interest rates on BG deposit accounts?

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ChrisF
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Postby ChrisF » Sat Oct 23, 2010 7:37 pm

The best I could find a month or so ago was 6.5%

A lpt of offers are based on progressively increasing interest, so the first 3 months might be based on 4% per year, the next 3 on 5% per year and so on, so to get the true yearly rate you have to take the average. Be sure to read the small print.


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parkersd
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Postby parkersd » Sat Oct 23, 2010 7:59 pm

You'll get 8% with Alpha Bank if you are happy to tie it up for 12 months. Their progressive interest account goes from 5.5 -9% over 12 months too,these figures are for leva accounts.

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Postby merv_1985 » Sun Oct 24, 2010 8:29 pm

all the same robbing banks

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Postby MarkMc » Mon Oct 25, 2010 8:50 am

Whichever one you chose, make sure that they dont deduct the 10% non resident tax on interest. I had a problem with a bank who insisted that non Bulgarians must pay this, so moved mine to Alpha bank. Just bring your residence card along to prove you live here.

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mike4727
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Postby mike4727 » Mon Oct 25, 2010 10:15 am

It is not just non Bulgarians who pay this tax at scource, it is everyone. The only way to stop this tax being deducted at scource here is to provide your bank with a certificate issued by NAP, they will do this when they receive a certificate from UK Customs and Revenue stating that you have elected to pay tax in UK rather than here in BG. ( Double Taxation Treaty Rules )
If you are already earning more than your personal allowance of tax free income in UK then it will be cheaper to accept the 10% ( currently ! ) rate applied here. You will receive a certificate of tax paid in BG to offset against your UK liability but UK may still look for the difference between the two rates so you well end up paying tax on the interest somewhere :(

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Postby MarkMc » Mon Oct 25, 2010 3:41 pm

mike4727 wrote:It is not just non Bulgarians who pay this tax at scource, it is everyone. The only way to stop this tax being deducted at scource here is to provide your bank with a certificate issued by NAP, they will do this when they receive a certificate from UK Customs and Revenue stating that you have elected to pay tax in UK rather than here in BG. ( Double Taxation Treaty Rules )
If you are already earning more than your personal allowance of tax free income in UK then it will be cheaper to accept the 10% ( currently ! ) rate applied here. You will receive a certificate of tax paid in BG to offset against your UK liability but UK may still look for the difference between the two rates so you well end up paying tax on the interest somewhere :(

Mike


Mike,
I think taxation on savings is a little different in Bulgaria. Quite a few of us have savings tax free without the need to go to NAP, both British and Bulgarian.. It's been discussed on another thread http://www.mybulgaria.info/modules.php? ... ax+savings

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Postby brianj42 » Mon Oct 25, 2010 3:48 pm

11.75% in Brazil at the moment.....Makes the UK's 1% positively embarrassing :oops:
Last edited by brianj42 on Mon Oct 25, 2010 3:48 pm, edited 1 time in total.

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Postby mike4727 » Mon Oct 25, 2010 3:48 pm

Hi Mark,

thanks for that matey, I stand corrected :oops:

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Suil-Glas

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Postby Suil-Glas » Thu Dec 02, 2010 3:10 pm

I've just had 10% deducted from my interest by Allianz & when i went with my Ltrc they insisted i get this certificate from NAP... think i'll be moving any suggestions now for the best rates :?:


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