Turkish Bank UK: savings accounts, contact and protection

Turkish Bank UK is a small, London-based bank that takes deposits. Its consumer-facing product is a call account, described as suitable for both business and personal customers with surplus funds to invest, and it is open to UK residents and non-residents¹. The website is at www.turkishbank.co.uk².

The main thing most people want to know about a bank this size is whether their money is safe. It is covered by the Financial Services Compensation Scheme, and eligible deposits held in the UK are protected up to £120,000³. The UK company was incorporated on 4 September 1991 and remains active⁴.

What follows covers what the bank offers, who can open an account, how charges work, how to reach it, how to complain, and where the protection stops.

What Turkish Bank offers: savings and deposits

Turkish Bank UK's consumer-facing product is deposit-taking. Its published personal product is a call account, described as suitable for both business and personal customers with surplus funds to invest¹. That is the shape of the offer: a savings account for money you are putting aside, rather than a full current account with overdrafts, contactless cards and a branch network.

The bank's permissions are wider than its retail range. The register lists accepting deposits, entering into regulated credit agreements as lender (excluding high-cost short-term credit, bill of sale agreements and home collected credit), and entering into regulated mortgage contracts as lender². Those permissions describe what the firm is allowed to do; they are not a list of products on sale to the public today, and anyone considering borrowing can check the bank's own site for what it currently offers.

If you are comparing savings accounts generally, our guide to savings accounts sets out how easy access, notice and fixed term accounts differ, and how interest is calculated. If you are saving towards a tax-free allowance, ISAs explains the rules. For the wider market, the banks and building societies directory lists providers.

The bank states that it provides regular statements of your account, and more frequently on request⁶. Statements matter more at a small bank than a large one, because they are your own record of what is held and when.

Who can bank with Turkish Bank

The call account is available to UK residents and non-residents¹. That is unusual: most UK banks require a UK address, and non-resident accounts are often handled by a separate international arm. For someone living abroad who wants a sterling account in the UK, this is one of the few straightforward routes, though identity checks apply.

The bank says it may ask questions to check your identity before giving information about your account⁶. That is standard practice and applies whether you call, write or visit.

Eligibility for savings accounts generally turns on identification rather than income. To open a bank account you usually have to fill in an application form, in a branch, online or sometimes over the phone, and provide proof of identity including your full name, date of birth and address⁷. A bank will also ask about any previous names if your name has changed in the past six years⁸.

Two groups sometimes struggle to open accounts elsewhere. People who have been bankrupt can use basic bank accounts, which all high street banks offer⁹, and basic bank accounts are offered by most high street banks and some building societies¹⁰. If you have been turned down unfairly, you may be able to complain to the Financial Ombudsman Service¹¹.

How the fees and charges work

This page does not carry Turkish Bank's rates or fees, and neither does the rest of the site. Charges on savings accounts change, and the only reliable figure is the one on the provider's own paperwork on the day you open the account. What can be explained here is how deposit account charges are structured, so you know what to look for.

On a savings or call account, the charges that appear are usually about access rather than the account itself. Watch for:

• Withdrawal conditions. How much notice you must give, or how many withdrawals are allowed without a penalty.
• Minimum balance rules. Some accounts pay interest only above a set balance, or close if the balance falls below one.
• Payment charges. Fees for same-day transfers, CHAPS payments or international payments, which are separate from the account.
• Dormancy. What happens if the account is untouched for a long period.

Card and payment charges elsewhere in the market are usually expressed as a percentage of the transaction, sometimes with a flat fee added. A debit or credit card used abroad, for example, may carry a percentage loading on the exchange rate plus a fixed amount per transaction. The exact figures sit in each provider's own fee schedule, and they change, so the provider's current terms are the only reliable source.

If you are sending money abroad from a UK account, our guide to sending money in the UK and abroad covers how charges and exchange rates work.

Borrowing from Turkish Bank

Turkish Bank UK holds permission to enter into credit agreements as lender and to enter into mortgage contracts as lender². That means it is allowed to lend, including mortgage lending, but the register entry does not tell you what is currently available to consumers.

If you are considering borrowing, the general rules are worth knowing before you approach any lender. Lenders look at affordability, and a UK personal current account is a common requirement: Tesco Bank, for example, asks loan applicants to have a UK personal current account and to have lived in the UK for at least three years¹². Requirements vary by lender, and in Northern Ireland there is separate official guidance on loans¹³.

For the wider picture, our guides to loans and mortgages explain how interest is calculated, what a lender checks, and what happens if you fall behind. If you are already struggling with repayments, the debt guide sets out the free advice services and the formal solutions available.

One point that catches people out: borrowing on a credit card is expensive compared with a loan, and using a card to raise cash usually triggers a fee on top of interest. The fee is normally a percentage of the amount taken, and it is charged by the card issuer under its own terms, so the figure to check is the one in your card's summary box.

Banking with Turkish Bank: online, phone and branches

Turkish Bank UK is not a branch-network bank. Its published contact points are a relationship manager by phone, an email address and a postal address in London⁵. The bank's own guidance on checking your account describes visiting a branch, phoning your branch, using internet banking, and using a debit card at most ATMs in the UK⁶.

That mix is worth understanding before you open an account. If you want a branch on your high street, a small London bank will not provide one. If you are comfortable managing money by phone, post and online, the model works.

Online banking at most banks lets you check your balance at any time of day or night, check your statements, transfer money between your accounts, send money to people you know, and set up or cancel direct debits and standing orders¹⁴. Bank websites are encrypted, and the address should start with https, where the s stands for secure¹⁴.

Access to cash is a separate question. Basic bank accounts typically give access through a local branch, post office banking services, telephone, online or mobile banking, and most banks offer some banking services through local post offices¹¹. The number of bank branches in the UK roughly halved from 1986 to 2014, and closures are expected to continue¹⁵, with over 5,800 branches closed since 2015¹⁶. The Financial Conduct Authority publishes guidance on access to cash for consumers who depend on it¹⁷.

Opening an account or switching to Turkish Bank

Opening an account with Turkish Bank UK follows the same pattern as any UK bank: an application, proof of identity, and checks. The bank says it may ask questions to check your identity before giving information about your account⁶.

If you are moving an existing account rather than opening a fresh one, the switching service does the heavy lifting. You can ask your new provider to transfer your balance and all your incoming and outgoing payments over⁷. In practice that means the new bank moves the balance, closes the old account, copies payee details, transfers direct debits and standing orders, redirects income and adds a redirect on the old account¹³.

A few practical points:

1. Have your ID, proof of address and existing bank details ready before you start¹³.
2. Check whether the account you want accepts your residency status. Turkish Bank's call account accepts UK residents and non-residents¹.
3. If you are switching to receive Universal Credit, check the account accepts the payment; our guide to choosing a bank account for your Universal Credit payment covers what to look for⁷.
4. Keep the old account open until the switch completes if any payments are still arriving.

If you have been refused an account elsewhere, a basic bank account may be the route in. These are offered by most high street banks and some building societies¹⁰, and all high street banks offer bankruptcy-friendly basic bank accounts⁹. Some are available with no credit check¹¹.

Complaints and where to get help

Turkish Bank UK sets out three ways to complain: phone your relationship manager and explain the reason and nature of the complaint, email customerservice@turkishbank.co.uk, or write to Customer Service, Turkish Bank UK, 84-86 Borough High Street, London SE1 1LN⁵.

The escalation route is the same as at any UK bank. Complain to the bank's customer services, then make a formal complaint, which gives them eight weeks to investigate and give a final response, and then take it to the free Financial Ombudsman Service¹⁸. If you have not received a final response within eight weeks, or 35 days for payment-related matters, you may refer your complaint to the ombudsman⁵. If eligible, the ombudsman will review your case free of charge, and you must contact it within six months of receiving the final response⁵.

The ombudsman covers banking and payment services including current accounts, savings accounts, direct debits, money transfers, electronic payment platforms, cheques and banker's drafts¹⁸. It can also look into complaints about the bank or payment service provider that received money sent in error, considering the steps taken to recover it and whether it should have had concerns about its customer's account¹⁹.

If you are unhappy with how your bank handles a complaint, you can refer it to the Financial Ombudsman Service²⁰. If you believe you have been turned down for a basic bank account unfairly, you may be able to complain to the ombudsman¹¹.

If you have revealed personal information or see unrecognised activity, contact your bank using the phone number on the back of your card or on a recent statement²¹. If you have been the victim of a scam, there is separate guidance on what to do²². Keep your chequebook in a safe location and tell your bank about any missing or lost cheques²³. It is also worth checking the online banking security options your bank provides²⁴.

How your money is protected at Turkish Bank

Turkish Bank (UK) Ltd is a member of the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000²⁵. The scheme protects eligible deposits held in the UK up to £120,000³.

The limits work in a specific way:

Banks protect your money via the Financial Services Compensation Scheme²⁶, and if your bank goes bust you will automatically get your money back¹⁹. That matters if you hold savings with more than one brand under the same licence, because the limit is shared rather than doubled.

If you are a UK or EEA-based customer with a UK bank, building society or credit union, the FSCS still protects your money¹⁹. The scheme also covers investment products, though the rules differ from deposit protection²⁷.

If you hold savings with two brands that share one licence, your total protected balance across both is £120,000, not £240,000²⁶.

Where protection stops: the FSCS covers deposits, not the performance of an investment, and it does not cover money you have sent to a scammer. If you are sending money abroad, protection depends on the firm you use. Banks protect your money via the FSCS²⁶, but a payment institution may instead hold your money in safeguarded accounts, kept separate from its own funds²⁸. That is a different kind of protection and worth checking before you send a large sum.