Kibkom North Cyprus Forum

Who is giving the best interest rates ATM ?

I'm currently getting 2% with CreditWest.

4.1% with Monzo. Capital was only giving 2.5%, so moved all to Monzo.

'Monzo' is an online currency exchange company which would not suit everyone's needs as a TRNC high street banking outlet.

8% Nationwide for existing customers

Mimi2 wrote: ↑

Sat 06 Jan 2024 5:48 am

8% Nationwide for existing customers

max £200 per month saving.

That is obviously on Sterling

What about Tl rates ?

Charlieboy wrote: ↑

Sat 06 Jan 2024 1:48 pm

What about Tl rates ?

With the TL to GBP rate falling as fast as it has been over the last year, I wouldn't advise anyone to change GBP to TL and put it into an interest-paying account because the interest rate is unlikely to keep up with the exchange rate/inflation...

If you've got TL, then change it to a more stable currency NOW - you won't be losing money, no matter what you think!

Disclaimer: I have no accreditation or experience as a financial advisor, apart from losing money by hanging on to TL for too long

Same here...big time

Keith...that wouldn't help if you wanted to change it back to sterling I don't think

Charlieboy wrote: ↑

Sat 06 Jan 2024 6:39 pm

Keith...that wouldn't help if you wanted to change it back to sterling I don't think

I don't understand your difficulty - I am advising people to change their TL to a more stable currency - i.e GBP, EUR, USD...

If you leave it, then it will only get worse!

Bite the bullet NOW.

Was wondering if they are still deducting a percentage for an earthquake tax as well as the normal tax on stg here. Last time I checked it was 20% plus the earthquake .which therefore gives a lesser rate .
Depending on your personal circumstances I would say the better rate is in the UK as you can take advantage of an isa up to 20k. Otherwise a 1 yr bond in Barclays for instance is 4.85 .

Kroo are currently paying 4.35% AER on positive balances.

Kroo?
Where are they

susiesusie wrote: ↑

Mon 08 Jan 2024 11:31 am

Kroo?
Where are they

https://kroo.com/

Keithcaley wrote: ↑

Mon 08 Jan 2024 12:44 pm

susiesusie wrote: ↑

Mon 08 Jan 2024 11:31 am

Kroo?
Where are they

https://kroo.com/

'not available in your country'
Really bad customer reviews.

I haven't held TL in savings account here for years and couldn't be persuaded to, no matter what interest rates they are giving. I've heard of 43% but couldn't tell you what bank, was friend of a friend kind of thing. I know several people who have been very badly stung over the last few years, and it's certainly not looking like it's going to get better any time soon.

Unfortunately residency requirements dictate that you have to have a local bank account, which I have in Sterling. I'd rather have it in UK bank, but needs must. I get more interest from Starling and Chase than I do from savings accounts here.
Unfortunately for these interest UK current accounts, you do have to have, or have access to a UK address, plus a UK mobile phone number. I realise that this is not possible for everyone.

We have moved from here and just left our liras in the Bank - we are getting 42% with Garanti at the moment. We live off the interest in Portugal

https://kroo.com/
[/quote]'not available in your country'
Really bad customer reviews.
[/quote]

I've never had reason to contact them so can't comment. One thing i don't like about these types of banking / online apps is all the pots n pans, goals, achievements etc. Customise your homescreen, yeah right, customise it with what they want not what I want. Also with Kroo you can only log in with a password which with little keys on your phone, if you have big fingers, can sometimes take more than 1 or 2 attempts to log in as there is no option to show password and you can't see each character as you type either, plus there is no PIN option to log in. That said it's a heck of a lot more user friendly than the Creditwest app.

susiesusie wrote: ↑

Sun 07 Jan 2024 2:05 pm

Was wondering if they are still deducting a percentage for an earthquake tax as well as the normal tax on stg here. Last time I checked it was 20% plus the earthquake .which therefore gives a lesser rate .
Depending on your personal circumstances I would say the better rate is in the UK as you can take advantage of an isa up to 20k. Otherwise a 1 yr bond in Barclays for instance is 4.85 .

Yes earthquake tax still being deducted this month, just got my monthly statement. I think that Govt. said that tax would be for 9 months, so this should be the final month if that's the case. Of course my memory is certainly not good, so will see what happens next month.

If anyone is looking for best savings rates in UK, check out comparison tables.
https://moneyfactscompare.co.uk/savings-accounts/
and https://savingschampion.co.uk/
Rates are dropping, but are certainly better than here.

For info

Am currently getting 5.15% apy instant access with revolut platinum subscription account. My revolut is an EU based service, am not sure if they offer savings account on UK based accounts. Interest is paid daily.

Am getting 4,5% instant access with skipton international and got 5.75% on a 16 month fixed bond with skipton back in October 23 but their current best rate on fixed rate bond is now down to 5%

Best rates on rasin (if UK resident) currently

instant access - 4.74% (via Hoist finace Sweden)
95 day notice account - 5.3% (via LHV Bank)
1 year fixed rate bond - 5.05% (via investec)
2 year fixed rate bond - 4.6% (via furness building society)
3 year fixed rate bond - 4.5% (via Isbank UK)
5 year fixed rate bond - 4.5% (via Isbank UK)
7 year fixed rate bond - 4.5% (via Isbank UK)