Egg Reduce Rate to 2.5%

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Does this mean savings rates are on the way down or have Egg got enough money now?

KTF

The previous 3.25% rate was for a limited time and for new money only. Looks like they have met their quota for that account.

For those who opened the 3.25% account it remains at 3.25%:

Accounts opened between 26 June 2009 - 14 September 2009
Rates applicable from 7 August 2009 - 14 September 2009
On balances up to £1,000,000

3.25% gross pa/AER variable (including an introductory 12 month fixed bonus of 2.00% gross pa from the date the account is opened).

From: https://new.egg.com/customer/statements/historicalInterestRates

Comfortably_Numb

I decided to open one of these late last night, rather than wait for today. Seems like it was a good move. I hope the account was set up under the old rate though.

Masomnia

Comfortably_Numb wrote: »

I decided to open one of these late last night, rather than wait for today. Seems like it was a good move. I hope the account was set up under the old rate though.

I imagine it will be, but it may be worth sending them a secure message to check what rate you're getting.

Gymgenius

Comfortably_Numb wrote: »

I decided to open one of these late last night, rather than wait for today. Seems like it was a good move. I hope the account was set up under the old rate though.

Didn't you get a pop-up on screen giving you the interest rate when you opened it online? I know I did.

Comfortably_Numb

Gymgenius wrote: »

Didn't you get a pop-up on screen giving you the interest rate when you opened it online? I know I did.

To be honest, I cant remember. I just assumed it would be at the higher rate, and I'm sure it will be as it all went through just before midnight.

I have sent a secure message to them just to make sure though.

lellow_lorry

All the best with the application.....i applied 18th August....paperwork filled in returned 22 August....as of last night was still waiting for it to open.....emailed and they said they were dealing with the backlog.....so after nearly a month they still hadn't opened it.....so £100k has been deposited elsewhere on a similar rate.....so much for banks desperate for wanting your money!! Oh ...and i emailed them to forget processing the application.:mad::mad:

Comfortably_Numb

lellow_lorry wrote: »

All the best with the application.....i applied 18th August....paperwork filled in returned 22 August....as of last night was still waiting for it to open.....emailed and they said they were dealing with the backlog.....so after nearly a month they still hadn't opened it.....so £100k has been deposited elsewhere on a similar rate.....so much for banks desperate for wanting your money!! Oh ...and i emailed them to forget processing the application.:mad::mad:

Thats not so good.

In my case I already have another account with them, so the application procedure was simple. I just hope they've set it up at the higher rate.

YorkshireBoy

Masomnia wrote: »

...it may be worth sending them a secure message to check what rate you're getting.

And if Egg secure messages are still deleted after 90 days (are they?), then don't forget to save the reply somewhere safe...ready for any possible slanging match (aka formal complaint) next year!