Akbank And A Daily Mail Lowdown

bristolleedsfan

I noticed Mail On Sunday have included Akbank in its best buy savings tables.

http://www.akbank.co.uk/

12 Month Fix 6.75% Gross 1.00+

Instant Access 6.25% A.E.R Gross 1.00+

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=433594&in_page_id=7

Anybody opened accounts with these people?

Rates havent changed since early October I noticed.

fergal_2

I considered opening an account with AKBANK N.V. thinking it was a Dutch bank. It was only when I checked its website I found it is a wholly owned subsiduary of a Turkish bank. Perhaps just a step too far for me.

Lavendyr

I wouldn't - they're not signed up to the Banking Code yet, although they are covered by the FSCS. I was surprised by the Daily Mail writeup, which seemed overwhelmingly positive - especially given how negative they've been about Landsbanki et al recently for protecting deposits under the passport scheme and regarding the CDS rates (which really only tell a part of the whole story).

ianmr65

Lavendyr wrote: »

I wouldn't - they're not signed up to the Banking Code yet, although they are covered by the FSCS. I was surprised by the Daily Mail writeup, which seemed overwhelmingly positive - especially given how negative they've been about Landsbanki et al recently for protecting deposits under the passport scheme and regarding the CDS rates (which really only tell a part of the whole story).

The mail probabaly landed an advertsing contract with ak which included editorial puff, as part of the deal. Call me a cynic if you like.

shenaz

I have had dealings with the Turkish banking system for the past few years and they are very behind the rest of the world.
I recently had a fiasco with Paypal due to it. I would not invest my savings with a Turkish bank at all.

RayWolfe

ianmr65 wrote: »

The mail probabaly landed an advertsing contract with ak which included editorial puff, as part of the deal.

Oh, surely not! The Mail is the only bastion of truth we've got out there. You are destroying my faith. Shame on you.

jamescredmond

ianmr65 wrote: »

The mail probabaly landed an advertsing contract with ak which included editorial puff, as part of the deal. Call me a cynic if you like.

not cynical at all. 'realistically suspicious' would be closer to the mark.

especially when you're dealing with the d.mail.

Lavendyr

ianmr65 wrote: »

The mail probabaly landed an advertsing contract with ak which included editorial puff, as part of the deal. Call me a cynic if you like.

Yep, that was my conclusion as well I have to admit.

ianmr65

It's rather more common than you might suppose, especially in the tabs. But has been known in the broadsheets as well.

My view is basically : No FT, No Comment. Or really No Bloomberg, No Comment.

katybshopaholic

I too considered taking a one year bond out with AKBank NV. On their website it says "As a licensed bank in the UK, Akbank N.V. adheres to the Financial Services Compensation Scheme."

Can anyone explain what it means that they are not signed up to the banking code. Does it mean that you are covered for GBP 50,000?

Baldur

katybshopaholic wrote: »

I too considered taking a one year bond out with AKBank NV. On their website it says "As a licensed bank in the UK, Akbank N.V. adheres to the Financial Services Compensation Scheme."

Can anyone explain what it means that they are not signed up to the banking code. Does it mean that you are covered for GBP 50,000?

A check with the FSA Register shows that 450390 - Akbank NV is EEA authorised, so would presumably come under the €100,000 Dutch compensation scheme, rather than the FSCS, in the same way as ING.