Egg ISA Questions

panoramical

Hi There

I'm relatively inexperienced in the financial world, being an 18 year old student who is still doing his A-levels...

However, recently I've been keeping my excess money in an Egg Savings ISA. Just some general questions. I tried to make a payment into my Natwest account ten minutes ago or so, and my balance remained unchanged on the balance thing on the online banking of my Egg account, so I tried again. No record is shown on the current tax year transactions in my account history page. So I didn't think it had gone through, hence the trying again. But still there is no sign anything has happened.

Then it occurred to me that perhaps that is because it's past 6pm. So what happens now, if I made two payments and there is not enough money in there to cover both of them - will one of them be rejected? Or will I be charged a ridiculous banking fee to cover the amount I went over by?

Any help is appreciated on this
thanks
Jack

Lokolo

It will go through twice, I did this when I first had my savings account.

Egg keeps the money in your egg account for 2/3 days after you want to transfer it so that you still get interest on it, as its not into your Nationwide account.

I am not sure what will happen if you don't have enough funds to transfer (because of the first time you did it), I would assume it just won't go through.

I think Egg should have a 'Funds in Mid Transfer' thing so you know

panoramical

Thanks for your reply, sounds very reassuring! I guess that I do have to do a penalty fee they may be able to do a gesture of good will to give it back to me? It wasn't really my fault, they didn't make it clear that the balance wouldn't be adjusted immediately...

Lokolo

No I should think as its a savings account it with do either

a) take what it can and leave the balance as £0
b) not take it at all, and you may get an automated message.
c) you didn't actually press the button and it didn't actually work lol