turkish bank accounts

joogy

I keep hearing that Turkish bank accounts offer high interest rates - doeas anyone know if this is true and is the Turkish economy stable? Is there protection if the banks suffer?

Thanks - (new to this forum!):j

turbobob

I hear that Zimbabwe banks have an even higher rate

What you need to remember is that you ultimately have to convert your savings back to £'s at some point (unless you plan living there) and this means there is a currency risk. Turkey has in the past had very high inflation, and its still much higher than the UK. This may well outweigh the higher interest rates.

Reaper

Yes there is some saver protection, about £20,000 at today's exchange rates if nothing has changed since this article was written:
http://www.fethiyetimes.org.uk/cms/index.php?option=com_content&task=view&id=1574&Itemid=58

Doesn't apeal to me though.

robert_palmer_2

Hi I am new to this forum and at the moment am trying to buy an apartment in Turkey. Could you please advise how to open a Turkish bank account and is the interest rate still at 20% as I have been advised? Do I need a passport or a TAPU number?
Many thanks
Robert