stevio
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Post by stevio on Apr 3, 2018 16:57:22 GMT
Just realised an important clarification that may be required... "Promotional interest will be calculated daily so if the investor removes some of the qualifying lent funds from the platform or they cease to be lent for any reason then they will no longer qualify for the days where they are not lent."If I make ANY withdrawals between 4 April and 30 June, are they always deemed to be withdrawals of the "qualifying lent funds", or only if they take the balance below the 4 April snapshot? i.e. can I withdraw the amount of interest received between 4 April and 30 June, and/or amounts equivalent to any deposits I may possibly make after 4 April, without this reducing the qualifying balance? Anyone clarified this point with AC staff yet? My understanding is this. The qualifying amount is the difference between your stated 11 Mar total and your investment total taken and paid on a daily basis. Before 4 Apr this qualifying amount can go up and down. After 4 Apr it can only go down. Therefore if you make any withdrawal that reduces your investment total below the amount it stood at 4 Apr you will start to lose the bonus. Interest paid and other additions to your funds after 4 April can be withdrawn without effecting your bonus as your investment total will not have gone below the 4 Apr level. I have not clarified that with AC but cannot see how it could work otherwise. This sounds logical, but I have emailed AC for clarification
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stevio
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Post by stevio on Apr 4, 2018 15:24:24 GMT
My email got standard reply stating the T&Cs, so called. After a wait to check, the lady confirmed that any withdrawal after today (04APR18) will come off of the balance where the promotional interest rate is applied first
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2018 16:28:18 GMT
I hope people haven't put £20K into AC QAA on 4 April for the 1% bonus, expecting to move it into the 2018-2019 ISIFA on 6 April.
I think that would require selling (and losing bonus) and reinvesting (without bonus). Canny date management by AC!
Also, I suggest that anyone who has this 1% bonus promotion and is intending to open a 2018-2019 IFISA with AC, feeding it with repayments from existing non IFISA loans, make sure that these repayments go straight into the cash account, not swept into QAA (or other blackbox accounts), then move it into the IFISA allocation.
That will prevent AC saying you have withdrawn any of your bonus pot from QAA etc.
I am stopping all my buy instructions now. I will replace them after 6 April but only for the IFISA account until the IFISA allocation is used up.
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coda
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Post by coda on Apr 4, 2018 16:37:27 GMT
It is still a nice promotion from AC! Great to see a platform taking this type of initiatives to keep its investors happy.
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Post by chris on Apr 4, 2018 16:52:30 GMT
I hope people haven't put £20K into AC QAA on 4 April for the 1% bonus, expecting to move it into the 2018-2019 ISIFA on 6 April. I think that would require selling (and losing bonus) and reinvesting (without bonus). Canny date management by AC! Also, I suggest that anyone who has this 1% bonus promotion and is intending to open a 2018-2019 IFISA with AC, feeding it with repayments from existing non IFISA loans, make sure that these repayments go straight into the cash account, not swept into QAA (or other blackbox accounts), then move it into the IFISA allocation. That will prevent AC saying you have withdrawn any of your bonus pot from QAA etc. I am stopping all my buy instructions now. I will replace them after 6 April but only for the IFISA account until the IFISA allocation is used up. AIUI the bonus is on the total amount invested across both your personal account and your ISA account as a combined figure. The promotion doesn't mind how those funds are invested, just that they are invested rather than sat as cash not swept into the QAA. If you put £20k into your personal account and then moved those funds into your ISA then as long as they were invested in loan units (including via the QAA sweep) then they'd be included in the bonus. Best to talk to customer services though to make sure that we're all interpreting things in the same way as they can look into the specifics of your account. Edit: Also to clarify, your maximum bonus amount is set during the qualification window but if subsequently to that your total investment dips below that level you'll receive the bonus on that lower amount. If it subsequently goes up again then you'll receive the bonus on whatever amount it rises to capped at the previously set maximum.
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2018 17:12:47 GMT
chris OK. I'll try to confirm that. (By the way, I haven't done a £20K* investment - that was hypothetical). What you wrote suggests that if I withdrew £20K of qualifying QAA on 6 April I would lose the 1% bonus while it was withdrawn (fair enough), but I would have it reinstated on reinvesting in IFISA QAA on 6 April after the promotion has ended. * I have no IFISA yet. I'm winding up for a 2018-2019 IFISA on Friday. 
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Post by chris on Apr 4, 2018 17:17:15 GMT
chris OK. I'll try to confirm that. (By the way, I haven't done a £20K* investment - that was hypothetical). What you wrote suggests that if I withdrew £20K of qualifying QAA on 6 April I would lose the 1% bonus while it was withdrawn (fair enough), but I would have it reinstated on reinvesting in IFISA QAA on 6 April after the promotion has ended. * I have no IFISA yet. I'm winding up for a 2018-2019 IFISA on Friday. That's my understanding but it's worth checking through the official channels.
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2018 11:23:02 GMT
Well that's cocked it up! I altered my QAA settings to withdraw interest and principal repayments to cash account yesterday evening. This morning I see that my QAA has been totally emptied*, therefore ALL my previously 1% qualified money (£6K+) has gone and shows as £0.00. My MLIA still shows the correct amount ready to invest - it already was!!!! However the cash account has not yet been credited. That is still zero. I don't think AC's current software is capable of handling the vastly increased work of the platform in good time. More time to waste sorting this out. * However, the QAA transactions statement shows that no transactions at all have taken place since 1 April. If I have made an error causing the money to be removed to cash, why hasn't it appeared in the cash account; it still shows as cash within the MLIA. I can't reverse the order and put it back into QAA to reinstate my "bonus". edit. OK, I've sorted the cash bit; that's now gone via cash account back into QAA, but my bonus eligibility has not been reinstated; that only updates daily, so I won't know until tomorrow. I feel quite numptiesque today; to was probably caused by my error somewhere as I prepare for tomorrow's new ISIFA.  Banana time. |
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Post by Harland Kearney on Apr 5, 2018 11:32:34 GMT
If your money is sat in the purple cash account, but has been swept into the QAA (Invest all Idle Funds), are we still entitled to the bonus. (Say's so on the total eligible for the bonus. matches the money in the cash account)
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2018 11:52:08 GMT
If your money is sat in the purple cash account, but has been swept into the QAA (Invest all Idle Funds), are we still entitled to the bonus. (Say's so on the total eligible for the bonus. matches the money in the cash account) Should be. If it shows in the purple cash account it hasn't been swept (yet). It won't show in both. (Yes, setting the instructions takes a bit of thought, as I have found out).
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mikes1531
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Post by mikes1531 on Apr 5, 2018 12:08:40 GMT
If your money is sat in the purple cash account, but has been swept into the QAA (Invest all Idle Funds), are we still entitled to the bonus. (Say's so on the total eligible for the bonus. matches the money in the cash account) Should be. If it shows in the purple cash account it hasn't been swept (yet). It won't show in both. : My account is working as it should -- and that isn't as you describe. On my PC, if I hover my cursor over the balance in my purple cash account, a pop-up shows me that the balance is in the QAA. That balance also shows up in the reddish QAA section of my Dashboard. I transferred in some funds earlier this week, and put them in my Cash account because I'm going to move them into my ISA as soon as the new tax year starts. Since the funds were automatically swept into the QAA, they also appear in my 1% bonus amount.
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oldgrumpy
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Post by oldgrumpy on Apr 5, 2018 12:19:17 GMT
Yes, everthing was tickety-boo until I started fiddling yesterday. Getting the settings right needs to be done carefully, so I think I'm back on course, and hoping (as Chris says) the bonus eligible amount is still eligible for when I recommence proceedings tomorrow. |
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oldgrumpy
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Post by oldgrumpy on Apr 9, 2018 16:19:35 GMT
( Chris said: AIUI the bonus is on the total amount invested across both your personal account and your ISA account as a combined figure. The promotion doesn't mind how those funds are invested, just that they are invested rather than sat as cash not swept into the QAA. If you put £20k into your personal account and then moved those funds into your ISA then as long as they were invested in loan units (including via the QAA sweep) then they'd be included in the bonus.
Best to talk to customer services though to make sure that we're all interpreting things in the same way as they can look into the specifics of your account.)
I did open my IFISA on 6 April, and all my qualifying Spring Bonus has gone - I have £0.00 eligible, ratther than £6.5K which I had on 4 April. I have taken nothing out of AC. All the cash is in the IFISA QAA. Customer services are on the job:
I have checked your account and can see the spring balance still reflects 0. I have raised a IT Ticket for the IT department to review and resolve.
Reference: ZZZZ-1234 
I will keep you updated and be in contact within the next 7 days.
Jolly good !
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Post by jvbrad on Apr 9, 2018 16:45:37 GMT
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oldgrumpy
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Post by oldgrumpy on Apr 9, 2018 18:47:06 GMT
Well, that's a surprise. Could it be there has been an uncorrectable glitch in the systems covering movement of previously eligible funds between accounts, so the simplest solution has been go back to 12 March, and start again - extending the offer to 15 April so that IT dept have some time to ensure the same thing doesn't happen again?
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