Egg... Information?

frames1_uk

In my search tonight for alternative institutions to put my savings to where they are now (Icesave, Icici), I looked at Egg, but I can't find much information about them with regards to their ratings etc.

In fact I'm getting tired of searching for accounts. I already have a Birmingham Midshires term account and instant access account and a FirstSave Term account. I am arranging to retrieve my £25k from Icici, which was fixed, but I've withdrawn early and I presume I will be retrieving my £25k from IceSave at some point in the near future.

I have a PEP which has no doubt dropped sharply recently and my first ISA taken this year in B&B fixed rate.

I think I want to keep the two lots of £25k relatively easily accessible and obviously the rates at Icesave and Icici were the reason I put them there, but now I want to stick to UK institutions.

Any guidance/advice very much appreciated.

Thanks

pmorrison_2

There was a thread on here yesterday about Egg - cant remember which one it was in, but someone said that theya re owned by Citigroup, an American company, and that they are fairly secure at the moment. I have an Egg Money Card and have just opened their fixed rate savings account to put my Kaupthing Edge money in. Hope that helps a bit!

jamieslucky7

I just applied for an Egg fixed rate account (6.3%). Very handy if interest rates drop (looks likely), but the money isn't fixed so if interest rates dont drop else where, I simply won't use the Egg account, and leave my money in a higher account/

jetfighter

I've applied for it too! Sounds good - I like the idea of a fixed rate savings account with no penalties or loss of interest if you make a withdrawal.

pmorrison_2

I dont know if you only get it if you have an Egg Money Card, but Egg have their Money Manager program which allows you to view details and balances of all (most) accounts that you have, assuming you enter login details etc. Its a handy program and saves you from having to remember the endless account and login numbers!

beaujolais-nouveau

pmorrison wrote: »

There was a thread on here yesterday about Egg - cant remember which one it was in, but someone said that theya re owned by Citigroup, an American company, and that they are fairly secure at the moment.

No, they aint. Please, guys, do your own research - just Google

citigroup trouble

The other thing to note is that Citigroup had a big stake in Lehman, and after the credit swap auction today it is likely that a massive lot of new trouble is about to happen. Google

citigroup 35 per cent lehman

Caudle

Citi is the biggest financial organisation in the world. If they go down it will be the end of the world as we know it.;)

Just make sure you keep below £50k. Egg is fully covered by FSCS - unlike Icesave and ING.

pmorrison_2

Having searched previous posts I see it was Caudles post that I was quoting from!

http://forums.moneysavingexpert.com/showpost.html?p=14810563&postcount=2

frames1_uk

ok, how about Tesco then?

Mr_K

beaujolais-nouveau wrote: »

No, they aint. Please, guys, do your own research - just Google

citigroup trouble

Search for 'anything + trouble' in google and you'll find something....

I've had savings with Egg for years. The customer service is excellent and its a very easy account to set up and operate (e.g. you can make instant deposits with a debit card)
For reassurance see here:- http://new.egg.com/visitor/0,,3_104246--View_2189,00.html
Its as safe as anywhere imho.

frames1_uk

then again I'm saying I want to stick with UK establishments, I guess Egg is classed as American then?