Despite Rate Cut, Banks Offer Up to 51% Interest: 1 Million TL Yields Over 35K in 32 Days

Despite the Central Bank of Turkey’s surprise 300 basis point rate cut, competition among banks for high-yield deposit accounts remains fierce. Some institutions are now offering interest rates as high as 51%, allowing savers to earn over ₺35,000 in just 32 days on a ₺1 million deposit.

Central Bank Cuts Policy Rate to 43%, Market Reacts

At its July 2025 Monetary Policy Committee (PPK) meeting, the Central Bank of the Republic of Turkey (CBRT) lowered the policy rate from 46% to 43%, exceeding market expectations. The overnight lending rate was also reduced to 46%, and the borrowing rate dropped to 41.5%.

This move reshaped the deposit market, but banks have opted to maintain or even raise their deposit rates in order to attract new clients and retain existing ones.

Banks Offering Highest Deposit Rates in July 2025

According to data compiled by Hesap.com, here’s what a ₺1 million deposit yields over a 32-day term at the highest-paying banks:

💸 Top-Yielding Banks & Net Returns:

• Alternatif Bank – “VOV Hesap”
  📈 51% rate, 💰 ₺32,919 net return

• Fibabanka – “Kiraz Hesap”
  📈 51% rate, 💰 ₺31,921 net return

• ING Bank – “Turuncu Hesap” (for new customers)
  📈 49% rate, 💰 ₺35,948 net return

• HSBC – “Modern Hesap”
  📈 49% rate, 💰 ₺35,441 net return

Even with the Central Bank easing policy, banks are preserving high deposit rates, likely due to tight liquidity, inflation concerns, and aggressive client acquisition strategies.

Savers Flock to High-Yield Accounts

The competition among banks indicates that short-term deposit accounts remain a preferred tool for both consumers and institutions amid monetary easing. Experts note that high-yield savings options may temporarily outpace inflation, offering a rare safe haven for risk-averse investors.