interest rates

[jayne61]

Was just wondering if anyone could help answer some questions i have about interest rates and banks in north cyprus, i am told that if i bank a decent amount of money i can get 10 or even 11% interest, if this is so im a bit confused as to why more uk citizens arent opening n.c bank accounts, keeping in mind the miserable amount our savings make in the uk , is there something im missing, do you have to be a n.c resident ?, is the money in your account guaranteed by the government as in the uk ?, and would there be any problems if i wanted to bring money back to the uk, would be grateful for any help from you financial experts, thanks.

[Deniz1]

You dont have to be a resident to open a savings account. The government guarantees up to 20000 euros for each account.

[ozankoys]

What you are missing is that you have to change your money into Turkish Lira! As this is a volatile currency you can easily lose in exchange what you are making in interest so there is a risk. Also think that you will be lucky to get 10% - 11% now more likely 8% - 9%.

[Deniz1]

Credit west still offering 10%

[gemini39]

Can confirm Credit West is 10%

We agreed on £40K split into 2 names, but if you have more cash you can have extra accounts

[owl]

I believe that you don't have to have residency, but you need to show proof of property ownership or rental agreement. Either way Banks will want to see and copy purchase or rental contracts for where you live.

[Deniz1]

Universal bank dont just your passport.

[annanirvanna]

I have asked a similar question if you want to see my threads under annanirvanna. Got lots of good advice from the lovely Kibkomers - I was also informed that any interest on your savings are taxed at 10% - so you will need to minus the 10% from your % dividends. But you will still have the potential to get more net interest than you would in a UK account.

I was also advised banks only cover up to 20K Euro - so if you have more you need to open up multiple a/c's