Egg Cash ISA - 6.05% (merged)

Redrum_2 · 3 April 2007 at 4:58PM

Was just on the Moneyfacts website doing a bit of research for next tax year, and it came up saying that Egg have a Cash Isa that pays 6.05%

http://www.moneyfacts.co.uk/savings/bestbuys/savings_mini_cash_isa.aspx

Don't remember seeing anything about this anywhere. I went onto the Egg site to have a look, and apparently they're launching it on Friday

So no good for anyone looking to invest this year, but seems like a pretty good offer for next. Doesn't say if there's any bonuses, catches etc, so guess will have to wait and see....

KTF · 3 April 2007 at 5:05PM

If they allow transfers in that will be great!

Kazza242 · 3 April 2007 at 5:35PM

KTF wrote: »

If they allow transfers in that will be great!

Unfortunately, according to Moneyfacts, the Egg ISA does not accept transfers in. See here. Still, 6.05% is a good rate for a 'new money' ISA.

isabelle304 · 6 April 2007 at 8:45AM

Redrum wrote: »

Was just on the Moneyfacts website doing a bit of research for next tax year, and it came up saying that Egg have a Cash Isa that pays 6.05%

http://www.moneyfacts.co.uk/savings/bestbuys/savings_mini_cash_isa.aspx

Don't remember seeing anything about this anywhere. I went onto the Egg site to have a look, and apparently they're launching it on Friday

So no good for anyone looking to invest this year, but seems like a pretty good offer for next. Doesn't say if there's any bonuses, catches etc, so guess will have to wait and see....

Thanks for mentioning this. I opened one of these online this morning (yes I know, I'm keen!). As I am already an Egg customer, the process was extra quick - took me all of 2 mins to open it (all they needed was my National Insurance number and debit card details for the initial deposit). (I had originally intended to open the Barclays ISA but was put off by many of the negative comments re customer service on the Barclays ISA thread, and also by the fact that I have had a grudge against Barclays ever since they closed my current account with them without explanation 20 years ago!)

buses7675 · 6 April 2007 at 10:58AM

isabelle304 wrote: »

Thanks for mentioning this. I opened one of these online this morning (yes I know, I'm keen!). As I am already an Egg customer, the process was extra quick - took me all of 2 mins to open it (all they needed was my National Insurance number and debit card details for the initial deposit). (I had originally intended to open the Barclays ISA but was put off by many of the negative comments re customer service on the Barclays ISA thread, and also by the fact that I have had a grudge against Barclays ever since they closed my current account with them without explanation 20 years ago!)

Hi All,

I too have just opened one, and likewise as an existing customer, despite is saying it would be open in a few hours it was showing on 'My Money' straight away!

Far better rate than the new A&L Issue 3 Direct ISA and just easier (as an existing customer) than applying for the Barclays one! Also the deposits are made by debit card so arrive straight away - I've checked the T&Cs and should you need too, they seem to be fine for transfers out, no hidden fees or whatever!

Cheers

Steve

magentadreamer · 6 April 2007 at 11:06AM

I went for the easy option and opened one today, I'd toyed with Barclays but Egg won on the fact as an existing custumer it took about 2 mins.Debit Card payment meant the money showed up in my account in seconds. Shame about the not being able to transfer money in but my 2006/07 ISA has a pretty good rate so I'm happy

Russian_Dirty_Money · 6 April 2007 at 11:25AM

I too am an Egg customer. I joined egg a few years back when the had the highest paying internet saver account of 4.5 percent at the time!!.

Took me 2 minutes to open this new ISA account today (6.4.07 7.30am) showed online with the money I had debited from my A & L current account instantly. I knew that waiting was a good idea and not going with the crowd to Barclays. Even if it is a slightly lower rate with Egg.

It's high time that Egg had a high interest account. This was their answer ... and tax free too

Well done Egg.

Kilty_2 · 6 April 2007 at 11:37AM

I can see this rate going back down to match the base rate after they've enough people signed up.

Everyone would be locked in since withdrawing the money would lead to a great drop in interest since you can't reinvest it.

Russian_Dirty_Money · 6 April 2007 at 11:53AM

My past experiences with Egg have been good and also aren't all ISA's a gamble in this respect? I mean all those people that have gone with a fixed rate only to find the boe rate increase a 3/4 of a percent in less than a year. If I remember correctly my Yorkshire Bulding Society variable ISA is guaranteed to not to go lower that a certain amount BELOW the base rate! (I could be wrong but there are certain other ISA's that can have the potential to go below the base rate.) The YBS account has always remained competitive and well above the base rate.

I guess that people also have personal reasons for opening an account with a company they already have an account with... maybe they already have a mortgage or loan with that company, or just simply want to see their ISA online. etc etc.

Kilty_2 · 6 April 2007 at 12:02PM

Well, NS&I guarantee to beat the base rate by 0.55% for this tax year at least (think it ends next year).

Russian_Dirty_Money · 6 April 2007 at 12:13PM

Some of us like myself, just do not have the intial 1000 pounds to open this ISA with NS & I

Money goes to money I guess

I have still got some NS premium bonds and wins though

Besides I need to show some credit with Egg this year as I want to use more of their services hopefully next year!

So I guess it's a case of part personal choice and having no choice!

The flexibility of Egg suits me fine.

Egg Cash ISA - 6.05% (merged)

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