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I took a look at Egg because they have become such a well-known, trusted bank. Most people will have heard of the Egg credit card (0% balance transfers for 6 months - "the card that loves you back") but they may not realise that Egg provides a whole range of standard financial products ... Read review
Advantages: 24/7 access online, excellent customer service Disadvantages: Not all accounts include offline access
...I took a look at Egg because they have become such a well-known, trusted bank. Most people will have heard of the Egg credit card (0% balance transfers for 6 months - "the card that loves you back") but they may not realise that Egg provides a whole range of standard financial products including mortgages, loans, ISAs and, crucially, savings accounts.
Accounts Available
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Egg offers ... ...customers who already hold an Egg ISA.
Opening An Account
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I chose to apply for the Egg Internet account. Applications are done online; the questions are fairly standard apart from the security questions. You must give your date of birth, mother's maiden name, memorable date, memorable address and password. I suggest you choose relatives' anniversaries and addresses, as I find it embarrassingly ... more
Just before Christmas 2002, I was reviewing my limited savings and decided they needed to be spruced up. They were languishing in various old bank accounts, which do not pay particularly high interest rates e.g. old student accounts. So, I thought I'd shop around on the internet.
I took a look at Egg because they have become such a well-known, trusted bank. Most people will have heard of the Egg credit card (0% balance transfers for 6 months - "the card that loves you back") but they may not realise that Egg provides a whole range of standard financial products including mortgages, loans, ISAs and, crucially, savings accounts.
Accounts Available ==================
Egg offers 4 different types of savings account: Internet, Investor, Standard and Cash Card. Each account offers a slightly different method of access and operation e.g. Internet is operated only online with BACS or CHAPS withdrawals whereas Cash Card can be operated via internet, phone or post with ATM withdrawals. You "pay" for the level of convenience you require via the interest rate. Currently, Internet and Investor both offer 4.75% gross whereas Standard offers 2.00% gross and Cash Card offers 1.75% gross - these rates are across the whole account i.e. from £0.01 upwards, without those irksome "tiers". In addition, the Internet account carries the guarantee that until 31 December 2007 the gross interest rate will at least equal the Bank of England base rate i.e. your money is guaranteed not to depreciate. Interest is credited according to calendar months; so, for example, if you requested monthly interest, it would be credited at the end of the month rather than one month from your account opening date.
All of the accounts can be operated via the internet. Deposits can be made via electronic transfer or cheque. There is no withdrawal notice period. Postal statements are available, at least once per year. Accounts are available to anyone 16 or over who is a permanent UK resident (excluding Channel Islands and Isle of Man), except the Investor account which is only available to customers who already hold an Egg ISA.
Opening An Account ==================
I chose to apply for the Egg Internet account. Applications are done online; the questions are fairly standard apart from the security questions. You must give your date of birth, mother's maiden name, memorable date, memorable address and password. I suggest you choose relatives' anniversaries and addresses, as I find it embarrassingly easy to forget anything else. Another easy to remember alternative might be a school address or your school graduation date. (If you encounter problems navigating the website, check you're using the equivalent of Internet Explorer 4.0+, set to accept cookies.)
Once you've submitted all your details, you will have to wait for a printed copy to be posted to you for verification. This will arrive within a couple of days. Check your details and, if necessary, add details of your preferred method of initial deposit. I chose to pay via switch, so this was already detailed on my application form, but you can choose to pay via cheque instead. Sign and return the form via the prepaid envelope.
Your account will then be activated as soon as they receive the form and you will be able to login for the first time. Egg will post out confirmation of this but you will find you can login before you receive this letter, as it will obviously take a couple of days via the post.
Operating Your Account ======================
To log in, you simply go to the Egg website (www.egg.com) and click on "your accounts" in the top right hand corner. You will have to fill in some security details: First Name, Surname, Date of Birth, Postcode, Mother's Maiden Name and Password. Once you have logged in, you will be able to access all your Egg accounts. You will remain logged in until you log out or have been inactive for 15 minutes, in which case Egg will log you out automatically to prevent security risks. Once logged out you will have to re-enter your security details. To be safe, I would suggest that you only access your accounts from your home computer unless you can ensure that no-one else uses your computer within 15 minutes.
Within your account area, you will be able to view statements, make payments, amend your details and order stationary e.g. paying-in envelopes. There is also the option to send secure emails to Egg, in case you have any account queries. Although there are online help files, I find the secure email function to be very reassuring. There was a slight admin hiccup in opening my account - I received a letter saying Egg was unable to administer my initial switch deposit even though the amount had debited my switch account and credited my Egg account. I immediately emailed Egg and received a personal response within 2 days explaining the letter was a computer generated error and that I should ignore it. This response was sent out during the holidays; during 'normal' non-holiday periods, you can expect a response within 24 hours. Additionally, Egg are very good about actually *acting* on your queries. For example, I emailed Egg to see if I needed to submit a seperate R85 form for a newly opened second account - I received an email response stating that I did have to do this and that the form would be sent to me (the form arrived 2 days later through the post).
The more cautious among my readers will have spotted the potential security problem - if you forget your log in details or someone else manages to discover them and you can't access your account, how can you contact Egg without using the secure email facility? Don't worry: Egg have already thought of this. If you need to amend your password or any log in details, simply call them on 0845 3660047. They will ask you 8 different 'security' questions, to which only you are likely to know the answer - a mixture of personal information and account information. Once your identity is confirmed, they will make any amendments you require. You don't have to wait until you forget your password - you can call Egg as often as you like to change it.
One useful point to note is, although these are savings accounts, you can set up direct debits so someone who doesn't use their bank account much might be able to consider this as an alternative to a standard current account. Although the Internet account requires withdrawals to be made to another bank account, the Cash Card account offers instant access via ATMs.
Overall Impressions ===================
I admit I was initially slightly dubious about opening an account with an internet bank. However, my application was processed very quickly and my transactions have been carried out safely. Moreover I have been impressed by the website security, ease of use and the excellent customer service encountered.
There are a number of additional services that are not available through my traditional offline bank accounts. I can name my accounts - I've called my savings account "Rainy Day"! I can view all my Egg accounts in the same place and instantly compare credit balances, e.g. savings accounts, with debit balances, e.g. loans. There is also the option of upgrading free of charge to Egg Money Manager, which allows you to view other non-Egg accounts that you currently have online access to alongside your Egg accounts. (You will need the equivalent of Internet Explorer 5.0+ to use this service and the accuracy of the account information will depend on the other banks you use.) You must download the "password safe" (an ActiveX component) to each computer that you wish to use Egg Money Manager on - this stores your non-Egg account login details in secure encrypted format (industry standard 128-bit encryption). I have not experienced any problems with Egg Money Manager, although it is rather annoying that it's only available for PC users. Egg has stated: "[We] assure you we're looking to make Money Manager available to as many users as possible, however, until a suitable alternative to Microsoft ActiveX is available, we will not be able to offer this service to Mac users."
Customer service is faultless - communications whether online or offline are both timely and courteous. Egg seems very much aware of its customers and likes to treat them as individuals. For example, when talking to a customer service agent, you will be asked how you'd like to be addressed. This is a small point but one which I appreciate; it creates a friendly atmosphere and demonstrates consideration.
The only minor irritation I have encountered with Egg is their very occasional site outages - which are more than forgivable as these affect every site on the internet. These do not normally last long and Egg provides a very handy notification service. Just give them an email address (it does not need to be your registered address) and they will email you as soon as the site is back online. I find this very useful unlike Capital One who merely post an irksome "check back later, we're very sorry" message.
I am very happy with my Egg account and would recommend it to anyone with reliable internet access.
Advantages: Great interest rates, can view your balance whenever you want Disadvantages: Non
...field really, Smile, Cahoot and Egg being the main contenders. Egg seemed the best choice to me, they offered the highest interest and also, you didn’t need a current account with them to open a savings account, you can literally just have somewhere to put your money, plus, on top of that I get a gross interest rate of 4.0% which is guaranteed until 2007!
Signing up to Egg was easy peasy, I simply filled in an online form that took about 10 ... ...prepaid envelope and your done. Egg will then open an account for you on receipt of your signed form and your away.
The website is very easy to use and for extra security you are asked to fill in 6 fields before you can get into your account area, so that added bit of security is there, don’t let it put you off though, it takes literally 30 seconds. Once inside your account you can view all the services your signed up for, and then view them ...
GR-Design 25.11.2002
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Ciao members have rated this review on average: very helpful Review of Egg Accounts
Advantages: High Interest Rates Disadvantages: Its called egg
...I have been with Egg since shortly after Prudential laid them a couple of years ago and initially opened account merely chasing the high interest rates. I have a telephone and Internet account which offers a lower rate of interest than the Internet only account but I feel offers greater accessibility. The savings account still offers a competitive rate of interest although not the highest available in the market, yet I have stayed with Egg simply ... ...the treatment I received.
Egg has grown (or hatched?) since I first joined and now offer various other financial services, mortgages, credit cards, ISAs etc. The credit card offers a very juicy incentive in that of cash back, which makes a pleasant change from air miles or whatever and also has a competitive APR. It has proved very popular in the market place with credit card customers increasing by 70% in the last year.
Egg for me have consistently ...
roons_y 21.02.2001
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Ciao members have rated this review on average: very helpful Review of Egg Accounts
Advantages: Competitive interest rates Disadvantages: No cash card
...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 ...
mandyhaley 14.09.2002
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Ciao members have rated this review on average: very helpful Review of Egg Accounts
Advantages: Great interest rates Disadvantages: none i can think of
...already being a customer with Egg (I have already got their fab credit card) I decided to take a look at their savings accounts to see whether they offer a better account than the one I had. They did.
First of all, you apply online and the process is very quick , with my application taking no longer than just 8 minutes. Questions are straight-forward which is good because i'm a bit thick!!
There are several different types of accounts available, ... ...be paid into either your Egg savings account, a different Egg account (if you have one) or your main bank/building society account. Postal statements are annual but you can always check your balance online whenever you want to. It's simple to make regular payments by Direct Debit too, you just have to fill in the information on your online applictation form. There are many different options available when doing this.
*Standard - With this account ...
java 02.03.2001
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Ciao members have rated this review on average: very helpful Review of Egg Accounts
Advantages: High interest on funds. Disadvantages: Need to transfer between accounts.
...bank cheque account. Open an EGG savings account on the internet. Then when your salary or pension gous into your bank account, transfer all your funds in excess of short term standing orders/direct debits to your Egg account and earn OVER 6% interest on the money.
When you need to present a cheque on your bank account, do so, and immediately transfer the same amount of money from Egg back into your bank account. I find that the internet transfer ...
wiseoldowl 18.08.2000
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Ciao members have rated this review on average: very helpful Review of Egg Accounts
Efficiency of service
Competitiveness of char...
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Advantages: Simple to use, set up, 24 hour service. Disadvantages: £250 maximum withdrawal, no branches.
I don?t want to sound old at twenty-four but I remember the days when a trip to the supermarket was to buy bread, milk, butter and eggs but now it seems that you can buy everything from clothes, televisions, computers and even financial services. If you?d ever told me ten years ago that I?d start banking with a supermarket I?d have laughed all the way to the fruit and veg aisle ? it just wouldn?t have happened. Yet roll on 2003 and I am the owner of an Instant Access Savings Account at Sainsbury?s Bank.
The reason I signed up to this bank is that (as those of you who have read my other reviews might recall) I have had a few problems with banks of late and have been in the process of moving my accounts around. The Sainsbury?s account is one for my savings, for holidays and the like, just to keep it separate from my monthly outgoings ...
Advantages: None Disadvantages: Security, call centre staff, connection time, server outages
A disaster from start to finish.
Apart from losing my initial application for a savings account claiming their servers were 'on the blink again' as they put it (!) when my account did finally go live they:
1. returned a payment to the sender for no reason
and
2. Lost £230 after their servers went on the 'blink' again & denied
the money was even there in the first place! Only after I showed them a paper statement & threatened them with the FSA did they return the cash (with no apology)
My advice, especially in these days of bad banks & the credit crunch, is to steer well clear. I have now closed my account & opened up a Tescos account who I read have better servers & an IT dept. who know what their doing.
If you insist on an eggaccount I would not deposit any more than you can afford to lose! ...
tenko77 30.09.2008
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Ciao members have rated this review on average: helpful Review of Egg
Advantages: Cashback credit card Disadvantages: Withdrawal envelopes cannot be ordered from website
I've had my eggaccount for about a year now and have had no real complaints with the service in all that time. The website's annoying of course - full of pointless pictures and applets that take ages to load - but aren't they all? This is tolerable in view of the fact that egg's accounts still pay high interest rates (although they are no longer the highest.
Where egg really comes into its own is with the credit card. It's only a couple of months now before I should get a nice little present from egg - 1% cashback on anything I've spent on the card this year. There's been no annual fee and I've not had to pay a penny in interest. How on earth do other cards manage to survive?
One word of warning. Egg's accounts are like any other new accounts - high interest rates when they're launched, which will start to fall (egg even ...
NeilHudson 05.08.2000
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Ciao members have rated this review on average: very helpful Review of Egg
Supposedly a mutual society, with some good accounts which they must 'forget' to tell suffering customers about
Who ever heard of a society which doesn't deal in cash? Or one which wants all members to have 2.5K to keep in a low paying account just to keep it op (*)