more banking questions i am afraid

bluenose


Joined: 12/05/2008
Posts: 2

Message Posted:
12/05/2008 22:44

after reading the current information on high interest accounts on this site i would like to know a little more specific information especially if you are a resident, i would like to know from those who live in n.c.;-

1. what is the frequency of the interest payment from your high interest ytl account? ( can you take it monthly?)

2. What would you say the average outgoings where on a monthly basis if you owned your property outright? ( as we will in kyrenia from september)

3. what specifically would you need to have in ytl high interest account to cover this monthly outgoing with ease?

i would appriceate any constructive comments.

regards bluenose

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
13/05/2008 11:26

Hi Bluenose



I can only really answer question 1 which is yes you can take interest monthly. You will get a slightly higher rate for longer (e.g. 3 months) but if you are intending to live on the interest then monthly is better.



The other questions are difficult to answer because it depends on your personal circumstances. You haven't said how many of you there are but if you are a couple then I think £800 to £1000 per month is more than sufficient to give you a very good lifestyle including running a car, swimming pool, going out regularly to eat and drink etc.



I think you would need about £100,000 in a high interest account paying 18% (less 8% tax) to comfortably cover your living expenses and still have something left to add to your capital.



I'm sure others will disagree and I know couples who live on far less than I have said so it will be interesting to hear other views.



Jo

jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
13/05/2008 16:43

Bluenose not a Gers fan by chance.

brian24001


Joined: 23/03/2008
Posts: 606

Message Posted:
13/05/2008 20:58

interest 30 or 31 days depending on the bank.

To live on, well depends on many factors, how often eat out, will ytou buy local goos in supermarket etc, anywhere from GBP600/months upwats I would say all in if you don;t want a fancy life

How much, with interst at +/-15% a month in a Turkish bank (as opposed to a Cyprsu bank) do the maths.

GBP 1,000 per month and you will live well

Anyone say this is about right?

billybob


Joined: 29/03/2008
Posts: 576

Message Posted:
14/05/2008 07:32

Jock e Has 2 be callin himself a bluenose

bluenose


Joined: 12/05/2008
Posts: 2

Message Posted:
14/05/2008 13:11

thanks to all who responded so far. It will be my wife and myself moving in september and your financial offerings on monthly outgoings make sense of what can be messy for those who have not yet experieneced it. as for Blue nose, well I am a long suffering and bi-annualy depressed Birmingham city supporter. any further info you think would be useful then please feel free to comment.

regards

Bluenose

Joe Blob


Joined: 11/05/2008
Posts: 12

Message Posted:
14/05/2008 16:28

Hi bluenose, im an even longer suffering and severlerley deppressed black and gold boy from just up the A4123.,trouble is i remember the glory days of the Doog and Waggy and my friend Peter Knowles. Good job your not a baggies fan id have told you lies about everything just to prevent you from coming, but seriously what the other people say seems about right, we exchanged at 2.64 ytl . A simple formula is work on about 2.50 ytl try to change at that anything over is a bonus , Mr Mustafa at the Asbank is very helpful speaks perfect English, Example £100k stg, = 250 k ytl @17.5% deduct 8% tax on interest= this will give you around 3,300 per mth, more than enough to live a good lifestyle and allow you to index link Ithink thats important. Obviously its all down to the individual, but i think from the earlier threads we are all pretty much ball park, look forward to playing you next season , ive always liked the blues, used to rate Steve Claridge, then when he came to us he was like a donkey P.S wacth the accounts offering over 18% and anything over is high risk

spud1


Joined: 22/05/2007
Posts: 544

Message Posted:
14/05/2008 18:39

hi bluenose been a bluenose myself for 60 years nothing changes does it my dad saved up all his life to see the blues win the cup he died a very rich man spud1