cb25
Posts: 3,528 
Likes: 2,668
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Post by cb25 on Sept 1, 2020 9:27:05 GMT
From chat... m sure we did give notice of this but would have to find the email. The rate on the account is just a target and what you may receive can be lower. Have I got this wrong, I thought 90 days notice was given on 1st June as required in the 90 day t and cs I also find it strange it is exactly 4.10% for August, either that has been topped up or it's moved to 4.10% early. The time of the deposits (4am ish), suggests a level of automation compared to the recent months.
Apparently an email is due to go out at some point this week.
One of the problems is that the marketing department is the one responsible for these sort of emails which, I think, can get in the way of effective communication.
Email 5 Aug stated
"To recap, the updated target rates are as follows:
Quick Access Account - 3.75% p.a.
30 Day Access Account - 4.00% p.a.
90 Day Access Account - 4.10% p.a. (effective as of 1st September 2020 and remaining at 5.75% for the monthly interest payments made in June, July and August)"
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Post by bradley02 on Sept 1, 2020 9:32:33 GMT
From chat... m sure we did give notice of this but would have to find the email. The rate on the account is just a target and what you may receive can be lower. Have I got this wrong, I thought 90 days notice was given on 1st June as required in the 90 day t and cs I also find it strange it is exactly 4.10% for August, either that has been topped up or it's moved to 4.10% early. The time of the deposits (4am ish), suggests a level of automation compared to the recent months.
Apparently an email is due to go out at some point this week.
One of the problems is that the marketing department is the one responsible for these sort of emails which, I think, can get in the way of effective communication.
I could be mistaken but my understanding was that the 90daa rate would drop to 4.1% ' effective from 1st Sept' as per website, emails and dashboard. Apparently, according to chat, it applied from 1st August. The lack of others complaining implies that maybe I am wrong ??
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Post by bradley02 on Sept 1, 2020 9:37:13 GMT
I also find it strange it is exactly 4.10% for August, either that has been topped up or it's moved to 4.10% early. The time of the deposits (4am ish), suggests a level of automation compared to the recent months.
Apparently an email is due to go out at some point this week.
One of the problems is that the marketing department is the one responsible for these sort of emails which, I think, can get in the way of effective communication.
Email 5 Aug stated
"To recap, the updated target rates are as follows:
Quick Access Account - 3.75% p.a.
30 Day Access Account - 4.00% p.a.
90 Day Access Account - 4.10% p.a. (effective as of 1st September 2020 and remaining at 5.75% for the monthly interest payments made in June, July and August)"
Thank you cb25. That email also said that it could not meet the target rate of 5.75% for July and retrospectively paid 5.1% for July So I guess in a few days we will receive an email informing us that they could not meet their 90daa target rate for August so retrospectively reduced the 5.75 - 5.10 to 4.1 for August. An email prior to taking decisions like this would assist in rebuilding confidence.
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iann
Posts: 105
Likes: 86
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Post by iann on Sept 1, 2020 9:50:49 GMT
I also find it strange it is exactly 4.10% for August, either that has been topped up or it's moved to 4.10% early. The time of the deposits (4am ish), suggests a level of automation compared to the recent months.
Apparently an email is due to go out at some point this week.
One of the problems is that the marketing department is the one responsible for these sort of emails which, I think, can get in the way of effective communication.
Email 5 Aug stated
"To recap, the updated target rates are as follows:
Quick Access Account - 3.75% p.a.
30 Day Access Account - 4.00% p.a.
90 Day Access Account - 4.10% p.a. (effective as of 1st September 2020 and remaining at 5.75% for the monthly interest payments made in June, July and August)"
Yes, the important phrase in this email is "made in" rather than "made for"
The original email in June, said the reduced interest payments for QAA and 30DAA would be effective immediately from 1st June and show in the payment on 1st July. That same email said for 90DAA the reduced rate would be from 1st September which gives 90 days notice of the change. It also said "However, we do not expect the target rate on the 90DAA to be fully achieved during that period", to me that implies that the payments for the periods covered by the 90 days notice of change of target interest rate would still have a target rate of 5.75%. It is only the email from 5th August that seems to change that.
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Post by bradley02 on Sept 1, 2020 10:02:24 GMT
Email 5 Aug stated
"To recap, the updated target rates are as follows:
Quick Access Account - 3.75% p.a.
30 Day Access Account - 4.00% p.a.
90 Day Access Account - 4.10% p.a. (effective as of 1st September 2020 and remaining at 5.75% for the monthly interest payments made in June, July and August)"
Yes, the important phrase in this email is "made in" rather than "made for"
The original email in June, said the reduced interest payments for QAA and 30DAA would be effective immediately from 1st June and show in the payment on 1st July. That same email said for 90DAA the reduced rate would be from 1st September which gives 90 days notice of the change. It also said "However, we do not expect the target rate on the 90DAA to be fully achieved during that period", to me that implies that the payments for the periods covered by the 90 days notice of change of target interest rate would still have a target rate of 5.75%. It is only the email from 5th August that seems to change that.
What is so unnecessary is the lack of prior notice once again. An email days after the event regarding not being able to meet target rates is poor. The nasty surprise, uncertainty, confusion, complaints to AC customer could all be avoided if when the decision is made on rates inform those to be affected out of courtesy at least.
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iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
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Post by iRobot on Sept 1, 2020 10:10:15 GMT
I can see that the QAA has gone from £67mm last night to £68mm this morn. Potentially just £1 could've caused that tho', but on the 23/8/20 it was £66mm Yep - QAA been slowly drifting upward from £63mm in early April to, as you say, a reported £68mm today. 30DAA dropped from a max of 76 to 70 in the same period and 90DAA started off at 76 early-Apr, rose to hovered around 80 late-Jul / early-Aug and then fell back to the currently reported £78mm Totals have been a fairly consistent £215 / 216mm across the period; did peak at a calculated £219mm mid-July, but it only takes a couple of data points to be rounded up or down to skew those totals either way when there are just three constituents. Other changes today are that the following commentary was removed from the QAA product page: and the 90DAA product page has been updated to reflect the revised rates.
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Post by hornetbrad on Sept 1, 2020 10:10:15 GMT
Yes, the important phrase in this email is "made in" rather than "made for"
The original email in June, said the reduced interest payments for QAA and 30DAA would be effective immediately from 1st June and show in the payment on 1st July. That same email said for 90DAA the reduced rate would be from 1st September which gives 90 days notice of the change. It also said "However, we do not expect the target rate on the 90DAA to be fully achieved during that period", to me that implies that the payments for the periods covered by the 90 days notice of change of target interest rate would still have a target rate of 5.75%. It is only the email from 5th August that seems to change that.
What is so unnecessary is the lack of prior notice once again. An email days after the event regarding not being able to meet target rates is poor. The nasty surprise, uncertainty, confusion, complaints to AC customer could all be avoided if when the decision is made on rates inform those to be affected out of courtesy at least. I agree entirely - their email said they would maintain the target rate of 5.7% for August's interest payment. Although the payment was technically made a couple of hours into September, the payment is FOR August. I would argue this with AC but to be honest I've lost all faith in them as they seem to make it up as they go along (often even later!), much like this government. So I'll just let them continue to pay me whatever they want, whenever they want as this appears to be their MO and we have no power to make them do anything differently.
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iann
Posts: 105
Likes: 86
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Post by iann on Sept 1, 2020 10:30:38 GMT
What is so unnecessary is the lack of prior notice once again. An email days after the event regarding not being able to meet target rates is poor. The nasty surprise, uncertainty, confusion, complaints to AC customer could all be avoided if when the decision is made on rates inform those to be affected out of courtesy at least. I agree entirely - their email said they would maintain the target rate of 5.7% for August's interest payment. Although the payment was technically made a couple of hours into September, the payment is FOR August. I would argue this with AC but to be honest I've lost all faith in them as they seem to make it up as they go along (often even later!), much like this government. So I'll just let them continue to pay me whatever they want, whenever they want as this appears to be their MO and we have no power to make them do anything differently. Well I have spoken to an agent on chat and now sent a complaint to the enquiries email address, not sure what traction that will get, if any.
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Post by stuartassetzcapital on Sept 1, 2020 10:31:23 GMT
The communications were clear but we can see that some people wish to interpret it differently. The emails, one quoted above, stated the target rates would remain the same in June, July and August for payments made in those months and they have done, although not fully achieved as anticipated. This fourth payment since the announcement is as always paid in September and it isn't delayed. Notice was given more than 90 days prior to this payment and target rate change. The target rate change is to allow greater sums to go into the provision fund and is expected to come back to you that way in any case so you are all the recipients of this cash and we do not receive any of that rate reduction as it is for the benefit of the PF. I hope that helps.
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dead-money
Rocket to the Moon
Posts: 746
Likes: 654
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Post by dead-money on Sept 1, 2020 10:33:29 GMT
Sell £10K Early trading
Wed 12/08/20 Evening 8%, 9%, 10%
Thu 13/08/20 8am until 8pm 6.6% 9.25% 7.6% 6.8% 8.2% 8.3%
Fri 14/08/20 9am 7.3% Noon 6.5% 5pm 6.0% overnight 6.8%
Sat 15/08/20 8am 6.1% 6pm 6.6%
Sun 16/08/20 8am 6.0% 6pm 6.6%
Mon 17/08/20 9am 6.3% Noon 6.8% 5pm 6.6%
Tue 18/08/20 9am 6.5% 5pm 6.0%
Wed 19/08/20 9am 6.3% Noon 6.0% 5pm 6.0%
Buy / Sell £1K
Thu 20/08/20 9am 5.7% / 6.0% 5pm 5.8% / 6.0%
Fri 21/08/20 9am 5.8% / 5.9% 5pm 5.8% / 5.9%
Sat 22/08/20 9am 5.6% / 5.9% 5pm 5.7% / 5.9%
Sun 23/08/20 9am 5.8% / 5.9% 5pm 5.80% / 5.96%
Mon 24/08/20 9am 5.80% / 5.96% 5pm 5.60% / 5.74%
That email
Tue 25/08/20 10am 6% / 11%, 12%, 13%
1pm 10.00% / 10.90% 4pm 7.47% / 9.27% 5pm 7.10% / 7.70% (8.3% for £5K+) 6pm 7.20% / 9.79% 7pm 7.20% / 8.40% 9pm 7.27% / 8.49%
10pm 7.30% / 7.70%
Wed 26/08/20 8am 8.2% / 9.9% (12% for £5K+) 10am 8.1% / 10.6% (11.6% for £5K+) Noon 8.0% / 9.6% 2pm 8.4% / 9.9% 4pm 8.3% / 10.0% (10.30% for £5K+) 6pm 8.2% / 9.9% Thu 27/08/20 8am 8.3% / 9.0%
Fri 28/08/20 3pm 8.2% / 8.9%
Sat 29/08/20 9am 8.0% / 8.3%
Sun 30/08/20 9am 8.1% / 8.5% (8.7% for £5K) 8pm 7.5%
Mon 31/08/20 10am 7.8% / 8.0% (8.3% for £5K, 8.5% for £10K) 10pm 7.6% / 8.3%
Monthly interest due
11am / 7.7%
5pm 7.9% / 8.6%
Wed 02/09/20 9am 9.0% / 9.2%
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Post by bradley02 on Sept 1, 2020 10:41:55 GMT
The communications were clear but we can see that some people wish to interpret it differently. The emails, one quoted above, stated the target rates would remain the same in June, July and August for payments made in those months and they have done, although not fully achieved as anticipated. This fourth payment since the announcement is as always paid in September and it isn't delayed. Notice was given more than 90 days prior to this payment and target rate change. The target rate change is to allow greater sums to go into the provision fund and is expected to come back to you that way in any case so you are all the recipients of this cash and we do not receive any of that rate reduction as it is for the benefit of the PF. I hope that helps. Hi Stuart. The issue is specially the interest paid on the 90DAA. The email dated 5th August stated that the target rate for the 90DAA could not be met for July so was reduced to 5.1% . The new 90DAA interest rate of 4.1% was due to become effective 'from' 1st September however interest paid for 90DAA investments from 1st August has been paid at 4.1%. 90 days notice given originally in the email dated 1st June
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Post by Harland Kearney on Sept 1, 2020 10:45:33 GMT
Thats a shame, I'm just not willing to accept such a grossly high discount of 7.8. Then again, people said that when it was 5.8% before the "annoucement" run. My fear is, the discount is going to be going upwards not downwards. Not because the trend is upwards but because its going to be manipulated by further annoucements from AC or more oppsies sorry "maybe" annoucements. Sorry if I sound arrogant but I can't help but think that previous email has lost many investors alot of £££ for something that really is just a terms of service/update post, not a mass email panic. Anyway, discount still to high for me.  |
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iann
Posts: 105
Likes: 86
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Post by iann on Sept 1, 2020 10:46:00 GMT
The communications were clear but we can see that some people wish to interpret it differently. The emails, one quoted above, stated the target rates would remain the same in June, July and August for payments made in those months and they have done, although not fully achieved as anticipated. This fourth payment since the announcement is as always paid in September and it isn't delayed. Notice was given more than 90 days prior to this payment and target rate change. The target rate change is to allow greater sums to go into the provision fund and is expected to come back to you that way in any case so you are all the recipients of this cash and we do not receive any of that rate reduction as it is for the benefit of the PF. I hope that helps. I agree that the communications around the QAA and 30DAA were clear (From 1st June email: "the new rates for the QAA and the 30DAA will apply from 1st June 2020 and will be reflected in the 1st July payment"). They applied immediately and would show in the payment FOR June made on 1st July.
The communications around the 90DAA were a lot less clear (From 1st June email: "For the 90DAA, historically we had said that we would provide ninety days of notice of any change to the target rate.", "we do not expect the target rate on the 90DAA to be fully achieved during that period so we will, in all likelihood, necessarily be paying 90DAA lenders the actual interest received in accordance with the terms of the account.").
A clear communication for the 90DAA would have specifically mentioned the payment dates e.g. 1st July, 1st August and exactly what periods they were FOR. Whereas talking about ninety days of notice on an email from 1st June implies it covers payments FOR June, July and August.
It is only the email on 5th August that specifically says payments IN June, July and August rather than payments FOR June, July and August, that adds some clarity but also curtails "the ninety days of notice of any change to the target rate".
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Post by bradley02 on Sept 1, 2020 10:48:24 GMT
Hi Stuart. stuartassetzcapital The issue is specially the interest paid on the 90DAA. The email dated 5th August stated that the target rate for the 90DAA could not be met for July so was reduced to 5.1% . The new 90DAA interest rate of 4.1% was due to become effective 'from' 1st September however interest paid for 90DAA investments from 1st August has been paid at 4.1%.
90 days notice given originally in the email dated 1st June
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Sept 1, 2020 11:05:39 GMT
90 days notice given originally in the email dated 1st June 92 days between 1st June and 1st September.
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