Egg Savings Advice

YorkshireBoy

Lokolo wrote: »

Nope, but it does say on their site, limited offer for new accounts only... did you not have that problem?

No. There's no problem with having more than one Egg Savings account.

From the account T&C's...

9. Deposits into the Account may be made by debit card, BACS, CHAPS, Direct Debit and cheque. Deposits by internal transfer from an Egg Savings Account (Internet) or Egg Savings Account (Investor) opened prior to the Introductory Offer Period are not permitted during the Introductory Period.

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

As I said...it's new money only.

Lokolo

Oh right

http://new.egg.com/visitor/0,,3_94368--View_2081,00.html

On there, the last bullet point, states not only does it have to be new money only, it says 'This is a limited offer for new accounts only'

YorkshireBoy

Lokolo wrote: »

On there, the last bullet point, states not only does it have to be new money only, it says 'This is a limited offer for new accounts only'

Which is why I, and many others on the thread at the time it was launched, got in quickly.

It's a heck of a good insurance policy against falling savings interest rates over the next year or so...and it's very, very, flexible.

If the current crop of 6.5% 'instant access' accounts are cut to 6%, then I'll shift my funds in here to join the £1 I deposited when I opened it.

Lokolo

You still reckon IRs are going to be cut after inflation hit 3.3% this month? Its gna be a tough year for the UK economy!!

YorkshireBoy

Lokolo wrote: »

You still reckon IRs are going to be cut after inflation hit 3.3% this month? Its gna be a tough year for the UK economy!!

Who knows, but I've bought an insurance policy just in case SAVINGS RATES do.

All we need is a loosening of funds supply, and watch those rates tumble. If they do, I've got it covered to a certain degree...without the constraints of fixed rate bonds.

oldfella

On there, the last bullet point, states not only does it have to be new money only, it says 'This is a limited offer for new accounts only'

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my reading of the T&Cs is that you can have a previous Egg savings account and still get 6.3% - "new account" means opening a new savings account.

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

anyone disagree ?
thanks .. Mike

Stompa

oldfella wrote: »

On there, the last bullet point, states not only does it have to be new money only, it says 'This is a limited offer for new accounts only'

---

my reading of the T&Cs is that you can have a previous Egg savings account and still get 6.3% - "new account" means opening a new savings account.

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

anyone disagree ?

I'd also be interested in the answer to that. I already have an ancient (essentially dormant) Egg Savings account, but it would be handy if I could now open one of these new ones with a decent interest rate.

YorkshireBoy

Stompa wrote: »

I'd also be interested in the answer to that. I already have an ancient (essentially dormant) Egg Savings account, but it would be handy if I could now open one of these new ones with a decent interest rate.

The longer you, and oldfella, wait for someone to "disagree" with what you think, and what I (see post #10 onwards) and others have said DOES work, the greater the chances of the account rate being pulled.

oldfella

The longer you, and oldfella, wait for someone to "disagree" with what you think, and what I (see post #10 onwards) and others have said DOES work, the greater the chances of the account rate being pulled.

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I didnt think your posting was that clear - I also had no problem opening an account yesterday, but that doesnt necessarily mean they will deliver on the 6.3%.

Anyway - thanks for your confirmation.

Stompa

YorkshireBoy wrote: »

The longer you, and oldfella, wait for someone to "disagree" with what you think, and what I (see post #10 onwards) and others have said DOES work, the greater the chances of the account rate being pulled.

True enough, though ideally I want to wait for as long as possible before opening. I see though that it pays interest annually rather than monthly which is not as convenient for me, so I may look elsewhere.