TRNC Bank interest rates

Cazzy


Joined: 02/08/2009
Posts: 73

Message Posted:
10/01/2011 06:54

Could anyone tell me who is offering the best rates on a monthly TL account at the moment .Thanks

Cazzy.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
10/01/2011 07:12

i think you will find they are due to come down as Turkey dropped the base rate by .5% a couple of weeks ago............



At the moment 8 - 9% is about right (HSBC 6.5%) - although i'm sure you might crack 10% if you look hard enough..............

Jefferson


Joined: 17/05/2010
Posts: 360

Message Posted:
10/01/2011 07:50

10% from Iktisat at the moment for a TL account. Obviously the more you invest the better chance you have of increasing the rate.

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
10/01/2011 08:58

To get 10% at Iktisbank you have to have a lot invested. 8% is the normal rate, and then it goes up depending how much you have in your account. I was talking to the manager last Thursday.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
10/01/2011 10:00

The rates at Iktisbank like all banks have gone down due to the intrest rate in Turkey falling. The best you can get at Iktisbank as at 06/01/11 is 9.5% that is over a 12 month term and needs a significant sum invested (you will need to speak to them).



For all the bank rates in one place and to find out more about them go to http://www.ncmoneyguide.info and once logged on go to Bank Rates (top right tab). We are work on updating this at the moment but at very least it will be a good guide.



It is quite likely that interest rates will come down further on the 20th January when the Central Bank meets again. If you have got TL money to deposit now would be this time to fix the rate.

Cazzy


Joined: 02/08/2009
Posts: 73

Message Posted:
10/01/2011 10:45

Thanks very much all.



Cazzy.

tarry67


Joined: 16/05/2008
Posts: 1053

Message Posted:
10/01/2011 15:00

Can you fix the rate here?

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
10/01/2011 15:14

Message 7 the answer is yes you can

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
10/01/2011 16:40

@ Message 7 and further to 8... not normally for more than 12 months at a time. Rates are dropping (not all the banks have dropped them yet) so maybe as well to fix sooner rather than later.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
10/01/2011 16:42

How safe is your money though? Is there any government bank guarantee for up to a certain amount as in the UK?

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
10/01/2011 16:49

Yes there are government backed grantees €20,000 per account for TRNC banks different for Turkish Banks at 50,000TL per person per bank. See the Bank section on http://www.ncmoneyguide.info for full information (you will need to logon to see that section).

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
10/01/2011 17:58

Credit West's rates have not dropped yet they currently have the best rate for 12 months.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
10/01/2011 22:01

Remember the higher the interest rate the higher the risk is

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
10/01/2011 22:42

I agree with 13 but one must note risk is not just determined by how high or low the rate of interest is. For example is there no risk when keeping money under the mattress (bed)? Well the bank will not go bust but inflation will erode the value and what if the house burns down then it has all gone.



Benjamin Frankiln said “An investment in knowledge pays the best interest”. Now I think that is good advice.

MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
11/01/2011 10:48

Thanks for the web site Swany. This is very useful and informative.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
11/01/2011 20:22

Mrs Snakes thank you I am so glad it is being used and is useful.

IbrahimAbi


Joined: 24/10/2010
Posts: 245

Message Posted:
11/01/2011 20:27

Garanti bankasi is a very large Turkish bank with a couple of branches here, I have been investing for 10 years with good TL rates, good for insurance too/house/car etc

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
11/01/2011 20:35

@17 Ibrahim Abi two things if I may?



If you have the time could you post that comment on http://www.ncmoneyguide.info and rate the Garanti Bank as I want to provide people with real information and experiences of the banks in the TRNC?

Have you a good contact in the Bank because it is one of the harder ones to find out the rates of?



Feel free to email me at james@ncmoneyguide.info



Thanks

nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
12/01/2011 08:25

Garanti Bank's rates are available on their website. Go to the savings section and tick all the TL accounts and then tick 'compare' and you will get the rates for each account.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
12/01/2011 09:29

Nostradamus thanking you so much I could not find it for looking but following your instructions it was easy!

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
12/01/2011 12:02

Nostradamus thanking you so much I could not find it for looking but following your instructions it was easy!

IktisatEng


Joined: 12/01/2011
Posts: 32

Message Posted:
12/01/2011 18:11

The TRL interest rates have dropped significantly over the last few weeks, in particular following the Turkish Central Bank’s base rate cut and the coming of the new fiscal year.



Iktisatbank will pay a higher interest rate above a certain threshold but the rate would not increase further with larger amounts. Iktisatbank wishes to encourage many customers, and not just the larger ones.



Iktisatbank’s current standard rate for 1 monthly Turkish Lira Deposits is 7,5% gross p.a. Please feel free to contact me directly at natalie.haigh@iktisatbank.com for account specific information.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
12/01/2011 23:22

re. msg 19

How do we know that the rates showing on Garanti Bank's website do not apply to accounts in Turkey & not to accounts in the TRNC. ?

Are the websites for TRNC & Turkey the same?

It's my understanding that Time Deposit Rates are not the same for The Mainland Turkish banks with branches in the TRNC. Therefore the websites for mainland Turkish Banks could be misleading ??

cyprustimes


Joined: 22/10/2010
Posts: 867

Message Posted:
13/01/2011 09:15

by way is nt it nice Iktisatbank’s bank sent us emails telling us of the interest rate drop ,...NOT !!!!!!!!!!!!!

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
13/01/2011 10:44

Yes Scruff, they are probably the Turkish ones. I know when I had an account at HSBC the rates they showed first of all were Turkish and you then coud change them to TRNC. Unfortunately Garanti Bank does not have that facility. When in the bank last week, I think on a board it said 6 3/4% for 1 month.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
13/01/2011 16:53

@ 24 do any banks tell you of interest rate changes (genuine question because like you I think this would be a good service)?



For most people it will not be an issue because they are on a fixed rate the only people that it will affect are those on variable or in current accounts.



As to interest rates dropping it has fact and likelihood has been posted on this site for a few months now and there have also been articles and reports in the press about it. It should not have been too much of a shock. Unwelcome news for many but hopefully not a shock.



I have said it before and will say it again if you have not fixed your savings interest rate yet now it the time too because further reductions in Turkeys Central Bank Interest Rate are predicted and some banks here have not yet reflected the last cut so get in before they move down too.



For a guide of the current interest rates in the banks in the TRNC go to http://www.ncmoneyguide.info. You will need to logon to see this info.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
13/01/2011 17:42

Was sent e mail yesterday informing of rate change from CW.

ferry


Joined: 15/05/2008
Posts: 15

Message Posted:
06/02/2011 15:38

I wonder if someone can help and advise. I am going through the process of selling a flat



1. Should I ask to be paid in English or Lira, can you explain why

I hope to leave the money in a TRNC bank, what is the best account I should be looking at.



2.Can you tell me what banks offer best rates.



Hope you can help

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
06/02/2011 22:38

My advice would depend on many things that are not disclosed in your post. I would be happy to give you my candid thoughts and if wanted email me at james@ncmoneyguide.info and I will let you know what further information I would need to give you some worthwhile pointers.



For the best bank rates go to http://www.ncmoneyguide.info logon and go to the bank section.