Do you have an 'Egg Money' card?

MarkyMarkD

I would expect that what you say is right, whowants. Egg seem to have set up the multi-purpose card/savings account thing pretty well.

Onawingandaprayer

Two questions.

1. Is interest paid monthly?

2. Do Egg take the tax off the interest earned or do you have to declare it?

Thanks

Reaper

Onawingandaprayer wrote: »

Two questions.

1. Is interest paid monthly?

2. Do Egg take the tax off the interest earned or do you have to declare it?

Thanks

1 Yes - though why does that matter?
2 Yes, basic rate tax is deducted by default as with all savings accounts. Needs to be adjusted if you pay no tax or higher rate.

Note if you don't have an Egg Money card already it is too late to get one now

Reaper

whowants2brich wrote: »

I'm 99% confident that if you're in credit on the Egg Money card, you don't pay any fees for using your card to withdraw money out of a cash machine.

Make that 100%

financial_warrior

A word of warning to those considering taking Egg Money as a new financial product. As someone with plenty of info from inside Egg, I would advise against applying for this product.

The product in its current form is unprofitable for Egg, and its owner Citi. Why should this worry you? Well, they're already making changes to this product, and you will find proof of this on their website right now (http://egg.com/visitor/0,,3_108938--View_2319,00.html) - They're no longer accepting new applications.

Existing Egg Money customers are having their standard APRs increased significantly, in an attempt to get them to close their accounts and take their card business elsewhere. I am confident that the 4% interest on a positive balance will soon be reduced, or completely withdrawn, once a surge in deposits occur. There have been musings for a while that the cashback promotion would not survive, and I am pretty sure existing product holders will see this slashed to 0.5%, if not completely phased out.

Essentially, Citi wants all 'desirable' Egg credit card holders to be moved over to equivalent Citi products in the coming years. I also believe you will begin to see the demise of the Egg brand in the next few years.

labp04

Financial_warrior, thanks for the post and please forgive me but is your info based on fact or office "musings" as you put it?

sabretoothtigger

I think you should consider which is more likely, that rates will stay at 1% for an extended period of time or that major banks the world over will require substantial loans in order to operate for many years to come

The trend in america especially is towards retail banking depositors even gmac was attempting to pretend it was a bank not just a loans vehicle.

Barclays trading statement is out tomorrow, look at how they address their retail deposits and various brand names. They are paying 7% on some of it afaik

withnell

opinions4u wrote: »

While the second part of your comment is entirely accurate, 4% is a ridiculous amount to pay savers in the current climate and will, on its own, be losing them money.

As you rightly state, they need other income to make it pay.

I get 4% from Tescos, 4.23% from ING.... - and both of those have bonuses til December!

Sandy_Beech

Hi all,

Yes this has been mentioned, but does anyone know 110% that your POSITIVE balance is guaranteed?????? If it went bust??? AS I have just transferred 10,000 there... (need some soon Not all) Stoozing fininshing in August!

Thank you......

YorkshireBoy

Sandy_Beech wrote: »

Yes this has been mentioned, but does anyone know 110% that your POSITIVE balance is guaranteed??????

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