Can I save stoozed money from Egg with Egg?

Shinds

Hi all,

I understand Egg are offering a savings account at the rate of 5.5% gross pa.

Do you think it would be wise to save stoozed cash from an Egg Credit Card with Egg Savings?? ;D ;D

Thanks

Milarky

Hi all,

I understand Egg are offering a savings account at the rate of 5.5% gross pa.

They are? Is it a repeat introductory offer on their Internet Savings account [which pays 4.75% standard]?

Do you think it would be wise to save stoozed cash from an Egg Credit Card with Egg Savings??  ;D ;D

You can't officially move money from the Egg Card [i.e. a 'SBT'] direct to a non-bank account - even though it may be technically possible.

So much easier then to 'stooze' the money to your banks account, and pay in to your Egg savings account by debit card. Two days after you balance transfer it can be paid straight across to your savings account. The Egg savings account also has 'adress book' features which allow you to store details of all the credit cards and accounts and make direct payments to them [very handy!]

Shinds

What I was wondering is.... is it advisable?

Milarky

Well, Egg don't seem to mind.. They aren't that curious, really.

Like I say, it's a very hand account. You don't even have to keep any money in it to use it to make tranfers [eg You pay in £100 by Debit card from your bank and can make an instant BACS payment to any credit card you have details for - there is no 'clearing'. What is more if your bank takes 3 working days to send such payments you can save a day by putting the same payment through the Egg account because it is always 2 working days, I have found.]

But do tell... What does this 5.5% rate relate to?

deemy2004

What I was wondering is.... is it advisable?

Makes no difference. and 5.5% is a very wise rate

Debt_Free_Chick

And if you need to use the stooz pot to make the minimum payments to your Egg Card, you can do this online, straight from your Egg Savings, under One-Off Payment  :)

Milarky

It would appear that Egg are 5.5% [BOE + 0.75%] for 6 months - a repeat of what they offered in February...

http://new.egg.com/visitor/0,,3_62179--View_149,00.html

I cannot see any restriction on 'new customers', only on 'new accounts', so existing Egg savings account customers probably qualify

Last time they ran this offer for about 2 months before withdrawing it without notice. The interest was paid at 6 months after opening [not on the '1st' of the of the month, or anything like that] So if you open an account on Monday, say, they will credit on 25 April next year. I like this because you then 'know' when the rate drops and could move the bonus immediately to a different account.  ;D

plokij_uhyg

The answer is YES.

Also, Egg allow you to schedule payments out of your savings acount to make the payments on your Credit Cards . You do have to insist on speaking to someone who knows how to deal with "Warehouse Transactions" though.

Egg very kindly paid for this iBook G4 I am using at the moment with all the stoozing I managed.

;D ;D ;D

[Deleted User]

As a newbie on most things, I am new to this as well - is there a section on this site about the best internet savings accounts? I have had a look but cant's see one. (I have tried using the search function, but no joy.)

For the nervous sorts ::), like me, opening an internet savings account for stoozed cash seems ideal!!

WR