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 13, 2017 6:58:08 GMT
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greatmarko
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Post by greatmarko on Apr 13, 2017 7:15:04 GMT
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Post by chris on Apr 13, 2017 7:24:47 GMT
No, it'll be open to all.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Apr 13, 2017 7:24:50 GMT
Have to wait and see as this is 'a back to the future' story as it was announced on Thursday afternoon! So for all of those without a time machine all will be revealed later. 
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agent69
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Post by agent69 on Apr 13, 2017 9:00:01 GMT
Rate on 30day access account increased to 4.75% Should we be concerned about this? I assume that the only reason to increase the rate is because the 30 day account is running short of cash. Possibly a consequence of AC taking larger and larger stakes in new loans and then not being able to shift them on the SM? Or is it just a magnanimous gesture to reward loyal lenders.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Apr 13, 2017 9:01:53 GMT
Now Thursday afternoon near Manchester so the official announcement email received chris - link in email gives a 404 page not found error - is that because they're still writing as the announcement got brought forward due to an over zealous journalist with a time machine?  |
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Post by chris on Apr 13, 2017 9:03:22 GMT
Now Thursday afternoon near Manchester so the official announcement email received chris - link in email gives a 404 page not found error - is that because they're still writing as the announcement got brought forward due to an over zealous journalist with a time machine? There have been a couple of... overzealous communications regarding the account. It was supposed to be embargoed until 12 but has now been set live.
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Post by chris on Apr 13, 2017 9:08:37 GMT
Rate on 30day access account increased to 4.75% Should we be concerned about this? I assume that the only reason to increase the rate is because the 30 day account is running short of cash. Possibly a consequence of AC taking larger and larger stakes in new loans and then not being able to shift them on the SM? Or is it just a magnanimous gesture to reward loyal lenders. Or we're a growing business and need to grow the lender base and lent funds alongside our growth in borrower origination... Last week was a record week for attracting funds to the platform but we want to accelerate that further to keep up with our planned level of growth. Expect lots of activity on this front this year.
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bg
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Post by bg on Apr 13, 2017 9:09:13 GMT
Now Thursday afternoon near Manchester so the official announcement email received chris - link in email gives a 404 page not found error - is that because they're still writing as the announcement got brought forward due to an over zealous journalist with a time machine? There have been a couple of... overzealous communications regarding the account. It was supposed to be embargoed until 12 but has now been set live. You should change the terms then. I would be extremely annoyed to add more funds to this account to find some time down the line that I didn't get the bonus as I invested before 12pm (despite just following the email).
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Post by chris on Apr 13, 2017 9:09:52 GMT
There have been a couple of... overzealous communications regarding the account. It was supposed to be embargoed until 12 but has now been set live. You should change the terms then. I would be extremely annoyed to add more funds to this account to find some time down the line that I didn't get the bonus as I invested before 12pm (despite just following the email). That's being worked on. You'll be paid from when the account went live.
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SteveT
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Post by SteveT on Apr 13, 2017 9:11:37 GMT
The T&Cs confirm existing lenders are included but the higher rate applies to new deposits only: " The special promotional rate of 4.75% p.a. target gross return* for investing in the 30DAA is available to all investors, both existing and new, and will be applicable to all deposits made into the account between 12.00pm 13th April 2017 and 11:59am 11th May 2017." No idea what rate will be displayed if someone has existing 30DAA funds and then adds new deposits.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Apr 13, 2017 9:11:55 GMT
No, it'll be open to all. All who deposit new funds, it doesnt apply to existing funds. I assume that deposit includes moving funds from cash/QAA to the account not just direct deposit from bank to 30Day (not 100% clear in terms - use of word 'directly' in number 7 is confusing) Edit: also no indication if its a net increase, if you add new funds but pull existing balance, do you get the higher rate or does that count as cheating 
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Post by chris on Apr 13, 2017 9:15:51 GMT
To clarify all those questions - there's a new account on your dashboard (top if you don't have a custom order, should be next to the 30DAA if you have customised the ordering) that pays the uplifted rate. You'll be able to invest into that account until the cut off point on 11th May after which it will revert to being display only until such time as the uplifted rate no longer applies. Then funds will be moved automatically into the 30DAA along with any outstanding withdraw requests so that you can provide the 30d notice at any point and it will just work.
Yes this is a promotion to attract new investment funds onto the platform. Yes it applies to everyone. No it's not an uplift on existing 30DAA investments. Yes we're likely to run other promotions throughout the year of different types some of which may include a more generalised uplift in rates.
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Post by d_saver on Apr 13, 2017 9:21:02 GMT
Just for anyone thinking of doing same, I moved from cash from QAA to 30 day just now, and despite the 30 day showing the 4.75 rate, after the investment, I now have a 30 day 4.25 (with my cash in it) and a new 30 day 4.75 with a zero balance.
Perhaps this only applies to brand new funds?
[edit] post crossed with above. Pointed out above only applies to new funds, which is certainly not clear from the email, else I would not have tried this. I will however send some new!
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Post by chris on Apr 13, 2017 9:22:03 GMT
Just for anyone thinking of doing same, I moved from cash from QAA to 30 day just now, and despite the 30 day showing the 4.75 rate, after the investment, I now have a 30 day 4.25 (with my cash in it) and a new 30 day 4.75 with a zero balance. Perhaps this only applies to brand new funds? It will apply to any funds moved into the specific 4.75% 30 day account. If you've moved the funds in error to the existing 30DAA then perhaps speak to customer services as they may be able to organise the funds being moved across for you if they think it's reasonable to do so. I suspect that there will be a narrow window between the email having been sent and the account going live within which they will accept that as being the case.
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