Egg still offering 5.5% for 6 months

miller

Egg are still offering a 0.75% bonus on their Egg Savings Account. This offer is also open to existing customers (I have transferred to the 'bonus account' once already).

I might consider doing another transfer to guarantee this rate for another 6 months. There is also the added extra that the outstanding interest will be credited immediately when the old account is closed.

Milarky

Yes, I was wondering whether this promotion was still running, and checked yesterday, and it was. Just for the record it's been on continuously since 21st October 2004 and can be withdrawn at any time. The previous occasion it was offered was between Feb and May last year.

Unbelievable_2

miller - Are you saying that Egg will let you close your savings account (the one earning .75% bonus) and then immediately open another one which will then have another 6 months worth of bonus? Do you know this will work?

It would be if it did!

zain

Unbelievable wrote:

miller - Are you saying that Egg will let you close your savings account (the one earning .75% bonus) and then immediately open another one which will then have another 6 months worth of bonus? Do you know this will work?

It would be if it did!

Yes, no problem with this.
I had an egg savings account for years and recently i opened another one online with the bonus. I didn't bother closing my old one,just kept a few pounds in there.

The only problem i seem to remember is that i couldn't directly transfer my money from the old account to the new one. It had to go via my current account for some odd reason.

I plan to open another bonus savings account when the six months period is up!

miller

Unbelievable wrote:

miller - Are you saying that Egg will let you close your savings account (the one earning .75% bonus) and then immediately open another one which will then have another 6 months worth of bonus? Do you know this will work? It would be if it did!

I don't know 100% whether this is OK. I am 99.9% sure though.

a) you should be able to open another account with a 6 month intro bonus at any time while the offer is still advertised.

b) closing the old account should be no problem (if you want to). Just send a secure email. This has the advantage that closing interest is credited immediately - see (c).

c) they wont credit your interest to either savings account. Specify a sort code / account # you want it sent to (with any closing balance).

When I opened the new account the last time I could perform an "internal transfer" via the accounts address book from the old account (they said this was not possible - but hey ;-) ).

Walletwatch

Approaching our six month anniversary on the egg bonus account. Can somebody tell exactly what sequence of steps they followed to open another one with the same bonus rate? Do not want to risk getting it wrong.

Unbelievable_2

8. During the introductory period only one Account in your sole name may be opened, but you may open any number of joint accounts during the introductory period with another party or parties provided the joint account holders are different to other joint account holders of accounts to which you are a party.

The Egg T&Cs state the above - looks like you would have to close one account before opening another - if they let you open another.

miller

Unbelievable wrote:

The Egg T&Cs state the above - looks like you would have to close one account before opening another - if they let you open another.

I have just opened another account and transferred my money across by internal transfer. The confirmation after opening the (2nd) account confirms 5.50% for 6 months.

This does appear to be in breach of the T&C's though, as stated. Although there doesn't seem to be anything to physically stop you doing it.

Walletwatch

If it is part of your T&Cs, best to close the earlier account before opening another one - rather than hope not to be discovered, only to be caught with two accounts coexisting for the same person, both having enjoyed the bonus rate. Should they catch this, they may actually blacklist you as a customer, and you can say goodbye to the huge advantages they offer both on the savings account and the credit card as well.

miller

Walle****ch wrote:

If it is part of your T&Cs, best to close the earlier account before opening another one - rather than hope not to be discovered

This seems like good advice to anyone thinking of taking advantage of the offer again.

Alliance and Leicester are offering 5.35% on their online saver, so even if the sanctions previously described were imposed it wouldn't be too much of a problem. There are plenty of providers out there after your cash ;-).

miller

My old account was closed today with no questions asked. Closure interest will be credited in a couple of days to my current account.

I'd say thats another 6 months at 5.5% in the bag ;-).

A word of warning to anyone thinking of doing this - check the info on T&C's posted by unbelieveable.

To play it by the book you could open another account in joint name (if you haven't done so already) or close your existing account first before opening a new one. In addition you should transfer the money out to your current account first, as internal transfers are not permitted.