Kibkom North Cyprus Forum

Have just received an e-mail from Credit West that 10% interest rate immediately has been reduced to 9% and is same with all banks.

Is this the case as we can only switch accounts when over so interested to see if this the case with other banks.

Whatever the outcome have been very impressed with their service so would be disappointed to think they have reduced rates just because we are not based there.

the central bank reduced the rates by 1% with effect from maturity dates at the beginning of January,it apply s to all banks if they wish to apply it

Mine have been reduced by 1.25% and I have heard that there is likely to be another big decrease in the rates in February

teatime wrote:Mine have been reduced by 1.25% and I have heard that there is likely to be another big decrease in the rates in February

Which bank is that

I am with botrh Garanti and HSBC and for both the rates have been dropping over the last 6 - 9 months or so. I am sure that it will be the same with all the banks.

Royalcorpsoftranspor wrote:

teatime wrote:Mine have been reduced by 1.25% and I have heard that there is likely to be another big decrease in the rates in February

Which bank is that

Creditwest

I'm afraid the interest rates are dropping all over the place. Under £20K and the interest rates with Garanti are down to 6.5% but are 6.75% if you have 3 month Government Bonds. If Credit West are offering what you say they are, then it would be silly to move. I would still prefer to have my money in a Turkish Bank rather than a TRNC bank though.

Internet banking with Garanti bank. Interest in November 2012 10percent.

Today 7.75percent

Trouble is we have been spoilt for years, lets not forget its 0.05% in the uk, we can complain when it drops to that here.
Most Cypriot banks are now 9% and the offshore banks are as low as 6% which has happened in the past.
Its a bit of a catch 22 if the interest rates drop as bought at a low exchange rate, so would lose out if I withdrew my money, although probably made that up over the years with interest.
Lets hope Ernie is good next month.

Obviously internet banking with Garanti is better than "ordinary" banking, or is it a case of having to place a great deal more in than I did to get those rates I wonder.

Talked with ouraccount manager earlier and was told that the consensus is that rates have a little more to fall but should then stabilise. The days of 20% are now well gone and we are now into more realistic realms.

[quote="sophie"]Obviously internet banking with Garanti is better than "ordinary" banking, or is it a case of having to place a great deal more in than I did to get those rates I wonder.[/quo

I opened the account with 200tl, and a nominal amount in every month is enough.

Sophie you are 100% correct. Most banks offer preferential rates to clients who bank on line. Plus most banks offer higher rates the more cash you deposit and the longer the term you leave it for. Or as BB states above you guarantee to deposit an amount every month.

Not all banks give better rates for online banking. With Iktisatbank, you get better rates when you go in, strange but true, but yes, if you have more money, you get better rates. Each bank as a different level. Iktisatbank told me this morning they are down to 8 1/2%.

That is why I said MOST smarty pants!!!!!

Glad you recognize my intelligence