Egg Money and Egg Savings

Retro82

Hey, I noticed Egg also has a savings account and, while in no way the highest interest, I thought it would be a tidy way to stooze.

Is this possible or is it better practice to keep it all separate?

Milarky

The Egg savings account is worth having since it allows you to make a payment on your egg card (if you need to) quicker than if you paid the card directly with your debit card. You don't need to keep any balance to keep the account open. To pay your egg credit card £100 today (say) you just register your debit card details with egg, then make a debit card payment to the savings account. The credit appears immediately. This allows you to transfer the amount just credited directly to the credit card internally. This internal transfer should always be applied to the credit card the 'same day' (good for meeting a 'due date' to avoid interest etc)

When you do a debit card payment to egg credit card at present it advises you that the payment will take 'upto 4' working days to credit the account. Debit card payments to egg card used to be credited on the same-day basis as savings but, for some reason, Egg stopped this. However, they seemed to have forgotten to slow down the alternative method - and it still works.

Also 6.3% fixed for one year from opening is pretty good as a reseve account should rates drop. This rate has been available since May - so it may not be available much longer.

However the main reason for having an Egg savings account are the paying-in features mentioned (which must cost Egg a fortune) using debit card. NB they also accept faster payments on both card and savings, so that stuff about 'being quicker' is now moot.