Kibkom North Cyprus Forum

Have a 6 month term account maturing on Monday and have only been offered 7% with my current bank.

I already have a Credit West Account so will not be going there ( cant put all my eggs in one basket) Can any members recommend a bank that can beat 7% to save me trooping from bank to bank

Thanks in advance

Try Iktisatbank.

How about the bank nobody is allowed to mention who dealt with the K5 mortgage without telling the owners?

Very much depends on how much you have on deposit. I am currently getting 10.8% with TEB on a monthly time deposit.

Slightly off topic but I had a savings account with Iktisatbank and was drawing down money each month to live on. I was drawing down the same amount each month so come the last month there was only 80TL left.
I was told that this was insufficient to keep the account open so it was suggested that it go into my current account. OK, happy with that.
Went in yesterday to draw out 60TL but was told there was insufficient money in the account!! Why was this - I had been charged 20TL a month bank charges for the priviledge of having the account!!! It was the same girl who had carried out my last transaction and I complained that this bank charge had not been explained to me. But I was obviously getting nowhere so I closed the account and vowed never to return.
Nought out of Ten for customer relations!!!!!!!!!!!!!!!!!!!!!

HSBC currently pay 10% on lira on accounts of 31 days or over. They will recycle interest at the end of each period and this would be a compound 10.4% (approx. after tax) over 1 year. Alternatively you can have the interest paid into your current account for immediate use. Alternatively, if you suspect that the 10% might go down, you can change the account period online on it's anniversary to anything up to 1 year and freeze the current %age.

Whatever you do avoid Seker bank, the most incompetent, disorganised bank I have ever been in, Turk bank seem to be on the ball though.

There is a charge of 20.60tl on current accounts with Iktisatbank bank
but this is payable every 3 months.
ie;- 1st April, 1st July, 1st October, 1st January.

I have been with them for 6 years & find them very helpful.

agobard which bank is TEB ? thanks everyone for your replies.

TEB is the Turk Ekonomi Bankasi. Very large Turkish bank, half owned by BNP Paribas. I deal with their Girne branch - coming from the west the branch is about 200 yards on your left before the main Lefkosia roundabout. Opposite the original Starling shop - the one with all the fruit and veg outside. They have parking at the back of the bank. Speak to Seran, very charming lady who speaks perfect English and deals with ex-pat customers. I have been very satisfied with their service - very financially secure bank, good interest rates, comprehensive internet banking, no charge on incoming funds from abroad. Seran also rings me every month before my time deposit accounts mature to tell me what the best rate is going to be for the following month - full marks!

We get 8 and a half % with KOOP on our TL account and 4 % sterling. Its worth going to ask them we have found them helpful.

I used to be with both Iktisat and Zirat and closed as they were charging.

we are with iktisat bank -have a current account and have had no charges so far?

we are uk based but haven't seen them at all on my e statement -anyone else the same?

frugal - Iktisatbank don't charge if you are a VIP customer.

JBA - HSBC pay 10% on accounts of 22 days and over - so even better compound interest.

how do you know if you are a vip customer -hope I am ?

Usually need 100,000TL in accounts

not me then?

strange -just checked the account again and definitely no charges

not complaining though

It really does boil down to how much you have I think.
If you have the equivalent of TL 1million I think you can add a couple of percentage points to the rates quoted.

Usual tongue in cheek (silly) post from Philoz?
Nothing specific, hasn't 1m TL, doesn't know the rates, not specific on any bank!

Thanks again everybody,

Agobard will go and look up Seran on Monday, cheers

silverfox1 wrote:Usual tongue in cheek (silly) post from Philoz?
Nothing specific, hasn't 1m TL, doesn't know the rates, not specific on any bank!

Have to disagree. Those that know the TRNC banks are well aware that if you have a significant amount to invest it is often better to go around the banks and negotiate a better rate. It does depend on amount to investvand in part your negotition skills. These rates are not advertised.

It would not happen in the UK so only the person investing can negotiate what is best for them. Some people may not be wise to this so advice is good in my opinion.

Like Genghis I was caught by Iktisatbank. They misled me. I complained but they were not interested nor was any consideration shown. No customer service there. I would agree a 0 out of 10 for service. Closed all accounts.

How different at the TEB, just along from the old "Mr Pound" shop. Seran is the customer service representative and cannot be more efficient and helpful. She listens and acts. Her English is very good. They are offering good rates at the moment.

Hello again silverfox1.
Not tongue in cheek or silly at all-just helpful to other members like all my posts are.

Please let me explain the point I was trying to make in very,very simple terms for your benefit.

Imagine this-Two people go into a bank,and one has TL10,the other TL1mill.

Now,It costs the same to set up a bank account for anyone.

That is because the bank employee has to press the same buttons on the computer,has to chat to the new customer for the same amount of time,fill in the same forms and so on.

So therefore,someone with a lot of money is a more valuable customer than a person with very little money.-like you for example.

In answer to your question as to why I didn't specify rates-well I was just trying to get the general principals across,and I speak as someone with 30 yrs of experience in banking and financial services,with the requisite certificates to match,I was just trying to explain things in simple terms for the benefit of normal people.

In order to excite you,I am currently getting 4.5% over the local basic posted rate that one of my banks give out ,that may give you an inkling as to how much I have invested.

I am getting around 12% at the moment on most of my accounts.

Silverfox1-has that answered your questions to your satisfaction ,or will you still stalk me in the future?

With HSBC a total balance of 70,000tl gets you Premier status. This means your UK account also gets Premier status which normally requires £200,000. Premier customers have a number of advantages - £1000 per day ATM withdrawal from your UK account without charges, use of the HSBC Premier lounge at Istanbul airport, special counter in all branches so little queueing, personal representative to deal with any issues etc.

UK Premier criteria is £50.000 in savings/investments, not £200.000 as stated above.

Can anyone tell me what the central bank base rate is currently. Sorry, I know off topic

@JBA We hold premier off shore HSBC and premier HSBC in Qatar, Julie from HSBC Girne told me that just because you hold the other two as premier doesn't mean that you can hold premier here unless you have the funds to give you the premier status in your account here. Although we were given the premier "status" here, I wasn't able to get a credit card, so I moved to Creditwest and receive much better service/attitude and interest. I asked HSBC offshore for her opinion on Girne branch, and the rep there told me that there isn't a governing rule for all branches, each HSBC branch has its own rules and regulations. At then end of the day its HSBC's Girne loss and Creditwest's gain as far our savings go. As regards withdrawing £1000 I can withdraw £2000 a day from the ATM's here from my HSBC Qatar branch, which again shows the point of different rules etc.
I personally wouldn't recommend HSBC, my recommendation is Credit West, isn't great that we all have plenty of choice though, and we all have our own opinions.