₦airaland Forum

Olonseh:
I get mine on daily basis except weekends which is usually credited on Monday mornings. I'm not sure if I've ever received any quarterly earnings from stanbic and I've been with them for a while now. My earnings are always credited on daily basis for as long as i can remember now, I don't know if it has to do with some options i chose while opening the account.

Do you get both daily and quarterly interests? Which of the asset managers?

I'm with ARM, Axamansard and United Capital. Non of them have posted anything for at least 4 days now. I selected re-invest option.

It's about a week now since I received any interest posted on my account. Why does this quarterly stuff need to take forever? Are they doing it manually?
Any other person experiencing this or is it just my assets managers?

senit:
pls can someone pls help with 400k calculation , I want to have the idea of what the daily interest rate will look like before I invest

The average rate for mmf across access managers is 12%. Find the interest of that.

Floyd45:
Good afternoon. Please does AXA Mansard process liquidation over the weekend? I made a request yesterday evening around 6pm. Thank you

I don't think they do. Otherwise you would have received your redeemed fund by now.

Olonseh:
Hello sir, do you mind sharing a template of the spreadsheet you use? Thank you.

The spreadsheet I was referring to was a simple one I created to handle my multiple investment. No big deal.

awesomeJ:
Those figures in your snapshots (1770.78 and 1292.17) are not your daily interests o. On those stated dates (2nd April and 4th April) the fund bought some instruments, and those figures you saw as additional subscriptions are your portions of the interest the fund got from those investments.

so on the 3rd when it seemed like there wasn't any addition, it means they probably didn't buy any new assets.

The actual way to get your interest for the day would be to simply subtract your old balance from your current balance

5,560,292.56-5,558,503.76= 1,788.8.

And that's still 11.7%. But Stanbic had never stated any rate less than 13% for more than a month now.

needful:
Redemption.

Oh! It's straight 11.63% then. Terrible people you should ask them about it.

.

[quote author=needful post=77269198][/quote]I think you were paid 13.3%. It looks like you just made a new investment of 700,000 interest of which will reflect from the next day.

casperuk:
I meant to say that the decimals and rounding up of figures could cause such a large margin when I tried to reconcile his figures. He said he has 5,550,000 there is no way that is true as I know he must have rounded it up. Hence I am saying that 1770 (also a rounded up figure) is close to 1900 (my rounded up estimation)
comprehende?

1,770 Naira (11.6%) is not close to 1900 Naira (12.5%) nor is that close to 1,978 Naira (13%) he should have actually earned. Where is all these approximation coming from?

casperuk:
I think the calculation is quite right. The calculation is close.

It is compounded @ x percent daily.
so that is 5,550,000 x 13.01(today's rate) / 100

then ---> ans/365(days) to get the daily rate.

from your figures, I calculated your pay to be about 1,900 naira approx that particular day, from a total account balance of 5,550m. but even at that I know your figure might be rounded up, hence difference.

So follow my method above and recalculate.

NB. you will have to add 1900 to the 5.550m to calculate it next day as we are compounding daily

I use stanbic MMF too.

What are you talking about? The guy was paid 1770 and you said it's close to 1900 therefore "the calculation is quite right". I don't understand how 1770 is close to 1900.

Okay. I doubt you understand that basic arithmetic of simple and compound interest. You just stated that the gentleman should have earned 1900 instead of the 1770 he received, "compounding" that amount means he'll earn slightly higher than the interest he received the previous day even if interest rate remains constant. How does all these incoherent rambling justify paying 1770 when he should have earned 1978 at the rate stated on their website?

needful:
Am tired of all of them. Axa did not add my interest yesterday. I just sent them a mail

They've not added my interest today (interest for yesterday 3rd April). I'm still looking at them with corner eye.

My i-invest "treasury bill" for 4th April matured today and I've received the full fund with interest in my bank account (less 52.50 - interbank transfer charges I suppose). So stressed free. I'm not sure I'll do any further investment with them though because they offer term deposit and not treasury bills per say since there's no upfront.

needful:
Stanbic is the worst. I have 5.550m with them and all I got was 1770. They are not even anywhere close to what they posted. Well I do not blame them, let treasury bill rate rise and I will quietly move my fund, rubbish.

11.74 and they've never stated anything less than 13% on their website. Why can't they just state 11.74%?
Bulk of my money is with ARM, they scoop off about 1% everyday paying 12.8% but state 13.7% on their website. Still better than Stanbic.

needful:
From my calculation, AXA posted rate is 12.76 but I got N2083 for a 6million investment. From my calculation, they are not paying what was posted on their site.

You got 12.67% against 12.76% that's surprising. I got 12.7586% on 2nd April (1305.77 on 1st April minus 1235.86 on 2nd April for 200,000 Naira investment). Which is exactly what they stated in their website. I have a spreadsheet I keep amount paid, their interest rate and my rate I get. It's been accurate so far.
Note that the payment on your account is actually for the previous day. No mmf pay you for that day. The payment you'll get today 4th April is for 3rd April.

yemkaf:
What of united capital do they also pay the actual promised rate, because am just planing to open account with them

@mrhighsea @Kendsage @GonFreecss1 are with united capitals, they can answer that question.

maklelemakukula:
Ahiboilandgas is a tribalist with low self esteem...take him serious at your own peril

What then would you call @ositadima1 and @barrytone?

Olonseh:
Hi everyone, I just checked stanbic's rate for yesterday 2/4/2019 and it stated 13.04% but I was paid 12.14%. Is their an explanation for this? Who else has observed this disparity between rates stated and rates paid? I don't even know if this has been the practice or just a glitch as I've never bothered to check.

PS : My top was eventually credited yesterday but was not backdated to Friday even after confirmation from one of their reps that fund was received that same friday. I'm beginning to have second thoughts about stanbic, maybe it's time to try out other investment houses.

Stanbic and a lot of them do that abracadabra - the more you see, the less we pay. I can confirm that AXA Mansard pays rate stated on their website. @kendsage also confirmed that FBN do so too.

kendsage:
FBNQUest pays exactly the rate displayed on their website on a daily basis. NO MAGOMAGO

Thanks for your response. Can you confirm their present rate? Do they have an app?

Butterscotch92:
Hello all,
After following this thread for a while, I downloaded the Stanbic app and opened a mutual fund account with 5k. I've been sent my log in details which I used to login. I've noticed that my daily interest is #1.66 which is rather disappointing. Please can someone help me do the math? Thank you.

1.66×100×365÷5,000 =12.11%
Not bad.

kendsage:
I clear observation of MMF rates of Stabic, Investment one, ARM and Axa shows that FBN had higher rates this quarter (from January to March 2019) averaging above 14%. I have not really monitored United capital but will do so this 2nd quarter.

I'm disappointed with ARM, they pay 1% lower than the rate on their website.

Barrytone:
Innoson Vehicles
@innosonvehicles
·
11h
Replying to
@innosonvehicles
GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”.

Innoson Vehicles
@innosonvehicles
·
11h
GTB by this claim is nothing short of being economical with the truth.

The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum,

Innoson Vehicles
@innosonvehicles
·
11h
on the judgment sum until the final liquidation of the judgment.

GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person.

Innoson Vehicles
@innosonvehicles
·
11h
For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it; and if the order is made absolute,

Innoson Vehicles
@innosonvehicles
·
11h
the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor.

Innoson Vehicles
@innosonvehicles
·
11h
In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business. It follows that by the time the order was made absolute it was no more the judgment debtor’s money

Innoson Vehicles
@innosonvehicles
·
11h
but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue.

Innoson Vehicles
@innosonvehicles
·
11h
Therefore, there is no merit or force in the GTB’s press statement.

Innoson Vehicles
@innosonvehicles
·
11h
Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly

Innoson Vehicles
@innosonvehicles
·
11h
Cornel Osigwe
Head of Corporate Communications
Innoson Group

And the link to this? Also include the decision of the supreme court judgment. All references in your above post is all about an Appeal Court judgement.

Barrytone:
Give us the full story. Supreme Court remains final arbiter and all the intimidation from GTB and security agencies came to naught. He was truly the victim. Igbos were right when they threatened to withdraw their monies from the bank. How can I bank with such a fraudulent institution. Oga, give us the full story before I continue.

Why don't you give us your own story too. Let's have at least a link to your rumour

jidobaba:
Guys are our TBills safe with GTBank? With the Innoson judgement and all the panic that is building.

I don't have my certificates since I have never physically made requests at the branches.

jidobaba:
Great thanks.
But gtbank dropped the ball on this one. What were they thinking? Corporate foolishness.

You're just all over the place spreading fake news and unnecessary panic. Have you read this?
https://www.proshareng.com/news/Frauds---Scandals/GTB-Reacts-To-Purported-Judgement-Awardi/44646

GonFreecss1:
So I saw everyone arguing about the Money market funds the best firm with the best rates, people mention Stanbic, some Arm, some Axa mansard... you are all wrong!

The firm with the best money market rate out there consistently is FBN Quest!

And they have one of the cheapest, if not the cheapest management fees.

The current firm with the best money market rate now is United Capital, followed by FBN quest I think.

I had to modify this, the investment house with the best and consistent money market rate is actually Stanbic IBTC, theirs have been consistently high, but the reason I think FBN quest is better are the fees, Stanbic charges more and this will affect your overall return.

Do you still maintain this position?

eddyakinrinde:
I opened 3 mmf accounts recently; United capital, Axa mansard and Investment one. To me United capital is the best so far of the three, followed closely by Axa mansard. Im still thinking seriously about Investment one. I so much love United capital though, their customer service, ease of funding account and daily interest. I also plan to open with FBN and Stanbic soon

What is your average daily yield on these accounts for the month of March?

ajeleomo:
Are you sure about this? i have ARm and Axa also but i have monitored this week and observed that i get about 22% on ARM while i get 11.8% averagely on Axa. IONE gave 12% averagely

Are you still with ARM? Do they pay at rate quoted on their website or are they also one of those abracadabra?

brane:
Thanks.

I was expecting the minimum and maximum rates you noticed in recent times say a month ago.

Maximum rate was 15.29 (13th March), lowest was 12.29 (15th March), current rate 12.72 (27th March), average rate is 12.6%.

brane:
Thanks.

I was expecting the minimum and maximum rates you noticed in recent times say a month ago.

Maximum rate was 15.29 (13th March), lowest was 12.29 (15th March), current rate 12.73, average rate is 12.6%.

Stanbic back to 13%. What rate where you paid?

brane:
What's AXA interest range from your observation?

AXA is currently 12.7 on their website which is exactly what they paid to my account.

GEJ was never really a political force to reckon with from the onset. He rode on people's back for much of his success. And when the success got to his head he crashed like a pack of card. Now it's no surprise that he can't win his ward for his party.