sl75
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Post by sl75 on Feb 22, 2019 9:25:04 GMT
Just saw an offer related to this new account when I logged on a few moments ago...
Summary as I understand it:
The new 90DAA has a rate of 5.75%, but if you keep money invested until at least 22 Aug (no withdrawal notice before 24 May, and 90 days after that to effect the withdrawal), you get an extra 1% cashback on top. Eligible balance for this cashback has to be new money [measured the usual way for AC promotions, so re-invested interest counts] rather than a transfer from another account.
It seems that the new cashback offer appears to combine with other offers that may be launched later the previous cashback offer, so until the £20.19M gets invested we can get 2% cashback (1% from the other offer, and 1% for this one) on new funds put into the new account. [Edit: per later post, AC seem to have reneged on the T&Cs of the old promotion by closing it before £20.19M was reached...]
Edit: IMPORTANT from the page describing the account: the 90DAA has its own separate provision fund which is NOT linked to the QAA/30DAA. This has initially been seeded with £300k, but otherwise the account is "on its own", and given the higher capped rate its contributions to the PF will be lower than other accounts, so there is more risk of not achieving the target rate.
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cb25
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Post by cb25 on Feb 22, 2019 9:33:39 GMT
Just saw an offer related to this new account when I logged on a few moments ago...
Summary as I understand it:
The new 90DAA has a rate of 5.75%, but if you keep money invested until at least 22 Aug (no withdrawal notice before 24 May, and 90 days after that to effect the withdrawal), you get an extra 1% cashback on top. Eligible balance for this cashback has to be new money [measured the usual way for AC promotions, so re-invested interest counts] rather than a transfer from another account.
It seems that the new cashback offer appears to combine with the previous cashback offer, so until the £20.19M gets invested we can get 2% cashback (1% from the other offer, and 1% for this one) on new funds put into the new account.
I'd noticed that the "Terms and conditions apply" link and the "Find out more" links failed with "page not found", so emailed AC about them and pointed them to this thread.
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star dust
Member of DD Central
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Post by star dust on Feb 22, 2019 9:38:54 GMT
Just saw an offer related to this new account when I logged on a few moments ago...
Summary as I understand it:
The new 90DAA has a rate of 5.75%, but if you keep money invested until at least 22 Aug (no withdrawal notice before 24 May, and 90 days after that to effect the withdrawal), you get an extra 1% cashback on top. Eligible balance for this cashback has to be new money [measured the usual way for AC promotions, so re-invested interest counts] rather than a transfer from another account.
It seems that the new cashback offer appears to combine with the previous cashback offer, so until the £20.19M gets invested we can get 2% cashback (1% from the other offer, and 1% for this one) on new funds put into the new account.
I think you'll find the 'old' cash-back offer ended at midnight (yesterday/last night) 21st February. They emailed about it finishing yesterday - my email arrived around 3 pm.
In Edit: Email about this new 90 day account just arrived in my in-box.
Second Edit:
"To celebrate the launch of the 90 Day Access Account (90DAA) and to continue to reward our investors, we're offering you the chance to earn 1% cashback when you invest newly lent funds via the 90DAA before midnight on 15th March 2019. What's more, we'll process your cashback payment in just 90 days!"
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sl75
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Post by sl75 on Feb 22, 2019 9:42:31 GMT
I think you'll find the 'old' cash-back offer ended at midnight (yesterday/last night) 21 st February. They emailed about it finishing yesterday - my email arrived around 3 pm. The T&Cs for the "old" cash-back offer explicitly state that the close date is "at 11.59:59pm on the day qualifying funds reach the £20.19 million cap"
The £20.19 million cap has not yet been reached, so the T&Cs for that promotion state that it is still open.
I'd not opened that mail (figured it was just a "hurry up, we're nearly at £20.19M" mail) so had not realised that they had broken their T&Cs reneged on the deal, relying on the condition "Assetz Capital reserves the right to withdraw this special promotion at any time and without prior notice."
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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 Feb 22, 2019 9:52:32 GMT
Email just received so now officially launched
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cb25
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Post by cb25 on Feb 22, 2019 9:53:56 GMT
The "Terms and conditions apply" link and the "Find out more" link in the "New: The 90-Day Access Account" banner are now working
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Post by chris on Feb 22, 2019 9:54:08 GMT
I think you'll find the 'old' cash-back offer ended at midnight (yesterday/last night) 21 st February. They emailed about it finishing yesterday - my email arrived around 3 pm. The T&Cs for the "old" cash-back offer explicitly state that the close date is "at 11.59:59pm on the day qualifying funds reach the £20.19 million cap"
The £20.19 million cap has not yet been reached, so the T&Cs for that promotion state that it is still open.
I'd not opened that mail (figured it was just a "hurry up, we're nearly at £20.19M" mail) so had not realised that they had broken their T&Cs reneged on the deal, relying on the condition "Assetz Capital reserves the right to withdraw this special promotion at any time and without prior notice."
The T&Cs also say the promotion can be withdrawn at any time. Edit: Sorry, replied before fully clocking the last sentence.
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sl75
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Post by sl75 on Feb 22, 2019 9:57:16 GMT
I've put a token £1 into this new account (so I can monitor it while I decide whether to actively pursue the new promotion or not).
Although they explicitly state it is not linked to the QAA/30DAA and has its own separate provision fund, in practice it does currently appear to be linked to the same investment pool as the QAA/30DAA, as it has exactly the same mix of investments, and exactly the same ratio of uninvested cash.
It's unclear how this will work in practice if there is ever a time that the QAA/30DAA's provision fund and the 90DAA's provision fund are forced to make differing decisions about whether to pay out w.r.t. an investment held in the common pool...?
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rscal
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Post by rscal on Feb 22, 2019 10:11:05 GMT
Is an extra 0.65% worth waiting an extra 60 days (difference to 30DAA)? I suppose with the 1% and for the limited period between Feb 22 and August 22 (6 months) it's a '7.75%', +2.65% 'pa' over 6 months - dicounting the 'new money' angle. I think I am just saying that 30 days you can get used to but 90 days is pychologically a very big difference. (It just feels like a use once and throw away offering)
Addendum: and they have inserted the new account at the top of your accounts landing page (how helpful!) I just noticed you can reorder them on-screen, so I moved that thing down to the bottom there and the other accounts being operating to the the top.
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Post by jrgndk on Feb 22, 2019 10:12:50 GMT
Is an extra 0.65% worth waiting an extra 60 days (difference to 30DAA)? I suppose with the 1% and for the limited period between Feb 22 and August 22 (6 months) it's a 6.75%, +1.65% pa over 6 months - dicounting the 'new money' angle. I think I am just saying that 30 days you can get used to but 90 days is pychologically a very big difference. Agree, IMO they should have looked at making it 60 days instead of 90.
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 22, 2019 10:21:59 GMT
With the bonus, doesn't this work out at about 7.75% p.a. if you initiate withdrawal on day 91?
That is a good rate for an access account, without the bonus it could still be a reasonable option for accounts that are not actively managed like my partner's IFISA for example.
Presumably funds transferred from 30DAA to 90DAA do not lose eligibility for the previous 1%+.25% bonus and so the same funds qualify for both promotions?
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Post by chris on Feb 22, 2019 10:27:07 GMT
With the bonus, doesn't this work out at about 7.75% p.a. if you initiate withdrawal on day 91? That is a good rate for an access account, without the bonus it could still be a reasonable option for accounts that are not actively managed like my partner's IFISA for example. Presumably funds transferred from 30DAA to 90DAA do not lose eligibility for the previous 1%+.25% bonus and so the same funds qualify for both promotions? Funds on the platform prior to the launch of the 90DAA qualify for the old promotion, but do not qualify for the new promotion as well. You can get the uplifted rate of the 90DAA but it won't count as a new deposit.
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dead-money
Rocket to the Moon
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Post by dead-money on Feb 22, 2019 10:29:55 GMT
Given the lack of liquidity in PSA and GBBA2 account, and to some extent the MLA, the 90DAA seems attractive.
Rate is better than PSA and with cashback, better than GBBA2.
Odds on these black box, illiquid accounts will be closed to new business shortly.
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sl75
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Post by sl75 on Feb 22, 2019 10:33:52 GMT
Funds on the platform prior to the launch of the 90DAA qualify for the old promotion, but do not qualify for the new promotion as well. You can get the uplifted rate of the 90DAA but it won't count as a new deposit. More precisely, as I understand it, even if you don't add any new funds, any funds transferred to the 90DAA will qualify for the promotion, up to a value equal to the total increase in value of the AC account (e.g. due to interest payments) during the promotional period.
For example, right now, I have just a token £1 in my 90DAA. This will qualify for the promotion even if I don't add any new funds, as I will be certain to gain at least £1 in interest across my AC account before the promotion closes.
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dead-money
Rocket to the Moon
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Post by dead-money on Feb 22, 2019 10:34:51 GMT
Looking at the T&Cs
4. To qualify for the ‘Cashback’, the ‘Eligible Balance’ must remain invested until 23rd May 2019. If a ‘Withdrawal Instruction’ is made prior to this date, those funds will not qualify for the promotion.
So it needs to be new to the platform funds, and tidied up from now until 21st August 2019 (23 May + 90 days) or later.
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