Egg savings

Lynt_3

I have had a an online, instant access, savings account with Egg for 10 years, but am now feeling nervous about leaving my money there, since learning Egg has been bought by an American company, and they are closing some credit card accounts.
I also have recently opened an Egg cash Isa.
I don't have a credit card with them.
Should I move my money??

Any thoughts?

Steve_xx

The first £35k of your savings is protected by the Financial Services Compensation Scheme. So unless you have more than this in the accounts then you really don't have to worry.

However, you may find that you can get a better rate of interest elesewhere?

tradetime

Hard for anyone else to say whether you should feel nervous or not really. For your info the "American Company" I think you are referring to is Citibank, probably one of the worlds largest financial institutions, hoe that will affect Egg in the long run, I have no idea, but it's probably as safe as anywhere else. But at the end of the day if your are uncomfortable with your money being there then you should move it, though be aware that the first £35,000 is protected under the government compensation scheme.

Lynt_3

Thanks for that very quick reply Steve.
My husband died recently, and so I have no one to discuss these things with now.
I am not very good at moving money around here and there, and tend to just leave it where it is, but maybe it is time to look around and find a better rate.
Hopefully, this site will help me.

Lynt_3

Thanks tradetime, I feel a little less nervous now.

Steve_xx

Lynt wrote: »

Thanks for that very quick reply Steve.
My husband died recently, and so I have no one to discuss these things with now.
I am not very good at moving money around here and there, and tend to just leave it where it is, but maybe it is time to look around and find a better rate.
Hopefully, this site will help me.

Sorry to hear about your husband. This is no doubt a very difficult period for you. Do feel free to ask for help here and the good folk will do all they can to advise, I'm sure.

The ICICI Bank currently pays 6.41% in their no strings attached account. They also have a 1 year bond that pays 6.85%. That might be of some interest to you?

Lynt_3

Thank you for your kind supportive words Steve.
It's all a bit of a minefield at the moment, but there seems to be some good advice on this site, which is comforting.
I guess I will be logging on regularly.

baldbloke_2

Just my twopennyworth.

I have contacted Egg's on-line secure messaging service twice over the past few days regarding a savings account transaction that 'disappeared' during their period of being 'off-line' earlier this week. As always with Egg their responses are prompt, courteous and professional - it continues to confirm my impression of them as a modern and efficient organisation.

I compare that to the dear old Nationwide where any occasional on-line message sent seems to send tremors through their messaging service with the recipient probably having to go off with stress. I know they are safe and dependable but really 5 days + for a simple reply which fails to understand the original point raised is desperate stuff - and that has happened more than once.

Egg are ok. In fact their culling of credit card customers is probably not such a bad thing. My Egg Money card seems to have been ignored so I suppose I would be happier than some.

elantan

i have to admit i like egg as well i like their cs it's the best i have had to deal with so far be it either on line or on the phone always found the answer polite and helpful...i didnt get one of the dreaded letters but did decide myself to close my egg credit card account ..i still have my online savings account and isa with them though and no complaints so far

Lynt_3

Thanks elantan and baldbloke. It's good to hear others who have accounts with Egg. Sometimes I think I'm the only one!