Egg instant access now 3.25% (2.00% bonus).

Reaper · 7 August 2009 at 10:21AM

Curiously you won't find this account on Moneyfacts. Why? I heard they disapprove of accounts with short term bonuses and refuse to include any over 1%.

But as long as you remember in a year's time it is a good rate. Martin has links to reminder tools here.

KTF · 7 August 2009 at 10:21AM

Stompa wrote: »

Hmmm, I just opened a new (2.80%) account with Egg about 6 weeks ago, though haven't got around to funding it yet. I guess this means I've got to close that and open a new one.....?

Where is it showing the rate? If I log on to my Egg accounts I can't see any mention of the current rate?

Thanks

You dont have to close the other account. Just put non-Egg money into the new one.

If you click on the historical rates link at the top of the account the cut off for the previous 2.80 rate is showing at August 6. They havent added the new rate yet as the account was only added this morning so I expect it will be updated soon.

You can also send them a msg or call them to confirm the rate you are getting.

jrs101 · 7 August 2009 at 10:22AM

Megalomaniac wrote: »

Open the account as an existing customer. Transfer your savings out to another account (e.g. a current account you have with another bank). Then transfer it back to egg into your new account... simples

Thanks for that.

Is it therefore worth closing the "old" savings account (it is annual interest) so therefore any interest accrued in that one I can put the new one??

Megalomaniac · 7 August 2009 at 10:22AM

mjmal51 wrote: »

That's what I intend to do, but it is a real pain when banks insist on "new money" and do not reward existing customers without going through this farce.

Too true... but that's why it pays to be part of this forum, to keep yourself abreadth of what is on offer. Most of the population don't think about interest on savings. As long as their money is in an account which has the word 'savings' on it, they're happy as they 'know' they're earning interest on the balance.

KTF · 7 August 2009 at 10:23AM

Reaper wrote: »

Curiously you won't find this account on Moneyfacts. Why? I heard they disapprove of accounts with short term bonuses and refuse to include any over 1%.

The account is listed on their daily rate bulletin page so maybe they are just slow to update the main site?

https://www.emoneyfacts.co.uk/news/savings-news.aspx

KTF · 7 August 2009 at 10:24AM

jrs101 wrote: »

Thanks for that.

Is it therefore worth closing the "old" savings account (it is annual interest) so therefore any interest accrued in that one I can put the new one??

Unless you plan to use the old savings account in the future then I would close it if you want the interest straight away. You have to give them an account number and sort code that will be used to pay any interest in to as part of the process.

Megalomaniac · 7 August 2009 at 10:26AM

jrs101 wrote: »

Thanks for that.

Is it therefore worth closing the "old" savings account (it is annual interest) so therefore any interest accrued in that one I can put the new one??

Probably a good idea. But just be doubly sure on the interest rate you are getting. If it's lower than the 3.25% in the new account, it would probably make sense to close the old one (but once again transfer the interest via another bank account elsewhere to your new Egg savings).

Milarky · 7 August 2009 at 10:30AM

See this: http://new.egg.com/visitor/0,,3_54050--View_451,00.html (All previous 'offers')

Egg Savings Account (Internet) introductory rate (for accounts opened from 26 June 2009 to date) 3.25% gross pa/AER variable (includes introductory 12 month fixed bonus rate of 2.00% gross pa and is subject to conditions)

Egg Savings Account (Internet) introductory rate (for accounts opened between 14 November 2008 and 25 June 2009) 2.50% gross pa/AER variable (includes introductory 12 month variable bonus rate and is subject to conditions)

Egg Savings Account (Internet) introductory rate (for accounts opened between 11 October and 13 November 2008) 2.50% gross pa/AER variable (includes introductory 12 month variable bonus rate and is subject to conditions)

Egg Savings Account (Internet) introductory rate (for accounts opened between 8 May and 10 October 2008) 6.30% gross pa/AER fixed for 12 months

Just to note this rate would apear to apply retrospectively to accounts opened since 26 June... i.e. they have increased the 'fixed' element to 2% (from 1.55%?) In other words people who opened an Egg savings since June don't need to go around opening a second ES account. (Remember that they did the same thing with the '6.3%' account, which started life as '6.05%')

Stompa · 7 August 2009 at 10:36AM

KTF wrote: »

If you click on the historical rates link at the top of the account the cut off for the previous 2.80 rate is showing at August 6. They havent added the new rate yet as the account was only added this morning so I expect it will be updated soon.

Ah OK, sorry I'd interpreted your original post as implying that it displayed the current rate somewhere (other than in historical rates).

KTF wrote: »

You dont have to close the other account. Just put non-Egg money into the new one..

OK, so they've increased the rate on existing accounts, rather than bringing out a new variant of the account with a higher rate. I wonder if I could open a new one though, just to regain the 6 weeks bonus that I've already lost? I might give it a try.

Does anybody know if you can make payments into these accounts by just specifying account number and sort code, or do they require it to be a transfer from a linked account?

Thanks

KTF · 7 August 2009 at 11:17AM

Looking on the help files you can transfer in (using faster payments) if you quote their sort code and your account number. You can also make an instant payment in by debit card. It doesnt have to come from the linked account. That is only used to get money out.

Egg instant access now 3.25% (2.00% bonus).

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