Turkish Bank Account - 16% interest rate??

Deezer_2 · 2 October 2005 at 1:54PM

Hi everyone,

I have heard something about opening up an online Turkish Bank Account (Savings Account). I have heard talk of between 16% and 25% (!) annual interest rates on the money you deposit.

Does anyone know anything about this, or maybe there is quite a big catch (maybe there are high Account fees or charges). Anyone have any idea which Turkish banks (if any) are recommended???

Cheers,

Deezer

Matt83UK_2 · 2 October 2005 at 2:14PM

Yes it's probably true.

But the rate of inflation will be inline or greater with the interest rates. Everything is in millions of lira, the currency is out of control. Sure you can convert your money to lira, deposit, get 16-25% interest, however in a year or so when you take it back out and want to exchange it for £, the £ will be much stronger and any gains once you factor in currency conversion will be signficantly outweighed.

Woby_Tide · 2 October 2005 at 9:24PM

The lira was revalued last January and is no longer in millions, it's also been fairly 'steady'(steady in a lira sense rather than other currency steady) in comparison according to the charts as shown below

http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=TRL

vodkaoj · 14 May 2009 at 8:46AM

ok you are all experts, to gain 14% & above intrest rates in turkey in a safe way you can open a pound saving account. you do need an address in turkey.
the turkish lira has be de-valued since 2005 and the currency rises from 2tl to 2.5tl the lower rate is normally in the winter months. since 2002 investments in saving accounts have achived a high of 30%pa and a low of 14%pa. the low is a fantastic rate ask most business if they would be happy making 14% net pa & they will all say yes. the lira is also a great investment if you buy low in the winter and sell high in the summer. i have been doing this for years. so if you know nothing about turkish banking and have had a holiday there you know nothing and should stop giving advice.. good luck

socrates · 14 May 2009 at 9:09AM

If it is such a good bet why would the governments around the world just put all their money in Turkey and the whole world economy would be sorted in 6 months.

For every great gain there will be a great fall - you just need enough people to fall into the trap.

If something looks to good to be true - then it normally is....

peachyprice · 14 May 2009 at 10:21AM

Remember Iceland anyone......

kemalmd · 16 May 2009 at 1:21AM

Hey investor guys,

Turkish banks are currently giving 12 to 14 % annual gross interest on Turkish Lira currency for the montly savings accounts. If you witdraw your money before the term ends (one month) then you will loose the intrest but you get back only your principal. There is about 4 to 5 % inflation so you will get around 7% net profit on your savings. There is no catch and it is straight forward. There is about 80 billion dolar equivalent foreign investors money sitting on the Turkish banks in the long term savings accounts. Any foreigner with a Passport can open an account in Turkey but individual should apply to the Turkish bank in person. If you have a Turkish bank branch in your own country you can open an account from their branch in your country as well.

peachyprice wrote: »

Remember Iceland anyone......

456789 · 16 May 2009 at 6:57AM

3 people each with 1 post in total and that post recommending Turkish bank accounts.....

socrates · 16 May 2009 at 9:21AM

456789 wrote: »

3 people each with 1 post in total and that post recommending Turkish bank accounts.....

And one called Kemal.....

Turkish Bank Account - 16% interest rate??

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