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Old 22nd May 2020, 10:38   #101 (permalink)
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Re: Bank Interest Rate Offer

Ok ok, please criticise. I'm happy to be put right. I wanted to eventually move over stock and barrel. I own my house outright in Turkey. I had planned on opening a savings account with the plan of using the interest as a source of income. Happy to be educated on the pitfalls. But getting 0.5 % in the UK at most is bloody annoying.
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Old 22nd May 2020, 10:41   #102 (permalink)
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Re: Bank Interest Rate Offer

Not negative about you weegogs. We need to be cagey what we put on here, do you mind if I PM you?
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Old 22nd May 2020, 11:00   #103 (permalink)
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Re: Bank Interest Rate Offer

Not at all
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Old 22nd May 2020, 11:16   #104 (permalink)
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Re: Bank Interest Rate Offer

You cannot rely on an income only from deposit interest because it can and does change, usually downwards, like this week.
If you have to, I'd suggest that you budget to live on HALF the current interest and reinvest the other half.
That way you increase your capital, and if interest rates go down later on, you can draw a bit more of the interest.
As an example, interest rates across Turkish banks have fallen from 24% per year at the end of 2018, now down to 8.25% this week.
Could you manage on this kind of reduction?
What if reduces again to 5%?
There's also an automatic tax charge on deposits of 15% (I think), which is non-recoverable in Turkey. If you remain a UK taxpayer you need tax advice.
There's a regular thread on here called 'Watch the Lira now' which covers interest rates etc, so keep an eye on that too.
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Old 22nd May 2020, 11:17   #105 (permalink)
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Re: Bank Interest Rate Offer

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Originally Posted by weegogs View Post
Not at all
PM sent
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Old 22nd May 2020, 12:43   #106 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by Kanga View Post
You cannot rely on an income only from deposit interest because it can and does change, usually downwards, like this week.
If you have to, I'd suggest that you budget to live on HALF the current interest and reinvest the other half.
That way you increase your capital, and if interest rates go down later on, you can draw a bit more of the interest.
As an example, interest rates across Turkish banks have fallen from 24% per year at the end of 2018, now down to 8.25% this week.
Could you manage on this kind of reduction?
What if reduces again to 5%?
There's also an automatic tax charge on deposits of 15% (I think), which is non-recoverable in Turkey. If you remain a UK taxpayer you need tax advice.
There's a regular thread on here called 'Watch the Lira now' which covers interest rates etc, so keep an eye on that too.

Thanks Kanga. If I could get an average of 7-8% over several years time I would be happy and would be able to reinvest a good portion of the gains made. Due to my job (oversees offshore) I qualify for Seamans tax exemption just now. Once retired I plan on living in Turkey almost full time.
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Old 22nd May 2020, 13:25   #107 (permalink)
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Re: Bank Interest Rate Offer

You may qualify for UK tax exemption on your earnings but that wont excuse you from any Turkish tax on interest, and you wont be able to get a refund from the UK HMRC.
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Old 22nd May 2020, 15:33   #108 (permalink)
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Re: Bank Interest Rate Offer

Yes I know about the 15% Turkish tax.
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Old 22nd May 2020, 16:29   #109 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by weegogs View Post
When I say move. I was going to transfer it.Not bring it over in a bag hahaha. I have an account with the HSBC in Bodrum. Just a normal account for paying bills etc which I top up online whenever needed. Currently Im only in Turkey a few weeks a year but looking to make the move over soon and would like an actual savings account with the purpose of utilizing as form of income to help fund living there.
If you have a HSBC Premier account in Turkey (minimum deposit 150,00TL) Then you "automatically achieve Premier status in a UK HSBC bank even though the UK HSBC deposit limit is around 40,000.
But the main benefit is no transfer fees plus transfers are not routed through a Istanbul third party bank who normally charge for the privilege.
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Old 22nd May 2020, 16:30   #110 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by weegogs View Post
Thanks Kanga. If I could get an average of 7-8% over several years time I would be happy and would be able to reinvest a good portion of the gains made. Due to my job (oversees offshore) I qualify for Seamans tax exemption just now. Once retired I plan on living in Turkey almost full time.
Don't forget that as you get your 7-8% (minus 15% tax on interest) there are the effects of inflation too, you may find that after a few years, translating your TL back into GBP (if you need or wish too) would not be a happy procedure. really it all depends on how much we can afford to speculate, and loose, we are all in different positions.
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