Money Market Fund or Deposit?
Compares the realised return of Turkish money market funds with the time deposit rates banks publish today, for the same amount and period. Results are gross amounts; tax is not deducted.
Last updated: Source: TEFAS fund prices and bank rate sheets
As of September 29, 2026, the median gross return of 39 money market funds over the last month is 3.21%.
Today the average annual gross rate banks pay on a 32-day TRY 100,000 deposit is 40.05%; at this rate the 32-day gross return is 3.51%.
The fund return is historical and may differ in the coming period, whereas a deposit rate is set when the account is opened and stays fixed for the term.
- Money market median · 1 month
- 3.21%
- 39 funds · gross
- Average deposit rate
- 40.05%
- Annual gross · 32 days · 15 banks
- Deposit period return
- 3.51%
- 32 days · gross
Period Comparison for TRY 100,000 (Gross)
| Period | Fund median return (period) | Fund gross gain | Deposit gross interest |
|---|---|---|---|
| 1 month (deposit 32 days) | 3.21% | TRY 3,213.70 | TRY 3,511.23 |
| 3 months (deposit 92 days) | 10.09% | TRY 10,088.40 | TRY 9,116.82 |
| 6 months (deposit 181 days) | 21.33% | TRY 21,331.00 | TRY 16,909.86 |
| 1 year (deposit 365 days) | 46.7% | TRY 46,703.75 | TRY 32,950.00 |
Key Differences
| Topic | Money market fund | Time deposit |
|---|---|---|
| Return | The fund price changes every business day; the return is not known in advance and not guaranteed. | The rate set when the account is opened is fixed for the term. |
| Term and exit | Units can be sold on any business day; the settlement time is stated in the fund prospectus. | Withdrawing before maturity loses or reduces interest under the bank’s terms. |
| Costs | Fund expenses such as the management fee are reflected in the unit price; returns in the table are calculated from that price. | The published rate is the annual gross rate. |
Related Pages
About the Money Market Fund and Deposit Comparison
Money market funds invest in short-term money market instruments, and their return is the change in the unit price. A time deposit earns the rate the bank sets when the account is opened. This page sets the gross return of the two side by side for the same amount and period.
Fund returns are the median period returns of funds in the TEFAS money market fund category; a single fund can differ from the median. Deposit rates come from the bank rate sheets on this site. Results are gross amounts; tax is not deducted.
Frequently Asked Questions
Which earns more, a money market fund or a deposit?
Over the last month the median gross return of money market funds was 3.21%; a 32-day deposit at today’s average rate returns 3.51% gross (September 29, 2026). The answer changes from period to period: the fund return is not known in advance, while the deposit rate is fixed for the term.
Are money market funds safe?
Money market funds invest in short-term money market instruments; the 39 funds on this page have risk scores from 1 to 2 (1 lowest, 7 highest). They are not covered by deposit insurance, however, and returns are not guaranteed.
How is a money market fund’s return calculated?
Period return = (unit price at the end / unit price at the start − 1) × 100. Fund expenses are already reflected in the price.
Does the comparison include tax?
No. Fund and deposit returns are compared gross; tax is not deducted. Tax is withheld at source by the bank or broker.