EGG and their two savings accounts

Jake'sGran

When Egg reduced their savings account or, perhaps the bonus came to an end, how do they know when money is transferred to a linked account and then reinvested with them in their new instant access paying 3.25%?
I did ask them about just transferring money from the original savings account to the new one and they replied that when this happened they are able to pick out the transferred amounts and pay the lower rate on these deposits only.

anamenottaken

Jake'sGran wrote: »

When Egg reduced their savings account or, perhaps the bonus came to an end, how do they know when money is transferred to a linked account and then reinvested with them in their new instant access paying 3.25%?
I did ask them about just transferring money from the original savings account to the new one and they replied that when this happened they are able to pick out the transferred amounts and pay the lower rate on these deposits only.

In fact you will have found that if you tried to do it online yourself, it is just not possible to transfer from the lower rate savings account to the new one. You always have to transfer the money out of Egg and back in.

However, if they are saying that they can trace money going out of the first Egg savings account to an external account and back to the new Egg savings account and that you would not get the higher rate, then they were not telling the truth. If you are worried about this, just confuse them by transferring back in an amount which is different by a couple of pounds!

Jake'sGran

You may have misunderstood a little. I did actually transfer from the original account directly into the new account and thought I might get a message about it. As I didn't get a message I decided to ask and their response was as I said.

I do intend to put back some of the money I transferred to my current account as I don't see how they could say this is not "new money".

noh

Money from an external source is "new money".
Money from another egg savings account opened after account in question is "new money"
Money from a pre-existing egg savings account is not.

From the T+Cs
http://new.egg.com/visitor/0,,3_112558--View_2450,00.html

"New Money" means any money not held in any Egg Savings Account (Internet) or any Egg Savings Account (Investor) opened prior to the Introductory Offer Period.