

Offline sadler

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Re: Should we invest?
« Reply #15 on: May 27, 2015, 18:22:51 PM »
It is certainly legal Colwyn, we have three and also three with TSB with £2k in each and £500 income each month, which is money we move from account to account and get 5per cent for.  ;D

Offline Ian

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Re: Should we invest?
« Reply #16 on: May 27, 2015, 19:24:30 PM »
Colwyn - I can second that as a 3 x 123 account holder but even better than that - try this for a challenge     :)

The end column on the table before the plan show how many of each accounts any person can have - now this plan does take, time, tenacity and patience  :D

]http://www.moneysavingexpert.com/savings/savings-loophole ]

Offline Colwyn

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Re: Should we invest?
« Reply #17 on: May 28, 2015, 10:05:35 AM »
Thanks Sadler and Ian. It might be worth looking to open another 123 account. A bit of setting up required (£500 out; £500 in every month) but automatic after that (I hope). Do you know if I need to add two direct debits to have a valid account? If so can I transfer a couple from my existing 123 a/c?

Offline Ian

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Re: Should we invest?
« Reply #18 on: May 28, 2015, 12:35:08 PM »
You do need direct debits but they can be regular payments to other accounts you have outside of santander but it is cleaner I suppose if you can move two of your existing payments.

Offline Colwyn

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Re: Should we invest?
« Reply #19 on: May 28, 2015, 14:38:00 PM »
Thanks Ian. I think I'll ask about transferring DDs since Santander T&C says they can only be "household bills".




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