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Interest Rates on savings

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Interest Rates on savings

Postby cosmic » Fri Nov 10, 2006 1:50 pm

I have been trying to find on the web how much interest banks in Cyprus pay on savings accounts. Bank of Cyprus and others I found seem to be too shy about what they pay to publish the information. Anybody have any information please?

In the UK, interest rates have just gone up 0.25% but before that, the average instant access account paid 4.8% and a few accounts 5.2% and 5.4% with 5.8% available if you bought a 1 year bond.

If rates in Cyprus are low, I suppose the alternative is to open an off shore UK account
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Postby Snad » Fri Nov 10, 2006 1:53 pm

I don't know for definate, but you probably won't get that much here. They love to charge huge interest rates when they give you a loan or a mortgage, but its probably a different matter when they are paying you, as in the UK. :lol:
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Postby Svetlana » Fri Nov 10, 2006 5:14 pm

Cyprus residents are liable to a 10% Defence Fund contribution on all interest on savings accounts.

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Postby cosmic » Fri Nov 10, 2006 11:00 pm

Thanks Lana -

10% tax is a bargain since in the UK you pay 20% tax on interest received and 40% for higher tax bracket.

Not much good however if the interest paid on savings locally is low.
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Postby Svetlana » Sat Nov 11, 2006 8:34 am

Hi Cosmic

Interest rates (BoC) on 30 day account:

0 + 2.8%
10,000 pounds + 3.05%
50,000 pounds + 3.3%

I see you are form the UK; you are better off to retain a UK 'identity' (ie have evidence that you still live in the UK even though you dont) and have a 'UK residents only' acount such a TESCO personal savings account.

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Postby cosmic » Sat Nov 11, 2006 4:50 pm

Thanks Lana - thats useful
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