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Post by bobthebuilder on Apr 13, 2017 12:27:34 GMT
chris Just to be clear, I have given several notice instructions on the standard 30DAA which will expire before 11/5. When this money hits my cash account, will I be able to transfer it to the promotional 30DAA and earn the extra interest, or is that seen as gaming the system? Also, are notice instructions on the new promotional account treated on a FIFO basis? Suppose I deposit, say, £5000 today and another £5000 on the last day of the promotion. Each qualifies for interest at 4.75% for 90 days from the date of deposit. For the sake of simplicity let’s assume that the two deposits are exactly one month apart. If I give notice today on £5000, then if FIFO applies I earn one month’s interest at the higher rate on the first £5000 deposit and, assuming it is left untouched, three months’ interest on the second £5000 deposit – so a total of four months’ interest. If LIFO applies on the other hand, I’d get (virtually) no interest on the second deposit and three months’ interest on the first – a total of three months’ interest.
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GeorgeT
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Post by GeorgeT on Apr 13, 2017 13:06:42 GMT
Very nice.
Will sort this today.
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Post by chris on Apr 13, 2017 13:34:38 GMT
chris Just to be clear, I have given several notice instructions on the standard 30DAA which will expire before 11/5. When this money hits my cash account, will I be able to transfer it to the promotional 30DAA and earn the extra interest, or is that seen as gaming the system? Also, are notice instructions on the new promotional account treated on a FIFO basis? Suppose I deposit, say, £5000 today and another £5000 on the last day of the promotion. Each qualifies for interest at 4.75% for 90 days from the date of deposit. For the sake of simplicity let’s assume that the two deposits are exactly one month apart. If I give notice today on £5000, then if FIFO applies I earn one month’s interest at the higher rate on the first £5000 deposit and, assuming it is left untouched, three months’ interest on the second £5000 deposit – so a total of four months’ interest. If LIFO applies on the other hand, I’d get (virtually) no interest on the second deposit and three months’ interest on the first – a total of three months’ interest. Yes that counts, it's not gaming the system. Everything is FIFO. The account and rate applies for the next 118 days of which you can deposit for the first 28 days. At the end of that period, ie. 90 days after the account closes for new deposits, all funds will revert to the normal 30 day account and rate.
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Post by chris on Apr 13, 2017 13:35:39 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. I'm not in AC, what is the minimum investment amount and do you offer a refer a friend scheme or other promotional bonus or do you have any plans to? There's no minimum investment, and there will be a referral scheme but it hasn't yet been cost approved so there's no planned launch date. Could be weeks, could be months, could be years.
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teddy
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Post by teddy on Apr 13, 2017 22:53:46 GMT
IMHO, a fairly pointless short term rate increase that amounts to an extra £125 interest over 3 months for anyone who's got £100K sitting around doing nowt. If I had that sort of money hanging around, I'd want a better return that 4.75% for 3 months, especially when the GBBA and GEIA are promptly hoovering up deposits at 7%.
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mikes1531
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Post by mikes1531 on Apr 14, 2017 3:40:58 GMT
IMHO, a fairly pointless short term rate increase that amounts to an extra £125 interest over 3 months for anyone who's got £100K sitting around doing nowt. If I had that sort of money hanging around, I'd want a better return that 4.75% for 3 months, especially when the GBBA and GEIA are promptly hoovering up deposits at 7%. We understand that it's possible to get a fair amount invested into the GEIA/GBBA reasonably quickly at the moment. Do we know whether or not it's as easy to get money out at this time?
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dave2
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Post by dave2 on Apr 14, 2017 5:20:32 GMT
The dashboard looks a mess at the moment, too much sunshine at the top.
Why show the 4.25% option when anybody who clicks on it will be cursing themselves when they later realise their mistake?
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SteveT
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Post by SteveT on Apr 14, 2017 6:57:06 GMT
The dashboard looks a mess at the moment, too much sunshine at the top. Click the Customise button and you can move excess "sunshine" to the bottom
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oldgrumpy
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Post by oldgrumpy on Apr 14, 2017 8:29:30 GMT
Well it's got to shine out of somewhere.   |
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sl75
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Post by sl75 on Apr 14, 2017 19:27:25 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. The UI changes didn't work the way that you say they should, - I'd customised the ordering to put the 30DAA near the bottom, as I'd never used it and had no intention to, and the new promotional one appeared at the top. It seems a rather strange design decision to have this presented to end-users as an entirely separate account too - it would seem far more logical to follow the lead of how credit cards deal with promotional balances - merely indicate a separate promotional balance within the same overall account... and it would be much more scaleable if there are potentially several different overlapping promotional, or otherwise differing rates within several other accounts (e.g. consider the scenario where the GEIA or GBBA have a reduced rate for new deposits or re-invested funds, but existing investments retain their current rate until the underlying loans are repaid). Even with the design decision to present them to end users as separate accounts, given that (presumably) the regular 30DAA isn't accepting new deposits right now, with the funds being redirected into the promotional 30DAA, it might also make sense to hide the non-promotional account from those users who don't have a balance (and then hide the promotional acount from those users who didn't partake of the promotion during the balance of up to 90 days that the account will exist for those users who did). If a similar policy applies to any other rate changes, it will at least limit the bloat for those users who haven't invested in every single account/promotion.
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sl75
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Post by sl75 on Apr 14, 2017 19:38:50 GMT
The dashboard looks a mess at the moment, too much sunshine at the top. Why show the 4.25% option when anybody who clicks on it will be cursing themselves when they later realise their mistake? The promotional material for the account states quite clearly that "Offer applies to deposits received between 10:00am 13th April 2017 and 11:59am 11th May 2017" (on the main page), and adding the word "all" in the T&Cs "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 10.00am 13th April 2017 and 11:59am 11th May 2017." If any deposits made during the qualifying period are NOT given the promotional rate, I would think that Assetz Capital's "mistake" (with the onus on them to correct it), not the individual investors' mistakes. As in my previous post, I'm surprised at the design decision to display this to end users as an entirely separate account, rather than merely a separate promotional balance within the same account.
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mikes1531
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Post by mikes1531 on Apr 14, 2017 23:31:23 GMT
Even with the design decision to present them to end users as separate accounts, given that (presumably) the regular 30DAA isn't accepting new deposits right now, with the funds being redirected into the promotional 30DAA... : I don't know why you have presumed that the regular 30DAA isn't accepting deposits at the moment. I can understand that would be a nice thing for AC to do for their investors, but if someone tries to put funds into their old 30DAA between now and 11/May I'd be surprised if AC didn't let them. PS. Did it strike anyone else as odd that the promotional period ends at a minute before noon on 11/May rather than a minute before midnight?
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jonah
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Post by jonah on Apr 15, 2017 7:48:24 GMT
Even with the design decision to present them to end users as separate accounts, given that (presumably) the regular 30DAA isn't accepting new deposits right now, with the funds being redirected into the promotional 30DAA... : I don't know why you have presumed that the regular 30DAA isn't accepting deposits at the moment. I can understand that would be a nice thing for AC to do for their investors, but if someone tries to put funds into their old 30DAA between now and 11/May I'd be surprised if AC didn't let them. PS. Did it strike anyone else as odd that the promotional period ends at a minute before noon on 11/May rather than a minute before midnight? To answer the ps first... the announcement was meant to be at noon, so the closure should match. As for the question about cash into the lower rate account, I would suggest that it shouldn't accept money into it for the open period, just to avoid people putting it into the 'wrong' one. If only to reduce the calls into AC Towers from unhappy customers after they make that mistake or after they get less interest than expected. Manning call desks costs money, so helping the customer not do the wrong thing would seem a good idea. As I've no cash in 30DAA I can't comment on if the above restriction is actually in place, it could be.
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kaya
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Post by kaya on Apr 15, 2017 8:30:38 GMT
A lot of fuss for an extra 0.5%. Seems to work well for ASZ marketing though.
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jonah
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Post by jonah on Apr 15, 2017 9:15:46 GMT
A lot of fuss for an extra 0.5%. Seems to work well for ASZ marketing though. £1.99m invested so far. Assuming 50%* of that is in loans, that would be 20-25% of the SM 'surplus' taken up. *when the QAA launched, it was suggested c50% of it would be in cash. As the timing of 30DAA withdrawals is more controlled, this could be a different number, but as they have to pay slightly more interest than the QAA I suspect that the loan percentage is higher than 50%.
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