Highest interest rate paying banks?

T

Telex

New Member
Greetings all.
I have about 250,000,000 LBP to dump into a high yield savings account (5 years deposit) and was wondering who is the best bank to go for the max RIO.
What % shall i expect to be getting? what banks are the best to hit?
Thanks!
 
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  • fidelio

    fidelio

    Legendary Member
    Orange Room Supporter
    Greetings all.
    I have about 250,000,000 LBP to dump into a high yield savings account (5 years deposit) and was wondering who is the best bank to go for the max RIO.
    What % shall i expect to be getting? what banks are the best to hit?
    Thanks!
    Best bank in Beirut is FidelioExpress
    inbox me and i'll give you wire transfer details and interest rates
     
    S

    swissknife

    Active Member
    Do you really trust the Lebanese currency to maintain its peg for 5 years??
     
    Mockinggbird

    Mockinggbird

    New Member
    Greetings all.
    I have about 250,000,000 LBP to dump into a high yield savings account (5 years deposit) and was wondering who is the best bank to go for the max RIO.
    What % shall i expect to be getting? what banks are the best to hit?
    Thanks!
    Some banks were giving a 16% rate at the end of last year
    I guess the central bank recently placed a ceiling of 12% for Lp and 8% for usd
    Not sure if this is applicable to all kind of accounts wether regular deposit or investment bank etc
     
    Mockinggbird

    Mockinggbird

    New Member
    Do you really trust the Lebanese currency to maintain its peg for 5 years??
    Pegging to usd is a matter of death or life
    We import 90% of what we eat
    If pegging is removed the purchasing power of salaries will become insignificant
    There will be a real catastrophe
    Hope this won’t happen
     
    T

    Telex

    New Member
    Some banks were giving a 16% rate at the end of last year
    I guess the central bank recently placed a ceiling of 12% for Lp and 8% for usd
    Not sure if this is applicable to all kind of accounts wether regular deposit or investment bank etc
    Do you recommend any specific banks? How risky do you think this investment will be if i hold onto it for the next 5 years?
     
    Mockinggbird

    Mockinggbird

    New Member
    Do you recommend any specific banks? How risky do you think this investment will be if i hold onto it for the next 5 years?
    You have plenty of good banks in Lebanon
    I would recommend the medium sized ones since they give you higher interest and will take care of their customer better than the big banks
    I like BOB, SGBL and IBL
    I don’t think it’s very risky especially if you take a percentage of your portfolio
    Don’t put all your money in such an account
    Take 20-30% max of you portfolio and put it in such account
    At 16% your money will double in 5 years which is not a bad idea
     
    S

    swissknife

    Active Member
    Riad Salame will not still be governer in 5 years s time so who knows..
     
    Dynamite Joe

    Dynamite Joe

    Active Member
    Greetings all.
    I have about 250,000,000 LBP to dump into a high yield savings account (5 years deposit) and was wondering who is the best bank to go for the max RIO.
    What % shall i expect to be getting? what banks are the best to hit?
    Thanks!
    You'd be well advised to stay away from putting large sums of money in Lebanese banks, especially if that is a big chunk of your savings. There's a false sense of security when in fact it's a shaky foundation that can collapse virtually overnight under the economic burden and outside political factors. If you are able, you would be better served putting your money in more stable markets even if the yield is lower. Otherwise, save up more money and invest in property if you can wait 5 years. Can't go wrong with brick and mortar in the long term.
     
    Mockinggbird

    Mockinggbird

    New Member
    You'd be well advised to stay away from putting large sums of money in Lebanese banks, especially if that is a big chunk of your savings. There's a false sense of security when in fact it's a shaky foundation that can collapse virtually overnight under the economic burden and outside political factors. If you are able, you would be better served putting your money in more stable markets even if the yield is lower. Otherwise, save up more money and invest in property if you can wait 5 years. Can't go wrong with brick and mortar in the long term.
    Disagree
    Brick and mortar is very bad at the moment
    Plus the volume of deposit in lebanese banks is more than 130 billion us $ which is a huge number compared to an economy of 40 billion
    The collapse is not near
    In the last month people are switching their savings again to Lebanese pound
    Stop creating a false propaganda
     
    Dynamite Joe

    Dynamite Joe

    Active Member
    Disagree
    Brick and mortar is very bad at the moment
    Plus the volume of deposit in lebanese banks is more than 130 billion us $ which is a huge number compared to an economy of 40 billion
    The collapse is not near
    In the last month people are switching their savings again to Lebanese pound
    Stop creating a false propaganda
    If he’s going to put his money in for 5 years, brick and mortar is pretty good. Apart from that, how can you blindly trust a system in a country that’s politically on a powder keg and is in deep debt, consistently ranking among the highest in debt to GDP ratio. Moreover, this is a banking system ripe with money laundering. If there is ever a serious crackdown, billions will flow out due to the domino effect. If the deposit is a small percentage of his savings, then it’s low risk. But if you’re putting a sizeable percentage of your savings in a flawed banking system built over a volcano that can erupt at any moment, you do it at your own peril. That is not false propaganda.
     
    Aoune32!

    Aoune32!

    Well-Known Member
    You'd be well advised to stay away from putting large sums of money in Lebanese banks, especially if that is a big chunk of your savings. There's a false sense of security when in fact it's a shaky foundation that can collapse virtually overnight under the economic burden and outside political factors. If you are able, you would be better served putting your money in more stable markets even if the yield is lower. Otherwise, save up more money and invest in property if you can wait 5 years. Can't go wrong with brick and mortar in the long term.
    There is no security. They only accept like 50-100 million LL and the banker specifically advised me that next year the LL could fall. There is no security at all in the country. ma7ada 3aref chi mn chi.
     
    Lebanese Pride

    Lebanese Pride

    Well-Known Member
    Orange Room Supporter
    There is no security. They only accept like 50-100 million LL and the banker specifically advised me that next year the LL could fall. There is no security at all in the country. ma7ada 3aref chi mn chi.
    The LL will not fall, this "banker" you're talking abt doesnt know what hes doing.

    Let me guess, hes just a low level teller trying to seem smart?
     
    Basba_aa

    Basba_aa

    Well-Known Member
    I think it is a better investment if you freeze them on a yearly basis with any bank.
    Renewable automatically each year unless you request otherwise but that is with the usual penalty of early withdrawal.
    None will give you the ceiling rates proposed by the LCB or "Masref Libnan"
    Most banks will give you rates of 4, 5 or 6 % annually depending on the size of your deposit.
    Banks are insured.
    DO NOT touch or even contemplate about any private investing company, they will take your money and declare bankruptcy and then start over again, you will lose your money and you can't do diddly about it. Just ask my dumb ass brother. He lost over a million USD to a guy called Ghizzawi investments.
     
    Aoune32!

    Aoune32!

    Well-Known Member
    The LL will not fall, this "banker" you're talking abt doesnt know what hes doing.

    Let me guess, hes just a low level teller trying to seem smart?
    la2 7abibe. There are real fears for the LL.
    What country gives 15% on deposits?
     
    F

    freemind

    Well-Known Member
    I guess the central bank recently placed a ceiling of 12% for Lp and 8% for usd
    Those figures are for how long the deposit? 1 month? 3 months? 1 year? 5 years? and are banks really abiding?

    Sure information i have, is that in the past 3 months, interest on LBP has reduced, whereas USD has increased, that after the formation of govt.
    The 16% interest banks where giving on LBP has ended, anyone that engaged themselves on a 5 year deposit last year, at that high rate has sure benefited.
    I know for a fact banks were battling for inflow of fund last year, bigger banks like Blom, Byblos, and Audi were giving up to 7% interest on USD. While smaller banks were giving up to 8% on USD. What you have to know is that there is no bank that strictly gives higher/lower interest rates, and if they do its at the expense of something. You can never win with banks, its a deal per customer, they have no ceiling.
    In the past 3 months interest on USD has increased again, you can have 8% on USD from a large bank, whereas LBP has stopped at 12%.
    Now two things you have to take into consideration: the longevity of your deposit, and the size of your deposit, from thereon its up to your skills and your contacts. Lebanon is a difficult country to do business in, Lebanese are harsh in character and follow corrupt institutions, very bad combination. There is no single bank that will give you one strict figure for interest rate, they are all ready to go as high as it takes or as low as it takes to get a new customer or to keep an old one for the matter, don't be fooled by appearances.
    The story that smaller banks are better with customer care is not true either, Lebanese are all the same rude mal-educated and superficial. Small or big they will only look at you better once you raise your voice or become trashy, and if you ask me its not worth the stress.
    Buy land, its the safest investment in Lebanon.
    (Thank you Freemind)
     
    Aoune32!

    Aoune32!

    Well-Known Member
    Those figures are for how long the deposit? 1 month? 3 months? 1 year? 5 years? and are banks really abiding?

    Sure information i have, is that in the past 3 months, interest on LBP has reduced, whereas USD has increased, that after the formation of govt.
    The 16% interest banks where giving on LBP has ended, anyone that engaged themselves on a 5 year deposit last year, at that high rate has sure benefited.
    I know for a fact banks were battling for inflow of fund last year, bigger banks like Blom, Byblos, and Audi were giving up to 7% interest on USD. While smaller banks were giving up to 8% on USD. What you have to know is that there is no bank that strictly gives higher/lower interest rates, and if they do its at the expense of something. You can never win with banks, its a deal per customer, they have no ceiling.
    In the past 3 months interest on USD has increased again, you can have 8% on USD from a large bank, whereas LBP has stopped at 12%.
    Now two things you have to take into consideration: the longevity of your deposit, and the size of your deposit, from thereon its up to your skills and your contacts. Lebanon is a difficult country to do business in, Lebanese are harsh in character and follow corrupt institutions, very bad combination. There is no single bank that will give you one strict figure for interest rate, they are all ready to go as high as it takes or as low as it takes to get a new customer or to keep an old one for the matter, don't be fooled by appearances.
    The story that smaller banks are better with customer care is not true either, Lebanese are all the same rude mal-educated and superficial. Small or big they will only look at you better once you raise your voice or become trashy, and if you ask me its not worth the stress.
    Buy land, its the safest investment in Lebanon.
    (Thank you Freemind)
    They are giving 15% if you close for 3 years Bank Audi that is. He even said 17%. Dont buy anything in Leb. The place is a dump not worth it.
     
    Muki

    Muki

    Well-Known Member
    Orange Room Supporter
    They are giving 15% if you close for 3 years Bank Audi that is. He even said 17%. Dont buy anything in Leb. The place is a dump not worth it.
    Not having a very fun experience in Lebanon, are you?
     
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