I wish I could tell you about the quality of my egg account but I can't, because I can't open one. The problem is their insane Proof Of Identity procedure. I am astonished that anyone can pass it. Back in 2004 I tried to open an account and was rejected because I entered my address as "10 Smith Mansions, Jones Street", but my proof-of-identity bank statement had the address "Jones Street, Smith Mansions 59". As far as egg were concerened these were obviously completely different. I must be a money launderer!
Now I am trying again and this time it is worse. They demand a certified photocopy of your passport. I don't want to pay a lawyer £75 to sign a piece of paper, but my local police station kindly agreed to sign and stamp the photocopy. I sent it off along with five bank statements (surely one of them will be acceptable?!). Three weeks later I had heard nothing so I called egg. Apparently my certification is unacceptable. I guess the police just can't be trusted to verify an identification. Not only that, but egg didn't even bother to return the forms or contact me.
Their staff are rude and not so much unhelpful as just plain useless. Congratulations to anyone who manages to open an egg account; I don't know how you do it.
I've had a credit card account with egg pretty much since they started, so its been quite some time.
Their website is second to none. Its really clear, well designed and easy to use. I've also never had any problems singing in so its very reliable.
You have the option to sign up all of your other online banking accounts to egg so that when you log in to your egg account you can see the balance of all of your accounts in one place. You can also access your other accounts from this screen. This is a really useful tool, especially if you have a few credits cards and savings accounts. You can also transfer money between your accounts, just by clicking a few buttons.
On the odd occassions that I've needed to speak to someone over the phone, I've found them to be helpful and friendly.
The only problem with egg is that, although not the highest, their interest rate is quite high. If you sign up at the right time, you can get 0% deals that usually last for nine months. I would recommend everyone to use that if possible!
Good website. The intererst rate was average. Keeping track and managing my account was good vis the website, but trying to get hold of any operators over the phone was a nightmare. I balance transferred by debt from Egg another account and intended to canacel the card incase my details got into the wrong hands. But could i get hold of a operator tha could actually help me at egg headquarter's????? Nope!! I am still trying to cancel my card after speaking to three different phone opeartors and getting passed between most of the sections of egg headquarters.
Changing the pin number of card was also a nightmare. The card would not register in most hole in the walls. As with all the credit card companies taking money out from the hole in the wall proved expensive but i suggest not doing this on any credit cards in the future.
If you are an Egg customer their terms and conditions will not allow you to have an account if you do not live in the UK all the time , e.g you spend a lot of time in France Spain etc, or keep an account if your circumstances change temporarily, no matter how long you have been a customer. No flexibility that I have experienced with most other providers.I have held an Egg account for many years since the brand started in fact and they have just insisted on closing my account because I temporarily work outside the UK.No wonder Egg loses money dumping its good customers!!!!
This isn't so much a review of Egg the bank, rather a review of an application on their website that is similar to online banking, but far more wide-reaching.
Most people these days have current accounts, savings accounts, loans, credit cards, mortgages, perhaps some investment accounts, but if these are not all with the one supplier, how often have you wondered what your total assets or liabilities were?
Internet banking would be one way to find out, but that would take time, going from one website to the next, having to enter you're security details (once you've remember what details go with which account) each time and making a note of the balances for each type of account.
With Egg Money Manager you can bring up details of all you're accounts, with current balances, simply by entering security details for each organisation once.
WHAT IS EGG MONEY MANAGER?
The Egg Money Manager is part of the Egg website, and is basically a tool that displays all of the accounts you hold in one place, as long as the company that holds your account is listed on the website. These include Halifax Bank of Scotland, Royal Bank of Scotland, Intelligent Finance, Virgin, Tesco Finance etc. As far as I can tell, all the major financial companies can be used with the Money Manager - including, as I have just found out during writing this review, PayPal. If, on the off chance that an organisation isn't already there, you can suggest that they are added.
WHO CAN USE EGG MONEY MANAGER?
The Egg Money Manager is only available to people that hold an account with Egg. Therefore if you have a credit card, loan, mortgage etc with Egg, you can use the Money Manager. Note that secondary cardholders cannot use the service, only the primary account holder.
Also you need to be using Internet Explorer on a PC using Windows, or Internet Explorer for Mac if using an Apple computer. The system does not support other web browsers.
HOW DO I REGISTER?
When you originally register for the service you will need to enter certain security details that will enable you to access the Egg Money Manager in the future. The security details include your first name, surname, date of birth, postcode, mother's maiden name and password. If you are not using a shared computer, you can select an option that allows your name, date of birth and postcode to be remembered by the computer, so you only need to enter your mother's maiden name and password to get into the system.
Once in the system, you can add accounts from external organisations. For example, to add an HBOS account, you would select Add New Account, and then select HBOS from the list of organisations. This would then bring up a form that asks for all the security information that HBOS use to log in. Enter these details, hit Save, and the Money Manager goes back to the main screen and will show your Egg account and your HBOS accounts.
If, for example, you had a current account, savings account, and a credit card with HBOS, you would only need to enter the security details once - as long as the three accounts are set up for online banking with HBOS, the Egg Money Manager will bring up the details.
Once the security details for each organisation have been entered, these do not need to be entered again. However you do need to set up Egg Money Manager on each computer that you use as your security information is stored in a 'password store' within your computer. This ensures that nobody within Egg can access your accounts.
As far as I know there are no limits on the number of external accounts you can have set up to work with the Money Manager.
HOW DOES IT WORK?
When you visit the Egg website and click on View Your Accounts, the website presents a log in page where you enter your security details (i.e. first name, surname, date of birth, postcode, mother's maiden name and password) which when completed accurately will log you into the website. As part of the automatic log in process, the Money Manager will use the log in details provided for your other accounts to visit their websites, log in, collect balance information for each account type, log back out and present the balances on the Egg Money Manager.
Information is presented in a very useful, and easy to understand way, over 4 columns. The first column gives the name of the company, the second column gives the type of account (i.e. current, savings, credit card etc), with the third column showing debit balances (money owed to you) and credit balances are shown in the fourth column (credit cards, loans, mortgages etc).
The Money Manager also includes a link to each organisation so that if you wanted to go to a particular organisation's online service, you would click the link beside the account you are interested in, and it will log you into the online service for that organisation, allowing you to look at transactions or move money.
IS IT SAFE?
As with all financial transactions over the internet, I think there is an element of risk. However I have been using this service for at least 3 years, and have never experienced any problems with other people accessing my accounts.
All security details are stored on your computer, not on the internet, therefore reducing the risk of someone hacking into your details, or a member of Egg staff accessing your details.
Additionally, Egg offers an Egg Guarantee, so if anything happened to the security of your accounts whilst using the Egg Money Manager, you would be covered by Egg.
I normally log into the Money Manager once a day in order to keep track of my finances, and as I have credit cards and bank accounts with a few companies, I find this a very useful tool. It both saves time being able to view all accounts in one place, and saves me the hassle of having to remember security details for each organisation. It is however important to remember your security details in case you ever need to log in from a different machine, and if any of your security details change, you need to remember to update them on all computers you use the Egg Money Manager on or you could find yourself being locked out of your account.
The website does however seem to close down for schedules maintenance quite often, normally on a Saturday night, however this is normally only for a few hours, and any scheduled maintenance is advertised on the Money Manager website at least a few days in advance.
It is unfortunate that the Money Manager is only available to people with an Egg account, and I am unaware of anyone else that offers a similar service, but I would highly recommend it to anyone with an Egg account.
It is also irritating that you have to enter the security details for all accounts each time you set up a new computer to access the system, however if the security details were stored online, rather than on the computer, I'm sure that the element of risk would be vastly increased.
Egg money manager is a great facility. More information can be found at the egg web site www.egg.com
This fantastic service provided by Egg allows you to view all your various online accounts and balances (from other banks and organisations) all in one place - online bank and building society account balances, credit and store card balances and loan balances. You are able to see exactly how much money you have got (or havent got!) in 'real time'. In the very unlikely event of fraud you are covered by the Egg Guarantee.
Egg Money Manager is a great way to make managing all your available online accounts a lot easier.
In order to access all your accounts you do not have lots of passwords to remember.
If you want to see other accounts you just click on them.
Egg money manager is a free service for egg customers.
If you want to use Egg Money Manager on more than one PC. You will need to download the passwords of every account to each PC you will use to access your other bank accounts.
If you want to use the service you will need to open an account with egg - ie a savings account or credit card.
Registration is simple and quick. However, selecting the banks and the accounts you want does take a little time as you have to enter the security details for each account. In my opinion, however, it is well worth it. You will be able to add most of the major banks and credit card companies . You can suggest other banks etc if they are not already there.
The site is easy to use... and you can make payments quickly and easily etc from one account to another. To be honest I have been using this service for a couple of years now and I would be really 'lost' without it!!
Take a look at it - there is an excellent 'demo' on the site - look to the right hand side of the page.
Most things. Be VERY careful letting Egg handle your money.
Their website went down & they lost ALL of my online accounts. Everything had gone. They gave me excuse after excuse saying their IT Dept were handling things - LIES !!! My data had been wiped along with my cash. I am in the process of letting the FSA handle their mess.
Also they have change their call centre security login to voice recognition - which works only when I speak in an American accent VERY loudly which, like the unskilled workers in their call centers, I assume is a money saver. In fact I still get asked for security after going through their automated system which is very annoying to say the least.
They used to be good - now they are rubbish & I'll never trust them again. You'd be better off trusting any other bank/building society with your cash.
Good website but I had a bizarre experience the other day on the phone talking to a patronizing, offensive & not very bright 'customer services' individual. If he worked for me and spoke to customers like that his feet wouldn't touch the floor. He thought he was Charlie Sheen in Wallstreet I think. I was trying not to laugh when phrases such as 'close to the wire' were evident (he was explaining the last day for interest free settlement of my credit card - several times - although I hadn't actually asked him for this information).
Never mind Chris - maybe you'll hit the big time one day.
Consequently I put 6k in a cahoot savings account - lousy website but no bull.
I have had problems with my Egg account. It was hacked and thousands transferred to known accounts with two leading banks.
I reported it and nothing happened. I reported it again and managed to get a contra entry but was charged interest! I challenged this and achieved a zero balance, only to be charged a further amount of interest. After challenging this again, it was promised the matter would be resolved.
I asked about the conclusions of the subsequent fraud investigation only to be told they did not know and they were taking the 'hit'. Egg's attitude was that they would not accpet that their system appeared to be violated and their administration allowed this to happen. Their service person really wanted to suggest that a third party had acquired my identity and full details, i.e. it was my fault. They assured me that details of the ocurrence had been passed to the police but could not give me a case number.
I then realised I was paying for the phone calls to resolve these issues, so I asked for details of the Ombusman only to be told to contact Customer Services.
I am waiting until these matters are cleared and will then vote with my feet. I have not had the reassurance that this will not recur and lack confidence in Egg security for their on-line services.
Egg offer a range of banking products: savings accounts, loans, credit cards and mortgages. There are also the usual in-house range of insurance products and two special services, namely Egg Money Manager and Egg Pay. The former being an account feature that uses a secure download requiring ActiveX (a component of MS Internet Explorer for Windows) to view external bank accounts within the Egg account area and the latter being a special type of Egg savings account intended to enable email payments and some external transfers. As most of these products are reviewed elsewhere on Dooyoo, I will not dwell too much upon individual features.
EGG VERSUS OTHER BANKS
The main difference between Egg and a typical high street bank is that Egg do not operate branches and they do not offer current/chequing accounts. You must consider Egg as your secondary bank and maintain a relationship with another bank that does operate a current account. However, the savings in not running branches are passed on to customers in the form of high debit interest rates e.g. the debit interest rate for Egg savings accounts is 5.00% gross AER and the debit interest rate for Egg Cash ISA accounts is 6.05% gross AER.
Another difference is the innovative fusion between credit and debit facilities. Egg offer two credit cards: the Egg Card, which is a Visa credit card, and Egg Money, which is a Mastercard credit card. You may carry a debit or credit balance on an Egg Money account; you pay credit interest of typically 7.90% APR when you owe money but you receive debit interest of 4.00% gross AER when you save money. I can't think of any bank that offers a similar product to Egg Money but, for comparison, I think it is similar to a current account mortgage.
SECURITY, SECURITY, SECURITY
So, if you like what you've read thus far, how do you apply for an Egg bank product? Simply apply online with the usual information and await a printed copy to be posted to you for verification and signing. If you apply for a savings account then you will undergo a statutory money laundering check and if you apply for an account to borrow money (e.g. a loan or credit card) then your credit history will be checked. (You can obtain a copy of your credit history by applying to Experian, Equifax or Callcredit with the statutory £2.00 fee and details of your previous addresses for the past 6 years.)
It is all very quick and easy. The only aspect to point out is the security questions - as Egg operates online, you need to set various question and answers to ensure the security of your accounts such as your mother's maiden name and a password. These are used when logging into your account area and when telephoning a customer service agent (who will ask about 8 questions to verify your identity).
Egg take account security very seriously and in over 4 years I have never experienced any fraud or account breaches. Be prepared for zealous features like having to telephone the bank if you forget your password, being logged out automatically after 15 minutes of inactivity and being telephoned to verify "unusual activities" on your credit card, which can be as innocuous as your additional card holder using a petrol station a hundred miles away at the same time that you were buying the weekly groceries.
The main point of any bank is obviously their savings and current accounts. As I mentioned, Egg does not offer current accounts but they do offer very good savings accounts. You can open several savings accounts and name each account e.g. if you happen to like earmarking different funds as "Nest Egg" and "Sports Car". There are several options to pay in money. You can post a cheque using your paying-in book slips and pre-paid envelopes, you can transfer money from an external account by BACS or CHAPS, you can transfer money from another Egg savings account or you can make a debit card payment. I prefer making debit card payments as the funds are credited for use immediately. Internal transfers take 1-2 days, with the request date as the date of transaction, and external transfers or payments depend on the external bank. Withdrawals are made by BACS, CHAPS (for a £25.00 fee) or by post. I use BACS, which takes 3-4 days. (If you didn't know, CHAPS is an urgent payment method for same day transactions. BACS is what most people use for day-to-day transactions e.g. when your employer pays in your wages.)
There are some historical savings accounts that are closed to new applicants. I will only mention that there used to be a savings account that included a cash card for withdrawing money from ATMs. I never operated this type of account and can only assume it was withdrawn from lack of interest.
CUSTOMER SERVICE SAINTS
Most banks are very hit and miss when it comes to good customer service. If you have a high street bank account, you will probably know there is a great deal of variation between branches - indeed we use a particular branch of our main high street bank that is nowhere near us, solely because the staff at that branch are so efficient and pleasant. However, I can say that customer service at Egg is invariably good. I have only telephoned the bank on a couple of occasions but I have emailed them many times in the past and they have always been pleasant and helpful. Response time is very good. They will email you when there is a response ready in your secure email area (which you then log in to read). You can also get them to email you if there is some server downtime, when the website is running again (you'll see this option when you try to log in, if they are down).
I have held accounts with many different banks in the past, and I have now reached the point where I no longer care about staff being perfect and everything going exactly to plan. I only care about staff being helpful, polite and knowledgeable. Everyone is only human. I cannot say that Egg have never made a mistake (the last one was a typo on my credit card) but they always apologise profusely and immediately rectify the problem. They answer any question, no matter how trivial, with consideration and never make you feel like you're wasting their time. Yes, sometimes it feels like you've received a tick-the-box answer but you can keep asking questions until you are fully satisfied - that's the whole point. Even now, based on my experience with other banks, I sometimes press "send" and wonder if my email has produced a fit of rage or scorn but then I open the response a few hours later and smile with relief to see the words "please" and "thank you" and the pleasantly attempted answer.
I've gone through about 4 or 5 other banks in the time that I've been an Egg customer, that I've ditched for various reasons such as ridiculously expensive fees, lacklustre service and sheer incompetence and rudeness. However, Egg have been angels throughout my time with them - touch wood, they will continue to be so for a long time to come. In fact, Egg are now my benchmark when it comes to judging a good banking experience. I know Egg have had some bad press over account closures in the 2007/08 "credit crunch" but I still think they are a great bank and I'm still willing to say: I wholeheartedly recommend Egg to everyone. You guys rock!
[Please note, interest rates and fees were correct at the time of updating this - April 2008. They may vary in the future e.g. if the base interest rate, set by the Bank of England, changes.]
On 2 occasions their website has had issues. I've had to resort to the phone on both occasions. They seem to think I can't use the website properly (I'm a web developer). They don't acknowledge what you say in your messages. You phone and tell the staff and they aren't interested.
The first occasion, errors on their website led to some real hassle on my part. On the second occasion, after 3 emails and a phonecall and a week later, the issue still isn't resolved.
If you like telephone banking, egg is the one for you, but for online banking, be prepared for stress city.
Their rates aren't particularly good either.
I'm giving a low rating as I signed up for egg purely for their online capabilities, which leave a lot to be desired.
I have been with egg about 2 years. I orginally had a credit card with them and now just have a loan. Egg offer extremely competitive interest rates, and are extremely easy to use. Unlike other banking organisations I have come across, egg also have many customer advisors on hand to offer valid advice and assistance.
The down side I have noticed though, is that when I have called I have found myself queueing for quite a while to be able to speak to people.
No egg puns easy banking
Egg?? Not a word you would usually associate with a prominent financial institution. I can happily say that this bank does not live up to its name.
I have recently opened up an online Egg savings account. I was prompted by the very appealing 5.5% interest rate (for six months) and then about 5.12% there after. This is surely enough to please anyone.
But for me, banking with egg didnt stop there.
Speed I registered on a Sunday, having read the advert in the Sunday papers and was able to fill in all the forms online with no hassle within 15 minutes. Having a limited experience of online banking I was a bit shaky and I could have done it quicker, but I wanted to ensure I got everything absolutely correct. I made a deposit immediately and it was all done. I also requested a paying in book which they sent me almost immediately which comes with pre-paid envelopes and all (in a very stylish green!)
Friendly Customer Service is one of the best Ive seen. You can contact them through their own secure messaging system through their website. Their customer service people are quick, pleasant and very helpful. They resolved all of my issues first time.
Convenience The account I chose was an internet only account. No card. No papers. As egg is essentially an internet bank I can imagine that they offer a very similar service all round. The website is very easy and user friendly. Not only can you see a comprehensive statement of all your Egg transactions and accounts, you can also register for a personal money manager where they download some secure software onto your PC and you can see all your other bank accounts as well (when youve set it up). They even give £10 to you if you opt for this free service before the 1st April 2005.
All in all this is a highly recommendable service. It is reliable, efficient, good for your money and nice to use.
Sorry, those of you who've read my Egg Credit card comments will be bored of my bad egg jokes now! Egg offer fantastic allround value for money, and a very good service. I use many of their services which I list below. SAVINGS ACCOUNT Opening Opening an account is really easy being done online. However Money Laundering regulations demand that all documents are in hard copy so you receive a completed application form to sign. Also, you need to prove your identity. However, they make it convenient (postage paid envelopes, pre-printed documents for you to just sign and date). Servicing The egg website is really easy to use and is convenient to make payments to and from your current account. I've opened about 5 different savings accounts: Christmas Account into which I pay a set amount each month so that Christmas is easily affordable; Investor Account into which I pay a set amount each month to eventually invest in a shares ISA (this is an Egg requirement); Credit Card Reserve Account into which I pay my credit card bill and keep until the payment is due to be made, when I release it back to my current account; General Savings into which I pay a set amount each month to offset any unexpected expenses (washing machine breakdown etc). I know this looks complicated, but it means that I can earn 4% gross which is far better than leaving cash in my current account at less than 1% gross! Simplicity The accounts can be tailored for your needs (eg monthly payments, one off payments) and they all come with 4% interest if you opt for an internet only account. ISA Opening Again, opening is really easy, and tho only necessary addition is your National Insurance number for the tax benefit (you need to be over 16). I opted for a stocks and shares mini ISA. Servicing You service this on line, and can buy and sell either the basic package offered by E
gg (they offer simple Tracker ISAs which track the main share indices, or Growth ISAs, Technology, Global Opportunities etc) or more complex ISAs purchased from anyone who offers them (through their fund supermarket). Be wary, though, and thoroughly investigate! The one problem with the ISA service is that you have to have an Egg Savings account with them to do this. This is a pain as you have to firstly transfer cash from your current account to this account and then transfer from this to the ISA. Simplicity You can keep this one as simple or complicated as you want to. At a basic level it's simple to set one up and invest. However, you can be active and select your own funds to complicate things. You can get dividends and interest paid to your savings account or reinvested. Disadvantages The main disadvantages of the accounts are that you can't monitor historic progress of your investments so I've had to set up my own spreadsheet to map out the increase and decrease in performance of my investments. Also, it takes a few days for your investment to clear the system (by which time the price of the shares will have changed). It's difficult to therefore know when you buy the shares how many this will buy. CREDIT CARD If you want to review my opinion on credit cards, see the Egg Credit card opinion written by me. GENERAL Money Manager The Egg Money Manager allows you to link all your online bank accounts to one place (which is a fantastic idea) and it simplifies managing money. However, some accounts can't be linked (eg my Morethan credit card) which is a pain. Be careful as some accounts take a long time to load onto the Egg Money Manager as well (eg My Co-Operative Bank account never seems to display a balance). Customer Service Their customer service is good, and the phone service means that you get to speak to someone really quickly. However, you do have to go through
a computer (unlike FirstDirect). After you speak to them they are very helpful and will be able to do almost anything over the phone (except authorise compensation for when things go wrong, which has to be done on paper/e-mail). Navigation The website is very user friendly and has recently been updated. However, the investment side of the site is still quite old and when you go into that to look at your investments, you have to log off afterwards as there's no facility to go back to look at your other accounts. Overall Overall Egg offer a really good package. I think I'd transfer my current account to them as well if they offered one. Still, no bank makes any money from offering current accounts to mere mortals like us, so I don't blame them for that one!