Addled Egg

verntern

I recently used the secure message service to instruct Egg to close savings account A (the 12 month bonus period was expiring). Foolishy and naively I requested that the total proceeds be transferred to account B (the next best rate). Egg informed that this was not possible. The balance from account A had to be paid back to the nominated main bank account and then deposited back into account B. How clumsy a system is this? However, the best was yet to come. Clear, simple instructions to Egg were dealt (mis-dealt) with by no less than 4 different 'internet savings advisors'. The end result was Egg closing both my accounts. Account B without any authorisation whatsoever. Standard, pre-prepared emails of weak apologies followed. My savings now go to the AA (currently at 2.8%). 'Customer Services' is possibly the most despised phrase in the English language relating to banks. Generally means an expensive phone number to attempt to contact. Invariably means
'your call is important to us', 'all our advisors are busy taking calls at the moment' To which should be added ' please hold, we will play you some tinny musak and cream off some money from your telephone bill'. Emails are equally bad 'Do not hesitate to contact us again if we can be of further assistance'. What assistance? Does any reader know where banks come in the top 10 of 'most unreliable'? Or even the top 10 of 'most stressful'

Stompa

verntern wrote: »

I recently used the secure message service to instruct Egg to close savings account A (the 12 month bonus period was expiring). Foolishy and naively I requested that the total proceeds be transferred to account B (the next best rate). Egg informed that this was not possible. The balance from account A had to be paid back to the nominated main bank account and then deposited back into account B. How clumsy a system is this?

The trick is to transfer your funds out to the linked account yourself before closing the account. Mine were back with Egg within 48 hours. But I agree, it's a barking mad system.

Sceptic001

You suffered an annoying mistake by egg, but in my experience, they are one of the better banks to deal with. As Stompa says, their rule is barking mad but merely an inconvenience, unlike those really infuriating banks like ING who don't let existing customers open their newer top-rate accounts.

My only gripe with egg is that their system refuses to accept that some banks use holding accounts with an eight-zero account number. Although egg recognise this problem they are doing nothing to solve it and there is no work-around, unless the other bank can provide an alternative account number. Oh well, no-one's perfect.