Savings Accounts: Instant Access Discussion

johnllew

I know Martin says there's nothing in the T&Cs which stop me opening a second account. But has anybody actually ever done this with Egg -- either with this new deal or one of their other ones?

Yes, with no problems. You just can't transfer the money straight from another Egg a/c to the new 5.5% a/c:

6. Deposits into the Account may be made by cheque, BACS, CHAPS, Direct Debit and debit card. Deposits by internal transfer from an existing Egg account are not permitted during the introductory period.

mary

Originally had all my money with Egg, then moved it to Cahoot for the 5.65% rate. Had just left £1 in the Egg savings account. Simply opened a second savings account with £1 transferred by direct debit from my bank current account online. Done instantly. Will now close down the first account.

However to play on the safe side, David, if it says deposits cannot be transferred straight from one account to another, to cover yourself, take the long route round. Mine is only a question of £1.

Unbelievable_2

I opened an Egg savings account a few days ago. Since then I have made three deposits into the account using my current account debit card. The transaction shows up immediately on the Egg account and, according to their FAQs, interest is earned from the time the money appears on the statement. This is sooo good (actually this is how all bank transfers should happen IMHO).

david78

pennymakespounds, johnllew and mary,

Thank you all for your replies. Armed with these I have just logged in and opened the new account. I got an email straight away to say the account was open.

Unbelievable,

I like this feature too. The only thing I miss is the ability to make timed withdrawls online. I believe you can telephone and set these up though.


Now, time to get that new MBNA card with 0% for 9 months!

MarkyMarkD

Martin mentions the Coventry account as a possible best buy, but says

The top non-intro rate payer is the Coventry Building Society’s NetSave Easy account, which is 5.4% with a minimum £1 deposit. Bizarrely though this account only allows an initial deposit and then nothing more may be added. This inflexibility means unless you’ve a lump sum, the Alliance & Leicester’s Online Saver no-notice account pays 5.35% also from £1 and is a much cleaner account; no notice and no tricks.

I think the drawbacks of this account may be even bigger than mentioned above - see this thread: http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Savings;action=display;num=1099170114;start=2#2. I'd appreciate comments.

buses7675

I opened an Egg savings account a few days ago. Since then I have made three deposits into the account using my current account debit card. The transaction shows up immediately on the Egg account and, according to their FAQs, interest is earned from the time the money appears on the statement. This is sooo good (actually this is how all bank transfers should happen IMHO).

Hi All,

I like this feature too, as your money is theoretically in two accounts at the same time, both earning interest for a few days!

One question I have is can you pay into an Egg savings account using a MoneyBack Credit Card, pay it off, and then get the extra money back for free without having spent anything! The card I would attempt to do this with is an Alliance & Leicester (MBNA) MoneyBack card! Not sure if the T&Cs allow it, does any one know?

Cheers

Steve

MarkyMarkD

You can't do it for two reasons -

(1) you can only make payments into your Egg account using a DEBIT not a CREDIT card; and

(2) balance transfer type transactions (and cash withdrawals for that matter) don't earn money back because they are not purchases.

buses7675

Hi,

I thought not, but thought it was worth asking around to see if it could be done!!! - Still debit card is a very quick and good way to get money into a savings account!

Cheers

Steve

miller

If I can do it, I plan to move my money first to my ING account, then open the new Egg account, and then move everything back to the new Egg account.

As pennymakespounds mentioned the transfer can be done internally (I have done it too). After my new account was set up I went to one-off payment and sloshed it across.

Then one quick secure email asking to close the old account (make sure you close the right one). Also, I asked for the closing interest to be transferred to my new egg account. Unfortunately they couldn't/didn't do this and sent it to my current account.

...however, it will be back in the new account soon ;-).

wendandsey

Hi,

We are soon to sell our property and will be moving home from around 4 months in order to save some money, where would the best place be to put the £35k we have made from the sale for this short period?

wendandsey :-/