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 What sort of interest rates can you get on your savings in B

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Super Fulham
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PostSubject: What sort of interest rates can you get on your savings in B   Mon Dec 17, 2012 3:11 pm

Say you had £40k , what sort of rate after tax could you expect? Also if you lived near the Turkish border could you get a Turkish account to take advantage of thier high rates, would converting Lie to levs wipe out any gains? And yes I'm aware the Turkish rates are dropping fast. Thanks once again in advance from a Fulham fan reeling from defeat to qpr.
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Rakiaplease
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PostSubject: Re: What sort of interest rates can you get on your savings    Mon Dec 17, 2012 6:32 pm

40K will give you around 6% - 8%. You MAY get a little more if you tie your money up for a few years.
Hope this helps.
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therowfamily
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PostSubject: Re: What sort of interest rates can you get on your savings   Mon Dec 17, 2012 6:52 pm

[You must be registered and logged in to see this link.] wrote:
40K will give you around 6% - 8%. You MAY get a little more if you tie your money up for a few years.
Hope this helps.


Who's that with ?????
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Rakiaplease
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PostSubject: Re: What sort of interest rates can you get on your savings   Mon Dec 17, 2012 7:14 pm

Many of the banks will offer that if you have 40K to deposit. 6% is not uncommon in BG if you are OK with leaving your money in for a while. Sometimes talking to the staff helps - Try Post Bank
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Super Fulham
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PostSubject: Re: What sort of interest rates can you get on your savings    Mon Dec 17, 2012 7:30 pm

6% really? I thought it was just Turkey that offered them rates.
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tonyb60
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PostSubject: Re: What sort of interest rates can you get on your savings    Mon Dec 17, 2012 7:40 pm

If you can save 250 pounds per month and have an HSBC advance account you can get 8% and that is in the UK.

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justbazz1
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 6:48 am

It pays to shop around and as Rakiaplease said, talk to the staff..they will often reveal deals that are not general knowledge. I had this occur to me a while back and the resulting 11% is quite satisfying..almost as much as being elevated to the lofty position of VIP customer!
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Super Fulham
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 8:52 am

bulgaria is looking more and more interesting. Thanks all.
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Super Fulham
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 9:00 am

BgBazz what bank is that rate with? If you don't mind me asking? Do they have a safety limit where if it god bust you still get your money back? £80k at them rates should produce enough interest to live on for the year. T
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justbazz1
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 9:17 am

I use Raiffeisen here in Bulgaria and have found them to be very helpful although I've heard others saying staff in the branches they use are a little blunt. I make no promises regarding current interest rates but I believe the bigger the deposit, the better the deal that may be offered.

Another little catch is that as a foreigner you could be charged 10% tax on your interest from day one....I think Bulgaria has or is in the proceeds of introducing that rule for everyone..something to discuss with your bank.
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Super Fulham
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 10:21 am

Cheers Baz, I'm about seven years away from making the move abroad, Bulgaria is rapidly catching Spain as my favored destination. Now if you could just sort out the winter weather everything would be hunky dory.
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starlite
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 11:33 am

we invested with the allianze for a three year plan which gave 10%, :Great:as we are not married and could not have a joint account, this plan was taken out in my partners name. only to find out that if anything happened to my partner, i would not have access to this investment due to the inheritency laws in bulgaria. ( complicated, worth researching ).
The allainze bank could offer nothing to safeguard the money to the other partner other than offer an insurance plan or a pension plan, neither were satisfactory. so the money went back to the uk, where it is safe and the will is honoured ( dont mean to open a can of worms here, it is complicated).
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justbazz1
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 11:47 am

Starlight..I don't have that problem because I'm married to my Bulgarian wife, but I can see where others might have problems.
As with any major decision one makes in this life, research, research and then more research!
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starlite
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PostSubject: Re: What sort of interest rates can you get on your savings    Tue Dec 18, 2012 12:07 pm

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Scanspeak
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PostSubject: Re: What sort of interest rates can you get on your savings   Tue Feb 05, 2013 8:38 am

The higher the interest rate you get from a bank, the higher the risk. Alpha bank offers some of the highest rates and its balance sheet would seriously shake your desire to lock your money for several years. The same applies for all others that offer high rates. As suggested above, perhaps an HSBC account or some offshore portfolio bond, or regular savings account might be a better choice. Rates of return on Bulgarian unit linked life insurance products are relatively low when compared to a UK or offshore account due to limitations on the choice of investment instruments, low liquidity, high costs ( especialy consultancy which is used by many to reduce the actual gain of the fund ) and inexperienced fund managers.
Whether to put the money in a Turkish or Bulgarian account - whatever pays you more, Bulgaria has a double tax agreement with Turkey so no income tax should be charged on the interest you get. If you go for six months or less, turkish income tax on savings is 15%, 6-12 months - 12% and over 1 year - 10%. Bulgaria is at flat 10%. Keep in mind the lev is paired with the euro and you need to take into account bid/offer spread as you will be buying lira and later converting back to leva as well as future currency fluctuations. High rates apply to lira accounts only, so here`s the catch :)
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