Egg Cash ISA

chris_topher97

Hi, My brother opened an Egg Cash ISA at the end of August last year. (just before the interest rates crashed everywhere)

What they were offering was 6.05% FIXED for one year after account opening. Around december time when the interest rates had plumeted I went back to egg to check what he was getting. They had a list of new interest rates but I remember it saying those people who had opened between [FONT=Arial, Helvetica, sans-serif]6 April 2007 - 13 November 2008 were on 6.05%

One year later the interest comes through and is incorrect, so i have asked for a break down of his interest paid. Turns out it carried on dropping throughout the year.

I have just gone back to their website and the information given in their previous interest rates has altered. It no longer says those who opened before 13November will get 6.05% it now has a list of dates for when the interest rate dropped throughout the year.

Are they allowed to do this, and does my brother stand any chance of getting the interest he is due?
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Lokolo

As I recall it wasn't fixed for a year.

I have never heard of Egg fixing rates apart from now and I have been with them for 4 years.

They sometimes have fixed bonus rates added on top of the normal rates, but this is it.

Baldur

This item and this one, among others available through Google, indicate that the Egg ISA was a variable rate account.

noh

There is also a thread on this forum from April 2008 that also indicates it was a variable rate.

http://forums.moneysavingexpert.com/showthread.html?t=418207

chris_topher97

Thanks for the information. I could have sworn it was fixed when I opened it for him, oh well he'll get over it.

Thanks again for putting me right.

Darkwhy

Your confusion rings a bell.
I'm new to this,but last year I could have sworn I took out two fixed rate ISA's for my wife and myself.At the end of the year,I found out it had [mutated?]been variable rate.I cant understand why I would have taken out a variable rate ISA.I was almost shocked I was that sure it had been a fixed rate-it was with a different outfit.

Baldur

Darkwhy wrote: »

I was almost shocked I was that sure it had been a fixed rate-it was with a different outfit.

Abbey or Alliance & Leicester by any chance? Both are past masters at publishing confusing sales 'blurb'.

Darkwhy

Abbey.This was some sort of slip between cup and lip.