The Top Easy Access Savings Discussion Area

JimmyTheWig

karie wrote: »

hello, since egg pay the interest annually, am i right in thinking that if i save £10k for 9 months, then withdraw it, after 12 months i will still receive the interest on the £10k for the 9 months it was in the account?

Correct. At 3.25% interest you'd get about £244 at the end of 12 months if you did this. (10,000 x 3.25 / 100) x 9 / 12.

pete1976

karie wrote: »

hello, since egg pay the interest annually, am i right in thinking that if i save £10k for 9 months, then withdraw it, after 12 months i will still receive the interest on the £10k for the 9 months it was in the account?

thanks!

Yes that's correct!

sparkyspark

pete1976 wrote: »

Egg are now offering a savings account paying 3.25% including a FIXED bonus of 2% for the first year. Minimum deposit only £1 and there's no withdrawal conditions or penalties. I reckon all in all pretty much unbeatable at the moment.

As usual it's only for new money to Egg so if you've already got money in Egg you'l have to move it somewhere else then move it back into the new account.

No need to move your money out first, I already had a previous Internet account paying 2.5%, just open the new 3.25% Internet account online and you are now able to transfer money internally between different accounts online, so just transfer the whole balance to your new account then ring EGG to close down your old account, have your closing balance including interest transferred to your nominated account.
Opened two new accounts each for myself and my wife (4 accounts in all)and had them up and ruuning with all monies transfered within 10mins

chris1

sparkyspark wrote: »

No need to move your money out first, I already had a previous Internet account paying 2.5%, just open the new 3.25% Internet account online and you are now able to transfer money internally between different accounts online, so just transfer the whole balance to your new account then ring EGG to close down your old account, have your closing balance including interest transferred to your nominated account.
Opened two new accounts each for myself and my wife (4 accounts in all)and had them up and ruuning with all monies transfered within 10mins

But isn't the new 3.25% rate for new money only? To get it you have to move your money out and back in again.

sparkyspark

chris1 wrote: »

But isn't the new 3.25% rate for new money only? To get it you have to move your money out and back in again.

Hi Chris, in theory yes, in practice no, when I rang egg to ask about the new account, they told me to do as I explained in my previous post, open the new one first transfer your existing balance to the new account and either close your old account or leave it open if you wish. Just go ahead and try it, as long as you have internet access to whatever accounts you have with egg, you should be able to transfer your money between your accounts no problem.
I've already done the deal with the new accounts so I know it can be done, don't miss the boat before they close the product just go and do it

chris1

sparkyspark wrote: »

Hi Chris, in theory yes, in practice no, when I rang egg to ask about the new account, they told me to do as I explained in my previous post, open the new one first transfer your existing balance to the new account and either close your old account or leave it open if you wish. Just go ahead and try it, as long as you have internet access to whatever accounts you have with egg, you should be able to transfer your money between your accounts no problem.
I've already done the deal with the new accounts so I know it can be done, don't miss the boat before they close the product just go and do it

Hi - I don't doubt that you can transfer your balance across, however they told me on the phone (and it says in their terms and conditions) that you only get the higher 3.25% rate if you move the money out then back in again - i.e. 'new money' only.

sparkyspark

chris1 wrote: »

Hi - I don't doubt that you can transfer your balance across, however they told me on the phone (and it says in their terms and conditions) that you only get the higher 3.25% rate if you move the money out then back in again - i.e. 'new money' only.

OK Chris just spoke to Egg about the terms and conditions, apparrently when I applied for my accounts the online procedure should have denied me access to the new accounts without me first closing my original internet accounts, but they have a technical fault they didn't know about till now :eek: so as from tomorrow you may find this loophole will be closed, even though it was an egg advisor who told me to do it this way to bypass the need to move money out and then back in again (though they're not supposed to). Egg have allowed my new accounts to stand as their website should have denied access to existing account holders, so while it's a breach of their terms, they have accepted my online application as their online application system is at fault.

chris1

sparkyspark wrote: »

...when I applied for my accounts the online procedure should have denied me access to the new accounts without me first closing my original internet accounts...

??? but you can have several internet accounts...

sparkyspark wrote: »

...it was an egg advisor who told me to do it this way to bypass the need to move money out and then back in again (though they're not supposed to).

??? it is possible to move money between accounts but you won't get the higher 3.25% interest rate. If you have done it this way, can you tell what interest rate you're getting?

pete1976

chris1 wrote: »

??? but you can have several internet accounts...


??? it is possible to move money between accounts but you won't get the higher 3.25% interest rate. If you have done it this way, can you tell what interest rate you're getting?

Personally I would (in fact I have) open a new account and transfer the money out and back in to ensure you get the correct interest rate. You can open the new account without making an initial deposit so don't need to already have it in another account ready to transfer in.

chris1

pete1976 wrote: »

Personally I would (in fact I have) open a new account and transfer the money out and back in to ensure you get the correct interest rate. You can open the new account without making an initial deposit so don't need to already have it in another account ready to transfer in.

I agree. Also if you have a debit card you can open the account with just £1 (so that it's properly activated) then move your money out and in again to the new account.