Sterling saving account

[de1amo]

can anyone tell me how these sterling accounts work?-i have been advised i can get 7,50apr on savings using a sterling account--i am concerned at the moment of bringing in gbp because of the poor exchange rate at the moment-will this be a hedge against this problem?-its with isbankasi

 

[jandj]

I'm sorry to say that I believe a sterling account is a much, much lower rate. YTL accounts are up around the 7.5-9.9%. Good luck.

 

[yalimart]

why are you bothered about the exchange rate ? if you take stirling in and put it in a stirling account the rate is irrelevant.

I was offered about 3% on stirling, so i would double check if i was you

martin

 

[SonnyJim]

Just to confirm you will not get anywhere near that rate for GBP, more like 1.5 - 2%. :19:

 

[perfect1949]

i have a sterling account, i dont get any interest on it . the only interest i get is on my savings account and i get 8.75 at the moment

 

[Yalides]

The rate you quote is nearer TL rates after tax is deducted.

 

[de1amo]

thats what i thought--but my wife said i can get 7,5pc for 3 months with my 'own' bank in a sterling account--they are enticing me to bring my money in she says!
Like you i believed they reflect the uk rates! i get 3,5pc in a tax free isa and can hold but 7,5pc is enticing!-hopefully in 3 months the sterling will bounce upward!!
How do they actually work?

 

[Yalides]

How the Banks work in Turkey is a total mystery.

 

[de1amo]

just quized my wife-under the interogation lamp and she told me wrong--ignore me!! the sterling account is a lot lower as you say--but how do they actuality work in 'our' favour?

 

[yalimart]

banks work in our favour ? no chance ! your best hope is to transfer a load of money buy yout tl at 3 tl to the pound then hope the pound gains on the lira so its worth 1.5 tl then buy your pounds back

buy high sell low, there are professionals in the city who do that and not always successfully

martin

 

[Yalides]

Work in our favour ?? Whatever gave you that idea ?? haha.

 

[de1amo]

i normally bring pounds in hand on my trips home and convert them into gold at an agreed rate which is normally higher than the doviz rate-the currency dealer owns the gold dealership and makes his money on the normal gold deal(about 2pc)--gold avoids the exchange trap of the pound and lira rates-it has proved always inflation proof and very easily traded-i think i will just watch the pound and lira rate til it reaches 2,5 to a gbp--if it ever gets there! if not fill my pockets with cash and feel rich on my flight!!

 

[immac]

Hasn´t gold fallen 10% in the last two months?

Ian

 

[de1amo]

but it gained about 20pc from august to january-i made about 30pc in 14 months and sold my last holding in august just before it went up again--it peaks and then plateaus but continues to climb year on year--i sold at 1oz 1450tl then it shot up to 1800tl and now it is about 1620 and plateauing-i would be tempted at 1600tl but dont quote me!-turks either buy gold or property at the moment as safe havens against the risks of their currency.-it used to be dollars as well.