Egg 6.55% Account

Mr_K

Too late if you were thinking of going for the Egg fixed for a year 6.3% instant access account. Looks like they've withdrawn it and are now offering a 6.55% variable rate account. Still good but I think the fixed 6.3% rate was a better deal with rates falling.
http://new.egg.com/visitor/0,,3_11093--View_401,00.html

opinions4u

Mr_K wrote: »

Too late if you were thinking of going for the Egg fixed for a year 6.3% instant access account. Looks like they've withdrawn it and are now offering a 6.55% variable rate account. Still good but I think the fixed 6.3% rate was a better deal with rates falling.
http://new.egg.com/visitor/0,,3_11093--View_401,00.html

Looks excellent.

4.75% variable plus 1.80% VARIABLE bonus for a year = 6.55%.

I would hazard a guess the 4.75% will have a base rate reduction added to it no later than early November, so probably going to fall to 6.05%. Then watch the 1.8% bonus diminish too.

That said, open it with a quid and if I';m wrong it's a winner!

Mr_K

zaccy wrote: »

I will certainly open the 6.55% variable as I have just received money from the bust Kaupthing Edge bank and had opened the 6.3 fixed in readiness for it.

Read their terms & condtions carefully if you're doing that. I'm sure it was the case with 6.3% account that you couldn't have more than one account with the preferential rate.

YorkshireBoy

A word of caution...both the underlying rate AND the 1.80% bonus rate are variable, so you'll have to keep a close eye on this one.

Patr100

I've currently got an Egg ISA - would that be considered an existing Egg savings account under ther terms?

This is a limited offer for new accounts only, and for new money into Egg that is not already held within an existing Egg Savings Account (Internet) or Egg Savings Account (Investor).

YorkshireBoy

zaccy wrote: »

So the obvious "dodge" here is to close the 6.55% variable when it falls below 6.3% and have it instantly transfered into the 6.3% fixed, a no brainer really.

No brainer?

Like all these special offers, the 6.30% fixed account is for "new to Egg" money only. Transferring from the 6.55% account (directly, ie without going out and back via an external account) will get you 4.75% AER only on that money once it's in the 6.30% fix account.

zaccy

YorkshireBoy wrote: »

No brainer?

Like all these special offers, the 6.30% fixed account is for "new to Egg" money only. Transferring from the 6.55% account will get you 4.75% AER only on the 6.30% fix account.

No the rep assured me that closing an account and electing to have that money put in the 6.3% fixed account would get the introductory offer until the 12 months expires, up up to a max of £100,000.

noh

YorkshireBoy wrote: »

No brainer?

Like all these special offers, the 6.30% fixed account is for "new to Egg" money only. Transferring from the 6.55% account (directly, ie without going out and back via an external account) will get you 4.75% AER only on that money once it's in the 6.30% fix account.

Dont know if that actually would be the case. The T+Cs paragraph 9 http://new.egg.com/visitor/0,,3_62179--View_149,00.html
for the new 6.55% account suggest that new money to egg includes money deposited in an an egg account opened subsequent to the opening of the account with the introductory offer.
If the T+Cs for the 6.3% account are the same then a transfer of money from the newly opened 6.55% account to an existing 6.3% account would be new money.

In fact their definition of new money is:-

"New Money" means any money not held in any Egg Savings Account (Internet) or any Egg Savings Account (Investor) opened prior to the Introductory Offer Period.


Nigel

jamieslucky7

I applied for an Egg 6.3% last night, so i'm well chuffed!

YorkshireBoy

noh wrote: »

If the T+Cs for the 6.3% account are the same then a transfer of money from the newly opened 6.55% account to an existing 6.3% account would be new money.

You could be right Nigel.

However, for 'safety', I'd either get it in writing (secure message) or send it out and back again via a current account supporting FP's. Should only lose 2 days interest, but better to be safe than sorry?

YorkshireBoy

noh wrote: »

"New Money" means any money not held in any Egg Savings Account (Internet) or any Egg Savings Account (Investor) opened prior to the Introductory Offer Period.

But, then again, from the "summary box"...

Conditions for bonus payment

The bonus rate only applies to new accounts and to new money into Egg that is not already held within an existing Egg Savings Account (Internet) or Egg Savings Account (Investor).

There isn't much consistency here is there!?