Cyprus-Forum.com

[Alassa]

Hi,

What is the best deal anyone has with one of the Cypriot banks for a savings account. At present my money is in the UK and getting a good rate of interest. I cannot find any bank of Cyprus to match the rate. Best seems to be around 3.75%. Does anyone have any ideas?

Thanks
Alassa

[juliesewell]

Just received our statement today for week of 28 Dec - we have 7 day sterling account on high interest at B of C.

Our rate is shown as 4.356% and you can get a slightly better rate if you have a 30 day account.

[Bill]

Just received our statement today for week of 28 Dec - we have 7 day sterling account on high interest at B of C.

Our rate is shown as 4.356% and you can get a slightly better rate if you have a 30 day account.

And of course a better rate the longer you leave it in.

I've got some in a 7 day account and the rest in a 30 day ~ there are probably better and more profitable ways to invest but it's dependant on you requiring the money at short notice or not.

You can achieve roughly 5% at most banks with a 30 day / 90 day account.

Bill

[Johnson&Johnson]

4.8% with Laiki, fixed for 6 months

i know there are better offers around but i havnt had time to check

[Southerner]

What you do is go over the border into Turkish occupied Nicosia, open a Time Deposit account with HSBC Turkey. You also open a savings account in Euros and at the same time apply for a bank card.
At the end of each month depending on which type of time deposit account you use that months interest is either paid into your savings account automaticly or on request, you must not add or take from the account after the first or before the last day of the month or you lose that monthe interest.
You can the use your card anywhere in the world to draw on that account, the main thing to keep in mind is the fluctation in the exchange rate, you must also register for tax in Turkey.
Aty the moment the Interest rate is 16% less tax which gives around 1.05333% per month after tax.

[Johnson&Johnson]

risky and not worth the hassle as turkish lira overvalued and poised for a fall

[Southerner]

risky and not worth the hassle as turkish lira overvalued and poised for a fall

That's what I was told when I put some money there, I made 15% after tax on £32000 in 12 months which is £4800, for a short while I was in negative equity but it's just a matter of keeping your eye on the exchange rate and doing your dealings over the internet, I also faxed any instructions to the bank branch direct.

I'm not advising anyone to do it because there are risks, I have two turkish bank accounts HSBC and Garanti, The HSBC pay better rates than Garanti.