Calis Beach and Fethiye Turkey Discussion Forum
Turkey Related Subjects => Cost of Living in Turkey => Topic started by: x~Becky~x on November 12, 2006, 13:00:38 PM
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were wanting to find information on the banks in turkey, i know the interest rate is a lot higher than in england, does the interest rates get paid monthly or yearly or what? is there any daily rates available? any information anybody has we would be grateful,
thank you x
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Basically you can choose the way the want your interest. In practice the normal way is to have three accounts. A sterling account which is useful to transfer your money from the UK. You can leave it there where it earns about 4.5%. You can also transfer it to another Turkish Lira Account Such as A Daily account which as implied has interest added daily and from which you can draw cash and at the end of a month you can arrange for any surplus to be transferred automatically to a monthly high interest account which at present is earning about 18.5% gross ( about 14% net after the bank have deducted tax at source.) You can add to the monthly account directly if you so wish. :)
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I am interested in knowing more about sterling accounts attracting interest. Are these special accounts as I don't think our sterling account has paid any interest?
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The article on Turkish interest rates posted in the Fethiye Times is well worth reading before you consider moving your money.
http://www.fethiyetimes.org.uk/cms/index.php?option=com_content&task=view&id=667&Itemid=58
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Stuart
I think when we asked Aysa why ours wasn't attracting interest she told us you have to keep at least £3,000 in the sterling account to have interest added.
Linda