Egg savings question

Nullify

Hi,

I've just been reading the article "Instant Access Savings: Maximise Your Interest" <http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1098730527,15721,> and I have a question which I'd be grateful if anyone could help with.

When reading this part of the article:
"Advanced MoneySavers Note: The Egg account is only for new accounts opened and money transferred from elsewhere. This means those already with Egg savings on the surface can’t take advantage, but there’s a way round this. If you move your money from your current Egg savings account into your current account, then open the new Egg account and put the money in there. This is perfectly within its terms and conditions."

The question is:
Do we really need to move the money externally because I can move it from one egg a/c to the new egg a/c without a problem, but does the special interest rate not apply in this case? It's hard to believe that the source a/c would affect the rate.

zain

I have had an egg savings account for several years( monthly interest) and have now opened another (new ) egg savings.

I was told that this new account would be on the bonus savings rate (currently 5.5%). However, I was also told that i could not move money directly from my old savings account to the new one. So i moved it to my current account and then into the bonus savings.

Does that answer your question?

MarkyMarkD

It's part of their Ts & Cs, so even if it's not actually blocked on the site it's not worth trying it IMHO.

They are daft though - we already have 2 Egg savings accounts and are likely to end up with loads if they do this sort of promotion every year. Very untidy!

Nullify

However, I was also told that i could not move money directly from my old savings account to the new one. So i moved it to my current account and then into the bonus savings.

Does that answer your question?

When you say "could not move money directly from my old savings account", does that mean it would not be physically possible, or it's possible but we wont get the 5.5% on that lump? I ask because I managed to move my money without issue, so perhaps they have relaxed the restriction.

Your answer does indicate that I'm better of moving the money out again (to my current a/c) and back in again, just to avoid any doubt....Thanks.

Nullify

It's part of their Ts & Cs, so even if it's not actually blocked on the site it's not worth trying it IMHO.

It's not blocked, that's what threw me - I was expecting it to reject the transaction. As you suggest, I'll move it again...Thanks.

johnllew

They are daft though - we already have 2 Egg savings accounts and are likely to end up with loads if they do this sort of promotion every year.  Very untidy!

Yes it does get untidy. It helps to give each one a unique name so you can remember which is which but I usually take all the money out of the old low rate accounts and close them down. A secure message to Egg is all it needs.