Egg Investments selling on - what to do?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 1.2K views
freddyfeetfreddyfeet Forumite
38 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have a small monthly cash ISA with Egg - only £20 a month but it is building up nicely. However, they are selling their whole investment business to another company and (if I undserstand the letter correctly) I will not be able to continue this regular monthly payment.
I don't like the idea of saving and then paying a lump sum because I've lost out in the past by doing that and also, when push comes to shove, I probably would find another use for the cash!
Would welcome any suggestions.

Replies

  • ReaperReaper Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
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    Well the obvious thing to do is move the ISA to somebody else. Or leave it there and take out a new one next tax year with someone else.

    The first option is probably the best for simplicity and because you can get a better rate.

    The Abbey Postal ISA is, as the name suggests, normally operated by post. However the Facts page says you can set up a standing order to pay your £20 a month from your bank account.

    It also pays 5.35% which is probably more than Egg is giving you. They will arrange the transfer if that is what you choose to do.

    If you would rather have an internet operated cash-ISA there are lots of other options, eg Intelligent Finance who pay 5.1%
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