savings account

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Marisa
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savings account

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Post by Marisa »

We have got a savings account with Iktisat bank.

When we want to put money into it , we have to wait for the maturity date or open a new account. At the end of the year we can have dozens of the accounts)))

In emergency if we want to withdraw money from the account , we have to wait for a few days.)))

Is the situation typical for all local banks or only for this one?

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Keithcaley
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Re: savings account

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Post by Keithcaley »

YES!

If you are willing to lose the interest that you might make on an account, then you can 'break' it by withdrawing money before the maturity date.

You do NOT have to wait, as long as you realise that you will lose interest for the current period.

This is a good reason to have many smaller accounts with different maturity dates...

Marisa
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Re: savings account

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Post by Marisa »

So, it is not a problem to have hundreds accounts with little money in it)))

I thought the more money is in an account the higher is the interest rate.

The smaller sum, the less interest.

That is why we wanted to put the money into one account)))

ttoli
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Re: savings account

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Post by ttoli »

Each account is only covered for 20,000 Euros , that's why people have more than one account. You can also opt for the interest to be paid monthly
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Bowman
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Re: savings account

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Post by Bowman »

The rules of each bank are different, so I can only take about my dealings with Credit West,

Firstly we limit all our accounts to €20,000 (50,000 TRY, 10,000 GBP).

So if we have €100,000 to save we would place it in 5 accounts of €20,000 each, We find that as they all mature on the same day the bank will treat it as a single account.

We run three accounts for each currency that is 1) a current account, 2) a monthly savings account and 3) a yearly savings account. Money (GBP) is transferred from England to our current GBP account at Credit West (no currency exchange). Then on a monthly basics the monthly account is toped up from the current account. Then this money is drawn out of the monthly account in to the current account before the yearly account is due to mature. The money now sitting in the current account can be added to the yearly account.

We (well my wife) do all this using online banking, but if any of the due dates fall on a weekend or holiday we send an e-mail to the bank and the do it for us.

Sorry I you feel I have laboured the point, but this is the method that we find has worked for the last five years.

As to having the interested paid monthly the answer is yes but only on TRY accounts with a drop of ¼ or ½ percent. (Currently at Credit West)


Regards Mike Turner

Marisa
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Re: savings account

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Post by Marisa »

Thank you!

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