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Old 16th June 2009, 12:16   #1 (permalink)
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Question help please in banking

hi everyone

we have a account with giranti bank both english and turkish i have asked some people in our area (ovacik) on how the banking system works but am getting different views. in lay mans terms if i had an amount of money in the turkish account and left it in there would the interest earned be accumalative or do you have to draw it out per month?


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Old 16th June 2009, 12:18   #2 (permalink)
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Re: help please in banking

In layman's terms: if you just leave your money in the TL account you won't be getting much in the way of interest. You need to put your lira into a high interest account. You can choose whether you leave it in there to gather more interest, or have the interest paid into a current (or Elma) account. Hope this helps.
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Old 16th June 2009, 12:28   #3 (permalink)
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Re: help please in banking

harem,

thanks for ypur reply

so the idea is you keep your inital collatrol and transfer the interest into a current account to live on?


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Old 16th June 2009, 12:35   #4 (permalink)
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Re: help please in banking

Yes. Have the interest transferred to an Elma account. You will earn a little (very little) interest on that, too!!
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Old 16th June 2009, 13:02   #5 (permalink)
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Re: help please in banking

With most accounts you can choose whether the interest is paid back into the interest account, or whether it's paid into your current account, but as Harem says, you need to ensure that it's in an interest account, and not in your 'current' account.

Have a look at the guide here to see if it helps:
Understanding Turkish Interest Accounts

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Old 16th June 2009, 15:47   #6 (permalink)
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Re: help please in banking

If you have money in an interest account (deposit account) at the end of the period it will be automatically carried over for the next period.

ie If you have a monthly deposit account the interest will be added to your investment and carried on for another month etc etc
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Old 16th June 2009, 21:18   #7 (permalink)
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Re: help please in banking

There is also another account it is sort of affiliated to the current account, I think it is called " Daily savings account"
That is to say if you have direct debits set up in your current account for instance but not enough in to pay a D.D, then the money is automaticly transfered out of the Daily account into the current account. At HSBC the the interest rate on the Daily account is the same as the 30day account, and you can put any amount in and draw any amount out without loss of interest..... PHEW!
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