Egg 6.55% - "new money" definition?

NumbersGuy_2

I know there have been a few other threads about this account (which I have read).

But I wonder specifically, whether transferring money out of an Egg 4.x% internet account to a current account and back to the 6.55% account would really be classified by Egg as "new money". Or would they say, looking at the balances you just moved it from one to the other via your current account.

As the interest is only credited 12 months from now (not monthly) it could be disappointing to find out in a year's time.

If there's a risk of that, I'm thinking it makes more sense to open a Natwest 6.5% (or some other) account.

Any opinions?

sabretoothtigger

Second option yea or even better three accounts so the pay to and from accounts are different

YorkshireBoy

NumbersGuy wrote: »

If there's a risk of that...

Agree with the previous poster...it'd be "new money" once deposited.

I'm thinking it makes more sense to open a Natwest 6.5% (or some other) account.

Be careful with NatWest. If you open an account on 1st November, you won't start to earn the bonus interest rate until the last business day of December. :eek:

nicko33

email them and tell them that unless you can get the same deal as new customers, you will take your money elsewhere.

if you're prepared to move it anyway, there's nothing to lose by asking

miserable_ol_so_n_so

nicko33 wrote: »

email them and tell them that unless you can get the same deal as new customers, you will take your money elsewhere.

if you're prepared to move it anyway, there's nothing to lose by asking

I recently applied for HBOS offshore regular saver paying 10%, it had a cutoff date of 24 Oct. In my application, I made it clear that there was insufficient time to make the initial deposit by the 24th, and unless I was given extra time, I reserve the right not to go ahead. They agreed! I think all institutions right now are bending backwards to attract/retain funds, as there is a lot of money moving about as people like us on this site, chase the best deals and ditch unattractive savings accounts.

YorkshireBoy

miserable_ol_so_n_so wrote: »

They agreed!

In writing?...because:

The rate on your Regular Saver Account is not fixed until the receipt of your first standing order.

http://www.halifax-international.com/savings/regular-saver.asp

You might want to...

Please check to find out the correct interest rate for your account.

...just to make sure you're not on the new 8% rate.

NumbersGuy_2

nicko33 wrote: »

email them and tell them that unless you can get the same deal as new customers, you will take your money elsewhere.

if you're prepared to move it anyway, there's nothing to lose by asking

Good tip. I called them any they said if you transfer it out to another account outside Egg and back into the new Egg account it will get the 6.55% rate. They said it's only if the money is transferred internal to Egg that you won't get it.