Possible Egg Money loophole for 4% Gross savings

EagerLearner

I am not sure if this is widely known (I didn't know until today) but if your savings accounts are offering low rates, anyone with an Egg Money (Cashback) card can get 4% Gross on positive balances :T

I have e-mailed them today, and you are allowed to 'load' up to £99,999.99 onto the card and then withdraw as and when you want:


"That's correct, any amount you're in credit by on your Egg Money account, you benefit from 4% Gross interest.

The limit you can be in credit on the Egg Money card is £99,999,99.

There are no restrictions on withdrawals all you need to do is instruct a balance transfer online or contact us confirming the sort code, account number, account holders name and the amount you wish to transfer and we will process this for you.


Obviously only any use to anyone who alerady has an Egg Money card, or can get better than 4%.

I believe the card has now been withdrawn for new applications

Happy transferring-your-savings :beer:

EDIT > Oops, looks like people knew already...

Lokolo

There have been numerous threads over the past few months about this already.

http://forums.moneysavingexpert.com/showthread.html?t=1500835
http://forums.moneysavingexpert.com/showthread.html?t=1499593
http://forums.moneysavingexpert.com/showthread.html?t=1489031

I know you're trying to help but please use the search feature. Gets rather annoying having repeated posts.

EagerLearner

True, thanks for the lesson and I retreat in shame.... my bad but one naughty post out of many ain't toooo awful :rolleyes:

Plus might help someone extra today though as it's bumped, and now there are 4 posts about it adding more power to the cause of savers.

Lokolo

EagerLearner wrote: »

True, I retreat in shame for my sins.

God will forgive you

EagerLearner

My golden gates await amongst the 4% rates... see, poetic too

Reaper

You might prefer to stay within the £50k FSA limit. Citibank, the owners, have had some wobbles.

cepheus

Do I need to change the pay in full direct debit payment details if I put a positive balance on this card? Hopefully it won't do something stupid and transfer the credit on my card to my bank!

YorkshireBoy

cepheus wrote: »

Do I need to change the pay in full direct debit payment details if I put a positive balance on this card?

Just leave it as it is.

If there's no debit balance on your statement date the DD won't be called.

But remember, if rates stay low for a long time, and Egg keep their rates high for a long time, the DDI may lapse with your bank under the dormancy rules...usually 13 months/400 days.