How do I transfer funds out of egg money?

cepheus

I have transferred funds from the egg money card to another credit card so I now have a positive balance on the egg card. How do I now transfer the money out from the egg money card into a better paying account? The site doesn't seem to give me an option for transferring funds out of egg money only into egg money. I actually want to transfer it into my egg instant account which should be easiest of all.

YorkshireBoy

You can call them/secure message them and ask for a BACS transfer to wherever you want.

You can also carry out a balance transfer yourself online...to an external current account (from where you can send it to another better paying savings account).

You can withdraw £500 per day fee-free from an ATM.

You'll find all these options described (in detail) in the Egg Money FAQ on their website.

BTW, isn't the Egg Savings account a poor paying one?

cepheus

Yes just been reading that FAQ as you posted, Thought egg was paying 6%. Strange it doesn't allow this option, unless it is a BACS to the egg account

How do I make a withdrawal?
You can make cash withdrawals from cash machines that accept MasterCard. You can withdraw a maximum of £500 per day. It's worth noting that when you purchase travellers' cheques, these will register as a cash advance and will affect the amount of cash you can withdraw that day. We will not charge you a fee or interest for cash withdrawals when you have a positive balance. However, if a withdrawal gives you a negative balance you will be charged interest on the negative amount, but we will not charge you a fee.

You can also make a withdrawal by BACS (four day electronic transfer), to do this, please call us on 08451 233 233 and we'll arrange it for you.

cepheus

Actually you could be right i must have been looking at the ISA

The egg Internet savings is
11 April 2008 - present4.65% gross pa4.75% gross pa/AER

YorkshireBoy

cepheus wrote: »

Yes just been reading that FAQ as you posted, Thought egg was paying 6%.

It is (well, it's 6.30%), but only for NEW accounts opened, and for NEW money from OUTSIDE Egg.

Strange it doesn't allow this option, unless it is a BACS to the egg account

It's not really strange.

Egg want you to preload money to 'spend' on Egg Money (so they can pay you 4% AER on a reducing balance)...not to subsequently transfer it to a savings account (where they'll have to pay you 4.75% AER on all of it).

cepheus

Well I've transferred it out of Egg now anyway by BACS to a slightly higher paying current account (only wanted it as a short term cash buffer). They say it might take up to 7 days, sounds ridiculously long to me.