wura2020:


Can you explain why one should not use current account to purchase treasury bills?

Current accounts are good for receiving loans. Since its meant for regular inflows and outflow of funds. It's shows credit worthiness too. CAM charges are also incurred here.

Savings account as the name implies is meant for saving and interest accruals. It's stable and good for investments, no charges unless violated

KingRex1:

Yeah, every interest rate is on a per annum basis. So if you don't do a 364 day investment, you shouldn't calculate on the interest rate proposed to you.

That's the main mistake many people make in short mid term investments like this.

I almost felt I was ripped off been the first time for me. Thanks everyone for the explanations.

Am bank shopping at the moment as first bank is not giving me a good secondary market rate and time is money. Please are there costs associated with transfers from one bank to another? Thank you. Please advise

Hi TB Fam,

Am a low key follower since last year and decided to stash 2m on TB this year.

I used my zenith account because i didnt have time to open a stanbic bank account and didnt want to waste more time.

I suscribed for 365 days tenor and the marketer said the bank will bid on my behalf.

Yesterday the 2m was debitted and i was credited with #253.853k. Can someone please help me with the calculatiins, I have tried myself but got confused midway.

Thanks

unite4real:


From information I gathered, it's around 14.3%. others should confirm. It wasn't close to the closed rate of 15%.

Yes you're right. It's 14.3%

That's what they calculated for me too

Agbaletu:

Maybe he used current account for the TBill. It is not advisable to use current account.

It was a savings account that he used. From what I gathered from this page the bank charge should be 0.125*7M=875,000.
Am I the one who isn't doing the maths right?

Now that I see the bank stop rate is fair but they're not being professional, I'll put my coming 2M in the secondary market since I can't place a bid of my choice in the primaries

Chisco27:


It was a savings account that he used. From what I gathered from this page the bank charge should be 0.125*7M=875,000.
Am I the one who isn't doing the maths right?

Charge is 0.125%,i.e 0.00125*7m =8750

Chisco27:


It was a savings account that he used. From what I gathered from this page the bank charge should be 0.125*7M=875,000.
Am I the one who isn't doing the maths right?

Aren't you suppose to divide the 0.125% by 100?

jamih:

Charge is 0.125%,i.e 0.00125*7m =8750

Okay. Thank you. It means he was ripped off then.

Fuhrerfran6:
Hi TB Fam,

Am a low key follower since last year and decided to stash 2m on TB this year.

I used my zenith account because i didnt have time to open a stanbic bank account and didnt want to waste more time.

I suscribed for 365 days tenor and the marketer said the bank will bid on my behalf.

Yesterday the 2m was debitted and i was credited with #253.853k. Can someone please help me with the calculatiins, I have tried myself but got confused midway.

Thanks

I guess ur bank bid rate was 12.6% if you are credited with 253,853k for a 364 days tenor.

Chisco27:


Okay. Thank you. It means he was ripped off then.

Advice him to check with his bank for clarification. 21k is too much.

Fuhrerfran6:
Hi TB Fam,

Am a low key follower since last year and decided to stash 2m on TB this year.

I used my zenith account because i didnt have time to open a stanbic bank account and didnt want to waste more time.

I suscribed for 365 days tenor and the marketer said the bank will bid on my behalf.

Yesterday the 2m was debitted and i was credited with #253.853k. Can someone please help me with the calculatiins, I have tried myself but got confused midway.

Thanks

You probably got a tenor that is not up to 364 days. The interest you posted shows about 12.7% for 364 days. But since the interest rate cannot be so ripped off when 182 days closed at over 13%, I guess you should find out how many days done for you. It's obviously not 364 nor 182. I guess some 300 plus days.

unite4real:


You probably got a tenor that is not up to 364 days. The interest you posted shows about 12.7% for 364 days. But since the interest rate cannot be so ripped off when 182 days closed at over 13%, I guess you should find out how many days done for you. It's obviously not 364 nor 182. I guess some 300 plus days.

Thanks bro...i made a typo error, i actually meant to type 283k.

Fuhrerfran6:


Thanks bro...i made a typo error, i actually meant to type 283k.

That should be around 14.2%

unite4real:


That should be around 14.2%

Thanks.

M sure switching to stanbic in my next investment.

unite4real:


That should be around 14.2%

Yeah. Zenith Bank gave 14.25 for 364 days.

C505:


Yes you're right. It's 14.3%

That's what they calculated for me too

Which bank is that? Very detailed

alezzy13:


Which bank is that? Very detailed

Stanbic

Eaze66:


Thanks for d reply. So first bank short paid me! Like N N1,750 after bank charges of N130??

They charge custody fee

[quote author=dejiotus post=74903807][/quote]

Gbam. U took it frm my mouth already, nothing like 6.6 in ur case, simply use the 13.1 intrest rate to calculate whatever number of days you subscribed to and you will arrive at a correct result.

Agbaletu:

Maybe he used current account for the TBill. It is not advisable to use current account.

Nothing like Bleep, i use current acc with first bank and the charges is fair enough that i don't even have to go tru the stress to calculate

jamih:

Advice him to check with his bank for clarification. 21k is too much.

He did tonight. The customer care agent told him that Access's bank charge is.. 0.35% from 365 days.

Akin3891:


Nothing like that, i use current acc with first bank and the charges is fair enough that i don't even have to go tru the stress to calculate

OK
I hate unnecessary back and forth argument.

I have really learnt a lot from this thread..
can someone please educate me on the difference between the primary and secondary market

tetula123:
I have really learnt a lot from this thread..
can someone please educate me on the difference between the primary and secondary market

that mean u didn't learn ,all possible question has been answered ...primary market is at the main auction while secondary for person opting out

Chisco27:


He did tonight. The customer care agent told him that Access's bank charge is.. 0.35% from 365 days.

That is too much, even at that, 0.35℅ is 24500.
Maybe the customer care just gave any figure.
He should ask other officers in access bank about their charges on current account, in case of next time.

Please has anyone tried to open a Stanbic account online without any wahala?I want to open a Stanbic account via this link https://instantaccount.stanbicibtc.com:9663/index.html and move money from my Gtb for tbills investment. Are there any restrictions on deposits/transfers to this kind of account? I don't want to enter one chance that's why I'm asking for feedback before I proceed o.

ahiboilandgas:
that mean u didn't learn ,all possible question has been answered ...primary market is at the main auction while secondary for person opting out

thanks for the insight.

I Don miss plenty!

Please the gurus in the house, quick one, if I put N1m in tbills tomorrow in Stanbic and leave it till 1 year, how much will it give me in total. Pls help a brother out before I start thinking of buying another yeye car again.

ahiboilandgas:
that mean u didn't learn ,all possible question has been answered ...primary market is at the main auction while secondary for person opting out

Hapoy sunday...Has GTBANK updated your Treasury Bills online Bank statement.?
Mine hasn't been updated.