NewStats: 3,264,424 , 8,183,699 topics. Date: Wednesday, 11 June 2025 at 04:11 AM 4n5s

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.

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.

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.

mr emma already explained

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…

Ok, I have heard. However, I have never received same interest from Stanbic in any month since they started adding the interest it's either more or less even on the I have never added nor withdrawn anything for a while now.

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.

Ok. It's just different with other MMF s. 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.

bharkarh:
mr emma already explained

Ok.

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

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

@Indigbo please note that mutual fund operations is not like that of MDBs . You can only liquidate or partially redeem to another mutual fund product of the same name with the the same fund manager.
However, using Stanbic as an example, you can make a transfer onbehalf of a third party using his/her e- number as narration and evidence of transfer sent by the beneficiary to stanbic.

freeman67:


Ok. It's just different with other MMF s. 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.

FBN is annually

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

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.

I never knew about this. Thought compounding was monthly for Stanbic. Thanks for the clarification

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

I wonder why Stanbic is still at 20/21% while T.bills has been on the high side for some months now

On FBNQUEST App

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

How do I resolve this?

The same with my own.

olig:
On FBNQUEST App

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

How do I resolve this?

Mine is working fine.


It could be your network. Be sure Ur data network is stable and reliable. If it persists, check your Google play store or Apple App store to see it there is a new update you have not done.

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, ed 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

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, ed 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

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, -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….

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, -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….

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 . No mails, no phone calls, infact everything about them is superb. They made things easier for their customers

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 . No mails, no phone calls, infact everything about them is superb. They made things easier for their customers

Yea this too…

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, -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….

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

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

If this is the case, then the difference is significant. I might need to keep an eye on these disparities for a while. If they continue for a year, I’ll consider switching. A difference of just 1.5% in rates over a long period of time is a lot of money.

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, ed 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

Personally i split funds between both. So i would advise you to do the same.

At the bolded, that is first mover advantage for you. People tend to trust who they know first, before others.

As someone rightfully pointed out, at the end of the year the difference between Stanbic & FBNQuest would be about 1%. It’s something but it is not alot except you are moving massive massive funds.

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

it’s annually

Accrued interest is distributed annually

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?

bharkarh:
it’s annually

Accrued interest is distributed annually

Do you use FBNQuest?

bharkarh:
it’s annually

Accrued interest is distributed annually

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

Yem0350:

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

[quote author=bharkarh post=133334816][/quote]
It is definitely not money market.

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?

FBNQUEST MMF is quarterly distribution !
They either send it to your
or re-invest it based on your mandate

Yem0350:

It is definitely not money market.

then the person is wrong.

FBN Quest then

I have not been able to to fbnquest app....is anybody experiencing same?

FBN quest is fine but their app, customer care, etc is shitty.

Hi, please who knows about sfdh coral mmf. It seems their rate is about 23% or so.
How’s their customer care, etc, like?

Norrenberger Dollar Fund

As you get gifts in dollars during this festive period or you came home with dollars, to invest some
wisely so that you have gift that keeps giving.

Invest in the Norrenberger Dollar fund at 10.03%. You have opportunity to reinvest (compound) your interest.

Find the opening form attached.