mrsb
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Post by mrsb on Sept 15, 2020 10:16:12 GMT
Any idea why my accrued interest now shows £0.00
Hover-over (?) says "accrued on MLA and Closed accounts" .... no idea if it used to also say AA's (where my money is).
Any ideas?
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picnicman
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Post by picnicman on Sept 15, 2020 10:22:18 GMT
Any idea why my accrued interest now shows £0.00 Hover-over (?) says "accrued on MLA and Closed accounts" .... no idea if it used to also say AA's (where my money is). Any ideas? - it used to include AA holdings, but they have arbitrarily changed it now to exclude AA accrued interest. Another well communicated change! Cheers P
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lara
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Post by lara on Sept 15, 2020 10:29:49 GMT
Any idea why my accrued interest now shows £0.00 Hover-over (?) says "accrued on MLA and Closed accounts" .... no idea if it used to also say AA's (where my money is). Any ideas? I noticed too and chatted with them about this. Apparently they have disabled it for the access accounts as it wasn't meaningful.
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upperdeane
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Post by upperdeane on Sept 15, 2020 10:39:44 GMT
Any idea why my accrued interest now shows £0.00 Hover-over (?) says "accrued on MLA and Closed accounts" .... no idea if it used to also say AA's (where my money is). Any ideas? I noticed too and chatted with them about this. Apparently they have disabled it for the access accounts as it wasn't meaningful. It was meaningful to me - it told me how much interest i had earn't (not paid yet) so far during the month and then once per month on the 1st i got the interest. So it was informative to me and a shame it has been removed.
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lara
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Post by lara on Sept 15, 2020 11:01:04 GMT
I noticed too and chatted with them about this. Apparently they have disabled it for the access accounts as it wasn't meaningful. It was meaningful to me - it told me how much interest i had earn't (not paid yet) so far during the month and then once per month on the 1st i got the interest. So it was informative to me and a shame it has been removed. I agree. I told them that too although they argued with me and said it wasn't. I was also annoyed that they didn't forewarn us, it wouldn't have been difficult for them to do that but they just didn't bother.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 15, 2020 11:10:07 GMT
mine says as of 1207 pm today (Hovering over ££££££££ )"unrounded value" (hovering over the ?) "total accrued interest for MLA and closed accounts "
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jlend
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Post by jlend on Sept 15, 2020 11:11:05 GMT
Perhaps they don't decide the actual interest they can afford to pay lenders until the end of the month so the accruing interest figure may be inaccurate.
There may come a time when it is not possible to pay the target rate of interest, but can only afford a lower rate of interest for one or more months.
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upperdeane
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Post by upperdeane on Sept 15, 2020 11:25:08 GMT
Perhaps they don't decide the actual interest they can afford to pay lenders until the end of the month so the accruing interest figure may be inaccurate. There may come a time when it is not possible to pay the target rate of interest, but can only afford a lower rate of interest for one or more months. Yes, I guess that is probably the rationale.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 15, 2020 11:42:29 GMT
Accrued interest is our interest that has yet to be paid to us, for various reasons, surely this amount should be accurate, and if an amount owing is changed this should be notified on the loan itself and the accrued amount is then correct from that point on.??
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lara
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Post by lara on Sept 15, 2020 12:12:05 GMT
Perhaps chris wouldn't mind popping in and setting the record straight? |
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ceejay
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Post by ceejay on Sept 15, 2020 12:44:01 GMT
Accrued interest is our interest that has yet to be paid to us, for various reasons, surely this amount should be accurate, and if an amount owing is changed this should be notified on the loan itself and the accrued amount is then correct from that point on.?? On an individual loan, yes, but this discussion is about interest on the AAs - and the interest payable, at the moment, isn't known until the end of the month when they can see how much interest has actually been paid by the constituent loans.
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mrsb
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Post by mrsb on Sept 15, 2020 13:25:05 GMT
Thanks for the answers.
I thought I kept a pretty good eye on things, but had no idea about this change. Perhaps I was told, but decided to deliberately misinterpret what was said?
Not a big thing on it's own; a slight change to the odour of the general stench.
One wonders what the next piece of information will be considered useless for us to know.
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Post by chris on Sept 16, 2020 8:58:27 GMT
Perhaps they don't decide the actual interest they can afford to pay lenders until the end of the month so the accruing interest figure may be inaccurate. There may come a time when it is not possible to pay the target rate of interest, but can only afford a lower rate of interest for one or more months. Yes, I guess that is probably the rationale. This is the reason, as I understand it.
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corto
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one-syllabistic
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Post by corto on Sept 16, 2020 10:16:00 GMT
If you want an estimate of accrued interest over a certain number of days, calculate:
3 * funds in k£ * nominal rate * day of month
(or "days" instead of "day of month" if you are looking at an arbitrary span of days)
For example
1k at 4.1% should pay 41£ over the year
Now, according to the equation over 1 year = 365 days you would get about
3 * 1 * 4.1% * 365 = 44.9£ which is already pretty close
If you want it a bit better, subtract 10% from the result :
44.9 - .1*44.9 ~ 44.9 - 4.5 ~ 40.5 ~ 41£ perfect!
( ~ means "is about the same as" up to minor differences)
So, for example, for the 15th of the month, accrued interest on 1k would be
3 * 1 * 4.1% * 15 = 1.9£
or if you subtract 10% : 1.9 - .19 ~ 1.7
Check: 1k * 4.1% * 15 / 365 = 1.68 £
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