Interest on North Cyprus Bank Deposit Accounts

North Cyprus money matters. Bank interest, saving and exchange rates. Home, car and travel insurance (policies and prices).
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Interest on North Cyprus Bank Deposit Accounts

Post by Admin » Thu Feb 22, 2018 6:34 am

If you decide to complete a transaction on an interest bearing deposit account at a bank in North Cyprus, for example, withdrawing from, or adding to the balance in the account - to avoid losing interest, make sure that the transaction is completed on the date that the interest is normally added to the account.

Further, let's say that you are closing one, or more, bank deposit accounts, to transfer the funds to another interest bearing account, make sure that you complete the transaction on the date that the interest is normally added to the old account(s) and check that the date that the interest is added on the new account is the same as the date that the old account is closed. North Cyprus banks like to put some space between these dates which means that the holder of the account is losing interest and presumably, the bank is earning 'extra' interest on the balance in the account.

Scenario : A married couple who each has a bank deposit account in their own name decide to close the separate accounts and merge the balances into a new deposit account in 'joint' names. The interest payment date on the old deposit accounts is the 15th of the month and upon completion of the transaction, they discover that the interest payment date on the new 'joint' account is the 26th of the month resulting in 11 days lost interest.

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