Bank interest rates

Hi Leif,

The interest rates recently did drop down to around 9% in May for certain banks. However, 4.5 seems incredulously low.

From what I know, this year, the interest rates on TL have been the highest in last three years. And even at the past lowest, they went down to around 7%.

Upon checking with certain banks, the current rate is  between 11% and 8.5%. I have not learnt of anything lower than 8.5% as of today's morning.

Which bank are you using? It would be a good idea if you speak with your bank manager to get a a clear picture. And if you find anything different, it would be great to share it in response.

Good luck
Z

Thank you Z for your very useful information. I opened an account in TL at DenizBank here in Alanya about a month ago. I will let you know what I have learned after speaking with the bank manager.
Leif

No problem. Glad you could find it useful.

Good luck

The bank manager blamed the interest drops on computer programs! When I questioned that and told him I would close my account, he offered to raise the interest rate from the 4.75% to 11% and follow the Turkish National Bank's rates. So I said I would give it a chance.
What a way of cheating customers that don't pay attention!😡

WOW! Unbelievable!! And the blame on computer excuse is one of the classiest that I have ever heard from a bank!

Nearly all foreigners know the massive risks of getting ripped off in Turkey, but an institution such as a  BANK doing this is taking it to a whole new level.
But then sure, we have the computer to blame it on.

Definitely reminds me of this thread... But far exceeds it in terms of 'sophistication'..
https://www.expat.com/forum/viewtopic.p … 04#3207985

I am glad you got your problem fixed up!
Good luck.. and ears up!

Z

LeifAgnar wrote:

The bank manager blamed the interest drops on computer programs! When I questioned that and told him I would close my account, he offered to raise the interest rate from the 4.75% to 11% and follow the Turkish National Bank's rates.