dead-money
Rocket to the Moon
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Post by dead-money on Aug 12, 2020 15:42:53 GMT
I read it where if I cancel my 30day account to cash account I would have to put another request in to transfer to quick access account and that would take 30DAYS is this true? No, not if your existing withdrawal request (to Cash) has already waited its 30 days notice period and you select the option to transfer immediately to the QAA instead FYI, I had some pending withdrawals from 30D and 90D to QAA which were past their notice period a while back, after 'go 'live' these have become a QAA balance.
So any previously pending transfers to QAA should now have completed.
Can confirm any pending 30D & 90D withdrawals at par can be transferred at par to QAA.
However some withdrawals I had which were targeting the MLA now target Cash. So an extra step now required to move from AA to MLA.
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Post by inquiete on Aug 12, 2020 15:55:01 GMT
Thank you! And where do we find the rate of discount that these sales are currently taking place at?
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SteveT
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Post by SteveT on Aug 12, 2020 15:56:35 GMT
Thank you! And where do we find the rate of discount that these sales are currently taking place at? Click "Invest" in any of your Access accounts and look towards the bottom of the "Invest Funds" box to see current "best available"
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 12, 2020 15:57:46 GMT
FYI all, the discount granularity is one decimal place only. 19.99% not allowed 19.90% is. You also can't exceed 99.90% discount so can't completely give away holdings.
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theta
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Post by theta on Aug 12, 2020 16:33:59 GMT
Current best bid/offer is -7.4%/-5.5%.
It would be good if the order book was visible at all times. How difficult can that be?
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puddleduck
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Post by puddleduck on Aug 12, 2020 16:39:43 GMT
I think I'm probably a medium sized investor (6 figure sum) and have got out about 75% of my money, most of which was at 5% discount. The market seems to have calmed down a bit now and as I type it seems the maximum discount is about 5.5%
I'm fairly happy with a 5% sell out fee - with several years of accrued interest plus investment bonuses on top, I should come out ahead, which in the current situation feels like a win.
I didn't really need the money back, but with other funds stuck with Growth Street and Ratesetter, getting out with certainty felt like good value. It was pretty amazing seeing funds flowing back in so quickly having been stuck since mid-March!
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rscal
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Post by rscal on Aug 12, 2020 16:43:34 GMT
5.5% matches the highest discount available in the MLA I wonder if that's how folks have priced it?
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agent69
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Post by agent69 on Aug 12, 2020 16:45:47 GMT
Current best bid/offer is -7.4%/-5.5%. It would be good if the order book was visible at all times. How difficult can that be? AC have been keen ever since the access accounts were suspended to stop people from seeing how much money was headed for the door. Not likely to change any time soon
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puddleduck
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Post by puddleduck on Aug 12, 2020 16:54:00 GMT
Current best bid/offer is -7.4%/-5.5%. It would be good if the order book was visible at all times. How difficult can that be? AC have been keen ever since the access accounts were suspended to stop people from seeing how much money was headed for the door. Not likely to change any time soon I think we will be able to see by looking at the 30DAA and 90DAA total net investment. 90DAA is £79m today (was £80m yesterday) and 30DAA is £72m today If loads of folks have moved queued / matured withdrawals from those accounts into the QAA to take advantage of the new secondary market, I think we'll see it reflected in the total net investment figures of the 30DAA / 90DAA.
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theta
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Post by theta on Aug 12, 2020 16:56:13 GMT
Current best bid/offer is -7.4%/-5.5%. It would be good if the order book was visible at all times. How difficult can that be? AC have been keen ever since the access accounts were suspended to stop people from seeing how much money was headed for the door. Not likely to change any time soon This works both ways now though. There will be some money headed for the door and some money knocking on the door (at varying discounts). If anything, the more transparent the order book is, the higher the confidence should be.
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 12, 2020 17:03:04 GMT
That said, presumably everyone investing new money should buy into QAA at a discount and then transfer to 30D or 90D to gain a sliver of interest, as it would appear depositing directly into 30D or 90D wouldn't yield any discount as you can't offer these holdings for sale on the secondary market below par?
Also would new investors direct to 30D or 90D swap holdings with those looking to exit 30D or 90D at par? Or does it add additional money to the pot and buy up loan parts from MLA?
So can anyone now enlighten as to what happen with 30D & 90D at par withdrawals and new money invested in 30D & 90D accounts? Does new money buy out those wishing to exit or does it add additional money into the pot?
And given that you can invest in QAA at a discount and then transfer to 30D & 90D is there any rational in investing directly in 30D & 90D at all?
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puddleduck
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Post by puddleduck on Aug 12, 2020 17:11:02 GMT
And given that you can invest in QAA at a discount and then transfer to 30D & 90D is there any rational in investing directly in 30D & 90D at all?
You can take advantage of any discounts by direct investment into 30DAA and 90DAA - as everything seems to go through the QAA now, any discounts are available to all. So there is no harm in direct investment, and you are not missing out on discounts.
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star dust
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Post by star dust on Aug 12, 2020 17:16:19 GMT
Why is it that when I press the invest button it says best offer is 5.7%, but when I press withdraw it says I have to offer 7.4% for immediate sale? Where does it say that? This is what I get
The Discount button gives no further information apart from
I was wondering whether this system disadvantages sellers? If you’re withdrawing from all markets you can’t see what the discount rate currently is, so you might offer a higher discount say 10% but maybe there is an unfulfilled order to purchase more than you are offering at 7% discount. Would you have to be matched at exactly 10%? Or will the system match you at what is available at a discount below 10% first? However, maybe there's a bug on my dashboard? I've made a few sell orders and have never been offered a discount to sell at immediately.
Just answered my own question, presumed trial and error with the discount button until you get to the first offer sufficient to buy you out!
Edit: Wouldn't it be fairer to sellers if it automatically showed the current best sell out rate as it automatically shows the current best buy rate for those investing? Poor show I think AC.
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Post by Ton ⓉⓞⓃ on Aug 12, 2020 17:20:04 GMT
So it looks like we can see the discounts, but not the volumes. Would be certainly handy to know whether there's £1 available at a certain level, or £10k .. Best discount still at 7% at the moment btw.
Just a pointer I've just had this on my screen at 18.19pm
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theta
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Post by theta on Aug 12, 2020 17:36:38 GMT
Wouldn't it be fairer to sellers if it automatically showed the current best sell out rate as it automatically shows the current best buy rate for those investing? Poor show I think AC. [/div][/quote] Not really. If it immediately shows the discount option, and people perceive it as a nudge to take a capital loss, and then prices recover, people would complain that they were robbed. Whereas on the buying side, of course it will immediately display offers already available at a discount (which is better than the default option of investing at par)
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