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

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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.

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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

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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

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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

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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.