Calis Beach and Fethiye Turkey Discussion Forum

Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: brian evans on January 07, 2012, 22:37:05 PM

Title: i interest Rates
Post by: brian evans on January 07, 2012, 22:37:05 PM: Hi All

Can anyone tell me the best rates at present are on Turkish lira accounts .
Title: i interest Rates
Post by: KKOB on January 07, 2012, 22:39:21 PM: You mean which banks are offering the best rates ?
Title: i interest Rates
Post by: kayakebab on January 08, 2012, 05:55:08 AM: saw an ING advert last night on tv, 11% for their orange account
Title: i interest Rates
Post by: Stressed Eric on January 08, 2012, 06:34:12 AM: government bonds are being offered at over 11%, some as short term as 3 months and others upto 18 months..and less tax to pay on your gains too.
Title: i interest Rates
Post by: Jim Fraser on January 08, 2012, 08:30:49 AM: Getting 11.6% at Finans bank on a 32 day account.
Title: i interest Rates
Post by: tinkerman on January 08, 2012, 09:25:18 AM: same as me Jim
Title: i interest Rates
Post by: usedbustickets on January 08, 2012, 13:23:47 PM: quote:
Originally posted by Jim Fraser

Getting 11.6% at Finans bank on a 32 day account.

Blimey I thought I was doing alright with 10.3% from TEB .. I shall be speaking to TEB on this ;)
Title: i interest Rates
Post by: banker on January 10, 2012, 12:57:06 PM: Hi All :)

If you never had any interest acc with ING or if you have an acc. and you bring new money over 75.000 for the new acc. up to 45 days you get %12.5

Regards

Banker
Title: i interest Rates
Post by: mercury on January 10, 2012, 13:28:48 PM: So how much are we getting now Alper. It is 10% now but as Linda says it is 11% on TV.
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Post by: banker on January 10, 2012, 14:45:50 PM: Hi Anne :)
Rates are for current customers around %10.5
11 is for orange acc. wellcome rate just for first month
Title: i interest Rates
Post by: tinkerman on January 10, 2012, 15:08:45 PM: as Jim says standard rate for 32 day account at Finans is 11.6% ;)
Title: i interest Rates
Post by: karaokemark on January 10, 2012, 16:00:14 PM: The Banks are very clever to give better interest on 32 day accounts because of course you only get 11 months a year where you get paid.
You can only draw your interest on one day a month, or add to the account on that day without loosing money.

For my money I think the Orange account is better, the interest is paid daily you can add or take money out everyday if you wish. But always a good idea to spread your cash around different banks.
Mark
Title: i interest Rates
Post by: tinkerman on January 10, 2012, 16:20:32 PM: I think to offer 12.5% for one month just to get you in there then offer 1% below the going rate is not a particularly good offer
Title: i interest Rates
Post by: Liz 101 on January 10, 2012, 18:30:46 PM: The whole point of the Orange account is that you can draw out / pay in daily without loosing any interest
Title: i interest Rates
Post by: Karennina on January 17, 2012, 11:07:37 AM: Can someone advise please, if I had £60000 to invest in a Turkish bank account by freeing up some equity on my house in Uk, so that I could live half the year in Turkey, if the interest rates stayed around 10% in Turkey would this mean after one year I would roughly gain £6000 per year, really grateful for any help :)
Title: i interest Rates
Post by: tinkerman on January 17, 2012, 11:50:21 AM: less 15% tax
Title: i interest Rates
Post by: Dutchie on January 17, 2012, 12:07:13 PM: But you only get 10 procent interest for Turkish Lira.
So you'd have to convert your pounds into TL.
If the exchange rate drops and you want to convert it back into pounds, you might end up with a loss instead of a gain.
Title: i interest Rates
Post by: Karennina on January 17, 2012, 12:32:17 PM: Ok many thanks did not realise about the 15% tax so that would be one factor to take into account, and also the other about converting to TL lots to think about but much appreciated folks:D
Title: i interest Rates
Post by: Scunner on January 17, 2012, 12:44:05 PM: It's a complicated thing to work out fully - if you are retired to Turkey then £/TL exchange rates are not that relevant (as you are saving liras and spending liras so the value against the £ isn't overly relevant unless you envisage changing the whole lot back to sterling at a later date) but you will have to bear in mind that being resident there means you are affected by inflation rates, which people saving in Turkey but living in the UK are obviously not.

The key to it all is to change your £s into Lira when the rate is up at 2.98 and change it back to sterling when it is 2.20 - not easy to do ;)
Title: i interest Rates
Post by: Supacabby on January 17, 2012, 16:09:51 PM: Don't forget you are only covered up to 50,000tl in the event of a bank collapse, best to spread it between different banks, in your example I'd split it into 3 accounts & take a small risk on the odd bit that's over.

Also if you need to use some of the capital to live on this will affect the amount of interest gained.
Title: i interest Rates
Post by: Karennina on January 19, 2012, 09:12:02 AM: Thanks again for replies, that is a great idea Keith, if you are semi retired with time on your hands I suppose it would be far easier to "watch" the exchange rate and go to the bank to change back to Sterling when it drops.Also would defo have to open some more accounts in Turkey to spread it around like you said Mark.Lots to think about :)if the new health insurance rule comes into play that someone mentioned then I dont think it is going be an option:(
Title: i interest Rates
Post by: Dutchie on January 19, 2012, 10:59:03 AM: Going to the bank to change your money is something from the past.

It can be done through internet banking with all the major banks.
A couple of clicks...that's all it takes.
Title: i interest Rates
Post by: Karennina on January 23, 2012, 10:42:27 AM: At present I have just a Finas account, if I wanted to open one other bank account out there is it possible to maybe open an Orange account online from here or would I have to wait until I am in Turkey,many thanks in advance :)
Title: i interest Rates
Post by: Liz 101 on January 23, 2012, 13:24:18 PM: You'd need to be here to open the account Karen & as it's a different bank, you'd need to produce your tax no etc again
Title: i interest Rates
Post by: Karennina on January 23, 2012, 18:57:38 PM: Ok thanks Liz will put it on my "to do" list for April 8)
Title: i interest Rates
Post by: terrie on February 15, 2012, 14:05:33 PM: if its the orange account,it is 10%, as this is paid daily
Title: i interest Rates
Post by: terrie on February 15, 2012, 15:26:12 PM: there was a post by mercury before mine,this was the one i was replying to......her post has dissapeared??
Title: i interest Rates
Post by: anna-marie01 on February 15, 2012, 15:52:41 PM: That happens quite alot on here Terrie... :P
Title: i interest Rates
Post by: mercury on February 15, 2012, 20:58:36 PM: I removed it because I had a better offer than the 10% sorry Terry.
Title: i interest Rates
Post by: keng38 on February 15, 2012, 21:51:28 PM: 2 questions.
If I open a TL account and a GBP account in Turkey can you get the interest on the GBP account while waiting for the exchange rate to go up to near 3?

If the exchange rate then drops to say 2.5 can you move the money back into your GBP account?

If the answer is yes then you can gain in 2 ways
You get the 10% interest and also the gain in the fluctuation in the exchange rate 2.5 to 3 is 20%, 3 to 2.5 is 16%

The rates used to change like clockwork from 2.2 in winter to 2.7 summer and vice versa.
If the above is possible, potentially you are looking at 46% a year less tax.

I think. Does this sound right?
Title: i interest Rates
Post by: thekeyclan on February 16, 2012, 09:41:31 AM: Yes keng38, you can get interest on the GBP account, however, you will find that the interest rate is a lot less than the rate paid on the TL account, typically only about 2%.
Title: i interest Rates
Post by: mercury on February 16, 2012, 21:33:07 PM: It is nearly a year since the rate was very low.
Title: i interest Rates
Post by: Evie on February 17, 2012, 09:08:34 AM: Don't forge the Orange account is paid daily so you do not get compound interest just interest on the basic account money each day but on the other hand you can withdraw cash daily - I would rather have compound interest and draw cash each month or 35 days
Title: i interest Rates
Post by: steveb1 on February 17, 2012, 14:25:02 PM: Evie if the orange account is paid daily i thought that was compound interest ie on the 20th day you got interest on the amount from day 1 +19days interest if that makes sense ?
Title: i interest Rates
Post by: mercury on February 17, 2012, 15:50:01 PM: If you leave it in for the month it is compound interest. You dont have to draw it out every day.
Title: i interest Rates
Post by: ovaciksarah on February 21, 2012, 10:53:32 AM: Last week I got 12 percent per day for 3 months with Finansbank, best I,ve had for a while