Egg Cash ISA - 6.05% (merged)

gelato_cat

Hi all

I've read the posts and it seems that money paid in via debit card reaches the Egg account within the hour. However, how long does it take to leave the funding account?

Suze

masonic

I had to do two transfers and both took 2 working days. It can probably vary, though.

gargoyle

I'm looking into this as my first ever ISA. I've noticed reading through that most have invested a the £3000 at the start. I can't do this though and was wanting to put in a monthly amount for this year - transfer that next year to a new ISA and carry on with the monthly amount aswell. By 2009 tax year I should hopefully be able to invest £200 per month. Aswell as the lump sum from previous years. Does this sound ok as a start? How does the interest work out - is it monthly or yearly?

LittleVoice

Kilty wrote: »

I can see this rate going back down to match the base rate after they've enough people signed up.

Everyone would be locked in since withdrawing the money would lead to a great drop in interest since you can't reinvest it.

Can't you transfer the ISA monies from Egg to another ISA if the rates drop to become uncompetitive? Do their T&C prevent this and insist you withdraw and lose the tax-free status? (I could understand not being able to transfer for the first 12 months but not after that.)

Riviera_Kid

Just spent 10 minutes filling in my details only for an "error" to occur and for it to ask me to apply another time! Why don't they put that at the start rather than wasting time :mad:

Still, hopefully it will work tomorrow and it's definitely got to be less annoying than opening a Barclays ISA

gelato_cat

Yes, you can transfer it, much like most other ISAs. Not sure where the OP got their info from.

Suze

LittleVoice wrote:

Can't you transfer the ISA monies from Egg to another ISA if the rates drop to become uncompetitive? Do their T&C prevent this and insist you withdraw and lose the tax-free status? (I could understand not being able to transfer for the first 12 months but not after that.)

gelato_cat

Sounds like a glitch rather than planned downtime - have you tried again yet?

Suze

Riviera_Kid wrote:

Just spent 10 minutes filling in my details only for an "error" to occur and for it to ask me to apply another time! Why don't they put that at the start rather than wasting time :mad:

Still, hopefully it will work tomorrow and it's definitely got to be less annoying than opening a Barclays ISA

gelato_cat

I know, I started one of the Barclays threads as I was going to go with them (they currently have my application in their mountain of paperwork at Glasgow) but today defected to Egg!

I gave £3k to NS&I last year so we'll see what happens to the base rate and whether or not I'll have to transfer out of Egg within the year.

Suze

humfer wrote:

Well comparing this thread to the Barclays one is interesting to say the least!! I have just opened a NS&I ISA and turned down the Barclays one in the end due to the problems everyone seems to be having with them. Now my wife has still to decide. Its either NS&I again or maybe Egg.

macca64

Opened my Egg Cash ISA yesterday, as an existing customer it was simple, took less than 5 minutes! Was tempted by Barclays, but as the difference in interest was minimal, I went for Egg due to less hassle involved (eg going to a barclays branch!).

Overall a thumbs up for Egg! :beer:

ISA_Man

I don't have any previous accounts with Egg and frustratingly I got a message after going through the application process telling me that they can't verify my identity which is pretty frustrating. So now it says I have to apply for an Egg Savings Account and then reapply for the ISA. I don't understand how it's going to be any different since I gave the full amount of personal information when applying for the ISA.

Has this happened to anybody else? I'll try applying for the savings account (which I'll probably never use...) again later and hopefully I can get the ISA setup then.