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Post by chris on Mar 1, 2019 11:48:22 GMT
I made an opening deposit to the 90DAA yesterday and was paid some interest at midnight (being the last day of the month). Now it appears this is a fraction of a day's interest - certainly not a whole day's interest. I'm not unhappy in the least. This seems to verify that interest does accrue on shorter time intervals than 24 hours - as one would expect from any company which goes to 20 places of decimals! When withdrawing funds I assume the moment/time of day of the withdrawal/transfer will equally result in a part-day's of trailing interest also? The access accounts have interest calculated to the second, it was a requirement in order to make sweeping of idle funds into the QAA a viable proposition. Other accounts calculate interest on a per day basis.
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Post by brianac on Mar 1, 2019 16:19:44 GMT
Have invested new money in 90 day account yeaterday, was not too concerned when it didn't show up on the "eligible funds" banner straight away, thinking that it will update overnight/in the morning, however 24 hours later the (largeish) sum still doesn't show up, money was transferred straight into the 90 day account, not via cash account.
Chris/Stuart? can you look or explain please.
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walktall7
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Post by walktall7 on Mar 1, 2019 17:13:28 GMT
Things seem to be on a go slow at the moment with some of us struggling to log in . I have put £1500 into 90 day account and it has invested into 500 loans . Which means if it does that for everybody that is lots and lots of transaction's when 11 mil now in 90 day accounts.
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mason
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Post by mason on Mar 2, 2019 11:34:28 GMT
Have invested new money in 90 day account yeaterday, was not too concerned when it didn't show up on the "eligible funds" banner straight away, thinking that it will update overnight/in the morning, however 24 hours later the (largeish) sum still doesn't show up, money was transferred straight into the 90 day account, not via cash account. Chris/Stuart? can you look or explain please. I'm similarly confused. I moved a chunk of money from 30DAA to 90DAA, resulting in no funds that qualified for the bonus. Over the next week I received about £70 of interest from various accounts that was paid into my cash account and swept into my QAA - these funds meant that an equal sum held in the 90DAA then qualified for the bonus (as my Lent Funds had increased above the initial snapshot), and that makes sense according to the T&Cs. However, a small cash deposit made today (also lent through the QAA) has not resulted in an increase to my Lent Funds and Eligible Balance.Edit: Eligible Balance updated overnight
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Post by figtree on Mar 2, 2019 11:45:18 GMT
In the past these promotion balances have always been updated on a daily basis
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Post by closetotheedge on Mar 4, 2019 18:08:15 GMT
Thanks stuartassetzcapital Does the 30DAA PF grow at a slower rate than the QAA then given the difference in the interest rate? If so is the risk on the 30DAA higher than the QAA? This is something I had not considered and would be interested to know the answer to. I had always just assumed that the PF applied pro rata equally across the QAA and the 30DAA. Might want to reconsider my move to the 90DAA if the coverage is lower. Could we p!ease have an answer to this stuartassetzcapital. Thanks
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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 Mar 4, 2019 18:50:20 GMT
Thanks stuartassetzcapital Does the 30DAA PF grow at a slower rate than the QAA then given the difference in the interest rate? If so is the risk on the 30DAA higher than the QAA? This is something I had not considered and would be interested to know the answer to. I had always just assumed that the PF applied pro rata equally across the QAA and the 30DAA. Might want to reconsider my move to the 90DAA if the coverage is lower. Could we p!ease have an answer to this stuartassetzcapital. Thanks Looking at the useful tracker provided by a gentleman yodeller in another place. 30DAA has increased by 4% less than the QAA over the 8 months tracked but you would need to factor in how the ratio of sums invested in the two accounts has has tracked as well.
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Post by stuartassetzcapital on Mar 4, 2019 19:49:45 GMT
The contribution to PF per AA is less if the rate on the account (eg 90DAA) is higher than another (eg QAA) as the manual lending rate (MLA) is the same rate regardless of account. So the contribution to the QAA PF is higher than that to the PF 90DAA on a day to day basis. However that ignores an important factor. We can and do sometimes remove excess funding from PFs that are ahead of our target level of coverage ratio from time to time, and also can and do seed fund provision funds such as the new 90DAA by putting cash into them. In addition we may decide to move excess funding from one account to another if for example and account like QAA had a reduction in balance due to it being moved to the 90DAA and we were comfortable this was the correct thing to do. All of this will wash through to the coverage ratio published regularly (last was Dec 31st 2018 data) and soon to be refreshed. I hope this assists.
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jlend
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Post by jlend on Mar 4, 2019 20:01:56 GMT
The contribution to PF per AA is less if the rate on the account (eg 90DAA) is higher than another (eg QAA) as the manual lending rate (MLA) is the same rate regardless of account. So the contribution to the QAA PF is higher than that to the PF 90DAA on a day to day basis. However that ignores an important factor. We can and do sometimes remove excess funding from PFs that are ahead of our target level of coverage ratio from time to time, and also can and do seed fund provision funds such as the new 90DAA by putting cash into them. In addition we may decide to move excess funding from one account to another if for example and account like QAA had a reduction in balance due to it being moved to the 90DAA and we were comfortable this was the correct thing to do. All of this will wash through to the coverage ratio published regularly (last was Dec 31st 2018 data) and soon to be refreshed. I hope this assists. Thanks stuartassetzcapitalPerhaps add to the FAQs on the AC website?
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rookey123
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Post by rookey123 on Mar 5, 2019 13:42:21 GMT
For choice I think the spread between the QAA and the 90 day is too narrow. I refer to have the liquidity option but it's a good spread of options from AC.
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IFISAcava
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Post by IFISAcava on Mar 5, 2019 14:02:46 GMT
For choice I think the spread between the QAA and the 90 day is too narrow. I refer to have the liquidity option but it's a good spread of options from AC. Shhh! They only quite recently raised the QAA rate. If anything moves to increase the spread it will be QAA back down.
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sl75
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Post by sl75 on Mar 7, 2019 14:00:34 GMT
As posted on another less relevant thread, I note that as of today, the 90DAA has exceeded £16M, of which almost £5M represents a net increase in the total invested across the 3 access accounts since its launch.
A good result so far that gives AC better scope for planning, but also reaching a threshold where it will start to become important to know whether ring-fenced funds have been properly accounted for when transferring the loans between the accounts, or whether the 90DAA has been forced to ringfence a substantial portion of its £300k seed capital just to take account of the loans being transferred into it (whilst the 30DAA benefits from having an equivalent amount of funds become non-ringfenced due to the transfers out).
If the latter, I'd anticipate AC would make a further announcement about adding further seed capital to that account before it reaches the approx £50M for which £300k of seed capital would represent a coverage ratio of just 1.00 (assuming something similar to the 0.58% expected losses for the access accounts as last reported in December).
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Post by hammertime on Mar 7, 2019 15:11:28 GMT
The interest should be higher for a 90 day.
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IFISAcava
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Post by IFISAcava on Mar 7, 2019 15:15:17 GMT
The problem I have is that I have instigated ISA transfers in to take advantage of this offer as soon as it was announced. However, Goji (to whom I believe AC outsources its ISA transfers) has always been so slow that I doubt the transfer will be credited in time.
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tarq
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Post by tarq on Mar 7, 2019 16:48:56 GMT
I put some cash into this account, to 'test the waters'.
Some (2nd largest investment) has been invested into 312 which is a suspended loan!
I've been trying to sell some of this loan in my MLA acc., so not very amused that I now have even more of it.
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