Bank interest update.

[solic200]

How are the banks doing now regarding the monthly interest rates as As bank have just dropped from 10% down to 9%. Limossol bank have not changed yet and still remain at 9%.
Credit West is at 8% unless you have a large amount to invest & you can get 10.25% but if you don't touch the capital for 6 months just take your interest each month you can get 10.50%.
This info is from my visit to the banks today.

[bigbadbob]

Hsbc have just reduced the interest rates on theır 41 day account to 7 pcent any body know which bank ıs paying the best rates on a 30 day tl account.Thanks

[stellasstar1]

As of this morning Iktisatbank is paying 9 1/4% if you have 50,000 + lira, and I think 9 1/2 if you have 100,000 + lira

[cyprusishome]

HSBC has always had the lowest rates, so you will find better on offer at any other Turkish or Cypriot bank.

[Deniz1]

Universal are paying 9% on 40000tl or more.

[Bert]

so which ones are the best to invest or bank with? based not simply on highest interest rates although very important I guess.

[cyprusishome]

Bert
Anything posted on a forum such as this is personal experience and will vary from person to person. For example some going into a branch and say they are moving their funds elswhere and suddenly you get an extra %. Also it depends on time and amounts invested, not only in a particular account but based on your total investment with that bank.

Our main bank is Garanti, a Turkish Bank, we feel we get excellent service and competative rates for our investment. We also as back up have funds held in a UK Offshore account at minimal rates but as a safety net.

So if I told you the rates we are receiving they would bare no resemblence to what you may receive. You must trawl around the internet sites and call at the branches to find the type of account and rates that would be relevant to your needs. Many of the banks now have English speaking staff I can think of HSBC, Garanti, Iktisatbank, Credit West, Near East, Universal, however if you speak Turkish then there are several other local banks that will be able to offer a good service. You must seriously consider the risk factors of investing with some institutions, ie what is the financial basis for existence.

[Bert]

Cyprusis home

Thank you for that I think what you are suggesting is sensible and appreciate that. I have to say having fallen fou in Iceland and UK. Safety nets are only as good as the governments that give them. The UK government now own all the shares I had in Northern Rock.....never even asked me if I minded. again thanks