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Does Government Bank Guarantee Cover All Banks?

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After a long hard day at the Tapu Office I have the money from the sale of my apartment. Now I just have to decide what is best to do with it.

Because the money is more than the 50,000 maximum guaranteed by the government, I was thinking of using a second bank for part of the longterm savings. I spoke to the assistant at my regular bank- Garanti Bank - yesterday about this, but she said that with Garanti Bank I had nothing to worry about. It would be simpler to have it all saved in one bank, but I am worried about how the euro crisis may affect Turkish banks in the future, and I want to save a good part of the money longterm to get higher interest rates.

I have been looking on the internet for the banks with the higher interest rates and Akbank seems to have good interest rates. But a Turkish friend told me that the government guarantee would not cover Akbank. Could that be true?

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Yes I'm sure that the bank clerk is right but you never know. I wouldn't say Government Banks were any safer to be honest as all banks have to take out insurance. Turkey was very lucky in the last crisis and none of the banks failed thankful probably because of measures taken in the early 90's. However the EU crisis is far from over not forgetting other countries out of the EU that are having problems as well. I doubt that there is anyone who know when it will all end or how it will end. Soo....

I would concur with Cukur in that you should not put all your eggs in one basket.

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