Egg Savings Account (Internet) vs. West Brom BS Stratus Account

shellsh0ck

Hi all,

I'm currently looking to open a high interest savings account. Since I want my money spread around different institutions, the choices I have left are the Egg Savings Account (Internet) and the West Bromwich BS Stratus Account.

After doing my research both here and elsewhere on the safety of these two banks, I am still unsure which to choose. There appears to be mixed opinions, particularly with West Brom BS.

Could anyone advise me on the current situation with either of these institutions?

Many thanks,

bootman

Well I can only add my experience with West Brom on their Stratus.
I applied on the 5th October and sent off the cheque. To date i have not had anything through the post, Customer service is poor. I have called 4 times to be told still being processed which is ridiculous.

NumbersGuy_2

I have money in both. Egg is fast, smooth and can be transacted online. Never had any problems. West Brom does not have online operation and in my experience can be slow if there's anything out of the ordinary or any hiccup (it's a BSoc - although I'm not saying they're all like that).

In my experience with Egg over the years though, they have had a habit of dropping rates when it suited them.

Note Egg has minimum investment of £1 but Stratus is £1000 (or you get a lower rate).

Milarky

NumbersGuy wrote: »

In my experience with Egg over the years though, they have had a habit of dropping rates when it suited them.

Actually Egg's internet account had a five-year guarantee to match base rate changes - which ended on 31st December 2007 - which must be the longest such period ever offered. Unfortunately they proceeded to cut rates by 0.5% as soon as that guarantee period ran out - but it was good while it lasted.

nicko33

My experience with West Brom has only been in-branch, where I have had no problems at all (Star Easy Access & Magic 8)

They had postal/telephone problems with their previous chart-topping account, the Star Easy Access.

My Star Easy Access has since been closed due to them dropping the rate, though, so I wouldn't expect the Stratus to stay a chart-topping account.

As it happens, the money ended up in Egg in one of their 6.3% fixed.
No problems with their internet access.

shellsh0ck

Thanks for your replies so far. However, it was actually the safety of the banks I was concerned with. Has anyone heard any rumours about a possible collapse of either institution? I know this a difficult industry to predict but your thoughts on the matter are appreciated.

ender4

anyone know what interest rate the West Brom Stratus account is paying in interest currently?

i looked on their website, and it seemed to indicate 5.85%, but that can't be correct -they must not have updated it for ages!

DeepSporran

It says on the website here that the rate is 3.00 % (from January 31st)