interest and inflation

Last activity 03 May 2022 by cdw057

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karmsunContributor20 June 2021 16:34:09

146

Hi everyone,

What's the interest rate on deposit accounts and how is the inflation rate in Turkey.

What are the best banks with highest interest rates and lowest or no transaction fees that have English speaking workforce ?

Thanks,
Paul

adnanfasehMember20 June 2021 20:12:45

which are the good banks for interest rate in turkey

nomansddqActive member09 February 2022 09:25:09

I dont live in turkey but banks offer 16 to 18 percent annual interest depending upon no of days and amount

ParisteActive member11 February 2022 11:35:12

YES, 16 to 18 % 😱😳😤🤔☹ and I think is difficult to manage this. Even 3,5 % is big in local currency.
Italy banks offer 1% and less.
France 2% to 2,5% and less
East European countries 3 - 3,5 % ...
Considering the rate of inflation 2,5 %, to borrow money in EU it is actually free. The banks earn from other fees, from the mandatory insurance for the house (paid monthly until the mortgage is end) and fees of the personal bank account (7 - 8 € / month) in which a person put monthly his salary and from which the bank dedact his monthly payment for mortgage.

nomansddqActive member11 February 2022 14:07:10

We are talking about the interest u get on longterm saving

Robert Ng42Active member11 February 2022 23:07:05

Hi
Is inflation bad in Turkey? I heard that the oils and gas for heating going up do much,? Worse than California?

avvuralgokhanActive member02 May 2022 16:59:42

Inflation is so bad that you can't even relate unless you're paid in lira.

Don't get me wrong %18 percent interest for tl won't even protect the money. People use foreign currencies as a hedge to prop up their savings so yeah it's so bad that it needs 2 or 3 times more interest rate from what we have

cdw057ViP03 May 2022 04:11:53

1923

The worry I would have with interest rates is that could potentially be considered as income (ie taxes). Anyhow interest is lower than inflation, so one in my view double paying. EURO is also not very attractive nowadays, but being be hit potentially twice is not so nive.

Somebody should say about (income (and capital gain))taxes.

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