Interest rates

[greg]

In another thread I saw Bulent write that the interest rates for savings are around 17%. I am just in the process of buying a property in Ovacik and have opened an account which I intend to change over to an internet account as soon as I get round to it. the big interest rate certainly interests me do special conditions apply eg residents only or do I just need a turkish address . Are these accounts available at most banks, we are with Garanti at present. Any info will be greatly appreciated by me and quite probably many of the other members
Regards
Greg

[mutlu]

These rates are available for anybody although the account must be in YTL. I believe there has recently been a bit of a drop in the rate though. I think I read 13% or thereabouts. There is a danger though. It is always possible that the lira could plummet overnight like it did a few years ago and then your lira are worth much less. Also it's not a good idea to use a private bank as these can go bust.

[greg]

Thanks Mutlu
I shall give it a bit more thought. Maybe gamble on some premiun bonds short term. Is Garanti Bank private, I must check their website. Thankfolly I have only coppers in there at the moment. Any more Turkish banking information would be welcome, do they have services different to the UK banks?
Regards
Greg

[mutlu]

I think Garanti is one of the government banks and the Is bank certainly is. I have 2 current accounts one lira and one sterling with not much in either! I did the premium bond thing a few years ago and have £3K. I usually win about £100 a year but nothing in 2005 so I wonder if it's working up to a big one soon?

[greg]

I have just checked out the Garanti website. Apparently they are the 3rd largest bank in turkey, the good news is that they are half owned by General Electric. I am feeling a little bit more secure now but still think its premium bonds for me. Good luck with your bonds Mutlu.
Regards
Greg