Bear Goggles Posted February 11, 2008 Share Posted February 11, 2008 (edited) Just been informed that the egg savings rate is to go down from 5.5% to 5.0% - twice the B of E base rate cut. I will be moving my cash out of there this month - Looks like they're hell bent on pissing off their savers as well as their credit card borrowers! There's plenty of banks out there looking for depositors at the moment. What's the matter with these people? Edited February 11, 2008 by Bear Goggles Quote Link to comment Share on other sites More sharing options...
Nationalist Posted February 11, 2008 Share Posted February 11, 2008 Egg are starting to look like a "bank in trouble". First they pissed everyone off by cancelling the cards of customer in good standing, libeling them in the process by saying they were too risky, so much so there's actually a parliamentary enquiry brewing, and now slashing the interest they pay. I wonder if the all the King's men are going to be trying to unscramble some Egg before long. Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted February 11, 2008 Author Share Posted February 11, 2008 Egg are starting to look like a "bank in trouble". First they pissed everyone off by cancelling the cards of customer in good standing, libeling them in the process by saying they were too risky, so much so there's actually a parliamentary enquiry brewing, and now slashing the interest they pay. I wonder if the all the King's men are going to be trying to unscramble some Egg before long. All of which begs the question: Where to put said cash? Best buys seem to be : 1. Northern Crock: 6.49% - Hmm... what could possibly go wrong 2. ICICICICI: 6.41% Isn't iceland a bit iffy too? I guess up to 33k is okay 3. Bird & Bowler 6.40% (B&: Dodge BTLers R us - No Thanks 4. ASDA 6.25% - since when were these guys a bank? Anyone know who their rebranding? Quote Link to comment Share on other sites More sharing options...
A.steve Posted February 11, 2008 Share Posted February 11, 2008 Egg are starting to look like a "bank in trouble". Are Egg a bank in their own right, or just a subsidiary of Citi? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 11, 2008 Share Posted February 11, 2008 All of which begs the question:Where to put said cash? Best buys seem to be : 1. Northern Crock: 6.49% - Hmm... what could possibly go wrong 2. ICICICICI: 6.41% Isn't iceland a bit iffy too? I guess up to 33k is okay 3. Bird & Bowler 6.40% (B&: Dodge BTLers R us - No Thanks 4. ASDA 6.25% - since when were these guys a bank? Anyone know who their rebranding? People on here keep putting down B&B. I did not realise they had been into BTL in a big way? Are they the biggest UK BTL mortgage lender? Quote Link to comment Share on other sites More sharing options...
silver surfer Posted February 11, 2008 Share Posted February 11, 2008 All of which begs the question:Where to put said cash? Best buys seem to be : 1. Northern Crock: 6.49% - Hmm... what could possibly go wrong 2. ICICICICI: 6.41% Isn't iceland a bit iffy too? I guess up to 33k is okay 3. Bird & Bowler 6.40% (B&: Dodge BTLers R us - No Thanks 4. ASDA 6.25% - since when were these guys a bank? Anyone know who their rebranding? I'd go with NR over Iceland any day. With NR you get a personally autographed guarantee from Mervyn and a thank you letter from Gordon Clown. I've had business dealings with a company in Iceland for over ten years, and across all that time I've seen them perform financial restructures at a dizzying rate. Forgive the pun but Iceland just smells fishy to me. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted February 11, 2008 Share Posted February 11, 2008 ASDA! Would you really want to put your money in them when there secured borrowing rate is MORE than the unsecured rate. Acording to the images on the website at the moment: homeowner loans @ 9.4% typical APR. personal loads @ 6.4% typical APR WTF? ?!?!?!?!?!? Quote Link to comment Share on other sites More sharing options...
AteMoose Posted February 11, 2008 Share Posted February 11, 2008 dont put all your eggs in one basket? Quote Link to comment Share on other sites More sharing options...
A.steve Posted February 11, 2008 Share Posted February 11, 2008 homeowner loans @ 9.4% typical APR.personal loads @ 6.4% typical APR Amusing, but maybe sensible. I'd consider a short term loan to someone on lower rates than a long-term loan right now. The risk of serious loss is reduced if I know principle is being paid off fairly quickly from day one. I think, if I read it correctly, ASDA's bank is actually "GE Money" - i.e. a US Subprime lender. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted February 11, 2008 Share Posted February 11, 2008 Egg really don't like their customers do they Quote Link to comment Share on other sites More sharing options...
Nationalist Posted February 11, 2008 Share Posted February 11, 2008 HSBC actually have a 10% savings account. You have to jump through hoops to get it: become a "premium" customer and commit to saving at least £25 a month, but it seems like a very attractive rate from the 2nd strongest bank in the UK (after Lloyds.) Link DYOR because I don't know the details, maybe there's some catch or other. But prima facie it looks like a better bet than even my pension fund at Standard Life with its gross status. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted February 11, 2008 Share Posted February 11, 2008 Amusing, but maybe sensible. I'd consider a short term loan to someone on lower rates than a long-term loan right now. The risk of serious loss is reduced if I know principle is being paid off fairly quickly from day one.I think, if I read it correctly, ASDA's bank is actually "GE Money" - i.e. a US Subprime lender. Maybe. But still made me giggle. You have removed all my fun. Sensible Ba*%ard. They must be targeting NR subprime with that rate...... probably save some of them a fortune!!! Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted February 11, 2008 Share Posted February 11, 2008 Just been informed that the egg savings rate is to go down from 5.5% to 5.0% - twice the B of E base rate cut.I will be moving my cash out of there this month - Looks like they're hell bent on pissing off their savers as well as their credit card borrowers! There's plenty of banks out there looking for depositors at the moment. What's the matter with these people? Is this on their ISA? bu99er Quote Link to comment Share on other sites More sharing options...
Pete95 Posted February 11, 2008 Share Posted February 11, 2008 All of which begs the question:Where to put said cash? Best buys seem to be : 1. Northern Crock: 6.49% - Hmm... what could possibly go wrong 2. ICICICICI: 6.41% Isn't iceland a bit iffy too? I guess up to 33k is okay 3. Bird & Bowler 6.40% (B&: Dodge BTLers R us - No Thanks 4. ASDA 6.25% - since when were these guys a bank? Anyone know who their rebranding? 5. Kaupthing: 6.5% - (New Icelandic Bank) http://www.kaupthing.com/ Icesave as still offering 6.3% on savings (no catches) and they have some good fixed rates still on offer too (6.70% 2year fix, and 6.76% for 6 months etc) Quote Link to comment Share on other sites More sharing options...
nohpc Posted February 11, 2008 Share Posted February 11, 2008 I don't get a competitive rate with smile but I stay with them because I like it all online in the one place but I hope anybody else getting a dick deal like this leaves straight away. Quote Link to comment Share on other sites More sharing options...
Laura Posted February 11, 2008 Share Posted February 11, 2008 HSBC actually have a 10% savings account. You have to jump through hoops to get it: become a "premium" customer and commit to saving at least £25 a month, but it seems like a very attractive rate from the 2nd strongest bank in the UK (after Lloyds.) LinkDYOR because I don't know the details, maybe there's some catch or other. But prima facie it looks like a better bet than even my pension fund at Standard Life with its gross status. HSBC Premium customers have to hold at least £60,000 in one or more of a number of accounts. I think 5.5% is/was the best you can get on that money. Then you get access to various other deals. Quote Link to comment Share on other sites More sharing options...
US Citizen Posted February 11, 2008 Share Posted February 11, 2008 Egg really don't like their customers do they No they dont and if they carry on the way they are doing, there will be no customers. No customers = No business. Bye Bye Quote Link to comment Share on other sites More sharing options...
Little Professor Posted February 11, 2008 Share Posted February 11, 2008 I haven't had any email about a cut. If they really do cut to 5% I'm out of here - that's ridiculous. Quote Link to comment Share on other sites More sharing options...
sambino Posted February 11, 2008 Share Posted February 11, 2008 Ive not had notification but if they do drop to 5% im pulling my wedge out Quote Link to comment Share on other sites More sharing options...
sambino Posted February 11, 2008 Share Posted February 11, 2008 Ho Ho its a done deal here is the historical intrest rate list from the account section of their sight im off to find a better deal!! Egg Savings Account (Internet) interest rates. Date Interest rate paid monthly paid annually 11 February 2008 - present 4.89% gross pa 5.00% gross pa/AER 7 December 2007 - 10 February 2008 5.37% gross pa 5.50% gross pa/AER 18 July 2007 - 6 December 2007 5.60% gross pa 5.75% gross pa/AER 23 May 2007 - 17 July 2007 5.37% gross pa 5.50% gross pa/AER 24 January 2007 - 22 May 2007 5.13% gross pa 5.25% gross pa/AER 22 November 2006 - 23 January 2007 4.89% gross pa 5.00% gross pa/AER 16 August 2006 - 21 November 2006 4.65% gross pa 4.75% gross pa/AER 5 August 2005 - 15 August 2006 4.41% gross pa 4.50% gross pa/AER 18 August 2004 - 4 August 2005 4.65% gross pa 4.75% gross pa/AER 23 June 2004 - 17 August 2004 4.41% gross pa 4.50% gross pa/AER 19 May 2004 - 22 June 2004 4.17% gross pa 4.25% gross pa/AER 18 February 2004 - 18 May 2004 3.93% gross pa 4.00% gross pa/AER 19 November 2003 - 17 February 2004 3.69% gross pa 3.75% gross pa/AER 14 July 2003 - 18 November 2003 3.45% gross pa 3.50% gross pa/AER 10 February 2003 - 13 July 2003 3.69% gross pa 3.75% gross pa/AER 12 November 2001 - 9 February 2003 3.93% gross pa 4.00% gross pa/AER 8 October 2001 - 11 November 2001 4.41% gross pa 4.50% gross pa/AER 21 September 2001 - 7 October 2001 4.65% gross pa 4.75% gross pa/AER Quote Link to comment Share on other sites More sharing options...
libspero Posted February 11, 2008 Share Posted February 11, 2008 Bar stewards.. I'll be moving mine too then Anyone have a link to the last "best place to stick you cash" thread? Quote Link to comment Share on other sites More sharing options...
Little Professor Posted February 11, 2008 Share Posted February 11, 2008 14 July 2003 - 18 November 2003 3.45% gross pa 3.50% gross pa/AER R I've had an account with Egg from the start, I'd forgotten about those dark days - makes 5% seem positively generous At least inflation wasn't raging back then. Quote Link to comment Share on other sites More sharing options...
libspero Posted February 11, 2008 Share Posted February 11, 2008 (edited) Did anyone read the small print on the email from egg? Investment Products and Guaranteed Equity Bonds are not bank deposits and neither obligations of, nor guaranteed by Egg Banking plc, or any of its affiliates, unless otherwise stated. They are subject to investments risks, including possible loss of the principal amount invested. This is for normal savings accounts!! The government might guarantee your money.. but these guys certainly don't! Edited to add: sorry not the email, this is from their web page here: http://new.egg.com/visitor/0,,3_94368--View_2081,00.html Edited February 11, 2008 by libspero Quote Link to comment Share on other sites More sharing options...
Dylan Posted February 11, 2008 Share Posted February 11, 2008 Just had an email from Icesave - down to 6.05% from 6.3% Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted February 11, 2008 Author Share Posted February 11, 2008 (edited) Guys, before you all close your accounts. Make sure you write to them using their on-line messaging facility and ask them to explain why they are slashing their rates by twice the BofE cut. Then inform them you are closing your account because of this action. Their marketing department need to know. Edit: They haven't thought up an excuse good enough to mail me yet. Edited February 11, 2008 by Bear Goggles Quote Link to comment Share on other sites More sharing options...
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