Egg and Citibank

brookerbabyisababy

I know Egg is owned by the american bank Citibank and has two banking licences. But since Citibank is American does that mean it operates under a Passport scheme - whereby you have to claim from the respective country first - like Icesave, Kaupthing and ING Direct?

Lokolo

No. Have you tried looking on the Egg website?

sabretoothtigger

Egg was formerly owned by prudential. I think it would be british based still though ultimately owned by citibank it operates through its own british operations under a separate license like you say ie. not usa or passport needed

Baldur

See http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77244
Citibank International plc (number 122342) is fully FSA authorised,

No 'passport' involved - this only applies to institutions which are EEA authorised & the last time that I checked, the USA is not part of Europe.

LGG_2

is citibank involved with/apart of citigroup? arent the saudies involved in ownership of them?

mjmal51

brookerbabyisababy wrote: »

I know Egg is owned by the american bank Citibank and has two banking licences. But since Citibank is American does that mean it operates under a Passport scheme - whereby you have to claim from the respective country first - like Icesave, Kaupthing and ING Direct?

Are Egg and Citibank really both the same institution? They show as being separate on the "Are your savings safe" table. Have just opened accounts with both in the expectation of one day getting my Icesave money back.

sabretoothtigger

rbs and natwest are shown separate too but rbs owns natwest. I think its because they are substantial and do not share customers so much they get to keep two licenses

mjmal51

sabretoothtigger wrote: »

rbs and natwest are shown separate too but rbs owns natwest. I think its because they are substantial and do not share customers so much they get to keep two licenses

So long as Egg and Citibank have separate licenses then that is fine then. Will double check before I put any money in though.

Lokolo

mjmal51 wrote: »

So long as Egg and Citibank have separate licenses then that is fine then. Will double check before I put any money in though.

it is. its on the Egg website!!! As I stated in my reply.

All you have to do is click on the advert which says FCSC £50k advert.

And the 3rd paragraph says:

[FONT=Arial, Helvetica, sans-serif]Citi owns Citibank International plc ("Citibank") in the UK, which also offers savings products (https://www.citibank.co.uk). Citibank has a separate banking licence and is a separate member of the FSCS which means if you are a customer with savings at both Citibank and Egg then your deposits are covered up to £50,000 per customer at each bank separately (and as with Egg, at Citibank the cover is £100,000 for joint accounts where there are two account holders).[/FONT]