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Post by chris on Feb 22, 2019 10:36:01 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.
This is correct. The increase in your account's overall balance over the eligibility period is the cap on the amount you can earn the cashback on, but only funds in the 90DAA can qualify for cashback.
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alexs
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Post by alexs on Feb 22, 2019 10:47:24 GMT
There is even a button in the 30DAA account allowing to move money that is currently tied up in 30DAA into the 90DAA with immediate effect. Well done AC, very clever!
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SteveT
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Post by SteveT on Feb 22, 2019 10:56:54 GMT
And it’s already got over a £million in it. Other platforms can only dream about this kind of loyalty. Much of it presumably transferred (instantly) from 30DAA holdings, rather than all being new money
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Post by bracknellboy on Feb 22, 2019 11:52:25 GMT
And it’s already got over a £million in it. Other platforms can only dream about this kind of loyalty. Much of it presumably transferred (instantly) from 30DAA holdings, rather than all being new money OK, I'm being particularly thick here. How can you "instantly" transfer from 30DAA ? Or are they making an exception on basis that you are going from 30 day to 90 day notice ?
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rick24
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Post by rick24 on Feb 22, 2019 12:06:36 GMT
Very impressive instant diversification but I note that some of my money has been invested in a loan on which trading is suspended. Not so sure about that.
On further inspection, an admittedly small amount has even been invested in the suspended M***** D*****ld! Aaargh! Having said that, I note this is also the case with the Quick Access Account so nothing new but certainly a question mark for another thread. Surely, new funds should not be going into suspended loans?
Edit: Apologies, this was not new money but transferred money from the 30-day account so it was possibly already invested in those loans.
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cb25
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Post by cb25 on Feb 22, 2019 12:13:51 GMT
Much of it presumably transferred (instantly) from 30DAA holdings, rather than all being new money OK, I'm being particularly thick here. How can you "instantly" transfer from 30DAA ? Or are they making an exception on basis that you are going from 30 day to 90 day notice ? I suspect the entry that says you have £x in loan N is simply moved from the 30DAA 'queue' to the 90DAA queue, and yes I suspect they allow it only because it's an increase of lock-in period.
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cb25
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Post by cb25 on Feb 22, 2019 12:15:56 GMT
Very impressive instant diversification but I note that some of my money has been invested in a loan on which trading is suspended. Not so sure about that. On further inspection, an admittedly small amount has even been invested in the suspended M***** D*****ld! Aaargh! Having said that, I note this is also the case with the Quick Access Account so nothing new but certainly a question mark for another thread. Surely, new funds should not be going into suspended loans? As long as the 'trading suspended' attribute doesn't stop us exiting the QAA, 30DAA, 90DAA it (hopefully) won't be a problem.
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alexs
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Post by alexs on Feb 22, 2019 12:20:55 GMT
There is even a button in the 30DAA account allowing to move money that is currently tied up in 30DAA into the 90DAA with immediate effect. Well done AC, very clever! Question is in case of a partial transfer of X% of current 30DAA holdings which loans and which already queued withdrawal dates get transferred?
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rick24
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Post by rick24 on Feb 22, 2019 12:21:46 GMT
Very impressive instant diversification but I note that some of my money has been invested in a loan on which trading is suspended. Not so sure about that. On further inspection, an admittedly small amount has even been invested in the suspended M***** D*****ld! Aaargh! Having said that, I note this is also the case with the Quick Access Account so nothing new but certainly a question mark for another thread. Surely, new funds should not be going into suspended loans? As long as the 'trading suspended' attribute doesn't stop us exiting the QAA, 30DAA, 90DAA it (hopefully) won't be a problem. Yes, indeed. I have also added an edit to the effect that this was not new money so it was possibly already invested in those loans and was merely 'moved over' into the new account. I hadn't thought it through.
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ilmoro
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'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 12:25:21 GMT
AFAICS the 90DAA is a compnent of the same total loan pot as the other two accounts. A transfer from 30DAA account to 90DAA decreases a holding in the 30DAA by the same amount as it holds in the 90DAA.
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sl75
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Post by sl75 on Feb 22, 2019 12:42:00 GMT
Very impressive instant diversification but I note that some of my money has been invested in a loan on which trading is suspended. Not so sure about that. It appears that the 90DAA uses the exact same investment pool as the QAA and 30DAA; the amount shown as "your" holdings is merely your pro-rata share of the entire investment pool. This is different to the other investment accounts such as GBBA or PSA which directly buy and sell the underlying assets on behalf of individual investors. Diversification is the same across all investors across all of these accounts, and so includes holdings that the investment pool bought ages ago which have subsequently been suspended or defaulted etc.
I think that for regulatory reasons, AC need to maintain a legal fiction that every time you deposit into the account, you instantly "buy" a pro-rata share of every loan from every existing investor, and that every time you withdraw from the account every other investor instantly "buys" a pro-rata share of all of your loans, but that is definitely not what actually happens in the underlying implementation...!
The only difference seems to be that it has a separate provision fund and a different (maximum) interest rate. I assume that any interest received from the underlying investments would be divided pro-rata between the provision funds associated with the different accounts. Several of the loans in the investment pool seem to have lower interest rates than the amount anticipated to be paid out on the 90DAA, so it would presumably need to make up the difference from the higher rates on other loans and/or surplus funds in the PF.
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Post by bracknellboy on Feb 22, 2019 12:43:15 GMT
As long as the 'trading suspended' attribute doesn't stop us exiting the QAA, 30DAA, 90DAA it (hopefully) won't be a problem. Yes, indeed. I have also added an edit to the effect that this was not new money so it was possibly already invested in those loans and was merely 'moved over' into the new account. I hadn't thought it through. that's not the "issue". With the AA accounts there is a single pool (like a trust fund) which you are buying a portion of. At any given time ALL accounts in a given xAA will have the exact same portfolio of loans regardless of their investment history.
If also sounds like the different xAA accounts are using the exact same underlying loan portfolio. "Just" segregated PFs (and probably segregated cash pools).
EDIT: Crossed with sl75. What he said.
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Post by davee39 on Feb 22, 2019 12:52:39 GMT
Not for me. I still have too much tied up in the '5 year to never' access account. (GBBA1).
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rscal
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Post by rscal on Feb 22, 2019 13:01:08 GMT
I am currently holding a balance from the promotion b4 last (for the second 1% cashback, payable in June) but have ignored the most recent promotion so not increased balances much since December. Now if I withdraw overall balances after 17 June (and after 23 May therefore) I would still qualify for cashback on this new account? My thinking is this if I add further funds now, it only extends that increased exposure until June and not until August - which is preferable.
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amwinv
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Post by amwinv on Feb 22, 2019 13:11:34 GMT
Very impressive instant diversification but I note that some of my money has been invested in a loan on which trading is suspended. Not so sure about that. On further inspection, an admittedly small amount has even been invested in the suspended M***** D*****ld! Aaargh! Having said that, I note this is also the case with the Quick Access Account so nothing new but certainly a question mark for another thread. Surely, new funds should not be going into suspended loans? Edit: Apologies, this was not new money but transferred money from the 30-day account so it was possibly already invested in those loans. I've only recently started with AC, and my brand new funds put into the QAA about a week ago bought up many pieces of "trading suspended" loans. Can't say I'm feeling too happy about that.
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