How late can I leave it

Smitty

My 0% on Egg expires soon. The funds have to be cleared in my Egg account by 31st Jan. My money is on its way from my savings to my current account.

How late shall I leave it before I initiate moving the money from my current account (paying decent interest) to my Egg card? And what method do you lot use for moving your money from c/a to Egg, do you initiate the xfer from Egg or you c/a ?

Milarky

My 0% on Egg expires soon. The funds have to be cleared in my Egg account by 31st Jan. My money is on its way from my savings to my current account.

How late shall I leave it before I initiate moving the money from my current account (paying decent interest) to my Egg card? And what method do you lot use for moving your money from c/a to Egg, do you initiate the xfer from Egg or you c/a ?

The last interest free day - 31st January - is a Monday. Normally, I would make payment by BACS by Wednesday 26th [allowing two banking days]. Egg can, however, accept debit card, I think [please check that, but I'm almost sure]. In this case, you'd go to Egg's website and make payment from there. The payment will apply either immediately, or 1 day following. The good thing about debit card pamyents in general [although it depends on your bank - which one is it?] is the money need not leave your bank account straightaway - and so you can benefit from interest a bit longer.

[It might be worth making payment to Egg on the Saturday 29th therefore to be sure that payment applies before 31st and also because payment could not be taken until 31st in any case]

NB if a minimum payment is being taken by direct debit within about 4 days of the end date - reduce your one-off amount to allow for this. If you make a one-payment even earlier the debit amount is changed by Egg themselves

Joe_Bloggs

Instruct Egg to take the money with a 'one off payment' with a debit card in the Move Money section in the menu on the right of your egg home page. They claim that the money will be taken the same day and show up in their account the next working day. This assumes the request was made before 2pm on a working day. The Move money help section is very clear.
I'd say the Wed 26th before 2pm would give you time to watch the money leave your account and arrive at egg.
J_B.
PS Do have internet access to all your accounts ?

Smitty

cheers for your replies

yes I have internet access to all my accounts and I have read on Egg's site about the debit card transaction being there within a day (if done before 2pm)

I just wondered if anyone had actually done it and it was as quick as they say it is.

mary

My final date was 31st December. I had been paying my min payments by DD, so I rang to check with them, just how late I could leave it and trusted them. They changed the min. payment to full payment and it was debited from my current account on 31st and reached Egg on 31st, according to both statements. In fact you can change the payments yourself on line from min. to full payment.

So in fact I repaid the £10K on the very last day. I also had it confirmed by a secure message that would be okay with no interest to pay.

Smitty

cheers MARY. Was your DD already the 31st of each month when you were making the min payments?

mary

No, it had always been the 1st of the month, but when I got my last statement, I saw they had altered the date to 31st December - my guess is probably because it was New Years Day.

realaledrinker

I have to say that I always pay the balance off a few days earlier than this.  You are talking the difference between a few pence credit interest and many tens of pounds interest charge if you foul up.

zcaprd7

Yep - I agree - I nearly got stung by MBNA.

The guy who confirmed my balance transfer actually lied about the date it needed paying back - either that or the woman I spoke to the other day did, she said it expired on the statement date?

mary

If you get in writing from them the date they should take the money from your account by direct debit in a secure message - doesn't that stand up in court, so to speak?

Smitty

Of course you are right zcaprd7 & realaledrinker, but it just feels horrible wasting even a days interest, i think Im obsessed ::)

I also agree with you Mary, if you get it in writing (or secure message), if they try and rob you, you have excellent come-back.