Egg Savings Account (Internet)

CountDrakma

Thinking of opening this account but need clarification please.
The MSE link says that the Egg Savings Account (Internet) pays 3.35% including a 2.10% bonus for a year. The Egg site however suggests that this bonus is also variable[FONT=Arial, Helvetica, sans-serif] (quote) "3.35% gross pa/AER variable (includes an introductory 12 month variable bonus rate of 2.10% gross pa from the date your account is opened) on balances up to £100,000. No interest is payable on balances over £100,000 during introductory bonus offer period.
After 12 months our standard variable rate will apply - currently 1.25% gross pa/AER (variable)".

So, can Egg alter both the top rate and the bonus anytime they like during the first year of the account? If so should the MSE page be reworded?

Ta
CountDrakma
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Robert_Sterling_3

A good question ..............................................:T

LesU

CountDrakma wrote: »

Thinking of opening this account but need clarification please.
The MSE link says that the Egg Savings Account (Internet) pays 3.35% including a 2.10% bonus for a year. The Egg site however suggests that this bonus is also variable[FONT=Arial, Helvetica, sans-serif] (quote) "3.35% gross pa/AER variable (includes an introductory 12 month variable bonus rate of 2.10% gross pa from the date your account is opened) on balances up to £100,000. No interest is payable on balances over £100,000 during introductory bonus offer period.
After 12 months our standard variable rate will apply - currently 1.25% gross pa/AER (variable)".

So, can Egg alter both the top rate and the bonus anytime they like during the first year of the account? If so should the MSE page be reworded?

Ta
CountDrakma
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Yes they can and they already have. When I took out my savings account late last year, the bonus was at 1.95%. It has since been increased while the standard % rate has been decreased in line with the BoE changes.

Lansdowne

Good luck with account opening, especially if you have a flat address. Took me 5 tries with sending utility bills etc until they were satisfied.

CountDrakma

Thanks you three - sorry for the delay in acknowledging - been away. Looks like Egg still worth considering despite their sneaky bit about the variable bonus. Might wait and see if/how they react to the latest interest rate cut. Cheers!
Drakma