₦airaland Forum

Yem0350:
All rates are per annum basis. That doesn't mean, till the end of the year before any fees deduction. Your interest rate, will they wait till the end of the year before you will be credited. No. Hence, any rate you see has been annualised.

Like i said earlier, This is not a debate Sir, I have been very transparent in my write ups and also show proofs of my dealings. My chat with a customer care agent says otherwise... i was not the one who said that and i do not have an account with them either.
If you have not been with AXA for more than a year you can not also argue that you are right on this, RATHER lets have someone who have been with them for more than a year confirm this statement.

An agent who said it is done separately knows it will influence my judgement to open an account with them so why did he do so? to scare me way?

I just want us to work with facts to enable everyone make the right decision

Yem0350:
Who else can confirm that stanbic was 11.24%. From my end, it was 10.69% (I got 29.3 on 100k)

see attached copy for confirmation

Yem0350:
I just spoke with a rep who said that the rate being displayed on our portfolio is net (not gross) I. E management fee and other fees have been deducted already. Also, 11.99% (for yesterday) is the credited interest rate (no further deduction)
To also confirm what she said, that was the exact interest rate I received on my principal, I mean the 11.99 and other previous rates (no deduction)

I am not arguing with you on this, you can see the actual conversation i had with a customer care personnel, The Annual management fee is deducted once in a year not daily. Have you been on AXA for a year? if No, Can we have someone who have been with them for over a year tell us this is not true from personal experience?

Yem0350:
ARM gave you 11.66%
Axa is 11.99%

Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

Yem0350:
12.07 was the rate displayed yesterday for tue
11.99 was the rate displayed this morning for yesterday.
I hope you are cleared now.
All interest credited are net interest, so management fee has been deducted

Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

Yem0350:
ARM gave you 11.66%
Axa is 11.99%

Thanks i do appreciate this, We can all see we dont receive what we were told based on interest rates displayed. Yesterday you did say it was 12.07 and a customer service personal told me its 12.05 but according to you now its actually 11.99%.

Bros do you know if AXA still deduct the 1.25% Annual management fee?

Yem0350:
Axa gives correct interest oooo. It has always being accurate.
I know what principal means . I did it in primary school not to talk about sec school. It is the actual amount I invested. I never even use their so called reinvested interest but only the principal

Bros i opened an account of N20,000 for my little baby on ARM this week and my first interest of N6.39 just came, Abeg help me calaculate the percentage interest they used coz their rep said interest was 12.2 as at yesterday but am not sure again if my formular is correct oooo or do they have their own private calculator they use that we dont know?
And please kindly show calculation for AXA based on yesterday too. i will really appreciate this coz am so ready to port oooo

Olohunjedalo:
Lol
Federal Government of Nigeria issues the treasury Bills. The only way you can lost your money in treasury bills is if Nigeria cease to exist .
And all these asset management houses also invest most of the money market fund in treasury bills and federal government of Nigeria bonds.

I hope you get me .
The money you put in money market fund is invested mainly in Treasury Bills ,Federal Government of Nigeria bonds and a few commercial papers.
This is why the MMF interest rate hovers around treasury bills rates .and since treasury bills started to decrease from 18% last year ,MMF rates had to be decreasing with it too .
P.S: you can’t lost your money in money market fund too though

From the information here we can see AXA, ARM, Investment one MMF all having interest rate of 12% and above so what is the current interest rate for treasury bills that makes it more profitable?

Yem0350:
I was only giving you the formula I used. Use any interest you like.
Note what you have today and tomorrow. Then, do the calculation. You will see that what they displayed on their site is never the true yield

ajeleomo:
How was this calculated? coz going by I = P x R x T/100 where Time =1 year =365days then
Interest per day = P x R /36500
I observed an interest of N30.79 on N100,000 principal
Therefore R = I x 36500/P = 30.79 x 36500/100,000 = 11.23835 approx. 11.24%

I stand to be corrected

I quite agree with you that it is not same interest displayed and it is same too for other MMF, Lets be reminded they all said that all charges are removed before your interest are paid hence no further charges are experienced on our account,
Also lets also be very sure what our Principal is and not use Amount in place of principal hence this will further reduce the interest rate.
Note that Amount = Principal + interest
Also to further determine Principal, reinvestment is done every 3 months and will we notice our interest restarting, so we should be sure of our principal when making calculation

See above my calculation based on yesterday interest

Yem0350:
From my calculation
(today interest x 36500)/ principal

Bros today interest is yet to be paid as we speak but you speculated 10.69% earlier, reason why i asked you to provide a link for it. Lets try to give the real fact here in other not to mislead people. An humble advise, no disrespect

Yem0350:
Using rate as a case study, as at today : Stanbic (10.69), Axa (12.07)
Using redemption rate : I am yet to redeem on stanbic, but axa takes Max of 24hrs.
Based on the two factors above, I think axa is better than stanbic (MY OWN RECOMMENDATION)
the only advantage stanbic has over axa is that the reinvest interest probably on weekly bases but axa don't reinvest until the end of the quarter.

Bros how did you arrive at 10.69% for stanbic? Is there is link to view it? Axa is said to be 12.05 from my chat with customer care

AbbyE:
Redemption Speed :- AxaMansard
Interest Rate:- Both usually have similar rates
Diversity of Funds(Incase you decide to invest in other funds that are not MMF) : Stanbic IBTC
Customer Experience:- AxaMansard
Dividend Reinvestment :- Stanbic reinvests when the underlying asset matures while AxaMansard reinvests quarterly

Reinvestment when the underlying asset matures means?

Can we also put ARM mmf in this comparison

enque:
Morning House,

for guys that use investment one. how can one directly fund mmf account asides the bank transfer option?

Make deposits into your Abacus account by:

Fund Transfer
Bank: Stanbic IBTC
Account Name: UNITED CAPITAL TRUSTEES/ ABACUS MONEY MARKET FUND
Account Number: 0020259768
Fund Transfer
Bank: Guaranty Trust Bank
Account Name: UNITED CAPITAL TRUSTEES/ ABACUS MONEY MARKET FUND
Account Number: 0242985739
Fund Transfer
Bank: United Bank For Africa
Account Name: UNITED CAPITAL TRUSTEES/ ABACUS MONEY MARKET FUND
Account Number: 1014371856

Interswitch Secure Payment Platform

Deposits can be made on our website at https://www.investment-one.com/payments/new-payment/

Please note that we do not accept cash or authorize any staff or agent to collect cash for subscription to the fund.

For further enquiries, please send us an email at Customercare@investment-one.com

Thank you for choosing INVESTMENT ONE Funds Management Limited.

Regards,
Customer Relationship Management

Yem0350:
If anyone here is painting axa in bad light and I am here enjoying them to the fullest
Then, be bold enough to list just two MMFs that are far better than them in all index.

I was informed ARM MMF is 12.3% while Investment one Abacus MMF is 12%... Are these not better than AXA?

Yem0350:
Stanbic actual yield is 10.77% from my end (I did the calculation)
Pls, confirm from your end, let me know if it is the same

How was this calculated? coz going by I = P x R x T/100 where Time =1 year =365days then
Interest per day = P x R /36500
I observed an interest of N30.79 on N100,000 principal
Therefore R = I x 36500/P = 30.79 x 36500/100,000 = 11.23835 approx. 11.24%

I stand to be corrected

Does anyone have Abacus MMF account with investment one and MMF account with ARM? please kindly confirm interest rate for 12% and 12.3% respectively because i dont understand why these guys are up there why Stanbic MMF is at 11.58%.