Getting money out of an Egg

jpwilliams

I opened a new Egg account last week, with the aim of using it towards my stooze fund. I note most people say to use egg as a mule, to shift positive balances (BT's from another card) to your current/savings account. As egg have generously given me a £11500 limit, it seems a waste to not be able to use this; especially as I opened an RBS account today, and was given a paltry £2500 limit.

Is there any way I can get £11K out of egg (leaving enough for a £330-ish fee). I see Birmingham Midshires have a 1 year bond offering 6.92% gross that I was hoping to use for about £300 profit. I don't want to find myself in a "cash withdrawl" situation, paying through the nose. I have a Virgin card, and their balance transfer facility offered a "payment to current account" option for 3% fee, is there an equivalent with Egg?

Thanks

John

YorkshireBoy

Assuming this is an Egg Card, they will send the £11K to your current account at 0% for (up to) 14 months for a 3% fee (see condition 9 of the T&C's, and the FAQ).

You can action this transfer yourself from your online secure area, or telephone/secure message your request and the Egg CSA's will action it for you.

Egg have been known to telephone customers for further details when the transaction is over £10K, so if you'd rather keep under their radar be sure to limit each transaction size. Also, if you choose to send two payments, be sure not to send requests for two identical amounts.

These days, Egg Money is the better 'mule' card since it doesn't charge a fee for moving money to a current account and is designed to carry a positive balance. If you mule your RBS card through the Egg Card, you will pay a 3% fee...in addition to the 2.5% fee RBS will charge you.

Finally, one of the golden rules in stoozing is that the money should be readily available to repay the lender, should you fall foul of the T&C's and lose your 0% rate. If you're penalised for early access at BM, and you've paid a significant BT fee, then this could cost you a lot of money, ie an instant access account may help in the damage limitation.

Good luck.

jpwilliams

Thanks - do I do the transfers under the "Move Money" section of my account. At the moment, it's showing

"Sorry, it's not possible to move money online for the accounts that you hold. For help on other ways to move money, select 'move money help' above."

Could this be because I haven't received my card, and therefore completely activated the account?

I was planning on putting the cash into a 1 year bond, I've got a slow stooze on instant access that I could use to repay about half of the Egg balance, obviously it's a gamble (at £300 ish a month repayment), but hothing ventured...

John