Egg rate cuts

Masomnia

Doesn't seem to have been mentioned yet, but Egg appear to have cut their variable rate by half a percentage point as of 19th January.

Egg ISA now 3.05%
Savings account now 3.5% AER incl. bonus.

Reaper

And yet Egg Money still pays 4%. Ssssh - don't tell them. I think they've forgotten about it. :shhh:

Lokolo

FS I am now very very annoyed

krishna

Will positive balances in Egg Money still be covered by the FSCS?

Lokolo

Why wouldn't they be?

krishna

Would seem logical to me that they should be, but as this is not your typical savings account I just wondered. I guess I can ask Egg

Lokolo

Its not savings that are covered, its the whole bank. So current account etc. too.

unhealthyman

Reaper wrote: »

And yet Egg Money still pays 4%. Ssssh - don't tell them. I think they've forgotten about it. :shhh:

I was puzzled about this as well (seeing as I have both.) Are there any disadvantages to using the 4% on Egg Money? I remember reading somewhere that if you are in positive balance you aren't protected against fraud the same as normally on a credit card. Also - how easy is it to transfer the money back from the Egg Money account?

caveman38

unhealthyman wrote: »

I was puzzled about this as well (seeing as I have both.) Are there any disadvantages to using the 4% on Egg Money? I remember reading somewhere that if you are in positive balance you aren't protected against fraud the same as normally on a credit card. Also - how easy is it to transfer the money back from the Egg Money account?

You are right there have been mutings on the FSA guarantees on earlier threads. Worth searching and finding out.
I brought up this subject aboutthe 4% some time ago and surprisingly it has maintained that interest rate - I have just checked again.
Re. getting your money out. Egg Money Admin - Transfer a Balance - Current Account

apt

The disadvantage of running the Egg Money account with a positive balance is that you do not then get an interest free period for your card purchases. As I can get 6.3% or 6% with this money until November I'm going to keep using Egg Money as a credit card, but the combination of 4% interest, free cash withdrawals and at least 1% cashback on purchases is attractive. Indeed perhaps too attractive to last.

caveman38

apt wrote: »

The disadvantage of running the Egg Money account with a positive balance is that you do not then get an interest free period for your card purchases. As I can get 6.3% or 6% with this money until November I'm going to keep using Egg Money as a credit card, but the combination of 4% interest, free cash withdrawals and at least 1% cashback on purchases is attractive. Indeed perhaps too attractive to last.

We can't have it all. 4% on a large positive balance is as good as will get anywhere and you still get 1% on purchases. Get another card for 0% on purchases.