Saving on Egg Money Card

kelzcash

Hi guys,

Can you please help with some advice.

My wife and I would like to put some money aside each month into an account that will be used for both saving a little and family costs (such as car costs, birthdays etc). We have put some in our Egg Money account, and will probably put in around 150-250 a month.

My concern is that if we save up, say a few grand, would it be easy enough to take this money out?

The Egg Money card makes sense to us as we can use it as often or little as we like, but also has a good interest rate (4%).

Thanks in advance.

cornerstone13

Kelscash - OH and I are currently doing something similar with Nationwide using their Regular Saver account (currently 6.75% gross on monthly deposits of £200+). You can put up to £250 each month and withdraw whenever you like, either in the branch, cash card, or via another Nationwide account (eg Flex account). http://www.nationwide.co.uk/savings/regular_savings/introduction.htm

Or the Sainsbury's Bank internet saver currently paying 6.25% gross is very easy and has no restrictions on money going in or out. You can set up a payment to your current account and the money seems to arrive within 3/4 days

Kazza242

Hi kelzcash,

You can earn higher rates of interest than the Egg Money account at 4.00%, by putting your money elsewhere. If you want to keep your money with Egg, they have a separate savings account called Egg Internet Only paying 5.75%.

Other good options are:

• Sainsbury's Bank internet saver paying 6.25% (especially useful if you also bank with Halifax as payments to the Sainsbury's account then arrive same day. Withdrawals from Sainsbury's to the Halifax arrive the next day).
  
  
• IceSave paying 6.20% (guarantees to pay 0.25% above Bank of England base rate until 01.10.2009).
  
  
• Yorkshire Building Society Internet Saver (with cash card) paying 5.95%. The cash card allows you to withdraw up to £250 per day from over 30,000 cash machines.
  

kelzcash

OK thanks. Thats really helpful.

I take it with these accounts withdrawing money from an ATM has no charge? One reason I opened the Egg Money card was they have no charge for withdrawls.

Also, if I open one of these accounts how do I go about transferring our current savings? Can they do this for us?

Thanks again.

kelzcash

Oh yeah, another thing.

Some months we'll only put in about £50, but then the next might be £300. Just depends on how the month has spanned out.

dolce_vita

You can transfer money to your egg money card online using a debit card

kelzcash

dolce_vita wrote: »

You can transfer money to your egg money card online using a debit card

I was really just wondering how to transfer money from the Egg Money card to another account. Is it an easy process? I would hate to be happily building up a decent amount of money, only to find it difficult to transfer it or do anything with it other than spend it. I think I'm maybe being a bit stupid.


The Sainsbury's account sounds like the one I'm after. I can use it whenever and often, with good interest. I know most people would have a seperate savings account and spending account, but we both feel that this is the way we would like to go at least until we have sorted out some other money issues first.

Kazza242

kelzcash wrote:

I take it with these accounts withdrawing money from an ATM has no charge? One reason I opened the Egg Money card was they have no charge for withdrawls.

If you mean withdrawing money from the savings account, then that's correct there is no charge.

kelzcash wrote:

Also, if I open one of these accounts how do I go about transferring our current savings? Can they do this for us?

From the Egg website How do I make a withdrawal?

How do I make a withdrawal?
You can make cash withdrawals from cash machines that accept MasterCard. You can withdraw a maximum of £500 per day. It’s worth noting that when you purchase travellers' cheques, these will register as a cash advance and will affect the amount of cash you can withdraw that day. We will not charge you a fee or interest for cash withdrawals when you have a positive balance. However, if a withdrawal gives you a negative balance you will be charged interest on the negative amount, but we will not charge you a fee.

You can also make a withdrawal by BACS (four day electronic transfer), to do this, please call us on 08451 233 233 and we'll arrange it for you.

kelzcash wrote: »

Oh yeah, another thing.

Some months we'll only put in about £50, but then the next might be £300. Just depends on how the month has spanned out.

This won't be a problem. You can vary the amounts you put in to a mini cash ISA and savings account.