Using Egg Money for Savings???

Gareth83

I have an Egg Money Card and it pays 4% gross on positive balances,

Would it be worthwhile me using this as a savings vehicle as opposed to the 1.84% the AA have which I am using....

Or does using a credit card for savings have negative points?

I pay off teh card in full each month if that affects anything?

Muffin99

Yeah I reckon it is definitely worthwhile and so do a few others on here! You might like to see this link

http://forums.moneysavingexpert.com/showthread.html?t=1555101&highlight=egg+money

DeanJ_2

Not sure if you've seen the recent email Egg have sent today but from 24th April interest on a positive balance will be reduced from 4% to 0.5%

From 15th May NO interest will be paid on a positive balance.

So I guess you're best off keeping your money where it is at the moment.

terafarma

Gareth83 wrote: »

I have an Egg Money Card and it pays 4% gross on positive balances,

Would it be worthwhile me using this as a savings vehicle as opposed to the 1.84% the AA have which I am using....

Or does using a credit card for savings have negative points?

I pay off teh card in full each month if that affects anything?

Not worth the bother any more from reading the email from Egg this morning about changes in interest on positive balance on Egg Money.

It is now a card like any other card, bar the 1% cashback on purchase. Using it as savings account is now a pointless exercise.

"The changes, at a glance
Interest on positive balances
From 24 April 2009 the interest rate you receive on positive balances will reduce from 4% pa/AER to 0.5% pa/AER and from 15 May 2009 interest will no longer be paid on positive balances. Because of this, Direct Debit payments will only be taken when you have a negative balance".

Muffin99

Oh no! Did I jynx it yesterday?!!! Doesn't look like it's a good idea no longer! Guess we could see that coming hey? Still, nice while it lasted.

Innocent_Guy

Was a good idea a few months ago! Sorry