cb25
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Post by cb25 on Mar 12, 2018 15:06:06 GMT
The T&Cs seem to contradict themselves. Points 1 and 2 of the top section explicitly exclude the cash account from the promotion, but point 5 of the "Eligibility" section states that funds swept from other accounts into the QAA are eligible. Funds swept into the QAA are considered invested, including the cash component of that account. What the terms are trying to exclude is people depositing cash on the platform and leaving them uninvested and therefore earning a return for zero risk and zero benefit. Whilst one might hope that money left in a cash account is at a low risk, it's not true to say it's zero risk as the money is not FSCS protected. There's always the risk of platform failure and plenty of people know that does happen. In fact, the AC website correctly states "The 1% Spring bonus Take advantage of an additional 1% p.a. gross target interest across all of our investment accounts until 30th June 2018. Capital at Risk"
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Post by chris on Mar 12, 2018 15:55:55 GMT
Problem has been tracked down - old loan with a balance that shouldn't have been non-zero - so everything will be recalculated for the affected lenders. The system we use can back calculate to any arbitrary point in time so once the problem's properly corrected we'll recalculate your snapshot figures. The update process has been run, so everyone should have the correct snapshot balances now. I've checked oldgrumpy's account and it's showing the correct figure in the database and I'll let the lender team know now so that they can double check the balances of anyone else who has contacted them.
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invester
P2P Blogger
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Post by invester on Mar 12, 2018 16:08:18 GMT
If I invest and money is queued on the MLIA, is that treated as invested in the QAA?
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sl75
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Post by sl75 on Mar 12, 2018 16:09:31 GMT
Problem has been tracked down - old loan with a balance that shouldn't have been non-zero - so everything will be recalculated for the affected lenders. The system we use can back calculate to any arbitrary point in time so once the problem's properly corrected we'll recalculate your snapshot figures. The update process has been run, so everyone should have the correct snapshot balances now. I've checked oldgrumpy 's account and it's showing the correct figure in the database and I'll let the lender team know now so that they can double check the balances of anyone else who has contacted them. In practical terms, mine now matches too. The "snapshot" value is higher by an amount less than a penny.
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Post by chris on Mar 12, 2018 16:11:15 GMT
The update process has been run, so everyone should have the correct snapshot balances now. I've checked oldgrumpy 's account and it's showing the correct figure in the database and I'll let the lender team know now so that they can double check the balances of anyone else who has contacted them. In practical terms, mine now matches too. The "snapshot" value is higher by an amount less than a penny. There's actually two amounts stored (total invested, total swept), rounded to a penny for display purposes, so with a bit of cumulative rounding I'd expect it to be within a penny or two at worst.
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Post by chris on Mar 12, 2018 16:11:57 GMT
If I invest and money is queued on the MLIA, is that treated as invested in the QAA? If the funds are swept then they're treated as invested. If you had uninvested funds in the MLA and did not have sweeping turned on then they would not be counted.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Mar 12, 2018 16:28:42 GMT
Problem has been tracked down - old loan with a balance that shouldn't have been non-zero - so everything will be recalculated for the affected lenders. The system we use can back calculate to any arbitrary point in time so once the problem's properly corrected we'll recalculate your snapshot figures. The update process has been run, so everyone should have the correct snapshot balances now. I've checked oldgrumpy 's account and it's showing the correct figure in the database and I'll let the lender team know now so that they can double check the balances of anyone else who has contacted them. The two figure are within 7p of each other now - close enough to keep me quiet. Thank you chris
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Post by chris on Mar 12, 2018 16:32:29 GMT
oldgrumpy - don't forget you had some activity in your account today including an interest repayment which depending on what was reinvested or swept would affect the balance. But glad it's there or thereabouts.
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Steerpike
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Post by Steerpike on Mar 12, 2018 16:37:56 GMT
Does the extra 1% apply from the time of investment or from 5th April?
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oldgrumpy
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Post by oldgrumpy on Mar 12, 2018 16:46:41 GMT
oldgrumpy - don't forget you had some activity in your account today including an interest repayment which depending on what was reinvested or swept would affect the balance. But glad it's there or thereabouts. Yes, I can't actually say exactly what my total investments figure would have been at 23:59 yesterday.
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Mike
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Post by Mike on Mar 12, 2018 17:04:12 GMT
I'd also like it more (about 40% more) if it was called cashback. Time to move my QAA to the wife Perhaps they are calling it bonus interest because people from cash ISAs can wrap their head round it? Since this is at the account level, is it clear where the bonus interest is paid? I add £1 'new funds' tomorrow to my account, and now I have £5 in my swept funds. Now I put £1 into the ISA. Is that the same £1 that is called 'new funds'? Or one of the old £4? If the 'interest' bonus is taxable, who decides if its paid inside or outside the ISA wrapper Should call it cashback & pay into non-ISA cash balance in the summer... |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 12, 2018 17:15:29 GMT
While I like this it’s a bit irritating that AC are calling it interest when it is clearly a cashback. For example: time limited offer, finishes with the tax year for ISAs (i.e. incentive to trade), comes from “monitoring income” direct from AC rather than a borrower. Ok, it’s associated with lending but it doesn’t matter what kind of lending so for example the QAA is included but putting cash in the QAA isn’t always lending - it’s often underwriting which attracts fees (or cashback!) rather than interest. If AC had officially called it a cashback they’d also have to account for it differently on the tax statement since it wouldn’t be taxed. Perhaps they are calling it bonus interest because people from cash ISAs can wrap their head round it? If so, that’s not a good reason. I dont think they are allowed to call it cashabck because it will be related to a time period. Same as ablrate instant return.
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r00lish67
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Post by r00lish67 on Mar 12, 2018 18:11:48 GMT
As I read it, it genuinely is bonus interest as it's calculated daily, giving you the opportunity to decrease/increase your investment above the snapshot level and earn the additional interest as appropriate. Sounds good to me, first time I've put money Assetz's way for ages.
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Post by df on Mar 12, 2018 19:58:09 GMT
Funds swept into the QAA are considered invested, including the cash component of that account. What the terms are trying to exclude is people depositing cash on the platform and leaving them uninvested and therefore earning a return for zero risk and zero benefit. Whilst one might hope that money left in a cash account is at a low risk, it's not true to say it's zero risk as the money is not FSCS protected. There's always the risk of platform failure and plenty of people know that does happen. In fact, the AC website correctly states "The 1% Spring bonus Take advantage of an additional 1% p.a. gross target interest across all of our investment accounts until 30th June 2018. Capital at Risk" I assume that uninvested money are kept in segregated account and in the event of platform failure will be returned to investors. Although may not be returned instantly as the recent example shows (it's 12 days since Col has gone into administration).
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Post by chris on Mar 12, 2018 20:06:27 GMT
Whilst one might hope that money left in a cash account is at a low risk, it's not true to say it's zero risk as the money is not FSCS protected. There's always the risk of platform failure and plenty of people know that does happen. In fact, the AC website correctly states "The 1% Spring bonus Take advantage of an additional 1% p.a. gross target interest across all of our investment accounts until 30th June 2018. Capital at Risk" I assume that uninvested money are kept in segregated account and in the event of platform failure will be returned to investors. Although may not be returned instantly as the recent example shows (it's 12 days since Col has gone into administration). We are very strict in our adherence to client money rules. So yes.
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