TradeSports offers 1% interests on fat acct in return to use the fund?

druidwarrior · Feb 10, 2005

Tradesports offer "member specific bank accounts" establish at Allied Irish Banks or Anglo Irish Bank.
It is said to offer 1% interests to Tradesports acct with 20k and above.. I'm not sure whether one would get higher interest if you setup a bank acct with those 2 bank mention above.

I suspect tradesports would use those fat 20k accts to give out Credit Card, Home and other loans to those 2 banks. In return they would give you 1% interest p.a... if what I've guess is correct would that label them as a CROOK?

D2bets · Feb 10, 2005

HUH? How would giving you 1% if you CHOOSE to keep a high balance there make them a crook? It's not even like you're promising to keep a high balance there, you can withdraw below 20K at any time, you just don't get the interest then. How can this possibly be worse than not offering such an incentive, like every other sportsbook/trading market?

:icon_conf

Woody0 · Feb 10, 2005

"member specific bank accounts" means segregated funds that are not under the control of Tradesports, with the exception that you have given them the right to make deposits to and withdrawals from the account to settle your action on the exchange.

Now the bank will be paying the 1% and using the funds for normal banking purposes. The bank, of necessity, will make loans backed by this pool of money.

christof · Feb 10, 2005

With the segregated account, you even get regular statements mailed to you. The service is free for accounts over $50k. I'm not quite there yet though. I don't understand the complaint of paying interest either. Some of the traders tie up HUGE amounts of money on futures and the market makers need mega capital to run daily, so paying interest just helps these folks out by giving them what they'd get if they put the money in a savings account.

Speaking of Tradesports, with two months to go, I am leading their contest for a trip to the Ryder Cup in Ireland.

TradeSports offers 1% interests on fat acct in return to use the fund?

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