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Post by angel19 on May 1, 2020 18:23:53 GMT
The amount paid is somewhat short of 3.75%, so hopefully there is more to come. The email says this rate included the new lender fee. I guess that means 30 and 90 day holders have subsidised the lender fee for the QAA holders.
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Post by davee39 on May 1, 2020 18:34:37 GMT
Interest for access accounts is paid on the 1st of the month. MLA and the closed business accounts pay interest throughout the month, which is why the interest so far is relevant. My interest looks correct, it is slightly over 3.75% based on the reduced end of month value.
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puddleduck
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Post by puddleduck on May 1, 2020 18:37:40 GMT
I didn't expect 2% less on my 90DAA, especially as in an early e-mail on Wed 08/04/2020 Assetz said this:
Unlike some platforms who have slashed or stopped investor interest payments, we expect to continue to pay full, or close to full, interest rates over coming months due to the holding of substantial borrower cash retention sums for circumstances such as these.
So what happened to these retained sums?
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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 May 1, 2020 18:38:51 GMT
stuartassetzcapital Erm can I just point out that the minimum target rate on the 30DAA is 4% after fees.
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Post by hornetbrad on May 1, 2020 18:53:23 GMT
I've been overall supportive of AC's comms and actions during this difficult time.
But I'm quite disappointed today that the haircut has been applied, just days after being told that full (or near) interest rates would be maintained.
Mostly though, I'm disappointed that the reduced interest only dropped after close of business on a Friday evening, when AC has now closed (presumably so as to minimise angry phone calls from investors).
Bad news, setting your own rules and arbitrary targets is one thing. Missing these targets and rules is another thing.
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agent69
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Post by agent69 on May 1, 2020 19:19:58 GMT
I watched part of the video, and you have to worry when the man in charge can't do basic maths.
FTSE in early February was 7500 and now its 6000. That's not a drop of over 30%
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Post by oppsididitagain on May 1, 2020 19:23:02 GMT
From the e-mail titled: 'A video update to Access Account investors' This caught my eye... 'we will be topping up the Access Accounts interest to 3.75% (p.a. equivalent) today in anticipation of that catch-up in May. This rate will apply to all Access Accounts this month due to all of them missing target rates and this is likely to continue at least for the near future due to some missed borrower payments not being mitigated by forbearance. This interest rate is after the new lender fee, not before.I'm reading this as an interest rate haircut for 30DAA and 90DAA account holders. I'm Confused : Secondly, we will be topping up the Access Accounts interest to 3.75% (p.a. equivalent) today in anticipation of that catch-up in May. This rate will apply to all Access Accounts this month due to all of them missing target rates and this is likely to continue at least for the near future due to some missed borrower payments not being mitigated by forbearance. This interest rate is after the new lender fee, not before. I presumed the interest is paid at EOM, for historical balances. I.E. the payment today is for monies held between April 1-April 30, we should be accruing at the old interest rate (which was paid today) - Or did I miss the E mail saying interest was zero for April ? As topping up suggests there was no interest for April or a shortfall and they are topping it up to 3.75% from somewhere ? and then hopefully will be topping it up to the April rates rates later on ? Or is that a typo and should be interest is capped at 3.75% ?
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cb25
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Post by cb25 on May 1, 2020 19:25:42 GMT
Regardless of any 'catching up' the interest rate paid on my QAA, 30DAA, 90DAA and IFISA 90DAA range from 3.75% to 3.77%, calculated as: 12 x (interest paid * 100 / April 31 balance) ... each of these accounts is running down, albeit very very slowly
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dovap
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Post by dovap on May 1, 2020 19:29:27 GMT
not sure why the 30 or 90 (or whatever number ac decide to attribute them) should pay more than the not quick access - ain't normal is it & all in the t&cs etc etc
surprised that the ml accounts aren't subject to some shenanigans (yet)
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Post by oppsididitagain on May 1, 2020 19:30:24 GMT
From the e-mail titled: 'A video update to Access Account investors' This caught my eye... 'we will be topping up the Access Accounts interest to 3.75% (p.a. equivalent) today in anticipation of that catch-up in May. This rate will apply to all Access Accounts this month due to all of them missing target rates and this is likely to continue at least for the near future due to some missed borrower payments not being mitigated by forbearance. This interest rate is after the new lender fee, not before.I'm reading this as an interest rate haircut for 30DAA and 90DAA account holders. I'm Confused : Secondly, we will be topping up the Access Accounts interest to 3.75% (p.a. equivalent) today in anticipation of that catch-up in May. This rate will apply to all Access Accounts this month due to all of them missing target rates and this is likely to continue at least for the near future due to some missed borrower payments not being mitigated by forbearance. This interest rate is after the new lender fee, not before. I presumed the interest is paid at EOM, for historical balances. I.E. the payment today is for monies held between April 1-April 30, we should be accruing at the old interest rate (which was paid today) - Or did I miss the E mail saying interest was zero for April ? As topping up suggests there was no interest for April or a shortfall and they are topping it up to 3.75% from somewhere ? and then hopefully will be topping it up to the April rates rates later on ? Or is that a typo and should be interest is capped at 3.75% ? I see this was asked on page 1 of this thread.. so apologies for asking the same thing again..
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jcb208
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Post by jcb208 on May 1, 2020 19:38:17 GMT
Closed 5763 today down 2.34% today and 3.5% yesterday so not a good week
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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 May 1, 2020 19:38:38 GMT
I watched part of the video, and you have to worry when the man in charge can't do basic maths.
FTSE in early February was 7500 and now its 6000. That's not a drop of over 30%
He doesn't say that. He says we have seen 'stockmarket drops of 30% in just a few weeks.' He doesn't provide an end or start date. 7500 (19 Feb) to 5200 (mid March) is over 30% in just a few weeks
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alender
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Post by alender on May 1, 2020 19:52:44 GMT
I watched part of the video, and you have to worry when the man in charge can't do basic maths.
FTSE in early February was 7500 and now its 6000. That's not a drop of over 30%
I have no equity investments, but one site I looked at showed FTSE 100 at 7534.4 12 Feb and at 4993.9 23 Mar, a drop of over 33%. I guess you can get some bad statistics if you take the best to the worst, like Oil he quoted which was negative for about a day and and I understand it was some sort of quirk due to storage capacity but not sure as an investor you could have traded at this level. Lies damn lies and statistics comes to mind.
To get 33% loss you would have to have bought at the high and sell at the low but you would have had some dividends. The FTSE is now 5763 on that basis a loss of 23.5%
As I said in another post most equity investors will have bought a lower levels in the past and would not have anything like these loses and most long term investors will be in profit. Also in the future the FTSE can rise more than 23.5%, AC AAs will never be worth more than par value and who knows what they are worth now. I guess we may soon find out.
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agent69
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Post by agent69 on May 1, 2020 19:56:07 GMT
I watched part of the video, and you have to worry when the man in charge can't do basic maths.
FTSE in early February was 7500 and now its 6000. That's not a drop of over 30%
He doesn't say that. He says we have seen 'stockmarket drops of 30% in just a few weeks.' He doesn't provide an end or start date. 7500 (19 Feb) to 5200 (mid March) is over 30% in just a few weeks What's the point of sending out a video today commenting on the value of the stock market 2 weeks ago?
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Post by df on May 1, 2020 20:07:56 GMT
I didn't expect 2% less on my 90DAA, especially as in an early e-mail on Wed 08/04/2020 Assetz said this: Unlike some platforms who have slashed or stopped investor interest payments, we expect to continue to pay full, or close to full, interest rates over coming months due to the holding of substantial borrower cash retention sums for circumstances such as these.So what happened to these retained sums? Change of plan  . I guess it's not easy to come up with perfect and/or consistent plan of action on such short notice. Nobody expected Covid-19. Given the circumstances, I'm content with 2% haircut. At least I have some interest paid and it's available for withdrawal. I've always treated 5.75% as an introductory rate and accept that at the moment all access accounts are equal.
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. I guess it's not easy to come up with perfect and/or consistent plan of action on such short notice. Nobody expected Covid-19.