upperdeane
Member of DD Central
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Post by upperdeane on Apr 1, 2020 12:02:56 GMT
Hi
Can somebody help me as i'm confused by the way AC have paid interest today on the QAA into my cash account (i have set reinvestment settings to divert funds to cash account.)
There is a line in the transaction statement history of my cash act dated today timed at 00:20 saying "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum. If I do the calculations on the £sum of this transaction against the sum I have invested in the QAA, the interest amount here is only about 60% of the interest I was expecting. But then there is another line timed 00:40 saying "Inter account transfer from product 'Quick Access Account' (5)" and when i then look in the QAA transaction history account I see and entry timed 00:20 "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum" which is the remaining approx 40% of interest which is then transferred on the next line out to the cash account.
So in summary I get the total interest in the cash account, but split into 2 different amounts and one being a interest entry and the other being a transfer entry. Hope that makes sense.
Very confusing.
Any idea why?
Anybody else experienced the same?
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Post by gothteteeshirt on Apr 1, 2020 13:37:05 GMT
Hi Can somebody help me as i'm confused by the way AC have paid interest today on the QAA into my cash account (i have set reinvestment settings to divert funds to cash account.) There is a line in the transaction statement history of my cash act dated today timed at 00:20 saying "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum. If I do the calculations on the £sum of this transaction against the sum I have invested in the QAA, the interest amount here is only about 60% of the interest I was expecting. But then there is another line timed 00:40 saying "Inter account transfer from product 'Quick Access Account' (5)" and when i then look in the QAA transaction history account I see and entry timed 00:20 "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum" which is the remaining approx 40% of interest which is then transferred on the next line out to the cash account. So in summary I get the total interest in the cash account, but split into 2 different amounts and one being a interest entry and the other being a transfer entry. Hope that makes sense. Very confusing. Any idea why? Anybody else experienced the same? It can be an involve calculation depending on what withdrawals and deposits you made during the month of March. But a quick rule of thumb assuming you are one of the majority removing money in one withdrawal prior to 12th March stop date and not depositing anything afterwards is to take the lowest balance for the month and calculate the interest at 4.1%. If the two parts you refer to add up to around this figure your in luck. If not then calculate the interest on money that was possibly stuck in Cash Account (with idle funds switched off) between 12th March and 19th March i.e. 7 days when such money was put back into QAA into AC. If this is the difference then you might want to discuss the matter with AC. My understanding is that the first relates to interest pre 12th March that was set to goto Cash Account and not accrue in QAA. The second relates to interest that because of system changes to 'Invest Idle' function post 19th March meant that interest was automatically accrued into QAA where it would have been queued for withdrawal request. In order to overcome this and make the interest payable on 1st of month AC had to initiate a transfer from QAA to Cash Account. That is my working theory but I will check the blog and try and decide if something appears amongst the rest of the essay to clarify matters. '
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upperdeane
Member of DD Central
Posts: 493
Likes: 245
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Post by upperdeane on Apr 1, 2020 14:38:17 GMT
Hi Can somebody help me as i'm confused by the way AC have paid interest today on the QAA into my cash account (i have set reinvestment settings to divert funds to cash account.) There is a line in the transaction statement history of my cash act dated today timed at 00:20 saying "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum. If I do the calculations on the £sum of this transaction against the sum I have invested in the QAA, the interest amount here is only about 60% of the interest I was expecting. But then there is another line timed 00:40 saying "Inter account transfer from product 'Quick Access Account' (5)" and when i then look in the QAA transaction history account I see and entry timed 00:20 "Interest payment for Quick Access Account for month 2020-03 @ 4.1% per annum" which is the remaining approx 40% of interest which is then transferred on the next line out to the cash account. So in summary I get the total interest in the cash account, but split into 2 different amounts and one being a interest entry and the other being a transfer entry. Hope that makes sense. Very confusing. Any idea why? Anybody else experienced the same? It can be an involve calculation depending on what withdrawals and deposits you made during the month of March. But a quick rule of thumb assuming you are one of the majority removing money in one withdrawal prior to 12th March stop date and not depositing anything afterwards is to take the lowest balance for the month and calculate the interest at 4.1%. If the two parts you refer to add up to around this figure your in luck. If not then calculate the interest on money that was possibly stuck in Cash Account (with idle funds switched off) between 12th March and 19th March i.e. 7 days when such money was put back into QAA into AC. If this is the difference then you might want to discuss the matter with AC. My understanding is that the first relates to interest pre 12th March that was set to goto Cash Account and not accrue in QAA. The second relates to interest that because of system changes to 'Invest Idle' function post 19th March meant that interest was automatically accrued into QAA where it would have been queued for withdrawal request. In order to overcome this and make the interest payable on 1st of month AC had to initiate a transfer from QAA to Cash Account. That is my working theory but I will check the blog and try and decide if something appears amongst the rest of the essay to clarify matters. ' Interesting. Thanks for your theory.
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johns
Posts: 35 
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Post by johns on Apr 1, 2020 15:01:00 GMT
Not sure what's going on, but.....
My QAA balance has not changed since 19 March except for the minor repayments made. The total of the latter are less than 1% of the balance, so taking the 31 March balance times 0.041 times 12 (days between 19th and 31st) divided by 366 (it was a leap year) gives me an interest payment 2p less than the actual interest paid to me today. The 2p represents the minor day-to-day changes in the balance since 19 March, I suspect. So that is where the lower-than-expected interest payment arises.
Now for something odd! Looking at the report for my QAA i notice that it only goes back to the 19th, and the entries for that day read:
19th Mar 2020 at 20:32 Investment into qaa direct from Quick Access Account -£xxxxx
19th Mar 2020 at 20:29 Inter account transfer from cash £xxxxx
I made no transfers in from 'cash' that day, (who would!!)??It would appear that cash has been transferred between an account designated 'qaa' into another 'QAA'. Is the missing interest shortfall for 01-19 March therefore attached to the 'old' qaa (or should that be 'QAA', I'm not sure which is which!!).? If this is the case, where is the 'old' account, and what happened to the accrued interest?
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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 Apr 1, 2020 15:14:30 GMT
Not sure what's going on, but..... My QAA balance has not changed since 19 March except for the minor repayments made. The total of the latter are less than 1% of the balance, so taking the 31 March balance times 0.041 times 12 (days between 19th and 31st) divided by 366 (it was a leap year) gives me an interest payment 2p less than the actual interest paid to me today. The 2p represents the minor day-to-day changes in the balance since 19 March, I suspect. So that is where the lower-than-expected interest payment arises. Now for something odd! Looking at the report for my QAA i notice that it only goes back to the 19th, and the entries for that day read: 19th Mar 2020 at 20:32 Investment into qaa direct from Quick Access Account -£xxxxx 19th Mar 2020 at 20:29 Inter account transfer from cash £xxxxx I made no transfers in from 'cash' that day, (who would!!)??It would appear that cash has been transferred between an account designated 'qaa' into another 'QAA'. Is the missing interest shortfall for 01-19 March therefore attached to the 'old' qaa (or should that be 'QAA', I'm not sure which is which!!).? If this is the case, where is the 'old' account, and what happened to the accrued interest? Did you have swept funds turned on? All funds that were swept to the QAA from other accounts were automatically transferred into the QAA due to the liquidity restrictions imposed for clarity rather than having funds shown in other account which were actually in the QAA and couldn't be released. qaa is the designation for swept funds, QAA for directly invested. upperdeane I wonder if it is to do with part of the funds originally being swept so there are separate entries to account for interest earnt on funds originally in two different places but now all in the QAA due to the removal of the swept option. Normally the second entry would have appeared in the origin account so suggests there has been a decision to display it on the account where the funds are now.
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johns
Posts: 35
Likes: 15
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Post by johns on Apr 1, 2020 15:28:40 GMT
Not sure what's going on, but..... My QAA balance has not changed since 19 March except for the minor repayments made. The total of the latter are less than 1% of the balance, so taking the 31 March balance times 0.041 times 12 (days between 19th and 31st) divided by 366 (it was a leap year) gives me an interest payment 2p less than the actual interest paid to me today. The 2p represents the minor day-to-day changes in the balance since 19 March, I suspect. So that is where the lower-than-expected interest payment arises. Now for something odd! Looking at the report for my QAA i notice that it only goes back to the 19th, and the entries for that day read: 19th Mar 2020 at 20:32 Investment into qaa direct from Quick Access Account -£xxxxx 19th Mar 2020 at 20:29 Inter account transfer from cash £xxxxx I made no transfers in from 'cash' that day, (who would!!)??It would appear that cash has been transferred between an account designated 'qaa' into another 'QAA'. Is the missing interest shortfall for 01-19 March therefore attached to the 'old' qaa (or should that be 'QAA', I'm not sure which is which!!).? If this is the case, where is the 'old' account, and what happened to the accrued interest? Did you have swept funds turned on? All funds that were swept to the QAA from other accounts were automatically transferred into the QAA due to the liquidity restrictions imposed for clarity rather than having funds shown in other account which were actually in the QAA and couldn't be released. upperdeane I wonder if it is to do with part of the funds originally being swept so there are separate entries to account for funds originally in two different places but now all in the QAA due to the removal of the swept option. Normally the second entry would have appeared in the origin account so suggests there has been a decision to display it on the account where the funds are now. Thanks for that. Of course, that explains the 'transfer' into the 'new' QAA account as 'cash', but it still leaves the question as to what has happened to the interest accrued between 01-19 March? There is no other listing in the Reports section which covers the cash involved during that period. Doh! Just seen that there is a separate interest entry in the Cash ac. Apologies for any confusion!
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upperdeane
Member of DD Central
Posts: 493
Likes: 245
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Post by upperdeane on Apr 1, 2020 16:04:44 GMT
Not sure what's going on, but..... My QAA balance has not changed since 19 March except for the minor repayments made. The total of the latter are less than 1% of the balance, so taking the 31 March balance times 0.041 times 12 (days between 19th and 31st) divided by 366 (it was a leap year) gives me an interest payment 2p less than the actual interest paid to me today. The 2p represents the minor day-to-day changes in the balance since 19 March, I suspect. So that is where the lower-than-expected interest payment arises. Now for something odd! Looking at the report for my QAA i notice that it only goes back to the 19th, and the entries for that day read: 19th Mar 2020 at 20:32 Investment into qaa direct from Quick Access Account -£xxxxx 19th Mar 2020 at 20:29 Inter account transfer from cash £xxxxx I made no transfers in from 'cash' that day, (who would!!)??It would appear that cash has been transferred between an account designated 'qaa' into another 'QAA'. Is the missing interest shortfall for 01-19 March therefore attached to the 'old' qaa (or should that be 'QAA', I'm not sure which is which!!).? If this is the case, where is the 'old' account, and what happened to the accrued interest? Did you have swept funds turned on? All funds that were swept to the QAA from other accounts were automatically transferred into the QAA due to the liquidity restrictions imposed for clarity rather than having funds shown in other account which were actually in the QAA and couldn't be released. qaa is the designation for swept funds, QAA for directly invested. upperdeane I wonder if it is to do with part of the funds originally being swept so there are separate entries to account for interest earnt on funds originally in two different places but now all in the QAA due to the removal of the swept option. Normally the second entry would have appeared in the origin account so suggests there has been a decision to display it on the account where the funds are now. Hi, Yes, regrettably I did have funds swept on. Ironically on March 1st i'd finished my 90 days wait to get money out of the 90 day and I was just about to turn that off and transfer the money out, but COVID-19 & AC changes beat me to it and funds are now locked. So now i' m getting less interest and still cant get my money (apart from the daily dribs and drabs from the sales request)  Thanks for the input. Cheers
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