Transfers from in credit Egg Money

a&akay

Just had an interesting conversation with Egg Money where I was transfering £3k in credit stooz money to my wife's current account. Despite what their site says they were adamant that this was not a BACS transfer but a balance transfer. I have never heard of this from a card to a current account. They apparently did not want to give me cash back as a result of the deal. They also said it would take 10 days not the normal 4 working days by BACS. This was from 2 separate advisors as I didn't believe the first one.

**purplemoon**

We;ve managed to BACS transfer smaller amounts of credit from egg money, but anything over £1k has been done as a balance transfer so we can't earn the cashback

I've read on here that some people have managed to BACS transfer larger amounts though so I guess it depends whether you get a "jobsworth" cs rep or not

sicker

It was good while it lasted but let's be fair, why should Egg give you a 'bonus' for giving your wife money? I believe however you may still get money back for a transfer to an Egg savings account.(just hear say)

John

a&akay

I wasn't after any cashback. This was their explanation. All I want is to start earning interest on my money in my wife's non taxpaying account after 4 working days not 10.

YorkshireBoy

Don't worry about the "10 days" statement.

I've done 4 SBT's to Egg Money from my current account recently (£200 cashback already showing, so didn't bother with the BACS to Egg Savings loophole), and they've all taken 4 days or less.

To minimise the loss of interest, action the SBT's yourself online on a Monday.

Gambler

YorkshireBoy wrote:

Don't worry about the "10 days" statement.

I've done 4 SBT's to Egg Money from my current account recently (£200 cashback already showing, so didn't bother with the BACS to Egg Savings loophole), and they've all taken 4 days or less.

To minimise the loss of interest, action the SBT's yourself online on a Monday.

I have done a BT from N&P which is now making my egg money account in credit to the tune of £6,500 (Credit Limit £3,900).

What is the best way of transferring this money?

Or should I just leave it there, earning 4% interest. We easily spend £1K per month on the card so with Xmas coming we could go through that in 6 months.


Thanks

emcwill

Gambler wrote:

I have done a BT from N&P which is now making my egg money account in credit to the tune of £6,500 (Credit Limit £3,900).

What is the best way of transferring this money?

Or should I just leave it there, earning 4% interest. We easily spend £1K per month on the card so with Xmas coming we could go through that in 6 months.


Thanks

Do you have an Egg savings account? If so (or takes minutes to set up) call/secure message them and ask them to transfer the +ve balance to that and you may find you get 1% cashback on the transaction. It takes about 5 days and then you can move it on to any other current account online if you want to then you can move it to a savings account paying more than Egg.

Personally I use my Egg Money for spending too so prefer to get stoozed money off it and kept separate so I know it's there to pay back when I have to.

YorkshireBoy

Gambler wrote:

...should I just leave it there, earning 4% interest. We easily spend £1K per month on the card so with Xmas coming we could go through that in 6 months.

Times are hard enough for stoozers at the moment. Why settle for only 2% AER (1.6% net!!!!!!) when there are 5.2%+ savings accounts available?

Gambler

emcwill wrote:

Do you have an Egg savings account? If so (or takes minutes to set up) call/secure message them and ask them to transfer the +ve balance to that and you may find you get 1% cashback on the transaction. It takes about 5 days and then you can move it on to any other current account online if you want to then you can move it to a savings account paying more than Egg.

Personally I use my Egg Money for spending too so prefer to get stoozed money off it and kept separate so I know it's there to pay back when I have to.

Thanks, I've secure messaged asking for £6K to be transferred.

Update: Worked a treat, including cashback !! That should help to compensate for the loss of 1 months interest due to an N&P mess up. Thanks again to YB and will.