brainhack:


I have had Stanbic’s MMF for over 5years and I haven’t seen any deduction in my account (well apart from withdrawals i made myself).

It is logical that they offer MM instruments to us at a rate lesser than they get them. I stand to be corrected, I don’t think account management fee is charged to any account afterwards because the rates publicized are already net of management fees.

I thought so too but I noticed that on the app, l
I deposited 200k for starters, the total is about 240k now but it says interest accrued is 30k .. so what's up with the difference?

enque:
Hello house...

Happy celebrations...

Who uses fbnquest? Any need to go to their physical office to open an mmf acct?

No need to go to their office
Fill the form, scan it along with your evidence of payment

4601CE:
I thought Stanbic mmf people here claimed the top up will reflect within 48 hours
HOw can I top up since 17th of August and up till this moment it’s not reflecting
Or it’s because of weekend?

Any update?
Was it reflected on Monday?

mizGene:


I thought so too but I noticed that on the app, l
I deposited 200k for starters, the total is about 240k now but it says interest accrued is 30k .. so what's up with the difference?

You are referring to the interest showing (in smaller fonts) below the available balance - using the mobile app.

My main concern is usually my total available balance, I really don’t pay much attention to the interest being displayed below. I believe the interest it shows is for a period though (mostly likely for the current quarter, not sure). Why I believe so is because after a period mine zerorises (ie the 30k showing now as interest would turn to 0) then starts increasing again depending on how much you earn per day. From my observation the zerorisation usually happens when we enter a new quarter.

Like i said I don’t pay much attention to it, I just check my total available balance once a day sometimes just to be sure the interest accrued for the previous day was added

Can someone answer this please
Thanks

naijaobi:
Hi everyone,
Is the recent increase for top up by stanbic mmf also applicable to those that opened account via mobile app?

mizGene:


I thought so too but I noticed that on the app, l
I deposited 200k for starters, the total is about 240k now but it says interest accrued is 30k .. so what's up with the difference?

Did you re-invest your interest? If yes. Stanbic IBTC compounds interest on almost daily basis. They don’t wait till end of the quarter to re-invest. Based on this you accrue more interest than expected.

Yem0350:

Any update?
Was it reflected on Monday?

Yes it did later in the evening. Thanks

kayrukky:

Did you re-invest your interest? If yes. Stanbic IBTC compounds interest on almost daily basis. They don’t wait till end of the quarter to re-invest. Based on this you accrue more interest than expected.

Thanks a lot. I requested for reinvestment, I think this cd be the reason.

ronnyboo:


Yes it's cos of the weekend. It will most likely reflect at the close of today's market

Thanks

brainhack:


You are referring to the interest showing (in smaller fonts) below the available balance - using the mobile app.

My main concern is usually my total available balance, I really don’t pay much attention to the interest being displayed below. I believe the interest it shows is for a period though (mostly likely for the current quarter, not sure). Why I believe so is because after a period mine zerorises (ie the 30k showing now as interest would turn to 0) then starts increasing again depending on how much you earn per day. From my observation the zerorisation usually happens when we enter a new quarter.

Like i said I don’t pay much attention to it, I just check my total available balance once a day sometimes just to be sure the interest accrued for the previous day was added

Lool. Yes thank you, Its probably the compounding that zerorises the interest. I just want to make sure that if/when I want to withdraw, it will be the whole total available that I will get. ..

There is a lot more to mutual funds than MMF, I'm open to exploring....

have been thinking of dollar based investments... last I checked a couple of months back, stanbic's was offering about 5%....since mmf was 12 % I felt it was better to change to naira and invest...but looking at the political landscape, all the craziness going on this pre election period, I think it makes sense to save in dollars right now.

Who is investing in any dollar based mutual fund?

Is investment 1 or Axa Mansard affiliated to GTB?

When investment houses are affilitated to banks (like fbn quest and fbn) do they charge for dollar transfer when one is withdrawing from a dollar fund?
Just trying to avoid transfer charges depleting accrued interest.

eezeribe:
Hello prospective investors, if you are interested in opening a Stanbic IBTC Money market fund, if you need guidance on how to fill the form, I have a PDF copy of an already filled form from STANBIC bank herself, the form serves as a guiding template.
It is free of charge. Happy Sunday.

Please I am interested in the Mutual fund. Send to ekenechukwu1990@gmail.com

mizGene:
There is a lot more to mutual funds than MMF, I'm open to exploring....

have been thinking of dollar based investments... last I checked a couple of months back, stanbic's was offering about 5%....since mmf was 12 % I felt it was better to change to naira and invest...but looking at the political landscape, all the craziness going on this pre election period, I think it makes sense to save in dollars right now.

Who is investing in any dollar based mutual fund?

Is investment 1 or Axa Mansard affiliated to GTB?

When investment houses are affilitated to banks (like fbn quest and fbn) do they charge for dollar transfer when one is withdrawing from a dollar fund?
Just trying to avoid transfer charges depleting accrued interest.

Which MMF offers in dollars? And how much is the minimum to start?

brainhack:


You are referring to the interest showing (in smaller fonts) below the available balance - using the mobile app.

My main concern is usually my total available balance, I really don’t pay much attention to the interest being displayed below. I believe the interest it shows is for a period though (mostly likely for the current quarter, not sure). Why I believe so is because after a period mine zerorises (ie the 30k showing now as interest would turn to 0) then starts increasing again depending on how much you earn per day. From my observation the zerorisation usually happens when we enter a new quarter.

Like i said I don’t pay much attention to it, I just check my total available balance once a day sometimes just to be sure the interest accrued for the previous day was added

Nice one. I also check my balance almost on a daily basis. But I noticed there was no interest added yesterday Tuesday 21st August. Is this a common occurrence? Abi market no sell or what? Who else observed this?

kayrukky:

Did you re-invest your interest? If yes. Stanbic IBTC compounds interest on almost daily basis. They don’t wait till end of the quarter to re-invest. Based on this you accrue more interest than expected.

That’s not true .

4601CE:

That’s not true .

Then tell me what is the true story. I have been with Stanbic IBTC MMF for 2 years now. I run it concurrently with three other Asset mgt coys. With the same amount. I can draw my conclusion. Eventhough Stanbic have the lowest interest rate out of the four. But I still get more interest from Stanbic at the of the day because the interest rates are compounded almost on daily basis.

ronnyboo:


Nice one. I also check my balance almost on a daily basis. But I noticed there was no interest added yesterday Tuesday 21st August. Is this a common occurrence? Abi market no sell or what? Who else observed this?

Yesterday and today r public holidays,the interest for the two days would be added in the morning hours of Thursday. So relax,ur fund is growing.

kayrukky:

Then tell me what is the true story. I have been with Stanbic IBTC MMF for 2 years now. I run it concurrently with three other Asset mgt coys. With the same amount. I can draw my conclusion. Eventhough Stanbic have the lowest interest rate out of the four. But I still get more interest from Stanbic at the of the day because the interest rates are compounded almost on daily basis.

Yes it does compound frequently but not daily or almost daily sir.

umulobi:

Yesterday and today r public holidays,the interest for the two days would be added in the morning hours of Thursday. So relax,ur fund is growing.

Lool.. Thanks. I totally forgot, my blood too hot �

ronnyboo:


Nice one. I also check my balance almost on a daily basis. But I noticed there was no interest added yesterday Tuesday 21st August. Is this a common occurrence? Abi market no sell or what? Who else observed this?

Bro, account checking is a necessary daily ritual. There was a day over **** disappeared from my account, i just waved it off that it would come back. After some days the thing no still show. I had to call before it was rectified, apparently nobody was aware of the error. Since then I even added dated screenshot of my account which i send to my personal mail addy to the mix. My country people talk say if mad-man don beat person mama mercilessly before, if she see mechanic she go pick race.

From my observation, valuation is done only on working days. The interest for Tuesday and Wednesday (Public holidays) would be added tomorrow. Same thing applies to weekends (interest accrued for Saturday & Sunday) are added the following working day (Monday).

brainhack:


Bro, account checking is a necessary daily ritual. There was a day over 500k disappeared from my account, i just waved it off that it would come back. After some days the thing no still show. I had to call before it was rectified, apparently nobody was aware of the error. Since then I even added dated screenshot of my account which i send to my personal mail addy to the mix. My country people talk say if mad-man don beat person mama mercilessly before, if she see mechanic she go pick race.

From my observation, valuation is done only on working days. The interest for Tuesday and Wednesday (Public holidays) would be added tomorrow. Same thing applies to weekends (interest accrued for Saturday & Sunday) are added the following working day (Monday).

Haha.. This is serious. But that 500k error is too expensive man. Thanks for sharing. My friend thinks I'm too paranoid for checking everyday

AbbyE:


We have answered this question a lot of times , rates are net of charges.

Abeg for a newbie like me, when you say 'net of charges' does that mean only the interest is charged?

alezzy13:


Abeg for a newbie like me, when you say 'net of charges' does that mean only the interest is charged?

It means free of charges.

I'm torn between investment one and stanbic. Investment one because I've been with their parent company, GTB, for over a decade now and have been very impressed with their services, and stanbic because it seems to be a the most popular.....

4601CE:
It means free of charges.

Really? As in, no charge at all on principal or interest? Thats terrific!

E be like say I go port very soon from TBs

alezzy13:


Really? As in, no charge at all on principal or interest? Thats terrific!

E be like say I go port very soon from TBs

I don’t know if it’s free of charges true true o. I have no idea.
I was only telling you what that means.
Btw, if there’s gonna be any charges. It should not be from your principal.

4601CE:

Yes it does compound frequently but not daily or almost daily sir.

Mine is almost daily sha....

alezzy13:


Abeg for a newbie like me, when you say 'net of charges' does that mean only the interest is charged?

What that means is the rate that shows on the site is not the actual rate but the rate after the 1.25% management fee has been charged

alezzy13:
I'm torn between investment one and stanbic. Investment one because I've been with their parent company, GTB, for over a decade now and have been very impressed with their services, and stanbic because it seems to be a the most popular.....

Please what is InvestmentOne MMF Effective Yield.

Plz Which MMF offers in dollars? And how much is the minimum to start?

Pls house, I want to top up on my mmf stanbic but I discovered that I can only top up with atm card which I do not have and I cant access their offices in person due to my location. How else will I do the top up. Help a friend pls