Egg - 6.55% !!!

smash

I opened one of these last week, much quicker than adding new accounts to my existing Tesco and Intelligent Finance accounts.

Milarky

dag wrote: »

What's not clear, though, is if you'd also have to withdraw enough to cover all the spending that you might want to do after the current day up until your next statement date, to avoid interest. I'm hoping that you don't have to do this.

I can confirm from experience that it is only necessary to 'end the day [of withdrawal]' with a non-negative balance to avoid being charged for an ATM withdrawal. Susequently purchases (resulting in a negative balance again) continue to qualify for the interest-free period.

opinions4u

M3_Sussex wrote: »

I just opened this account and then realised they don't pay monthly interest, only annual. As I live off of my interest payments, this is no good to me!!

Work out what your monthly interest would be and withdraw that amount once a month then.

e.g.

£20k x 6.55% = £1,310 a year. Knock off 20% for tax = £1,048. Divide by 12 = £87.33 a month.

Expect that rate to fall though.

Lynt_3

I was going to suggest same.

My mum has a monthly income account with Principality which offers poor interest.
I have now persuaded her to open a Coventry BS Sixty Plus Post Save 6.6% (bonus .85%). Even without bonus, it is better than Principality.

She can take out the amount her monthly interest would be, and no 60 days notice.

Back to Egg. I have been with them for years, and never had a problem.
I moved from my old Savings Account to the new 6.3%.
Just opened the new account and then transferred the money. Received secure message confirming that I will be getting the new rate.
By the time the year is up, I'm sure they will have another tempting account to move on to.

cepheus

Is this a different savings account from my present one with Egg or do I need to close it then reopen it so I am a new customer?

Zebra

cepheus wrote: »

Is this a different savings account from my present one with Egg or do I need to close it then reopen it so I am a new customer?

It is a different account, but you don't need to close your existing one. The new account is available for existing customers but must be new money ie you can't transfer money into it from an existing egg account.
Egg