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Post by lb on Mar 30, 2016 18:59:13 GMT
chris : Just need to clarify. Is the change to 4.25% starting 1st April or immediate? 1st April for the duration of that month. what is the intention for 01 May - to put it back to 3.75%? or maintain at 4.25%? or something else (like cross that bridge in May)?
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Post by chris on Mar 30, 2016 19:01:34 GMT
1st April for the duration of that month. what is the intention for 01 May - to put it back to 3.75%? or maintain at 4.25%? or something else (like cross that bridge in May)?
We have a plan but it's not public yet. Being instant access if you don't like it you can just withdraw, but we think it'll be attractive as a long term option.
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Post by chris on Mar 30, 2016 19:07:37 GMT
OK. I appreciate the nuances of "legal and compliance speak" but will we be aware, otherwise alerted promptly if circumstances which might compromise the advertised rates seem imminent, then be able to see somewhere on our accounts by how much our individual rates might (are) fall(ing) short? Yes. The biggest risk was in month 1, and it subsides as the account grows so now it's a relatively small risk that enough loans fail to make payments in time to cover the interest payment. Plus we've built up a small but non-zero safety buffer over the last couple of months. We can also manage the risk by reducing the global cap which will shrink the account with natural attrition, particularly the swept funds.
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Post by lb on Mar 30, 2016 19:10:19 GMT
what is the intention for 01 May - to put it back to 3.75%? or maintain at 4.25%? or something else (like cross that bridge in May)?
We have a plan but it's not public yet. Being instant access if you don't like it you can just withdraw, but we think it'll be attractive as a long term option. an instant access long term option - hmmm - sounds like a contradiction in terms but I look forward to hearing about it in due course then 
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Post by chris on Mar 30, 2016 19:18:13 GMT
We have a plan but it's not public yet. Being instant access if you don't like it you can just withdraw, but we think it'll be attractive as a long term option. an instant access long term option - hmmm - sounds like a contradiction in terms but I look forward to hearing about it in due course then
Perhaps I wasn't clear enough - long term plan.
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oldgrumpy
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Post by oldgrumpy on Mar 30, 2016 19:45:28 GMT
OK Chris, you can come clean: you have a cunning plan!  |
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sl75
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Post by sl75 on Mar 31, 2016 7:30:41 GMT
How about the launch of yet another investment account (YAIA), designed to capture the dregs that MLIA investors aren't interested in, but which don't qualify for the GEIA or the GBBA.
[snip additional paragraphs of further attempted satire about the YAIA and OTIA ("one true investment account"), which on reflection wasn't worth reading!]
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SteveT
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Post by SteveT on Mar 31, 2016 7:47:24 GMT
More seriously, there has to be a scope for a "Cautious Investment Account" or similar that offers a provision-fund protected rate somewhere between the QAA and GBBA / GEIA, backed by the "lower risk therefore lower rate" loans that AC has been launching recently.
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2016 9:25:25 GMT
You mean a CIA? It would certainly be one to investigate for risk averse investors  . |
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jonah
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Post by jonah on Apr 1, 2016 8:51:10 GMT
The limit is now 100k...
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caesium
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Post by caesium on Apr 1, 2016 10:57:02 GMT
Incredible that AC can persistently send me irrelevant emails about votes I have no interest in, what with me only holding cash in QAA and nothing else - yet not send me one about an interest rate change in the one account I use. Great work..
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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 Apr 1, 2016 11:25:18 GMT
Incredible that AC can persistently send me irrelevant emails about votes I have no interest in, what with me only holding cash in QAA and nothing else - yet not send me one about an interest rate change in the one account I use. Great work.. I suspect that as the QAA email was a mass mailer sent to all on the mailing list rather than account specific that the fault doesnt lie with AC. I get it on another email account I started registering with for research purposes but never completed despite having no AC account linked to that email (obviously got far enough for my email to added to mailing list).
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jayjay
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Post by jayjay on Apr 1, 2016 12:36:30 GMT
My statement of QAA interest for 2016-03 (sic) says it WAS paid at 4.25%. I assume this is an error ie the new rate starts today?
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Post by chris on Apr 1, 2016 12:53:56 GMT
My statement of QAA interest for 2016-03 (sic) says it WAS paid at 4.25%. I assume this is an error ie the new rate starts today? Sorry, that'll be an error on the statement. I'll see if I can get that fixed.
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Post by chris on Apr 1, 2016 13:54:00 GMT
I'd imagine that AC feel the need to respond somehow to ZOPA's 3.5% "Zopa Access" account. I think perhaps AC's QAA needs more than 0.25% extra to get people to move to or stay with AC - given ZOPA's fame/size/popularity/etc. QAA's still brilliant for MLIA investors. QAA serves a different purpose to Zopa or RS's access accounts, with a structural focus on liquidity and cash reserves allocated to providing it. Both the other accounts require a purchaser for you to be able to exit and, at least as I understand them, both can involve a cost for doing so. The increase in rate is tied to other promotional activity aimed at attracting new lenders over the next couple of months, and we have other changes coming through over the next month or two that will also build upon the QAA's strong foundation.
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