Kibkom North Cyprus Forum

Would appreciate some advice about current interest rates on GBP accounts. I have a premier account with HSB in the UK and looking to move over full time possibly in the near future. Willing to move accounts if much better rates elsewhere and once moved would look at a TL account.
Cheers
Lippylush

would suggest you talk to the more popular banks here - CreditWest, Near East, Iktisatbank or even Turkish Bank, and see what they offer, then think about it. Certainly you will get higher interest rates than U.K - by far. the one that pays the most is the Turkish Lira account. Interest on all accounts is added monthly, less tax to the government.

You will probably find that KibKomers all have their favourite bank, and all different, so it shows you that this is a good place to put your money, but you really must decide for yourself.

do we assume you are in U.K, in which case, you can either look up the banks on line, or I am sure that we can give you some contact details - e mails etc for you to follow up.

this really is a good place to put money at the moment because the Turkish banks are not tied in to the European system (correct me if I am wrong someone) hence your money giv es a better return, and is safe. But beware of the smaller banks - best stick to the big ones, and as I say, talk to them.

good luck!

Am in process of opening an HSBC account here via our UK branch. Be warned every i has to dotted and every t crossed. The advantage is that you can transfer money via UK and TRNC accounts over the internet and as a Premier a/c holder you will have that advantage in NC too and have access to a Premier Manager here. I haven't looked into interest rates yet as the whole process is taking an age.

As Marion says, you pays your money and takes your choice, Having said that, my personal preference is with Turkish Banks rather than Cypriot banks. As to interest, the more money you deposit the higher the interest.

sophie wrote:As Marion says, you pays your money and takes your choice, Having said that, my personal preference is with Turkish Banks rather than Cypriot banks. As to interest, the more money you deposit the higher the interest.

Have to agree with you on that one Sophie.

Current interest on internet banking, timed account, with Garanti bank is 7.25percent.

GBP only gets a lower rate of interest which ever bank you use around 4% if you shop around. I changed my sterling to TL and get 9% on a monthly account.

You need to keep far less money in HSBC here to retain your premier status - approx £40,000 or eqivalent. This would leave you free to put some surplus into other banks for possibly better interest rates. Premier is world wide - you earn it in 1 country and all respect it but do bring a reference from your UK bank to ease the process here.
You should be aware that TRNC banks, as opposed to Turkish banks, pay less interest because they are insured against bank failure to a limit of 20,000 euros per account (you can have multiple accounts at one bank).
And if you come via Turkey then there is a free luxury lounge at Istanbul for HSBC premier customers.

I have a HSBC bank account in the UK & another in TRNC, I can transfer funds at any time, i wait until the exchange rate is good, with a premier account I think at the moment is 9 or 9.25% i know it changed in december

Maisiemoo
I agree when I opened my UK account likewise, but i questioned this, I was told it is to stop money Laundering

Ozonkoyboy...you are very lucky if you are earning 9% with HSBC Premier...mine is only 6.5%.....I must have a word with Julie I think!! All interest rates at all the banks have fallen significantly over the past 6 - 9 months unfortunately...still beats uk rates though.

Yes I think ozonkoyboy needs to check his rates, as they changed in December and January, plus HSBC is known for paying the worst interest rates, even to Premier customers. Lippylush, if you do open an account here, you really do need to keep a check on the rates of the bank you choose, and compare to other banks, as the rates can fluctuate quite a lot between banks, and then if you have a couple of accounts, (i.e. one with a Turkish bank, and one with a Cypriot bank) be prepared to move your money around for the best rates.

Many thanks for all your advice. I was hoping that by opening my account with the HSBC when I am next over that the process is easier than doing it in the UK as pointed out by Masiemoo the whole processs in the UK is very time consuming. Can I just ask JBA what you mean by bringing a reference from my HSBC bank over here, what exactly is required please?
Also does anyone have a contact email address for an English spoken person @ the HSBC in Girne who deals with bank accounts etc.

Lippylush

juliedawnyounger@hsbc.com.tr

I think she only works 3 days per week.

Yes Julie does only work Monday to Wednesday, and yes interest rates with HSBC are lower then Turkish Banks, yes money transfers from England are at no charge to Premier Customers on telephone banking, been with HSBC about 9 years here, and feel more secure due to size of HSBC, although branch here is only a subsidy of HSBC Turkey, but Julie is very helpful and will advise you well, but do check on Turk Bank and Creditwest etc, find what suits you best first, and the other fact is interest obviously depends on amount of investment, the more the better!

I would also recommend Garantibank...one of the oldest established Turkish Banks, better rates than HSBC, internet banking.....dead easy....and Tanya Andiz, very helpful, English speaking account Manager. Situated in Girne, not far from Deniz Plaza. Transferred most of my HSBC funds to them for better rate and service.

lippylush wrote:Many thanks for all your advice. I was hoping that by opening my account with the HSBC when I am next over that the process is easier than doing it in the UK as pointed out by Masiemoo the whole processs in the UK is very time consuming. Can I just ask JBA what you mean by bringing a reference from my HSBC bank over here, what exactly is required please?
Also does anyone have a contact email address for an English spoken person @ the HSBC in Girne who deals with bank accounts etc.

It's a standard communication between HSBC branches. Normally you would just tell your UK branch that you're going to open an account in TRNC Girne branch and they would forward your details and a reference. However, UK branches usually cannot find TRNC branches in which case you should ask them for the paperwork to carry with you.

Shop around for interest! I have a sterling account here with a bank but they offered me a poor rate on a lira account so I visited others and picked the best, though I did return to my original bank and say "hey xxxx bank is giving me yy can you match it?" and they couldnt/wouldnot. Rates have dropped recently, but still better than UK!!!!!!!!!!!!!