Who is eligible to open an account at Isbank London?
Any individual above the age of 18 or a legal entity is eligible to open accounts provided they furnish us with the necessary documents mentioned in our account opening forms.
Can we open a joint account?
Yes. You will need to complete the account opening form accordingly.
What is the formula for the calculation of deposit interest for GBP deposits?
(principal amount x number of days in the term x interest rate) / (100 x 365)
What is the formula for the calculation of deposit interest for non-GBP deposits?
(principal amount x number of days in the term x interest rate) / (100 x 360)
Is it possible to open deposit accounts in currencies other than pounds sterling?
Yes. You can open deposit accounts in other currencies including EUR, USD and TRY. In all these currencies, the number in the denominator of the interest formula above is applied as 360 and not 365.
I have an account with an Isbank branch in Turkey. Can I withdraw money from that account in London?
Yes. When you visit our branch in London, after obtaining the necessary provisions you can withdraw money from your account in Turkey.
Can I transfer Turkish Lira to accounts in Turkey even when I do not have Turkish Lira?
Absolutely. We will exchange your existing currencies (GBP, EUR, USD) into Turkish Lira and affect your transfer.
I am a UK resident. Is my interest income taxed at the time of the interest payment?
Yes. Banks, generally, quote their gross interest rates, i.e. rates before any compulsory tax deduction. Soon after gross interest is posted to your account, the prevailing Basic Tax Rate (currently 20% for UK residents) is debited.
Can I receive my interest "gross" if I am eligible?
Yes, but only when you complete the R85 form
of HM Revenue & Customs.
Can I apply for a not ordinarily resident saver to receive my interest without tax deducted?
Yes, but only when you complete the R105 form
Is there a protection scheme for depositors in the UK?
Yes. The Financial Services Compensation Scheme (FSCS), UK's statutory fund of last resort for customers of authorised financial services firms, provides a protection of 100% for deposits up to £ 85,000 as of 31 December, 2010 (Previously, a protection of 100% for the first £ 50,000 was provided). The new limit will apply to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.