Anywhere better than Egg Money?

jdavtz

Well, my non-fixed-rate savings accounts are now pathetic (halifax down from 5% to 1.16%, B&B down from 6.5% to 3.4%), but Egg Money still pays 4% on positive balances. Any reason not to transfer cash there?

caveman38

I BT'd £10K the other day to my EM card. At the moment it is earning 4% which as you say is better than most savings accounts.
Today I sent a secure message to EM to enquire as to what the maximum positive balance is and as to whether they have either any rules regarding this or if they feel there are security / fraud risks to having large positive balances.
I just can't convince myself that it is safe to leave say £30K on the EM account but similarly can't think of a reason to waste money by transferring to an account paying lower rates.
Mind you, they may reduce that rate soon.

cepheus

Thanks for reminding me about this account.

How much day's interest is likely to lost during an BACS transfer to Egg Money all of the 3 or 4 days?

anselld

They accept faster payments. From their website ...
[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]"Faster Payments received before 3pm on a working day will show on your account the next working day[/FONT][/FONT]" otherwise yes, "up to 4 days".

cepheus

anselld wrote: »

They accept faster payments. From their website ...
[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]"Faster Payments received before 3pm on a working day will show on your account the next working day[/FONT][/FONT]" otherwise yes, "up to 4 days".

Has anyone succesfully transfered a faster payment both ways to and from Egg Money/ Nat West current account? If this is the case we could have a 'proper' bank, a decent rate of interest and some quick interaction between them without paying CHAPS fees.

YorkshireBoy

cepheus wrote: »

Has anyone succesfully transfered a faster payment both ways to and from Egg Money/ Nat West current account?

Egg isn't enabled for the sending of FP's (yet?).

knights

caveman38 wrote: »

Today I sent a secure message to EM to enquire as to what the maximum positive balance is and as to whether they have either any rules regarding this or if they feel there are security / fraud risks to having large positive balances.
I just can't convince myself that it is safe to leave say £30K on the EM account but similarly can't think of a reason to waste money by transferring to an account paying lower rates.
Mind you, they may reduce that rate soon.

Be interested to learn what their reply was.

caveman38

knights wrote: »

Be interested to learn what their reply was.

Still waiting for a reply

littlemissmoney

I'm also interested in this, when you get a reply...

Phlip_corter

The basic idea is that Egg want you to "charge up" your credit card with money which will earn interest until it is spent and then use the credit card earning cash-back. Of course, I'm sure that they are hoping that you overspend, thus incurring the interest charge. I guess that if you run a really strict budget then this might work but it does seem rather complicated to me and you can get far better instant access returns on your cash than the 4% that Egg are offering.Awaiting for your reply.

chewmylegoff

anselld wrote: »

They accept faster payments. From their website ...
[FONT=Arial, Helvetica, sans-serif][FONT=Arial, Helvetica, sans-serif]"Faster Payments received before 3pm on a working day will show on your account the next working day[/FONT][/FONT]" otherwise yes, "up to 4 days".

i've got an egg savings account, an egg card and an egg money card.

if i transfer money to the egg savings account from my current account at another bank, it shows up in the egg account on the same day, i.e. the faster payments thing works.

if i transfer money to the egg card, or egg money card, it still takes 3 working days.