AP Interest Bearing Account

[TheOneWizard]

This is straight from the newsletter they just emailed me.

[ QUOTE ]
Better than the Bank- Elite members can now earn 9% interest on their AP account balance with our new interest bearing account.

[/ QUOTE ]

The email didn't go into specifics and I can't find anything on their website. Does anyone know anything about this? I don't want to get my hopes up too soon for something cool.

I'll email the VIP Dept and see what I can find out.

[sawseech]

requirements for elite status, and how is elite status maintained

[Palomino]

It's not that difficult to get elite status. 40k VIP points I believe and 10k/month after that. Only need to get 10k every other month. And the points are easy to earn.

[RiverFenix]

Only need to play 20k hands month or so if elite to maintain at 1/2+. Pretty awesome, please post their response.

[Abbaddabba]

I generally do 60kish VIP points a month, and they only require 10k.

Very easy to maintain.

It's about 7,500 hands at midstakes (10/20+) a month.

This solves a lot of problems for me as far as investment income goes. But it also brings an interesting new twist on the whole tax issue for canadians, since investment income is clearly taxable. Revealing the investment income from a poker account already sets off warning bells for other unconventional sources of income.

[luckyjimm]

WTF, 9% is more than savings accounts pay here in the UK.

[RiverFenix]

[ QUOTE ]
I generally do 60kish VIP points a month, and they only require 10k.

Very easy to maintain.

It's about 7,500 hands at midstakes (10/20+) a month.


[/ QUOTE ]

Um sick how many hands a month do you average? You're hitting the $3k ARP bonus every 2.5 months if you're not confusing ARP and VIP points.

[graarrg]

Wow, that is awesome.

Well, I look at it this way: they're in some way lowering the price of their service by giving it back to us in interest. They make interest on the balances too, of course. It's a very new and unique incentive for players to flock to the site.. and it's not like anyone can just throw his money in there and use it as his personal bank- he has to earn 10k pts/mo to maintain elite status. The end result for them? More people playing to 10k points which is a decent amount of rake.

man I really hope this isn't a joke.

[MicroBob]

[ QUOTE ]
It's a very new and unique incentive for players to flock to the site

[/ QUOTE ]


As Alobar mentioned, this is neither new nor unique.
Party gave interest way way back in the day.

Definitely a decent way for a site to potentially grab some VIP level players from other sites and get more of their money onto the site and get them to keep it there.

Depending on the requirements of this I would definitely consider attaining Elite status or whatever on AP just for this.
Probably won't end up doing it. But if anything is going to get me to deposit and play on AP I'm thinking something like this might be it.

[TheOneWizard]

*Update*

I just got a reply from the VIP Dept.

[ QUOTE ]
We are glad to confirm that we are indeed having a promotion where VIP elite customers can receive a 9% interest on their account balance, as long as they don’t withdrawal or transfer the funds in their account. Further information will be released on our website tomorrow September 1st, which is when this new benefit will start to apply. However, we can inform you from now that we are
releasing this interest bearing account, for players to receive 9% per annum interest, based on your average daily balance. Certain terms and conditions will apply, and you should find all details soon in the VIP section of our website.



[/ QUOTE ]

So the thing that jumps out at me is "As long as they don't withdraw or transfer the funds in their account." So we can't take our money out? That makes it tough to live. I guess we'll know more tomorrow.