₦airaland Forum

bluntjudge:
my two friends and i are planning to be saving certain of amount of money monthly into mutual funds for a long time. We want a structure similar to a joint account, where all three of us have access to the account and no one can withdraw funds without the others being aware. We would also like each person to set up an automatic monthly direct debit from their personal bank account into the investment account.

Please, is there any platform that currently offers this kind of setup, or what would anyone recommend as the best way to go about it?

Jayce242:
Without wishing to sound obnoxious, i don't see this ending well. Life is too unpredictable for this kind of long term arrangement. Health, death, unforeseen occurrences etc, I would rather advice u guys open individual mutual fund account, withdraw & merge the funds for whatever investment when the time is due.

Beeron:
Contact Samson for complex money issues like this. He is known as the money Oracle. His investment firm (Zrosk) did the best percentage increase this year. Do your background check about him on YouTube or online.

emmasoft:
H

@bluntjudge, I sent you a PM, reply so that we can discuss. When it comes to something like this, it's important that the setting should take a wholestic approach that make room for different scenarios.
This is money matter o.

Creditalerts:
I must be sincere is like stanbic MMF dey use voodoo on me 😂 i have 80% of my investment with them and I have not fully made up my mind to leave them yet I might cut it down to 50% but if they improve I go nowhere 🤦🏾‍♂️🤦🏾‍♂️🤦🏾‍♂️

bassdow:
when I said Some of Us are Lazy moving, some people thought I wwas mistaken.

emmasoft:
Key Factors That Determine Where You Invest Your Money

It will be sincere to acknowledge that it will be difficult to use absolute terms to say that a regulated investment is bad or good. There are many factors to consider before you go into a particular investment instrument.

Making sound investment decisions requires an understanding of several personal and market-related factors. These include:

Risk Appetite
This refers to your ability and willingness to tolerate losses. Generally, investments with higher risk offer the potential for higher returns, while lower-risk investments tend to offer more stable but modest returns.

Investment Objective
What do you want to achieve? Your goal may be short-term (e.g., liquidity, income) or long-term (e.g., wealth creation, retirement). Your objective largely determines the appropriate investment vehicle.

Experience and Knowledge
Your level of financial literacy and market experience often influences investment outcomes. Better knowledge typically improves decision-making and risk management.

Age
Younger investors can usually afford to take more risk due to longer investment horizons. As investors grow older, it is often advisable to gradually shift toward more conservative investments to preserve capital.

Funds Available for Investment
The amount of capital you have can determine the type and structure of investments accessible to you. Some investments require significant capital, while others allow small, incremental participation.

Investment Duration (Time Horizon)
Time plays a critical role in investing. In most cases, longer investment durations allow for compounding and better absorption of market volatility, potentially leading to higher returns.

Note: While these principles are generally applicable, there are always exceptions to the norms.

Common Forms of Investment
Real Estate
Stocks (Equities)
Mutual Funds ( MMF, equity, balance, fixed income, etc). Among the mutual funds, it's only the MMF that promises guaranteed return of capital and varied returns on capital; others have no guaranteed capital or returns.
Treasury Bills
Bonds
Commercial Papers
etc

Final Note
The primary aim of investment is to make a profit/returns. However, some of the factors and types of investment, as stated above, now determine the level of your profit/returns.

Investment is dynamic, so before you pick a particular instrument to invest in, or move from one form to another, consider the above factors; it's part of due diligence to make before settling for a particular investment.

Professionally, it's advised for an investor to diversify, but start with what your risk appetite agrees with before attempting other forms of investment as your knowledge increases and confidence gets stronger; but be sure opportunities always abound in the investment space.

Jayce242:
Without wishing to sound obnoxious, i don't see this ending well. Life is too unpredictable for this kind of long term arrangement. Health, death, unforeseen occurrences etc, I would rather advice u guys open individual mutual fund account, withdraw & merge the funds for whatever investment when the time is due.

Jayce242:
Without wishing to sound obnoxious, i don't see this ending well. Life is too unpredictable for this kind of long term arrangement. Health, death, unforeseen occurrences etc, I would rather advice u guys open individual mutual fund account, withdraw & merge the funds for whatever investment when the time is due.

bluntjudge:
my two friends and i are planning to be saving certain of amount of money monthly into mutual funds for a long time. We want a structure similar to a joint account, where all three of us have access to the account and no one can withdraw funds without the others being aware. We would also like each person to set up an automatic monthly direct debit from their personal bank account into the investment account.

Please, is there any platform that currently offers this kind of setup, or what would anyone recommend as the best way to go about it?

TeamLeader:
Good day to everyone,

Please I intend to get a car next year and well my intention is to be saving into my regular savings account but is there any account I can open for the savings that will be adding up interest instead of leaving it dormant in the bank? My target is 4m.

Thank you

EquityM:
I am currently using FirstAlly, Trustbanc, Norrenberger, Quantum Zenith, Meristem, and FBNQuest as my MMF.

FirstAlly is still the best in my opinion for daily rates; withdrawals take less than 5 minutes to enter my account. They also have a HYIS premium, which compounds monthly.

Allboiz:
What's the interest rate? I think I'd have to move from stanbic to this Firstally.

Unitedcapital also does quick withdrawal. You get your money in 5 minutes if it's below 2m but there interest rate is the lowest in money market.

EquityM:
FirstAlly rates start from 18% to 22%. If you are looking for monthly compounding, try the HYIS premium of FirstAlly; however, the minimum capital is 5m, and the rate is also from 18 to 20%. My account officer told me the HYIS premium will be taxed. TrustBanc also has a good rate; nevertheless, they don't have an app, and they only send me statement valuations by email. (I don't really recommend it.)

Creditalerts:
I'm using FirstAlly and stanbic mmf respectively but I want to move 60 percent of my funds to FirstAlly and 40 percent to Norrenberger pls transferring this millions of naira by January. I hope I won't be taxed directly from by bank because of these.


Cc emmasoft

Creditalerts:
I'm using FirstAlly and stanbic mmf respectively but I want to move 60 percent of my funds to FirstAlly and 40 percent to Norrenberger pls transferring this millions of naira by January hope I won't be taxed directly from by bank because of these.


Cc emmasoft

emmasoft:
From what I know, only income is taxed, not all funds that come into one's account

EquityM:
I was told by FirstAlly that MMF won't be taxed. Moving huge funds from your bank might be dramatic. I'm not really sure about this tax law, as I don't reside in Nigeria.

Creditalerts:
I'm using FirstAlly and stanbic mmf respectively but I want to move 60 percent of my funds to FirstAlly and 40 percent to Norrenberger pls transferring this millions of naira by January hope I won't be taxed directly from by bank because of these.


Cc emmasoft

EquityM:
FirstAlly rates start from 18% to 22%. If you are looking for monthly compounding, try the HYIS premium of FirstAlly; however, the minimum capital is 5m, and the rate is also from 18 to 20%. My account officer told me the HYIS premium will be taxed. TrustBanc also has a good rate; nevertheless, they don't have an app, and they only send me statement valuations by email. (I don't really recommend it.)

EquityM:
FirstAlly rates start from 18% to 22%. If you are looking for monthly compounding, try the HYIS premium of FirstAlly; however, the minimum capital is 5m, and the rate is also from 18 to 20%. My account officer told me the HYIS premium will be taxed. TrustBanc also has a good rate; nevertheless, they don't have an app, and they only send me statement valuations by email. (I don't really recommend it.)

Allboiz:
HYIS Premium is not worth it then since it'll be taxed.

Have you done a calculation to be sure their rate matches the interest you get? Some mmf organisation put fake high interest rate but the daily return doesn't correlate.

Allboiz:
HYIS Premium is not worth it then since it'll be taxed.

Have you done a calculation to be sure their rate matches the interest you get? Some mmf organisation put fake high interest rates, but the daily return doesn't correlate.

EquityM:
I am currently using FirstAlly, Trustbanc, Norrenberger, Quantum Zenith, Meristem, and FBNQuest as my MMF.

FirstAlly is still the best in my opinion for daily rates; withdrawals take less than 5 minutes to enter my account. They also have a HYIS premium, which compounds monthly.

Donbrig:
This is exactly what I was trying to explain to a very wealthy friend, some fund managers are like our politicians, what you get is different from what they promised during elections.

The rates of some fund managers does not always correlate with what they often pay into your account, I don't want to discredit any fund manager...

Trustbanc and Norrenberger fund managers are the best at the moment, e get why... It is not just about their competitive rates, you get exactly what you are supposed to get or according to their daily accrued interest.