trium
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Post by trium on Oct 31, 2019 17:20:01 GMT
I can only assume that as a result of accumulated changes to their system we have arrived at this anomalous situation where the difference between the cash account and the QAA is rather blurred when "Invest idle cash" is turned on. Then simplest is to have all "instant" access funds in the cash account in my experience. I'll go for "most profitable" rather than "simplest"  I have indeed withdrawn the money to cash from the MLA, but I have "invest idle cash" turned on. In replying to you some months ago hantsowl seemed adamant that this arrangement is fine but Assetz' own "How to" guide suggests that sweeping needs to be turned off. Hence my confusion. Has anyone successfully completed a transfer with sweeping turned on?
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trium
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Post by trium on Oct 31, 2019 17:39:55 GMT
When you click the "Invest idle funds" button on the QAA you are offered 3 options - no sweeping, sweeping excluding cash account and sweeping including cash account. So the Assetz guide appears to be telling me to select the middle one. I can see no obvious difference between options 2 and 3 apart from the label on the button changing. All figures are exactly the same so now I'm even more confused.
I'm going to leave it on option 2. Worst that can happen - the transfer fails and I have to try again.
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littleoldlady
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Post by littleoldlady on Oct 31, 2019 22:55:49 GMT
The guide that you link to is quite clear, but the practice seems to be different at the moment. Funds in the Cash account with "Invest Idle funds" on are invested in the QAA account and earn interest but can still be transferred out, at least in current conditions. I guess that the guide is to cover them in the circumstance that there is insufficient uninvested cash in the QAA. There seems to me to be no point in just moving funds from the QAA to Cash with "Invest Idle funds" turned off when you want to make a transfer out and leaving the rest in QAA as you will lose interest while the transfer is taking place and if conditions change for the worse you will not be able to withdraw funds from either the QAA or Cash with "Invest Idle funds" turned on. So as I said before simplest is to have all "instant" access funds in the cash account with "Invest Idle funds" on. Turning on "Invest Idle funds" effectively moves funds in Cash from the Client A/c into an Invested a/c. To have guaranteed access to funds you have to leave them in Cash earning no interest.
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ceejay
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Post by ceejay on Nov 1, 2019 19:27:34 GMT
The guide that you link to is quite clear, but the practice seems to be different at the moment. Funds in the Cash account with "Invest Idle funds" on are invested in the QAA account and earn interest but can still be transferred out, at least in current conditions. .. Depends who you ask at AC. I had one rep tell me categorically that cash that was being swept into QAA could NOT be transferred, and another that it could. This part of their operation is, IMHO, a complete shambles.
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littleoldlady
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Post by littleoldlady on Nov 1, 2019 22:25:42 GMT
The guide that you link to is quite clear, but the practice seems to be different at the moment. Funds in the Cash account with "Invest Idle funds" on are invested in the QAA account and earn interest but can still be transferred out, at least in current conditions. .. Depends who you ask at AC. I had one rep tell me categorically that cash that was being swept into QAA could NOT be transferred, and another that it could. This part of their operation is, IMHO, a complete shambles. Well I have had several done without query, so whatever the theory it has worked in practice for me so far and I will leave IIF on until a transfer does not work.
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trium
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Post by trium on Nov 2, 2019 8:23:50 GMT
I'm going to leave it on option 2. Worst that can happen - the transfer fails and I have to try again. It tricked me. It looked like my money was in both QAA and Cash but while I was at work they quietly withdrew it from QAA so no, the figures aren't the same. Option 2 (eventually) removes your funds from sweeping and no interest is earned. I have now re-activated option 3.
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littleoldlady
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Post by littleoldlady on Nov 3, 2019 17:14:42 GMT
I'm going to leave it on option 2. Worst that can happen - the transfer fails and I have to try again. It tricked me. It looked like my money was in both QAA and Cash but while I was at work they quietly withdrew it from QAA so no, the figures aren't the same. Option 2 (eventually) removes your funds from sweeping and no interest is earned. I have now re-activated option 3. Strange. Was this possibly on the day when they were removing funds for a transfer you had initiated? Nothing like this has ever happened to me and I have made several transfers.
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