Egg not increasing their rates - boo!!!

~Chameleon~

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:

Ditto! :mad:


ETA: Am I right in thinking that I can't transfer this ISA until Apr 08 now? It was opened during this financial year, Apr 07.

Wish I'd stayed with NS&I now where last year's ISA allowance is deposited

jem16

~Chameleon~ wrote: »

Ditto! :mad:


ETA: Am I right in thinking that I can't transfer this ISA until Apr 08 now? It was opened during this financial year, Apr 07.

No you can transfer it now if you wish. Your only problem will be finding another provider that will accept transfers in as most of the higher rate payers won't.

~Chameleon~

jem16 wrote: »

No you can transfer it now if you wish. Your only problem will be finding another provider that will accept transfers in as most of the higher rate payers won't.

That's good to know!

Just had a quick look on moneysupermarket and it seems the best choices might be with either M&S or Northern Rock, both offering 6.16% fixed for 1 yr and will transfer in.

Does anyone have an opinion as to which one might be a better prospect (I'm currently leaning toward M&S purely for the internet access) and is it worth the hassle of transferring for a 0.11% increase?

Mind you, I think I might do it purely out of principle and annoyance that Egg have refused to increase their rate

jem16

~Chameleon~ wrote: »

That's good to know!

Just had a quick look on moneysupermarket and it seems the best choices might be with either M&S or Northern Rock, both offering 6.16% fixed for 1 yr and will transfer in.

You can do better than that.

Kent Reliance Building Society at 6.21% variable rate

Halifax at 6.2% fixed for 1 year.

See here;

http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

Does anyone have an opinion as to which one might be a better prospect (I'm currently leaning toward M&S purely for the internet access) and is it worth the hassle of transferring for a 0.11% increase?

That's the big question. You may lose some interest during the transfer process. Depends on the amount although I suspect it's £3000 which is only about £3.30. I wouldn't bother for that amount.