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Egg Money Card Interest rate change on positive balances
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loveabargin
Posts: 278 Forumite
Hi All
Just received from egg this morning a letter stating changes to my egg money card and it states
from 24th April the interest rate on positive balances will reduce from 4% to 0.5% and from 15th May interest will no longer be paid on positive balances
The 1% cash back will still remain
Just posted this on the quick as I'm on my way out
So time to move our money again
Just received from egg this morning a letter stating changes to my egg money card and it states
from 24th April the interest rate on positive balances will reduce from 4% to 0.5% and from 15th May interest will no longer be paid on positive balances
The 1% cash back will still remain
Just posted this on the quick as I'm on my way out
So time to move our money again
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Comments
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Aaaaaaaaaargh! Though I'm surprised it took them this long.0
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oh well at least the cash back is still running:j Oh well we only live once ;-)0 -
Ditto. Boooooooo.0
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Only a question of when wasn't it!0
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... and you'll be charged for the privilege of withdrawing cash.loveabargin wrote: »and from 15th May interest will no longer be paid on positive balancesConjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Dealing with your positive balance
Whatever the amount, you can access it easily.
· Withdraw it
You can use our cash withdrawal facility - subject to a daily limit of £500. After 15 May 2009, all withdrawals will incur a fee of 3%, minimum £3.
So this will not be very nice for someone who really took advantage of the 4% interest rate and put in several £10k's. It will take ages to take it out in £500 chunks and then it will cost them 3% just to withdraw it.
(edited - see below)0 -
Sorry! It looks like I have misread this.
Once it stops earning interest, then the best way to get the money back is to 'Transfer' it and this would appear to be free:- Transfer it
- If you've got a positive balance of £100 or more you can transfer it to your current account. You can do this by logging in to 'your accounts' and selecting your Egg Money account. From there, select 'Egg Money admin' followed by 'Transfer a balance' from the list of options. Then select 'Current account/overdraft' and provide the bank account details into which you wish to transfer the balance. No balance transfer fees will be incurred.
- Positive balances of less than £100 can't be transferred online. To arrange a transfer please send us a secure message which includes the sort code and account number of where you want the funds sending along with details of the amount you want to transfer.
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Yes just received it, not good. Bad news for savvy savers!
Now where can you get anything like 4%?0 -
It's sad because I really liked the idea of a combined savings account and credit card and I always used it as such, saving ahead of time for purchases I wanted to make.
Unfortunately most people just used it as a pure credit card, then switched to using it as a pure savings account when the interest rate became comparitively good.
A nice idea in theory, but not a success in practice.0 -
I only just remembered I had a 4% interest rate on any positive balance on my Egg Money card. That seems alot better than I'm getting from my savings account.
Oh well, the quick and the poor I suppose!Matched Betting Profits since May 2006: £467.330
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