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  • FIRST POST
    Deezer
    Turkish Bank Account - 16% interest rate??
    • #1
    • 2nd Oct 05, 1:54 PM
    Turkish Bank Account - 16% interest rate?? 2nd Oct 05 at 1:54 PM
    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
Page 1
  • Matt83UK
    • #2
    • 2nd Oct 05, 2:14 PM
    • #2
    • 2nd Oct 05, 2:14 PM
    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
    • #3
    • 2nd Oct 05, 9:24 PM
    • #3
    • 2nd Oct 05, 9:24 PM
    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
    • #4
    • 14th May 09, 8:46 AM
    • #4
    • 14th May 09, 8:46 AM
    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
    • By socrates 14th May 09, 9:09 AM
    • 2,795 Posts
    • 1,710 Thanks
    socrates
    • #5
    • 14th May 09, 9:09 AM
    • #5
    • 14th May 09, 9:09 AM
    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
    • By peachyprice 14th May 09, 10:21 AM
    • 16,837 Posts
    • 38,323 Thanks
    peachyprice
    • #6
    • 14th May 09, 10:21 AM
    • #6
    • 14th May 09, 10:21 AM
    Remember Iceland anyone......
    Accept your past without regret, handle your present with confidence and face your future without fear
  • kemalmd
    • #7
    • 16th May 09, 1:21 AM
    kemalmd
    • #7
    • 16th May 09, 1:21 AM
    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.


    Remember Iceland anyone......
    Originally posted by peachyprice
  • 456789
    • #8
    • 16th May 09, 6:57 AM
    • #8
    • 16th May 09, 6:57 AM
    3 people each with 1 post in total and that post recommending Turkish bank accounts.....
    • socrates
    • By socrates 16th May 09, 9:21 AM
    • 2,795 Posts
    • 1,710 Thanks
    socrates
    • #9
    • 16th May 09, 9:21 AM
    • #9
    • 16th May 09, 9:21 AM
    3 people each with 1 post in total and that post recommending Turkish bank accounts.....
    Originally posted by 456789
    And one called Kemal.....
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