introductory bonuses and Egg

JamesU

azureblue wrote: »

Thanks for that. NatWest said they'd charge me £23 for a CHAPS into Egg, and BACS was only for salary!! Egg never mentioned accepting cheques anywhere as that would have been my preferred initial payment, just debit card which NatWest seemed not to want to do. I gave in as it was just too much hassle - perhaps Fate didn't want my money going to a US-backed facility ...Anyway ...Are Barnsley BS any good?
Ta.

Opening an Egg account is one thing, closing it is quite another.....you might be interested in this thread. I did not want my money (and data) going to a US-backed facility either:

https://forums.moneysavingexpert.com/discussion/2423027


JamesU

azureblue_2

Thanks JamesU. I have asked to close this account within the 15 days 'cooling off' period so hoping it will be straight forward. The Egg site states it will take 2 to 3 days to do this. We live in hope...!

Mr_K

JamesU wrote: »

Opening an Egg account is one thing, closing it is quite another.....you might be interested in this thread. I did not want my money (and data) going to a US-backed facility either:

https://forums.moneysavingexpert.com/discussion/2423027


JamesU

I think that's referring to a credit card account. All providers insist on keeping credit card accounts 'active' for a while just in case there's any more payments charged to it. I've never had any trouble closing saving accounts with Egg. Just send them a secure message (stating where you want any closing interest sending) and in a few days its done.

Jake'sGran

Sceptic001 wrote: »

There is nothing to stop you opening a 2.8% account as well. They may not let you transfer money direct from the 2.5% account but you can transfer out and then back if you don't mind losing a few days interest on the in transit money.

That is correct, they won't let you transfer money from an existing account to the new one. I have had an Egg account for some time and last year they brought out a new one paying 3.25% so I did what has been mentioned already and took out most of the money in the existing account and then paid it back in to the new one.

I like EGG because it's easy to use and they always respond to queries very quickly but I don't know where I will put the money when the bonus account I managed to get finishes.

One thing I find irritating is that at one time I took up their offer of keeping a record of other investments there but soon found out that it was useless as a portfolio as some fund companies would not join in. I deleted all the records but EGG refuses to remove the names from my account page. Very strange really?

baldbloke_2

I have opened and closed numerous savings accounts with Egg. I have never had a delay or a problem at any time - in fact their secure messaging and general on-line account management seems simplicity itself. Many other banks etc could learn from Egg in this respect.

I have often opened a new account to take advantage of a higher interest rate when going to make an additional deposit to an existing account. Again this happens without fuss.
Just remember to clear out the account when the year is up or earlier if the 'new money only' offer is attractive!

They seem to be a purely functional 'bank' caring little for customer loyalty but only for increased deposits as and when it suits them. On that basis they work just fine. They are most definitely part of the 'new age' of banking/saving. On the level they choose to operate at I think they offer an excellent service.

I also have an Egg Money card which is very handy. I can pay the balance monthly by making a simple transfer from the lowest-interest-paying savings account at that time!

Sceptic001

Another advantage of Egg (while we are singing their praises) is that you are not tied to a nominated current account. You can set up payments to any account that accepts BACS payments and can deposit with a debit card. Simples.:)

JamesU

Mr_K wrote: »

I think that's referring to a credit card account. All providers insist on keeping credit card accounts 'active' for a while just in case there's any more payments charged to it. I've never had any trouble closing saving accounts with Egg. Just send them a secure message (stating where you want any closing interest sending) and in a few days its done.

Yes, the thread was about credit card accounts but if you read through it, you will see that a few of us were discussing trying to close down Egg savings accounts. But I actually do agree with the last 3-4 posts, Egg does what it does functionally and efficiently. Perhaps you should check if your account really is closed down online....anyway rule of thumb: if you are happy with a bank, stick with them of course.

JamesU

charlieboycat

baldbloke wrote: »

I have opened and closed numerous savings accounts with Egg. I have never had a delay or a problem at any time - in fact their secure messaging and general on-line account management seems simplicity itself. Many other banks etc could learn from Egg in this respect.

I agree wholeheartedly.

baldbloke wrote: »

I have often opened a new account to take advantage of a higher interest rate ... this happens without fuss.

My experience also.

carol01

reported spam

azureblue_2

Just an update: I've had no acknowledgement from Egg that the account is closed as I requested.
I opened a Barnsley account and then discovered that NatWest need to send me a card reader so I can send money to Barnsley by my debit card. It's all a bit round the houses and I suspect it's done to peter out cheque usage, a stated desire by banks recently. It would help if the banks were more up front about all this as it took some research to reach this point.
I'm an honest person and expect forthright honesty in others. I must be living in a parallel universe ....