Egg not increasing their rates - boo!!!

poppy10_2

Egg are sending round an e-mail saying they will not be passing on the recent increase in BoE interest rates to their cash ISA customers.

The rate is staying at 6.05% - now well behind NS&I (wish I'd stuck with them for this year's allowance).

Boo, Egg! Boo!!! :mad:

houmie

yep I just got the email too. And how cheesy they are trying to convince you it is a good thing.

I could kick my butt, I was thinking to stick with NS&I like last year, but no I got greedy and went with Egg. I remember asking here in Forum and everyone said Egg would raise their interest to stay competitive. Damn I knew I have a right to be paranoid. hehe

Egg is very clever; it was so clear that the rates are going high. All experts have said it. Egg did the 6.05% to get people on board. Now only after 4 months after the end of financial year they don't raise the interest rate for us and keep the 0.25% for themselves. A very good deal for them if you ask me. :rolleyes:

Next time never trust a Credit card company again...Its their nature...

humfer

Wife has just had the same email. Full text below. Whilst she took at the Egg I went for the NS&I which although started out at a lower rate in April has now overtaken Egg as it has passed on the 2 rate rises. Now I reckon its probably going to be best to transfer her Egg into her Abbey Direct ISA which should go up to 6.25% from the start of August (although they have still to put that in writing)

Following the change in Bank of England Base Rate from 5.50% to 5.75% on 5 July 2007, the rate for the Egg Cash ISA will remain unchanged. We have decided to maintain the great rate we launched with in April 2007 which still makes our rate one of the best. With an opening balance of just £1, the flexibility of adding to our Egg Cash ISA when you want to and no-notice withdrawals, we're sure you'll agree it's a great product. After all, isn't that what attracted you to it in the first place?

bristolleedsfan

poppy10 wrote: »

Egg are sending round an e-mail saying they will not be passing on the recent increase in BoE interest rates to their cash ISA customers.

The rate is staying at 6.05% - now well behind NS&I (wish I'd stuck with them for this year's allowance).

Boo, Egg! Boo!!! :mad:

bad news for everyone as well because egg not increasing its isa rates will reduce the incentive for other providers eg barclays to increase their rates

Stash

Bad show!! They will lose my ISA and my other savings too as a result!! they are simply no longer competitive -

dcf

This really annoys me. Hit 'em where it hurts - transfer the money to someone else

houmie

The problems is NS&I doesnt allow transfer in. There is no other Bank that allows transfer in at a higher rate than 6.05%, unless I am mistaken.

jem16

Abbey and Ruffler both accept transfers in and are higher than (or will be soon) 6.05%.

Abbey i would not touch with a bargepole after the mess they made of transferring mine and my son's.

Ruffler needs a minimum of £15k.

humfer

Does anyone know when Abbey will amend the Direct ISA? It should in theory go up to 6.25% from the 1st August, which means the wife will transfer her £3k in Egg over to it. Can I just check that this is allowed - she opened the Egg this year with the maximum investment. Also Abbey do the transfer service - I assume Egg aren't like A&L which require you to start the transfer procedure of in person/telephone?

humfer

humfer wrote: »

Does anyone know when Abbey will amend the Direct ISA? It should in theory go up to 6.25% from the 1st August, which means the wife will transfer her £3k in Egg over to it. Can I just check that this is allowed - she opened the Egg this year with the maximum investment. Also Abbey do the transfer service - I assume Egg aren't like A&L which require you to start the transfer procedure of in person/telephone?

From the Egg site....

8.1 You may, at any time, instruct us to close your Account by phoning us. If you want to transfer your Account to another ISA Manager, you must contact the new ISA Manager and request that they contact us to effect the transfer. You will need to give the new ISA Manager the transfer details which you will find on https://www.egg.com. The cash in your Account, less any charges and deductions that may be due and payable as permitted under the Regulations will be remitted either to your Egg Savings Account or such other account notified by you to us. Transfers to another ISA Manager will be carried out within the period of time stipulated by you to the new ISA Manager, provided that we are permitted a reasonable period of up to 30 days (minimum 14 days) in which to carry out the transfer.

JammyB_3

I can't be bothered with Egg anymore. I moved almost everything out of my savings account because of their failure to keep up with the base rate, and I'll probably be moving my ISA to Ruffler in due course. I really thought that with it being a new ISA they wouldn't want to put people off quite so soon, but how they've let me down. The money manager on the site is useful but apart from that I can't see any reason to bank with them anymore.