philipcooepr

New Member
Turkish saving account
First of all hi to all you forum members. I have currently just receicved a compensation claim and with the interrest rates rates being so bad over here I have been doing alot of reading. I have read that a Turkish saving account gives great interest rates. Can anyone tell me what if any the risks are in having a turkish saving account.
 

philipcooepr

New Member
Turkish saving account
yep interrest rates sure are dropping. but 9.5% is alot better than 0.5% here. I have read that you can have a pound sterling turkisk account. is this true ?
 

manc02

Member
Turkish saving account
Phil, you will only get the high interest rate in YTL not in GBP and I have been told they will guarantee up to £20,000 which is approx 50,000 YTL as previously mentioned. Like previously said you are taking a bit of a gamble with exchange rate but I and many others have taken that risk. Good luck with your decision.
 

manc02

Member
Turkish saving account
Phil, if you buy at say 2.53 if it was that today and then were to sell next week ,say at 2.43 then you would be making a profit. If your thinking longterm then just keep an eye on the markets. I bought last Oct at 2.60 so at the moment I am doing all right even though I have no intention of changing it back at the moment so it makes no difference. Hope thats not too confusing ?
 

haybags

Member
Turkish saving account
can i ask do you have to live in turkey to have a savings/bank account there? i would like to have some money in an account in turkey so that when i visit etc i can get that money and not have to keep paying exchange rates via my english bank..hope that makes sense :)
 

Lindacm

Member
Turkish saving account
Hi. Im not an expert and dont have money in a Turkish account but I think you need a lira account for the bigger interest rates. So a big risk is the rate of exchange difference when you convert your money to lira to when you need to convert it back to sterling.

Also, look what happened to the Icelandic banks. I think you get a 50000 lira protection per bank in Turkey but not 100% sure on that.

Also interest rates are dropping just like everywhere else. I think in November it was at 19.5% where as now its down to about 9.5% and may drop further.

good luck whatever you do.

I had 12.30% last week.
 
Turkish saving account
you have to have an address and turkish tax number as you have to pay tax on the interest and now prove your identity not only your passport but utility bill
 

alva5763

Bodrum buddy
Turkish saving account
Hello. Garanti is still paying 11.5%. You will be taxed at source at 15%. The main risk,appart from reduction in rate, is if Turkey devalues lira. This has happened in past.
 

Mona

New Member
Turkish saving account
Which bank was paying 12.30% interest, on what amount, over what period & for how long?
 
Turkish saving account
Yes you can just show your p/p for ID but if you are buying TL be careful its going up and down at the moment and you can still get 11 1/2 % approx on TL but watch out what you exchange at. Remember there is still quite high inflation here.
 

SANKOP

Desperately Seeking Info!
Turkish saving account
When we opened our a/c's at Garantibank all we needed was our Turkish tax numbers. It was very convenient for us, as the tax ofisi in Bodrum is a minute's walk away from the bank, and registration was a doddle (remember to take photocopies of your passport).

We transfered sterling from the UK, and then converted to Lira/Dollars/Euro. The exchange rate was more favourable that way. Interest rates on non-lira accounts are not great, but still better than UK rates. We were very lucky with the movement between £-$-YTL and made around 28% over a 9 month period; the caveat to that being that you can just as easily lose a similar amount through currency exchange.

If you are the kind of person who will happily check interest and currency rates daily, I'd say go for it, up to the govt. guarantee limit (50k TL). But be prepared to sweat it out a bit when the lira goes up and down - as it invariably does!

Hope this has been of some help.
 

ted j

Member
Turkish saving account
So Am I Right In Thinking To Get, Say £100,000 Guaranteed By The Government, You'd Have To Open 5 Different Accounts With £20,000 In Each .Ted
 
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