Turkish banks raise deposit rates to over 40% after central bank holds policy rate

Following the Central Bank of the Republic of Turkey’s decision to keep its policy rate unchanged, Turkish banks swiftly revised their Turkish‑lira deposit rates. As of 28 June, only five banks continued to offer rates above 40% for short‑term (32‑day) deposits, prompting savers to compare offers.

Banks such as Akbank, Odea, Garanti BBVA and QNB listed rates ranging from 38.5% to 47% on a 920,000 TL benchmark, translating to net gains of roughly 26,000 TL to 30,000 TL over the 32‑day term. Calculations for a 750,000 TL deposit showed net returns of around 22,500 TL to 29,900 TL depending on the institution. Analysts warned customers to consider temporary “welcome‑interest” promotions alongside the advertised rates.