New Title: Bank Account Holders Rejoice: Monthly Returns Back on the Rise After Interest Rate Decline Ends
Deposit Interest Rates on the Rise: What it Means for Investors
According to the latest data released by the Central Bank, the average compound TL deposit interest rate for 1-3 months has increased to 59.2 in the week ending June 28. This marks a reversal in the trend of decreasing deposit interest rates that had been going on for 1.5 months, with the previous week’s rate sitting at 58.4.
What is causing this increase in deposit interest rates, and will it continue to rise? How does this impact someone with a large deposit, such as 1 million TL?
Certified Public Accountant and Economist Muhammet Bayram explained that the recent rise in deposit interest rates is driven by banks seeking to attract more funds. Previously, rates had decreased due to an abundance of TL assets in the market. With the policy rate still at 50 percent, the current rates indicate that the policy remains effective and rates are at a peak level.
Currently, average deposit interest rates in banks range from 50% to 55%, with some public banks offering rates below 50%. Bayram predicts a slight increase in deposit interest rates in the near future.
For someone with a deposit of 1 million TL, the monthly return, including withholding tax, can vary between 43,000 TL and 55,000 TL.
In terms of investment preferences, the stock market has shown a 28 percent return in dollar terms and a 40 percent return in TL terms. However, 32-day TL deposits provide a more guaranteed return. Bayram suggests that deposits and the stock market should be priorities in investment portfolios, with gold also presenting a buying opportunity. Foreign exchange offers the lowest return and is not recommended as a savings tool.
In conclusion, while deposit interest rates are on the rise, investors should carefully consider their options and prioritize investments that offer stable returns and growth potential.
