NEWSROOM

The latest data on deposit interest and participation bank profit share rates, preferred by those who want to evaluate their savings without risk, were announced. According to the data, the market average deposit interest rate was recorded as 16.94% in September 2022, decreasing by 0.18% compared to the previous year.

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ISTANBUL (TR) - In a period when foreign exchange markets continued to fluctuate and risky investment instruments lost value, deposit interest was preferred to evaluate savings in a risk-free way, while data on deposit interest and participation bank profit shares were among the subjects of interest to savings owners. According to the data compiled by the credit consultancy service provider Hesapkurdu.com, it was observed that the market average of deposit interest rates decreased by 0.18% on average in September compared to the previous year and was recorded as 16.94%. While the annual average calculated with the data obtained from the beginning of the year was 17%, an increase of 6% was observed compared to the 2021 average of 16.02%.

Evaluating the latest data on deposit interest rates and profit shares of participation banks, Hesapkurdu.com Banking Business Development Manager Orhun Çağlar Atilla said, “On September 30, 2020, the tax deduction rates from interest paid to TL deposits and dividends were reduced. With the update made in this context, the tax deduction for accounts with a maturity of up to 6 months, 3% for accounts with a maturity of up to 1 year and 0% for accounts with a maturity of more than 1 year. This situation also affects the averages,” he said.

The highest average deposit interest rate was recorded in August

In the data compiled by Hesapkurdu.com, it was seen that the highest interest rate average was recorded in August. The change of the average interest rate, which was 17.92%, compared to the highest average value of the previous year was 3.94%. On the other hand, dividend rates distributed by participation banks varied between 15.6% and 17.36% as of October 2022. Reminding that participation bank profit share rates were between 14.19% and 14.57% in 2021, Orhun Çağlar Atilla said, “The difference between the lowest value of 2021 and October 2022 corresponds to approximately 10%. Considering the update made in the tax deduction rates, deposit rates continue to yield low but stable returns for citizens who want to take less risk and don't want to touch their savings for a long time.

Deposit interest/profit rates are determined based on loan interest/profit rates

Noting that deposit interests and dividend rates are basically determined in parallel with loan interests and dividend rates, Orhun Çağlar Atilla, Banking Business Development Manager of Hesapkurdu.com, concluded his evaluations with the following statements: “Banks determine loan interest rates by adding a certain profit margin to the interest they pay to collect deposits. In this context, deposit rates are tried to be determined as sensitive to inflation in order to avoid any depreciation. As Hesapkurdu.com, we believe that it is important to understand the mechanisms behind financial services, and we continue our communications in line with this principle. Hesapkurdu.com users can access detailed comparisons of deposit interest rates as well as loans, credit cards and insurance. By choosing account opening amounts and terms, users can compare the interest rates and net earnings offered by different banks within the framework of different products, and determine the most advantageous way to evaluate their savings from a single screen.