Egg internet saver - bonus rate

brewerdave

I'm a bit confused - variable bonus rate for new accounts was 2.1% (on top of standard 1.25%) - I received an email a month or so ago telling me this bonus had been reduced to 1.6%; looking at EGG site today looks like the bonus has been further reduced to 1.25% - anyone heard anything themselves? Historic rates on site showing bonus at 1.6% up to yesterday??

Milarky

Yes, it looks like it has just been cut to '2.50%' inclusive of bonus (it had been '2.85%' and before that '3.35%') Just part of Egg's latest round of cost-cutting (see the Egg Money email threads yesterday) I imagine.

[FONT=Arial, Helvetica, sans-serif]See here for confirmation of this latest change

Rates applicable

from 12 March 2009 - 15 April 2009
[/FONT][FONT=Arial, Helvetica, sans-serif]2.85% gross pa/AER (variable) for first twelve months (includes 12 month variable bonus rate of 1.60% gross pa)




[/FONT][FONT=Arial, Helvetica, sans-serif][/FONT]

LittleVoice

Anyone else having problems getting written responses out of Egg?

I sent secure message on 8 April and there was still no reply at 10.15 on 19 April. (And they suggest replies take 3-4 days!)

My query starts with my need to know the apparently fixed rate on a savings account. An Egg Money person had told me what it was - which was much higher than I expected.

(I know I should have been aware of any fixed rate and its expiry date but unfortunately a burglary soon after I opened the account meant I lost my record of it.)

Milarky

LittleVoice wrote: »

My query starts with my need to know the apparently fixed rate on a savings account. An Egg Money person had told me what it was - which was much higher than I expected.

(I know I should have been aware of any fixed rate and its expiry date but unfortunately a burglary soon after I opened the account meant I lost my record of it.)

The interest (at the 'bonus rate) will be paid at the expiry of the promtion period itself - that way you can both check the interest rate paid (just work out the daily average balance X and divide the gross interest Y by X to get the percentage) as well as being alerted to the sudden reduction in rate and the need to move the balance elsewhere. (This requires regularly checking the site of course)

withnell

LittleVoice wrote: »

My query starts with my need to know the apparently fixed rate on a savings account.

The bonus for accounts opened in the last few months was a variable bonus rate - so they can put the bonus down to 0% if they want!

A number of places are using variable bonuses these days - eg the Abbey ISA that pays 1 + 2% bonus, but all parts are variable!

Baldur

The only fixed rate of which I'm aware is the one shown on their interest rates page http://new.egg.com/visitor/0,,3_54050--View_451,00.html

Egg Savings Account (Internet) introductory rate (for accounts opened between 8 May and 10 October 2008) 6.30% gross pa/AER fixed for 12 months

LittleVoice

Baldur wrote: »

The only fixed rate of which I'm aware is the one shown on their interest rates page http://new.egg.com/visitor/0,,3_54050--View_451,00.html

That's the one (opened in September) but I need to have confirmation that that is indeed the account type I have. They don't seem to be able to answer my question in 10 days, never mind the 3-4 they suggest.

And, of course, they have cut back on their service so that you can't phone them on a Sunday or during the week outside the 8 to 8 window.

One lesson from this is to "name" the account with the vital data and then it is always displayed.

Baldur

LittleVoice wrote: »

That's the one (opened in September) but I need to have confirmation that that is indeed the account type I have. They don't seem to be able to answer my question in 10 days, never mind the 3-4 they suggest.

And, of course, they have cut back on their service so that you can't phone them on a Sunday or during the week outside the 8 to 8 window.

One lesson from this is to "name" the account with the vital data and then it is always displayed.

I had to confirm mine at the time of opening, as I applied on the 10th October and the actual account was opened quite some time later - have screen captures of secure messages received in response to my queries, just in case.

meggsy

Just wondering if you receive their emails advising of the savings rate when they change ?

The last one I had was on the 13th March for the fixed rate savings account which I opened last September ...

"Please note:
This notification does not affect the rate payable on your Egg Savings Account (internet) during the first 12 months. The introductory interest rate is fixed and therefore remains at 6.30% gross pa/AER for 12 months from account opening"

I also had two other emails at the same time for my other accounts

JanineB

Im trying to transfer money to my Egg account and it appears to take ages!

I transferred sums form Yorkshire Building Society to Egg and RBS last Friday (Good Friday). The money arrived in my RBS account on the 16th, and today still nothing in my Egg account........

Baldur

JanineB wrote: »

Im trying to transfer money to my Egg account and it appears to take ages!

I transferred sums form Yorkshire Building Society to Egg and RBS last Friday (Good Friday). The money arrived in my RBS account on the 16th, and today still nothing in my Egg account........

I always transfer into mine either by Debit Card payment (instant) or via Faster Payment from my current account (within an hour or two).