EGG Money - 4% on positive balances

bilbo_2

YorkshireBoy wrote: »

No, not instantly. My recent transfer request was actioned overnight, although I've previously known it to take up to 3 days or so.

but I suppose you don't lose any interest as it never leaves egg anyway

YorkshireBoy

bilbo wrote: »

but I suppose you don't lose any interest as it never leaves egg anyway

I wouldn't bank on that...but then again it doesn't matter if you're doing it for the reason I'm thinking you're doing it for.

Think of it as your stake money.

stphnstevey

YorkshireBoy wrote: »

I wouldn't bank on that...but then again it doesn't matter if you're doing it for the reason I'm thinking you're doing it for.

Think of it as your stake money.

Is that loophole still around?

Is the same protection offered to Egg Money as any other saving account?

How do you put money on Egg Money again - does it have to go in the savings part first?

benf90

stphnstevey wrote: »

Is that loophole still around?

Is the same protection offered to Egg Money as any other saving account?

How do you put money on Egg Money again - does it have to go in the savings part first?

No - any cashback given is manually deducted later on. Although, there have been some people that have had the odd one slip through. In the main though the cashback has been taken away.

Yes you get the same protection as any other saving account, up to £50,000 per institution.

You can deposit money straight into Egg Money. The quickest way to put money in is by Faster Payments. There's other ways though.

See here:

https://new.egg.com/customer/1,1757,3_80137--View_1099-bID_ServHelpFAQEMonMoving-dva_1,00.html

If that link doesn't work then you can get to the FAQs for Egg Money by making sure you're logged into your account then clicking on 'Need help?' at the top.

After you've picked Egg Money then all the info about payments can be found in the 'Moving money' topic.

The sort code for the Egg Card and Egg Money payments are the same but they have different account numbers, so make sure you get the right one.

obsessed_saver

In the FAQ, it states:

You can also make a withdrawal by BACS (four day electronic transfer). To do this, please call us on 08451 233 233 and we'll arrange it for you. Our opening hours are Monday to Friday 8am to 8pm, and Saturday 9am to 3pm.

Is there an online method of withdrawing Egg Money positive balance into your current account with another bank?

Is it via a balance transfer?

Oh, does the 1% cashback still apply on spending when you have a positive balance?

stphnstevey

This is more appealing now Tesco's have reduced there rate to 3.25%.

Jennifer_Jane

obsessed_saver wrote: »

In the FAQ, it states:


Is there an online method of withdrawing Egg Money positive balance into your current account with another bank?

Is it via a balance transfer?

Oh, does the 1% cashback still apply on spending when you have a positive balance?

I prefer to send a secure message to Egg to transfer to another account from Egg Money. It is NOT via Balance Transfer.

The 1% cashback applies to all purchases. I have always had a positive balance in Egg Money. NB: I understand a £5 minimum cashback has to be in place, otherwise you lose it. It's now cashback payment time (you should see your cashbacks being credited to your account over the next couple of days)

Jen
x

^!£$&

Interesting dicussion I normally save towards my car insurance in my egg money account so that I can then pay with my egg card & get cashback aswell as earn interest whilst theres a positive balance!
I may consider moving some further ££ in there too

sicker

Remember too that if your account is in credit you can withdraw £500 per day from atm's with no charge. I have myself withdrawn £2000 over 4 days without any questions being asked by Egg Security and this did surprise me as they are usually quick to check on unusual transactions. (good on them for that)

Jennifer_Jane

Thanks, sicker, I didn't know this!
Jen
x