Tensions are easing in the Middle East, a ceasefire is in place, and oil prices have dropped sharply. With these developments, expectations for a rate cut in July have increased. If the June inflation data comes in as expected, some say we could start seeing deposit rates drop as early as next week. Still, some banks are currently offering up to 53% on deposits. So how much do you actually earn monthly on 500K, 1M, or 1.5M TL deposits? And which banks are giving the highest rates? Here’s a breakdown.
With the ceasefire and lower oil prices, the Central Bank of Turkey may have more room to cut interest rates. Although they held rates steady in their latest meeting, all eyes are on the upcoming July 24 MPC meeting, where a potential cut could be announced.
According to some media outlets, economists expect a 200–300 basis point cut in July, as long as there are no new shocks. May’s inflation came in at 1.53%, and falling oil prices are easing pressure on June’s inflation outlook. Given the current interest rate levels, the Turkish lira is offering a strong real return, which many think justifies a rate cut.
As rate expectations shift, attention is turning toward deposit rates. The highest deposit rate being offered right now is 53%, although some banks have already made small 1–2 point cuts. If June inflation is in line with expectations, we could see a broader drop in deposit rates.
As of June 25, 2025, here are the top rates offered by banks:
Alternatif Bank’s VOV Account offers 53%
Anadolubank’s Renkli Account is also at 53%
Türkiye Finans with its Günlük Account is at 53%
Fibabanka’s Kiraz Account offers 52%
Odea Bank’s Oksijen Account is at 52%
ING’s Turuncu Account stands at 51%
HSBC’s Modern Account offers 51%
So what does this mean in actual earnings?
If you deposit 500,000 TL at 53% for 32 days, your net return is 18,621 TL.
With 1 million TL at the same rate and period, you earn 37,241 TL.
For 1.5 million TL, the 32-day net return is 55,359 TL.
These are net figures, likely post-tax, and based on the current top rates. If rates start dropping as expected, these returns could soon shrink.
