₦airaland Forum

freeman67:
Not true. I use Stanbic and at the end of every month my interest is added to my capital. The interest starts counting at the beginning of every month.

freeman67:
Not true. I use Stanbic and at the end of every month my interest is added to my capital. The interest starts counting at the beginning of every month.

Neurotika:
I think those saying quarterly uses Stanbic too. That an interest is added to your balance doesn’t necessarily it’s allowed to compound. I’ve been seeing same returns for months now even though my balances have been increasing. Maybe different experiences sha…

emmasoft:
The interest reinvested monthly does not form part of your capital that earns,it's after the end of the quarter, the reinvested capital becomes part of your capital that earns interest. Same way those who opt for interest to be paid get paid at the end of the quarter.

Check again, if you notice the balance before the monthly reinvestment, it will be the same as the balance shortly after the reinvestment. The balance starts to increase again when the accrued interest starts to accrue at the beginning of the month.

But the reinvestment at the end of the quarter becomes higher immediately. This is what will happen by the 31st of December.

bharkarh:
mr emma already explained

Indigbo:
Is it possible to transfer money from Mutual Funds to another Mutual Funds of my spouse of the same bank?

freeman67:
Ok. It's just different with other MMF accounts. FBN only add interest by the end of the quarter. Same with UCAP. Since you are one of their salesmen, you should know better about them.

emmasoft:
The interest reinvested monthly does not form part of your capital that earns,it's after the end of the quarter, the reinvested capital becomes part of your capital that earns interest. Same way those who opt for interest to be paid get paid at the end of the quarter.

Check again, if you notice the balance before the monthly reinvestment, it will be the same as the balance shortly after the reinvestment. The balance starts to increase again when the accrued interest starts to accrue at the beginning of the month.

But the reinvestment at the end of the quarter becomes higher immediately. This is what will happen by the 31st of December.

uwaifou:
FBNQUEST is the best money market funds for now with 23.46% interest rate followed by Norrenberger and United capital

olig:
On FBNQUEST App

Please who else is having problems with FBNQUEST? For a couple of weeks now, I have unable to login to the App. It kept saying a technical error has occurred, try again later.

How do I resolve this?

coolestDre:
Stanbic MMF rate - 21%
FBNQuest MMF - 23.46%

That's a difference of 2.46%, to me that's huge

I'm relatively new to MMF, joined Stanbic MMF in July, now I'm seriously considering moving my funds to FBN Quest cos of the better rate.

Experienced folks, please help me out here

What am I missing, is there any reason why this won't be a good move?

Is there something about FBNQuest that makes the higher rate not worth it?

Is there any reason Stanbic is worth sticking to despite the low rate?

Why is Stanbic dominating the Nigerian money market space if their rate is this mediocre?

My Ogas, please come to the aid of we newbies abeg

Neurotika:
I share the same concerns. However, considering that Stanbic compounds interest quarterly while FBN does so annually, the difference between the two may narrow to about 1% if we look at their Equivalent Annual Rates. The reason I'm actually still with them is their daily interest remittance, user-friendly app and accessible customer service. Who knows, maybe those are the same reasons others are also sticking around. But if the interest gap keeps widening, I may have to switch. The more informed folks amidst us can assist to throw more light on this….

egojeny1:
Redemption of funds nko? If you apply for redemption before 12noon you'll receive alert in less than 3 hrs. Na that one dey sweet me pass. No mails, no phone calls, infact everything about them is superb. They made things easier for their customers

Neurotika:
I share the same concerns. However, considering that Stanbic compounds interest quarterly while FBN does so annually, the difference between the two may narrow to about 1% if we look at their Equivalent Annual Rates. The reason I'm actually still with them is their daily interest remittance, user-friendly app and accessible customer service. Who knows, maybe those are the same reasons others are also sticking around. But if the interest gap keeps widening, I may have to switch. The more informed folks amidst us can assist to throw more light on this….

playces:
FBNQuest does theirs quarterly as well. Your daily interest grows and at the end of the quarter, it's added to your principal which accrues interest again for the next quarter

coolestDre:
Stanbic MMF rate - 21%
FBNQuest MMF - 23.46%

That's a difference of 2.46%, to me that's huge

I'm relatively new to MMF, joined Stanbic MMF in July, now I'm seriously considering moving my funds to FBN Quest cos of the better rate.

Experienced folks, please help me out here

What am I missing, is there any reason why this won't be a good move?

Is there something about FBNQuest that makes the higher rate not worth it?

Is there any reason Stanbic is worth sticking to despite the low rate?

Why is Stanbic dominating the Nigerian money market space if their rate is this mediocre?

My Ogas, please come to the aid of we newbies abeg

playces:
FBNQuest does theirs quarterly as well. Your daily interest grows and at the end of the quarter, it's added to your principal which accrues interest again for the next quarter

bharkarh:
it’s annually

Accrued interest is distributed annually

bharkarh:
it’s annually

Accrued interest is distributed annually

Yem0350:
Money market and fixed income distribution is quarterly. I have been using them for a long time now.

coolestDre:
It says Quarterly on their website. Can someone that's been with FBNQuest MMF for a while please clear this annual or quarterly distribution confusion?

Yem0350:
It is definitely not money market.