Frequently Asked Questions

Who is eligible to open an account at Isbank London?: Most individuals over the age of 18 or legal entities can open accounts with Isbank London subject to meeting product criteria and the provision of necessary account opening documents.

Can we open a joint account?: Yes. You will need to complete the account opening form accordingly.

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.

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)

I have an account with an Isbank branch in Turkey. Can I withdraw cash from that account in London?: Yes. When you visit our branch in London, after meeting the necessary provisions you can withdraw cash from your account in Turkey subject to a 3 monthly cumulative cap of £5,000 (or currency equivalent) and yearly cumulative cap of £10,000 (or currency equivalent).

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?: No. Interest income is paid gross meaning that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

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. The limit applies 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.