There are a lot of local private banks in Northern Cyprus, as well as branches of Turkish banks. You would be able to open a sterling currency account which offer good interest rates. However, we do recommend you to go for the reputable banks as there have been instances of bankruptcy of local banks in the past. HSBC International has opened branches in Kyrenia (Girne), Famagusta (Gazi Magosa) and Nicosia (Lefkoža), which is a sign of financial and political stability on the island.