IFISAcava
Member of DD Central
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Post by IFISAcava on Dec 2, 2019 14:14:33 GMT
After waiting for eons for a new investment plan to arrive to reinvest my carefully accumulated £250 of interest, I log in today to see that one has come and gone already. I didn't get any notification of this, unlike the new loans that I get frequently (and can't invest in as I don't have £1000 accumulated in my ISA). I don't know if I missed something, but the cash drag that I had high hopes the investment plans with lower minimums would help is pretty poor on Archover for accumulated interest - I think I'll transfer it elsewhere as a more effective strategy from now on.
EDIT: looking back I see I did receive something but it was titled in a way that looked like marketing SPAM ("Ensuring Lenders Don't Miss Out on Opportunities") rather than just saying it was a new investment plan opportunity available (previous emails said "New ArchOver Investment Plan Live") so I missed it. Irritating.
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Dec 2, 2019 14:27:29 GMT
After waiting for eons for a new investment plan to arrive to reinvest my carefully accumulated £250 of interest, I log in today to see that one has come and gone already. I didn't get any notification of this, unlike the new loans that I get frequently (and can't invest in as I don't have £1000 accumulated in my ISA). I don't know if I missed something, but the cash drag that I had high hopes the investment plans with lower minimums would help is pretty poor on Archover for accumulated interest - I think I'll transfer it elsewhere as a more effective strategy from now on. EDIT: looking back I see I did receive something but it was titled in a way that looked like marketing SPAM ("Ensuring Lenders Don't Miss Out on Opportunities") rather than just saying it was a new investment plan opportunity available (previous emails said "New ArchOver Investment Plan Live") so I missed it. Irritating. And it looks like there is a £35 transfer out fee so transferring interest not feasible. Which means flexible withdrawals and either losing ISA status or getting taxed on using that money before redepositing. I guess it's chicken feed but compares somewhat poorly with other sites where you can reinvest interest for compounding much more easily at much smaller minimums (AC, LP, LW, GS, UB). EDIT: although there was talk of removing the £35 transfer out fee - I will need to check if this happened.
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qwakuk
Member of DD Central
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Post by qwakuk on Dec 2, 2019 15:32:40 GMT
I guess it's chicken feed but compares somewhat poorly with other sites where you can reinvest interest for compounding much more easily at much smaller minimums (AC, LP, LW, GS, UB). EDIT: although there was talk of removing the £35 transfer out fee - I will need to check if this happened. I transferred out some capital and interest from the ISA 6 months ago and was not charged a fee
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Post by Deleted on Dec 2, 2019 16:50:45 GMT
Hi @ifisacava,
I'm sorry to hear that you missed out on an opportunity to invest in the Investment Plan. We sent the email out in a different format as we were alerting Lenders to the slight change in the term of the plan. Future Investment Plans will likely be sent out in the normal format.
On the subject of fees, I can confirm that there are no Lender fees whatsoever when using the platform, so you should be able to transfer your funds without issue.
Kind regards,
Charlie
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