Egg Cash ISA - 6.05% (merged)

Kilty_2

Ah I didn't notice that Egg had slightly more leniant initial deposit criteria

Maybe it is pretty good then (providing the rate doesnt plummet).

JammyB_3

As an existing saver with Egg, I'm just about ready to sign up to their ISA, but please could someone answer these questions before I do:

1) If the interest rate dropped to the base rate, how soon would I be able to transfer money out of my Egg ISA and into a different one? Would I have to wait until 6 April 2008 or can it be done instantly?

2) I think I know the answer but just to make sure - I currently have <£15k in a Natwest Mini Cash ISA (5.22% gross). If I decide to transfer this to another provider, will it matter that I've used up this year's allocation in Egg?

I've been with Egg for over a year and, whilst not the leading savers bank, they've been good with passing on interest rate rises. With a new product I doubt they will want to put people off for the 2008/09 year either, so I'm ready to trust them on this.

System

I have signed up as well, impressed with the quick service

Russian_Dirty_Money

JammyB, You can transfer out from Egg before the end of the financial year and transferring from Nat West will not cause any problems if you are using this years ISA allocation with Egg...... but as you know Egg do not accept transfers into their ISA. So you will have to find another provider. Yorkshire Building Society accepts transfers in with their ISA at a good rate.... but with the amount of money you have perhaps Abbey are worth a look at +9000 = 5.75 rate at Abbey - at the moment!

Things are changing and maybe there is still more ISA products to be released as it is the new financial year.

butterfly72

Russian_Dirty_Money wrote: »

Things are changing and maybe there is still more ISA products to be released as it is the new financial year.

thats what I'm wondering, but I'd hate to hang around and miss out on the current offers while I pay tax on my 3K!!!

I think I might go for this Egg ISA... or maybe the barclays.....?!?!

JammyB_3

Russian_Dirty_Money wrote: »

JammyB, You can transfer out from Egg before the end of the financial year and transferring from Nat West will not cause any problems if you are using this years ISA allocation with Egg...... but as you know Egg do not accept transfers into their ISA. So you will have to find another provider. Yorkshire Building Society accepts transfers in with their ISA at a good rate.... but with the amount of money you have perhaps Abbey are worth a look at +9000 = 5.75 rate at Abbey - at the moment!

Things are changing and maybe there is still more ISA products to be released as it is the new financial year.

Ta for the advice. I think I'll stick with Natwest for a few weeks then as 5.22% isn't really so bad, but I'll definitely check out Abbey.

My experience with Egg was really positive. It took less than 5 minutes to set up. Great bank.

newfoundglory

Save from £1. Read all about it over at egg.com

airwalk

AHH Advice please

I have 2.5K in a Halifax ISA paying 5.3%

I would be looking to save around 3K this year in the first 6 months but using up to 3K, to buy a car + insurance?

So should I stay with halifax fueling money towards the car into it or move the 2.5k from the ISA to the new egg ISA?

Also how do I get the money from the Halifax ISA to the Egg ISA?

Thanks

AbbieCadabra

i've put my £3k isa with egg for 07/08 @ 6.05% - an existing customer & took all of 2 mins.

i'm getting a chq sorted from hubby's cahoot online savings a/c & opening a Northern Rock 1yr fixed isa for his £3k for 07/08 @ 6.01% & will request smile to transfer his matured 06/07 isa to NR when it's been opened ok.

you can sit & ponder for ages what to do, like i have been, but you have to bite the bullet sometime!

Russian_Dirty_Money

Airwalk, Egg will not allow transferring in from other ISA providers. You can either completely close your Halifax ISA or just open a fresh new ISA with Egg and keep Halifax going - so then you will have two ISAs. The hassle of transferring from Halifax would probably lose you interest. Have you checked the penalty clauses from Halifax?

I personally would just leave the Halifax one where it is (not worth a transfer for 6 months I think) and open a new ISA with Egg. Who knows within 6 months you might come into some money and be able to buy a car and keep both ISA's!

Read the terms and conditions of your Halifax ISA.