New Money In Egg Account

Comfortably_Numb

My fixed rate account with Egg is due to expire this week, and I have opened another with the 2.5% rate. The details on the new account state only new money is allowed in, and not money from other Egg accounts.

There is a facility to move the money from one to the other, so if I do that, will I get 2.5%, or will they stop me doing it?

I presume I can move the money out of Egg to my linked account, and then back into the new account, but what is their reasoning for such a policy?

Thanks.

D1zzy

Move it out and back

Stompa

Comfortably_Numb wrote: »

There is a facility to move the money from one to the other, so if I do that, will I get 2.5%, or will they stop me doing it?

I've read posts here from people who have successfully transferred directly between accounts (and who claim to get the 2.5%), and also posts from others who have been prevented from transferring directly - so who knows?

Comfortably_Numb wrote: »

I presume I can move the money out of Egg to my linked account, and then back into the new account...

That's what I did just to play safe. I didn't want to discover a year later that they weren't going to pay me the full rate because I had not adhered to the 'new money' rule.

Comfortably_Numb

Thanks. To be safe, I will move it out, and then back in, but why do they make you do that? Is there a logical reason?

Mr_K

No logical reason other than they rather you'd kept your lump sum in the low paying account rather than get the higher new account rate.

The get round is easy, to transfer out and back again, but it is a bit of a farce. Still at least they allow an easy loop hole, other providers aren't so generous.