Egg Cash ISA - 6.05% (merged)

airwalk

So I can open an EGG ISA, and invest money into that. Keep my Halifax account open and only withdraw money from it ?

Anon

I normally faff about waiting to see what happens to the rates - decided on this occassion to sign up for Egg. Rate is slightly less than Barclays (Barclays amounts to £7.8 extra interest over the year) but as this is done INSTANTLY I start earning interest from today, rather than losing the interest over however long it would have taken me to open up the Barclays account. Therefore, less hassle, mind at at ease and earning interest NOW.

If you already have an Egg account (credit or otherwise) it is less than 2 minutes to set up and if you pay in by Debit card, it goes in instantly and sets up instantly - you also have the benefit of your money still earning interest in the other account until the payment goes through (not sure why it comes in instantly but doesn't leave the other account until later, but thats how it works).

Anon

Russian_Dirty_Money

Airwalk, Yes you can keep your Halifax ISA open from 06/07 year and open a new one for 07/08 , but obviously you cannot add money to the Halifax ISA, regardless if you withdraw money as it is last tax years ISA.

Withdraw from ISA account and close ISA account are two different things.

You can close your Halifax ISA and lose last tax years allowance or you can transfer it to another ISA. I would never close an ISA even if it had only a few pounds deposited in it. Maybe it's good to keep at least 100 pounds in both your ISA's when you buy a car. Food for thought

Niksan

Hi, I've currently an A&L issue 2, and I just saw the Egg offer, and because that they don't allow a transfer in a guess I'd have to have the issue2 + egg ISA running together, however, when you do transfer in (for future reference) are you allowed to transfer in from multi accounts and if you have to specify the ammount to transfer in how do you know how much to transfer because what with interest being calculated 6/12 monthly you don't know how much sits in your account


EDIT: saying that, issues 2 is at 4.9% so I had ~6k in issue2, I guess having 3k in egg will not be as wise that lumping the lot 9k into a ~5.5% account that allows transfer in ?

steveh2001

I have £3K in the NS&I one and not sure whether to put the 2nd lot into a new egg one at 6.05 or another £3K into the NS&I - wondering if anyone had any advice? The NS&I is guaranteed to be 0.55% above the base rate i believe until next year, both dont allow transfers in - egg is only guaranteed to match the base rate....

masonic

Niksan wrote: »

Hi, I've currently an A&L issue 2, and I just saw the Egg offer, and because that they don't allow a transfer in a guess I'd have to have the issue2 + egg ISA running together, however, when you do transfer in (for future reference) are you allowed to transfer in from multi accounts and if you have to specify the ammount to transfer in how do you know how much to transfer because what with interest being calculated 6/12 monthly you don't know how much sits in your account

You can either transfer the balance in full without specifying the actual amount, or do a partial transfer (previous years funds only). There's no problem with transferring multiple ISAs into a single new provider.

EDIT: saying that, issues 2 is at 4.9% so I had ~6k in issue2, I guess having 3k in egg will not be as wise that lumping the lot 9k into a ~5.5% account that allows transfer in ?

You can get 5.71% on your £6k if you transferred to Kent Reliance or 5.65% at YBS. The other £3k could then go into Egg. That would beat, for example, lumping the money together at Abbey, who pay 5.75% on balances of £9k+.

Niksan

I guess the problem here is that I'll be creating two accounts for this year, unless I read YBS wrong in that you need to add an initial deposit of £10, I guess I should have sorted this last week, my bad

masonic

steveh2001 wrote: »

I have £3K in the NS&I one and not sure whether to put the 2nd lot into a new egg one at 6.05 or another £3K into the NS&I - wondering if anyone had any advice? The NS&I is guaranteed to be 0.55% above the base rate i believe until next year, both dont allow transfers in - egg is only guaranteed to match the base rate....

It's impossible to predict what will happen to those rates. A single base rate rise could bring NS&I up to Egg's level, but it's reasonable to suppose Egg will at least try to stay a fraction ahead in the short term. Several other banks have accounts with rate guarantees set much lower than the current rate and have stayed competitive for a long time. It just depends whether you need certainty or are willing to take a small risk on the rates.

masonic

Niksan wrote: »

I guess the problem here is that I'll be creating two accounts for this year, unless I read YBS wrong in that you need to add an initial deposit of £10, I guess I should have sorted this last week, my bad

YBS don't require new funds. I transferred to them a couple of weeks ago and I'd used my 2006/7 allowance. You just need to write "Transfer in" at the top of the application form you print and send to them. To be honest, they could do with making that a little clearer on the website.

Niksan

ah OK thanks, double thanks for you in two postings