Egg savings - receiving Faster Payments

chris1

Lynt wrote: »

Well, you guys are lucky then.
I have never had money arrive in my Egg account in less than 4 days. Just requested transfer of money from my Lloyds TSB account today, and I bet it won't get there before end of the week

Lloyds are very inconsistent with FP, usually NOT using it for online transactions. See http://forums.moneysavingexpert.com/showthread.html?t=985463

Moneyking

They do use FP in, I can transfer £10K from Tesco (FP out) to my Egg accounts the same day (see FP status in Tesco Internet banking), but it doesn't show on the Egg acount till the next day.

Hope this helps.

Sadly EGG (Citigroup) are not doing to good at the moment, so I have moved all my money from my Egg account (6.3%) back to Tesco again (took 3 days via normal BACS transfer, as it's too risky. (http://thetraderblog.com/?p=2023)

Regards,
Chris

charlieboycat

Moneyking wrote: »

Sadly EGG (Citigroup) are not doing to good at the moment,

Are they really any riskier than say RBS/NatWest or LLoyds/HBOS - ie. relying on taxpayer (albeit US taxpayer) support to carry on trading?

I know Tesco Finance is no longer 50% owned by RBS, but RBS still provide the savings service and if RBS were to shut its doors then Tesco might not find it so easy to repay savers.

Unfortunately I don't have one of the 6.3% accounts (must have been asleep last summer), but if I had I'm sure I'd have £50k in it right now.

Lokolo

charlieboycat wrote: »

Are they really any riskier than say RBS/NatWest or LLoyds/HBOS - ie. relying on taxpayer (albeit US taxpayer) support to carry on trading?

I know Tesco Finance is no longer 50% owned by RBS, but RBS still provide the savings service and if RBS were to shut its doors then Tesco might not find it so easy to repay savers.

Unfortunately I don't have one of the 6.3% accounts (must have been asleep last summer), but if I had I'm sure I'd have £50k in it right now.

Indeed. Plus Egg are protected upto the £50k anyway.

~Chameleon~

Why are people sending money to Egg rather than pulling it in via their deposit system? Whenever I want to transfer money to Egg savings I do it via Egg and it shows up in the account and starts earning interest instantly ... or am missing something here?

Moneyking

~Chameleon~ wrote: »

Why are people sending money to Egg rather than pulling it in via their deposit system? Whenever I want to transfer money to Egg savings I do it via Egg and it shows up in the account and starts earning interest instantly ... or am missing something here?

I think you can only pull funds from your nominated bank account, its like using your debit card, but I don't think you can move funds that way from say Tesco, even though both banks have very powerful setups.

Both FP and Card Deposit sytems (I think) are limited to only 10K per day.

I have moved my 50K out of Egg because if it does go tits up, I think it will take months or even years to get your money back, and also it will not include interest lost over the time it took to sort out, too risky.

I feel HBOS is much safer as its will shortly be owned fully by the Tax payer, and I do like BM, my fav bank!

Just transfer my A&L Direct ISA Issue 4 (paying 1.55%) to BM fixed at 4.2% for 1 year.:beer:

As soon as things pick up at Citigroup then I will move the money back, but the Introductory 12 Month "Fixed" 6.3% Rate ends in June 16th 2009.

Regards,
Chris.

Milarky

Moneyking wrote: »

Both FP and Card Deposit sytems (I think) are limited to only 10K per day.

Not so. You can make multiple card deposits into Egg up to £10K one after another.

Moneyking

Milarky wrote: »

Not so. You can make multiple card deposits into Egg up to £10K one after another.

But not from the same bank? I'm sure A&L doesn't allow more than 10K per day, maybe your right, the card deposits are very powerful way of moving money.

Its a shame you can't get your money out of Egg quicker, takes 3 days via BACS only

Biggles

Moneyking wrote: »

But not from the same bank? I'm sure A&L doesn't allow more than 10K per day, maybe your right, the card deposits are very powerful way of moving money.

Yes, it's the sending bank that imposes limits. I think any account will happily receive practically unlimited payments inwards, sadly I'm unable to put this to the test with any of my savings accounts!

Lynt_3

Moneyking wrote: »

I think you can only pull funds from your nominated bank account, its like using your debit card, but I don't think you can move funds that way from say Tesco, even though both banks have very powerful setups.

Both FP and Card Deposit sytems (I think) are limited to only 10K per day.

I have moved my 50K out of Egg because if it does go tits up, I think it will take months or even years to get your money back, and also it will not include interest lost over the time it took to sort out, too risky.

I feel HBOS is much safer as its will shortly be owned fully by the Tax payer, and I do like BM, my fav bank!

Just transfer my A&L Direct ISA Issue 4 (paying 1.55%) to BM fixed at 4.2% for 1 year.:beer:

As soon as things pick up at Citigroup then I will move the money back, but the Introductory 12 Month "Fixed" 6.3% Rate ends in June 16th 2009.

Regards,
Chris.

You've got me worried now! (quite easy to do nowadays!)
My fixed 6.3% ends in October, so I can't bring myself to cut and run just yet. I know what you mean about it taking a long time to get money back if they do go bust :eek: Not a good idea to keep all one's eggs (sorry!) in one basket, but tempting at that rate.
Here's hoping Citigroup get through these 'difficulties'.

Oh dear