Egg Money stopping in-credit interest

Paul_Herring

Froggitt wrote: »

Huh? They cant charge for withdrawing a positive balance can they?

They can after 15th May. 'Egg Money' is no longer designed to hold a positive balance. It'd be interesting to see if they start allowing increases in limits to take this into account.

nzseries1 wrote: »

I never got the email as I'm not actually an Egg Money cardholder (just a big fan), but I assumed that there was already a Cash Advance fee for withdrawing cash on a negative balance...

There was. Well, still is - it's just that before you could withdraw without a fee if you left the card with a positive balance.

Are you telling me that until now, Egg Money holders were allowed to withdraw money from their Egg Money card without fee even if it had a negative balance?

That was never the case AFAIK.

dlouis_2

nzseries1 wrote: »

...I assumed that there was already a Cash Advance fee for withdrawing cash on a negative balance...

Are you telling me that until now, Egg Money holders were allowed to withdraw money from their Egg Money card without fee even if it had a negative balance?

Yep. That's right. It was brilliant.

.

nzseries1

Paul_Herring wrote: »

That was never the case AFAIK.

Well that's what I thought... but my original point was surely they can't charge a 3% withdrawl fee on £50,000 worth of savings... they just can't!!

sicker

Wthdrawing 4 x £500 from atms over the next few days will reduce my positive balance to £300 which will be reduced to 0 over the next few weeks. Then Egg only used for purchaces with balance cleared each month. Where now for my money??? (cash isa fully funded.)

dlouis_2

I'm sorry, but cash withdrawals have always been free, regardless of whether your balance was positive or negative. I have never paid a penny of interest to egg.

Milarky

dlouis wrote: »

I'm sorry, but cash withdrawals have always been free, regardless of whether your balance was positive or negative. I have never paid a penny of interest to egg.

Not so. It used to be 'fee-free' but not 'interest-free' - you still incurred the cash advance rate of interest (but only that) to withdraw up to £500 per day but they restricted 'fee-free' a few months back to positive balances only.

I have paid interest a few times (50p a throw) due to crossing into a small negative balance, FYI

IWantToBeFree_2

Email just landed in my inbox, I was worried they were taking away the 1% cashback... Don't fund my card so never have a positive balance (get better rates elsewhere) so not too fussed that they have removed the 4%

Lavendyr

Very relieved that they are keeping the 1% cashback as this is the key reason I use Egg Money. Not too bothered about the removal of savings interest, although it is slightly irritating that it's no longer possible to load it with a positive balance - that's always been handy just in case.

The insurances look pretty good, especially the price protection & extended warranty. I wonder if they will start making the card available to new customers again after 15th May now that they've sorted all of this out.

nzseries1

nzseries1 wrote: »

Well that's what I thought... but my original point was surely they can't charge a 3% withdrawl fee on £50,000 worth of savings... they just can't!!

Thanks to this post in another thread it is now clear:

bilbo wrote: »

egg money scraps 4% interest from april 25th

Find out more about the changes:
http://e-mail.egg.com/a/tBJ5cxNAcPxCHB7gattAQgk3pG7/egg2

Read the full Egg Money terms and conditions:
http://e-mail.egg.com/a/tBJ5cxNAcPxCHB7gattAQgk3pG7/egg3

You can transfer a positive balance of more than £100 out of your account without penalty. Phew. This is one of those cases I'm glad I was wrong!

clio

Aye got the email just now. So new EM card is now EMWM. So when the BOE rate picks up i wonder if
the positive balance interest rate will come back. 1% cashback still remains..