Sterling saving account

de1amo · 9th February 2010, 08:23

can anyone tell me how these sterling accounts work?-i have been advised i can get 7,50apr on savings using a sterling account--i am concerned at the moment of bringing in gbp because of the poor exchange rate at the moment-will this be a hedge against this problem?-its with isbankasi

jandj · 9th February 2010, 08:37

I'm sorry to say that I believe a sterling account is a much, much lower rate. YTL accounts are up around the 7.5-9.9%. Good luck.

yalimart · 9th February 2010, 08:38

why are you bothered about the exchange rate ? if you take stirling in and put it in a stirling account the rate is irrelevant.

I was offered about 3% on stirling, so i would double check if i was you

martin

SonnyJim · 9th February 2010, 08:39

Just to confirm you will not get anywhere near that rate for GBP, more like 1.5 - 2%.

perfect1949 · 9th February 2010, 08:43

i have a sterling account, i dont get any interest on it . the only interest i get is on my savings account and i get 8.75 at the moment

Yalides · 9th February 2010, 08:44

The rate you quote is nearer TL rates after tax is deducted.

de1amo · 9th February 2010, 08:45

thats what i thought--but my wife said i can get 7,5pc for 3 months with my 'own' bank in a sterling account--they are enticing me to bring my money in she says!
Like you i believed they reflect the uk rates! i get 3,5pc in a tax free isa and can hold but 7,5pc is enticing!-hopefully in 3 months the sterling will bounce upward!!
How do they actually work?

Yalides · 9th February 2010, 08:48

How the Banks work in Turkey is a total mystery.

de1amo · 9th February 2010, 08:57

just quized my wife-under the interogation lamp and she told me wrong--ignore me!! the sterling account is a lot lower as you say--but how do they actuality work in 'our' favour?

yalimart · 9th February 2010, 09:03

banks work in our favour ? no chance ! your best hope is to transfer a load of money buy yout tl at 3 tl to the pound then hope the pound gains on the lira so its worth 1.5 tl then buy your pounds back

buy high sell low, there are professionals in the city who do that and not always successfully

martin