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Bank interest rates

I just experienced that my Turkish local bank lowered it's savings interest rate from 12% to 9.5% to 4.75% in a matter of a month. It is in TL.
I have not brought this up with the bank manager yet, but I will. I just wondered if this is normal practice in all banks, and legal. Any input on this is much appreciated.
Leif

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'..
http://www.expat.com/forum/viewtopic.ph … 04#3207985

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

Z


LeifAgnar :

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.

Yes, in Turkey, be aware!😱😀

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