- Do you have access to the internet (I assume the answer to this is ?yes? as you?re reading this online)? - Do you want to earn a good interest rate on your savings? - Do you want a guarantee that this rate will remain competitive? - Do you want a savings account that?s easy to use? - Do you want your savings to be safe with a name you can trust? If the answer to all those questions is ?yes? I recommend that you open a savings account with Egg, which is owned by Prudential. They have an internet savings account, which currently pays 4% gross interest per annum (or 3.2% if you?re a basic rate tax payer, or 2.4% if you?re a higher rate tax payer). You only need £1 to open the account, so there?s no excuse not to start saving. The good news is that the interest rate on this account is guaranteed to match the bank base rate until 31 December 2007. This is a valuable guarantee as it means that interest rates on this account will remain extremely competitive, as savings rates are usually below base rates. (That?s how banks make their money ? by charging borrowers a rate above base, and giving savers a rate below base.) Opening an account is easy. You simply fill in the form online (on a secure part of the site). It is easy to complete, and doesn?t take long. You then set up some simple security details that enable you to access your account at any time. PAYING IN Paying money into your account is easy. There are a number of ways you can do this: - by debit card. Use your debit card (Switch, Visa Delta or Solo) to make a one-off transfer of up to £10,000. The transfer will appear in your account the same day. - by direct debit. You can transfer up to £50,000 every month, quarter or year. You can easily change the amount of your direct debit, providing you do this within 5 days of the payment date. - by BACS. This usually takes around 3 working days to reach your account. - by CHAPS. This is usua
lly a same day transfer, but your bank is likely to charge a fee for this. - by cheque posted to Egg. WITHDRAWING MONEY It is just as easy to get access to your money. You can transfer money to another Egg Savings Account, or transfer it to any other UK bank or building society account. Transfers to other banks/building societies can be made in two ways: - by BACS. The money will normally be available within 3 working days. - By CHAPS ? Provided you request this before 2pm, the funds will reach your bank/building society account the same day. Egg charges £25 for this service. However, there is no cashcard linked to the account. STATEMENTS You can view your account online at any time, and see all of your transactions from the last 12 months. You receive a statement through the post once a year. WEBSITE The website address is www.egg.com.
How please am I with Egg? Now I must say I'm not what you call easy to please - it's quite a job to satisfy my I can tell you! Anyway, back to the subject! ...I have recently applied for an Egg Credit Card as it offered 0% interest till January, this was much less than the HSBC card I have. I transferred the balance and I?m away! The balance transfer was done in two working days ? How fantastically quick was that? I have previously done balance transfers that have taken the full 9 days they advise. The site was easy to log on to, you just add your name, date of birth, postcode, mothers maiden name and you password and you go directly to your accounts? that?s where the easy bit ends though! The site all together is difficult to navigate, nothing seems to explain itself and it?s full of adverts! As I have previously been such a naughty little minx with finances I decided it was time to grow up and get an ISA, where better than Egg? Yes, the site was difficult to navigate and I didn?t understand what I was doing but that?s something you get used to and you do learn and find out by trail and error (no big errors either!) Ever since I?ve been on the internet I seem to have a problem with anything that isn?t done online! I could open and Egg ISA online, the only problem is to do that you have to open a saving account too, and vice versa, this was a bit annoying as a simple transfer from my HSBC online account was how I wanted to add to my ISA. Never mind, I opened the ISA and they sent out the relevant declarations and paperwork, I promptly signed that and sent it back and the account was opened almost as quickly as the balance transfer. I must say that Egg is the most efficient financial company I have come across, no complaints what-so-ever. I decided to open a Maxi ISA, the reason being is that I wasn?t then limited to the amount I put in ? Just in case 7k pops my way! (Hmm, unlikely!) Anyway, the ISA is also a tracker so there are f
ees, these are around about £2.50 every time you add money ? these charges are only for certain funds though ? I made the money back for both transactions in a matter of days anyway, I know this as the fund value updates ever day and I can?t help but log on and check how my money is growing ? or shrinking (on some occasions!) You can also see information on your ISA such as how much you bought the shares for, when you bought them, how much they cost, what the discount was through Egg and how much you have invested in each fund (I have the 4 they suggest) Now I was at work and noticed one of their annoying adverts asked if I wanted to upgrade to their Egg Money Manager Account (so not all the adverts are useless!), this is where all your online accounts will show on your single Egg account ? Fantastic! Saves me logging onto three sites everyday! So I thought why not? I went for it and it was the easiest thing to do ? Surprising for Egg! I just had to download ActiveX which was done quickly and then add what accounts I wanted, they had a ready made list of all the accounts you could put on there, these ranged from Co-op, Smile, IF, HSBC Offshore and many others, the only problem I had was that they did not have Zurich Bank on there, this is one of my main accounts, they did however have a suggestions part so hopefully Zurich Bank will be added shortly. For the meantime I just added my HSBC account, it then went on to ask my HSBC logging on details, in the same layout that HSBC do, I popped in my security number and Internet Banking ID and submitted the information, from there it congratulated me on being successful ? Woohoo! I then went to my Money Manager in Egg and it loaded with all my details, of my main account, savings account and my credit card, it now shows me how in credit I am with all my accounts and exactly how much I owe. This is fantastically convenient and quick, I just hope they can add Zurich bank. I have also had to call their helpl
ine as I got locked out of my account, the guy on the other end of the line was great, friendly, helpful and efficient, this is something I always look at to see what sort of a company I?m dealing with, I?m a senior consultant on a contact centre and really appreciate good customer service when I get it. Altogether I would say Egg is great, customer service is fantastic, their services they offer are great, even though they don?t do a current account I don?t need them to now as all the information of mine is there when I want it, all at my finger tips! Yes, it is difficult to navigate but that?s something I?m more than willing to live with. All in all I would seriously recommend this to anyone, if you want a credit card for cheaper APR or if you want an ISA - They have a great choice and I'm sure you'll all be as happy as me! Cheers for the read Paula x
I have been with the egg internet back for over three years now and can't recommend it enough. I have been with this interent back from not long after its creation and have seen it progress to what it is today, one of the best online banks. I started out with an internet only savings account (you can get an account with a cashcard but get slightly less interest) and I now have one of their credit cards and an ISA. The service has been excellent at all times. The rates they give are very competative which was the main reason I opened an account in the first place. As far as I can tell they have one of the best mortgage rates around (I'm looking to buy a house very shortly and so am paying attention to mortgage prices from different places). The online account interfaces are very easy to use with all the information you need at the click of a mouse button. If you do have any problems or questions the servce team are very quick to respond and seem to know what they are on about. There are other benefits to banking with egg other than the ease of use (I also have account with two other banks with online account management systems and egg is by far the best). Every month they send you an email with useful information about the accounts and services they offer and also with special offers available to egg customers eg competitions or money off places like virgin wines. If you are thinking about banking online or you are already an online banker but aren't satisfied with the service you are getting then give egg a look I think you'll like what you see.
My experience with the Egg card is great. I've been a customer for over 12 months and haven't had any regrets about signing up. As a young person studying for a degree (ie. student - I hate that word) I like to charge everything to my Egg card and earn 1% cashback. It's not an awful lot, but it's better than nothing - and far more useful than points which other banks offer. I prefer to pay my balance off monthly, but there are also options such as the minimum monthly payment, or a set amount each month. These are easily changeable from the website. The website has its good and bad points. The services available are good, being able to check your current balance and view previous statements, request to have your PIN changed, update your personal details and even request a new credit limit. The option to contact customer services via secure e-mail is great. I recently had to query a transaction and the e-mail reply was very helpful (and within 24 hours). I have to say I'm very impressed with Egg Customer services' personal touch. Being able to use e-mail also saved me the cost of having to make daytime phone calls - having e-mail at Uni was a great benefit. Unfortunately the website can be rather slow and pages can take a while to load - especially at peak times of the day (such as around 1pm). I read an article in Computer Weekly and apparently they have installed new network switching devices, so maybe this will help solve part of the problem. As far as I have seen the security of the site is good and logging in is simple enough. After logging in all your Egg accounts are displayed on a summary page which is a great idea to save time. The website is being redesigned and should be online shortly - I like the fact that it is not too heavy on graphics which helps to make it quicker to load. The accounts button has also been moved to a more sensible place so hopefully it'll be quicker to
login as well. Egg provides an excellent service and I'd recommend it to anyone.
Egg is an online bank and pays around 6% for credit balances. I would not recommend them for normal banking as they do not have a branch network. They do however offer great rates on savings. So if you have just got your student loan and don't plan on spending it all right away, then stick it in Egg it makes sense. Do this is conjuction with a normal bank account, you can electronically transfer between the two, it take three working days to move across but there is no point in having 0.1% interest when you can have 6% Check it out on www.egg.com you can bank 24 hours a day (if you really want to!)