Interest rate race heats up! Returns on 1 million TL reach salary levels

With the CBRT's policy rate hikes, the competition for term deposits among banks has accelerated. For investors evaluating large amounts such as 1 million TL, interest rates reaching up to 50 percent for a 32-day term are particularly noteworthy. With rates offered by banks such as TEB, HSBC, and CEBTETEB, the 1-month return on 1 million TL exceeds 37 thousand TL, a figure that has reached salary levels for many citizens.

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Interest rate race heats up! Returns on 1 million TL reach salary levels

Following the Central Bank of the Republic of Turkey's (TCMB) decision to raise the policy rate, the competition for deposits among banks has accelerated once again. Interest rates on short-term 32-day deposits have reached remarkable levels, hitting the 50 percent threshold at some banks.

The rise in deposit interest rates offers a significant opportunity for savers, while providing salary-like returns for investors evaluating large sums such as 1 million TL.

WHICH BANK IS OFFERING WHAT?

According to interest rates updated as of April 30, 2025, the net 1-month return on a 1 million TL deposit exceeds 37,000 TL at some banks.

Here are the 32-day (1-month) term deposit interest returns for 1 million TL, bank by bank:

Bank: TEB, Interest/Profit Rate (%): 50%, Net Return (TL): 37,260, Amount at Maturity (TL): 1,037,260

Bank: CEBTETEB, Interest/Profit Rate (%): 50%, Net Return (TL): 37,260, Amount at Maturity (TL): 1,037,260

Bank: HSBC, Interest/Profit Rate (%): 50%, Net Return (TL): 37,260, Amount at Maturity (TL): 1,037,260

Bank: QNB Finansbank, Interest/Profit Rate (%): 49.5%, Net Return (TL): 36,888, Amount at Maturity (TL): 1,036,888

Bank: Odeabank, Interest/Profit Rate (%): 49%, Net Return (TL): 36,515, Amount at Maturity (TL): 1,036,515

Bank: Fibabanka, Interest/Profit Rate (%): 49%, Net Return (TL): 36,515, Amount at Maturity (TL): 1,036,515

Bank: DenizBank, Interest/Profit Rate (%): 48.5%, Net Return (TL): 36,142, Amount at Maturity (TL): 1,036,142

Bank: Türkiye Finans, Interest/Profit Rate (%): 48.5% (profit rate), Net Return (TL): 36,142, Amount at Maturity (TL): 1,036,142

Bank: ING Türkiye, Interest/Profit Rate (%): 48%, Net Return (TL): 35,770, Amount at Maturity (TL): 1,035,770

Bank: Akbank, Interest/Profit Rate (%): 47.5%, Net Return (TL): 35,397, Amount at Maturity (TL): 1,035,397

Bank: Garanti BBVA, Interest/Profit Rate (%): 47%, Net Return (TL): 35,025, Amount at Maturity (TL): 1,035,025

Bank: Yapı Kredi, Interest/Profit Rate (%): 42%, Net Return (TL): 31,299, Amount at Maturity (TL): 1,031,299

Bank: Halkbank, Interest/Profit Rate (%): 42%, Net Return (TL): 31,299, Amount at Maturity (TL): 1,031,299

Bank: İş Bankası, Interest/Profit Rate (%): 39.5%, Net Return (TL): 29,436, Amount at Maturity (TL): 1,029,436

Bank: Vakıf Katılım, Interest/Profit Rate (%): 34.29% (profit rate), Net Return (TL): 25,553, Amount at Maturity (TL): 1,025,553

The acceleration of the deposit interest rate race by banks is pleasing savers while also increasing pressure on the interest-price balance in the economy.

Interest returns on large sums like 1 million TL are matching the average salary of many citizens, while small investors are turning to alternative accounts to benefit from these high rates.