Cyprus-Forum.com

[Sotos]

Interest rates in Cyprus (for deposits) used to be over 5%. Now it is just over 3% and apparently it will be about 2% soon. So now that the restrictions are lowered I am thinking to take some money abroad. I know many of you live in the UK and elsewhere... so can you give me some info on what kind of interests rates I could get for long term deposits (1 year) for amounts of over €100K?

[Maximus]

I did a search for you Sotos.

It seems that you can get the highest return through peer to peer lending. I have seen interest rates as high as 7% gross per annum but your savings are not protected by the FSCS compensation scheme in case of default. The median interest rate seems to be at around 4-5%.

The next best thing I could find regarding interest rates are fixed rate bonds. Around 2% interest.

Savings account are offering poo.

Don't convert your euro to sterling if that is what you are thinking of doing. Its the worst time.

[Lordo]

my bank will offer you 10 percent compound interest calculated monthly. you cant go rong. bank de lordo is safe as houses.

[Maximus]

my bank will offer you 10 percent compound interest calculated monthly. you cant go rong. bank de lordo is safe as houses.

Is that like a Turkish bank?

[Lordo]

Nooooo its a private bank.

[Sotos]

I did a search for you Sotos.

It seems that you can get the highest return through peer to peer lending. I have seen interest rates as high as 7% gross per annum but your savings are not protected by the FSCS compensation scheme in case of default. The median interest rate seems to be at around 4-5%.

The next best thing I could find regarding interest rates are fixed rate bonds. Around 2% interest.

Savings account are offering poo.

Don't convert your euro to sterling if that is what you are thinking of doing. Its the worst time.

Thanks. I would only deposit in a reputable bank. The main reason I will be doing this is because I want to reduce the risk.

[Jerry]

I did a search for you Sotos.

It seems that you can get the highest return through peer to peer lending. I have seen interest rates as high as 7% gross per annum but your savings are not protected by the FSCS compensation scheme in case of default. The median interest rate seems to be at around 4-5%.

The next best thing I could find regarding interest rates are fixed rate bonds. Around 2% interest.

Savings account are offering poo.

Don't convert your euro to sterling if that is what you are thinking of doing. Its the worst time.

Thanks. I would only deposit in a reputable bank. The main reason I will be doing this is because I want to reduce the risk.

Take a look here, http://www.moneysavingexpert.com/banking/ or "money supermarket" best rates are actually current accounts 4% Lloyds, 3% Santander but there are conditions.

[Paphitis]

Interest rates in Cyprus (for deposits) used to be over 5%. Now it is just over 3% and apparently it will be about 2% soon. So now that the restrictions are lowered I am thinking to take some money abroad. I know many of you live in the UK and elsewhere... so can you give me some info on what kind of interests rates I could get for long term deposits (1 year) for amounts of over €100K?

Interest rates elsewhere are already at 1.5% so good luck!

[Paphitis]

I did a search for you Sotos.

It seems that you can get the highest return through peer to peer lending. I have seen interest rates as high as 7% gross per annum but your savings are not protected by the FSCS compensation scheme in case of default. The median interest rate seems to be at around 4-5%.

The next best thing I could find regarding interest rates are fixed rate bonds. Around 2% interest.

Savings account are offering poo.

Don't convert your euro to sterling if that is what you are thinking of doing. Its the worst time.

Thanks. I would only deposit in a reputable bank. The main reason I will be doing this is because I want to reduce the risk.

Take a look here, http://www.moneysavingexpert.com/banking/ or "money supermarket" best rates are actually current accounts 4% Lloyds, 3% Santander but there are conditions.

A lot of these are non secured deposits so just be careful what you recommend!

If you ask me, I don't see the point in putting these large amounts of money in banks. Why not a yielding blue chip share portfolio?

[Jerry]

I did a search for you Sotos.

It seems that you can get the highest return through peer to peer lending. I have seen interest rates as high as 7% gross per annum but your savings are not protected by the FSCS compensation scheme in case of default. The median interest rate seems to be at around 4-5%.

The next best thing I could find regarding interest rates are fixed rate bonds. Around 2% interest.

Savings account are offering poo.

Don't convert your euro to sterling if that is what you are thinking of doing. Its the worst time.

Thanks. I would only deposit in a reputable bank. The main reason I will be doing this is because I want to reduce the risk.

Take a look here, http://www.moneysavingexpert.com/banking/ or "money supermarket" best rates are actually current accounts 4% Lloyds, 3% Santander but there are conditions.

A lot of these are non secured deposits so just be careful what you recommend!

If you ask me, I don't see the point in putting these large amounts of money in banks. Why not a yielding blue chip share portfolio?

All UK-regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the Government-backed Financial Services Compensation Scheme (FSCS). So if the bank fails, you'd get back up to £85,000 per person, per financial institution. The majority should get it within seven days.

http://www.moneysavingexpert.com/savings/safe-savings

Up to the guaranteed sums your cash will never shrink, that is not the case with blue chip investments. Tesco, Marks and Spencer and UK banks shares themselves in recent years are examples of huge losses in "safe" blue chip share value.