Cap1>Egg>current account?

zebidee1

Just had a 0% BT offer from Capital One. 1.7% fee. I have an £8+k limit so I'd like to make use of this if poss. The 0% period lasts until Oct 2008 so that's a good few quid to be made if I stick it in in my ICICI account.

I have no debt to transfer and my Egg Money card only has a £3k limit.

Can I BT the whole £8k to Egg even although my Egg limit is a lot lower, then withdraw it online to my bank.....or is that just wishful thinking? If I can only transfer £3k, that's a bit of a waste. Although maybe I could do the 'same' transfer several times?

Thanks if you can help. I could use a few extra quid made from interest to put towards the new bathroom I need.



Edit: I think I'm making this sound more difficult than it actually is. I forgot Egg Money pays interest on a positive balance so therefore it must be ok to have a positive balance.

So I can do a BT from Egg to Capital One and then withdraw the positive balance to my current account. Yes?

(How do I withdraw to my current account???? Never done that bit before. )

sicker

If it's Egg Money you can transfer in as much as you like then move it.

John

ps You should have had link set up between Egg Money and your current account when you initiated your cc account. Phone Egg Money on 08451233233 and they will help you.

zebidee1

Thank you John. There is a link between my bank acc and Egg, I just don't ever remember using it to send money to my bank account.

I'm just happy to be able to take advantage of the bt offer in a way that's easier than I'd first thought.

Milarky

sicker wrote: »

ps You should have had link set up between Egg Money and your current account when you initiated your cc account. Phone Egg Money on 08451233233 and they will help you.

True for savings but Egg credit cards don't have access to your 'accounts address book'. Whenever you do a balance transfer to current account option you must provide the bank details yourself.

sicker

I use Egg Money and when I go to 'move money' I have the option to move to various destination or add another. So if the route is not set up you can set it up yoursef with your current account number and sort code. Mind you this is within 'Egg Money'

John

zebidee1

Sorry to bump this again but I'm confused.

The Cap 1 BT funds appeared in the Egg Money account today, which gave a £7700 positive balance. I tried to transfer £7500 by using the move money section and I got an error message telling me I didn't have enough available to do this.



It's a positive balance.....why cant I send it to my current account?

fagun

I always find it easier to drop egg a secure message asking them to transfer the money - give the sort code, account number, and name, and they sort it out within a day for you.

zebidee1

Thanks fagun, I'll try that instead.

I wonder why I was getting the error message though.

YorkshireBoy

Try (from within Egg Money)...

'Egg Money admin'
'Transfer a balance'
'Overdraft/current account'

If you've ever had an Egg Card, I believe the 'move money' tab defaults to that card - and not the Egg Money card. Maybe that is why you were getting the 'insufficient' funds message?

Either that, or you were too hasty and your money needs to sit there for a day or so (or at least overnight) to 'clear'?

zebidee1

That's exactly the route I took YB.

I did have an Egg card, it was closed about a year ago but it still is listed on my accounts page.

I'll give it another go today in case the funds did have to lie and if not then I'll message them.

Thanks.


Edit: Just tried again and it worked this time. Obviously the funds do have to lie overnight.