Egg... Information?

cepheus

This is Money rate Allied Irish Bank, the Post Office and Anglo-Irish Bank – as well as the UK's Northern Rock and National Savings & Investments one of the safest places in Europe to put your cash.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=453106&in_page_id=7&position=moretopstories

HSBC and Lloyds TSB are also relatively strong but doubt if you would find as many competitive rates there.

Reaper

frames1_uk wrote: »

ok, how about Tesco then?

Backed by RBS, a huge but slightly wobbly UK bank.
EDIT: Unless Tesco bought them out of the partnership? There was talk of it a while ago.

frames1_uk

Just had a look at the Anglo Irish bank but I can't work out whether they run their own passport scheme with FSCS 'top up' or full FSCS compensation?

knuckledragger

I thought Egg were still owned by Prudential. Their online account management is very easy. Also, their Egg card security system appears to be very robust- once a month I get an automated enquiry to ensure recent transactions are legit.

Caudle

Egg is covered by FSCS up to £50k. It used to be owned by Prudential and has, since May 2007, been owned by Citigroup.

However it has its own banking licence, separate from Citibank. So I am not in the slightest concerned about Egg's ultimate parentage.

I have opened accounts with Egg and Tesco, following my withdrawal of all money (except for £1 in each!) in Kaupthing, ING and FirstSave.

Lavendyr

knuckledragger wrote: »

I thought Egg were still owned by Prudential. Their online account management is very easy. Also, their Egg card security system appears to be very robust- once a month I get an automated enquiry to ensure recent transactions are legit.

Egg were sold to Citibank last year (May 2007 I believe?). Citibank currently have the same Standard & Poor's rating as RBS, Natwest and Barclays. Egg also has its own FSCS license and as such you could keep £50k in a direct Citi account and in an Egg account and be covered for both.

Richard_Cocks

Citi have a large vulnerability right now to the Lehman stuff. I wouldn't withdraw from them (unless over 50K) but I'd wait a week to see how the next week will play out.

frames1_uk

Reaper wrote: »

Backed by RBS, a huge but slightly wobbly UK bank.
EDIT: Unless Tesco bought them out of the partnership? There was talk of it a while ago.

but not under the same £50k umbrella as RBS, as per the bank associates table on this site?

It's a minefield!

opinions4u

Just found this on the Tesco.com/finance site:

"Question:

Will my money be safe in an online account?

Answer:

Tesco Personal Finance subscribes to the Banking Code. We will give you further details of the Banking Code when you open an account. You can obtain a full copy of the Banking Code by clicking the link.
Deposits made with Tesco Personal Finance are protected under the UK Financial Services Compensation Scheme (www.fscs.org.uk (new window)). Payments under this scheme are limited to 100% of the first £2000 of all your deposits with us, plus 90% of the next £33,000 of your total deposits with us, less any payments made under the Icelandic scheme. This means that the maximum claim amount as at September 2007 is £31,700."

On the ball then!

Do greengrocers and banks mix?

By the way, the RBS part-ownership of Tesco Personal Finance is likely to end this side of Christmas, once regulatory approval for a £950m buyout by Tesco goes through.

pmorrison_2

It looks like Egg have now withdrawn their fixed rate 6.3% account and replaced it with a 6.55% variable rate savings account, going down to 4.75% after a year.