An Egg Of Brilliance Waiting To Hatch (egg.com)

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Product:	egg.com
Date:	29/06/02 (140 review reads)
Rating:

Advantages: Easy To Use, Informative, Consumer Support

Disadvantages: Poor Interest Rates

Egg.com is a new and intriguing online bank owned and maintained by Prudential Bank. The service offers a range of opportunities to its customers. Not only can they open savings accounts; as with many other online services but they offer investment services, loans and even credit card opportunities.


The interest rates of an Egg.com savings account are undeniably high, and although they alternate depending on the terms and conditions issued to you when you sign up for the service one variable remains the same, an interest rate of 6.3% is expected when you use the Internet to bank online, without using any other services. Considering that Egg.com is primarily an Internet banking opportunity I find this tactic rather underhand because the interest rates are only reduced to 6% if another service such as the telephone is used for banking in combination with the internet. Yes you can use postal services for ease of transferring funds but I feel that a website that boasts to be one of the best internet located banking service should have an interest rate for its saving account to match these claims.


However, the credit is a big plus and redeems the online mega service. With low interest rates, the credit card is already up there with the likes of Barclays and Halifax but in addition, Egg offer a 1% cash back on purchases and in addition a 2% cash back on purchases from stores exclusive to their advertisers.


Payment for the credit card is very straight forward and Egg offer three different alternatives. Either, you can choose to pay off the credit card bill in full, the minimum amount or a fixed amount each month. This is a good service as it is easy to calculate at the end of each month roughly how much will be withdrawn from the account you have designated as your master (the account that Egg will draw money from to pay off your Egg credit card).


The loans service of the site is well navigated and I find it easie
r than visiting your local bank because you can always easily consult with a friend or expert and take your time considering your options free of charge whereas in a bank one might feel rushed and pressurised. Egg offer competitive rates of fixed interest loan payments and they pride themselves on being able to reply speedily to loan requests. Documenting on whether they have been granted or not and in some cases providing reasons and even advice.



Early on in this opinion I mentioned that egg offer 2% cash back on exclusive stores, well on their website there is an entire section dedicated to this service. The stores are reliable and I have ordered from a few with no problems what so ever. And although 2% cash back doesn't seem like a lot now, I can assure you that eventually it builds up especially on big money purchases. Often, these offers are exclusive to Egg cardholders, ensuring security and peace of mind.


Egg.com is certainly a secure site and it is possible to inquire about just what kind of measures are being undertaken to ensure not just the safety of your account but also the safety of your computer. This is mostly technical jargon; I can assure that your account is safe in the hands of Egg.


Navigation in the site is simple although I am not sure if the site deposits cookies onto your computer to track you; however signing in is easy and the different sections of the website are clearly represented and highlighted.


Egg.com certainly are a unique banking service, one that has surprisingly overcome the hurdles associated without direct face-to-face accounting. There is no doubt that Egg are reliable and although I disagree with their saving account interest rates, there is no doubt that this is a solid service and one which I would recommend to anyone who knows what they are doing on the internet.

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