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Saving cash with Egg Money - Why not?

thor
thor Posts: 5,506 Forumite
Part of the Furniture 1,000 Posts
in Savings & investments
I have an Egg Money card that is saying that it is currently paying 4.0% for positive balances. It appears it has not been cut at all since the rates began to dive. Apart from losing the 1% cashback is there a downside to using this for savings?

Comments

  • david78
    david78 Posts: 1,654 Forumite
    No downside - its a good plan.

    If you spend on your card you still get the 1% cash back even if its in credit. This does mean you are spending your savings though.

    You can withdraw money using the card in an ATM (no fee) or by telephone or secure message on the website.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Everyones doing it.
  • caveman38
    caveman38 Posts: 1,312 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    So popular that there a three posts on this in recent weeks. No sarcasm meant, you may want to search for info from them.
    Long live Citibank.
  • Innys
    Innys Posts: 1,881 Forumite
    Does anyone know how you actually move money out of an Egg Money Account you have?

    I assume getting it on there is via a debit card. However, if you decide to withdraw it from the card's account, do you have to request a balance transfer elsewhere?

    Thanks

    A
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Innys wrote: »
    Does anyone know how you actually out of Egg Money Account you have?
    Log in and select "Need help?", where you'll find the Egg Money FAQ answers your question.
  • anselld
    anselld Posts: 8,684 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    thor wrote: »
    Apart from losing the 1% cashback is there a downside to using this for savings?

    Will you lose cashback? I thought cashback was on purchase value. Why should the value of positive balance negate that?
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You don't lose cashback, you get it on any purchases made.
  • King_Weasel
    King_Weasel Posts: 4,381 Forumite
    No, you don't lose cashback. But you do effectively forgo your interest-free period, thus eroding the 4% interest rate. So I would consider another card for spending. If you can't get cashback elsewhere, go for 0% on purchases.
    However hard up you are, never accept loans from your friends. Just gifts
  • koolcat
    koolcat Posts: 33 Forumite
    Part of the Furniture Combo Breaker
    To Transfer a balance from your Egg Money Card to a current account.
    - Click on "View>" at the Egg Money account.
    - On the left click on "Egg Money Admin"
    - In options, click on "Transfer a balance"
    - Click on "Current account / overdraft"
    - Enter your current account details where you want the money to go to.
    - Click on the Thanks button on this message. ty.

    It takes about 7 working days they say for the money to be transferred. This to me sounds like a long time especially if you got a few thousands to transfer.
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