Egg maybe launching a current account

Megalomaniac

Hi all,

Got an interesting questionnaire from Egg today about current accounts which I filled in online. By the sounds of the questionnaire, it seems that linked with Citibank they would be launching a new current account however it seemed to suggest that it would only be available to current Egg Customers (I am not sure exactly which as I have Egg Card, Money and Savings with them). But I thought I would paste the various options they gave me as to which current account I would prefer and why. They also suggested it may be a matter of switching a current account to them to get it as well.

1) The simple current account with great rates:

It's just a great simple current account with an excellent rate, so you know exactly what to expect and you can start making more of your money straight away.

• Access 24 hours a day seven days a week
• 2.5% AER on balances up to £2,000 for 12 months (1% AER after)
• 12.9% APR overdraft rate with an automatic fee and interest free £50 limit
• If you go over the agreed overdraft limit its just a £20 fee in the month you go over
• There is no monthly charge for holding this account

2) The current account that protects your digital life:

The current account that comes with protection for the things you'd miss most, from your mobile phone and ipod, to the photos on your computer, as standard, as well as protecting your digital identity.

• Cover your mobile, ipod or blackberry against worldwide theft and accidental damage
• Securely store your photos, mobile phone contacts list etc.
• ID theft insurance
• Check your credit report and get alerts when it changes
• There is no monthly charge for holding this account

3) The current account for people who go abroad:

Feel at home wherever you are in the world - free travel insurance and the card in your pocket will save you money wherever you go. And use our international expertise whenever you need it.

• Free annual worldwide holiday travel insurance for you and your family
• Save on foreign currency commission of up to 2.95% by using your card in Europe or the USA (with free Euro and US dollar current accounts)
• Save on overseas cash withdrawals with no transaction fees at over 3,800 ATMs in 46 countries
• Send money anywhere in the world with our money transfer options
• There is no monthly charge for holding this account

4) The current account that keeps you close to your money:

Fed up with bank charges, and never knowing where your money is? Put your mind at rest with the account that doesn't let you go over your overdraft limit, and with features to keep you right up to date with your money

• We won't take you overdrawn - No paid or unpaid transaction fees when you have no funds in your account
• Alerts to give you account updates via text or email
• Egg Money Manager service to access your financial accounts in one place
• Download your account information to Microsoft Money
• Do everything you need to do online
• There is no monthly charge for holding this account

5) The simple current account with cashback:

It's just a great simple current account with cashback so you know exactly what to expect and you can start making more of your money straight away.

• Access anywhere in the world 24 hours a day seven days a week
• Receive £5 credited to your account every month (If you credit £1000 and make 2 direct debits payments each month)
• 12.9% APR overdraft rate with an automatic fee and interest free £50 limit
• If you go over the agreed overdraft limit its a £20 fee in the month you go over
• There is no monthly charge for holding this account

I would prefer number three... what would you go for if any?

rb10

Megalomaniac wrote: »

[*]Receive £5 credited to your account every month (If you credit £1000 and make 2 direct debits payments each month)

Wonder where that idea came from ... ?

But to answer your question ... none of those would make me switch, as they don't give me anything I could benefit by but am not getting elsewhere at the moment. But if you told me to close my existing accounts and open one of these, it'd be number 5, as I'd earn more in £5's than I'd spend in overseas transaction fees.

[Deleted User]

Megalomaniac wrote: »

• Download your account information to Microsoft Money

Someone should tell them Microsoft discontinued Money about 5 years ago

Lokolo

I would take a current account with Egg. But I am not sure to be honest. I have ones with Lloyds and HSBC so don't really have a need for another one but I have been pleased with Egg ever since I joined them.

dc110

Im a big fan of Egg so would be something i would certainly consider. Probably option 3

KTF

If they let you open more than one then you could mix and match

If I had to choose then option 3 is the one I would go for.

Jennifer_Jane

Hi Megalomaniac.

I was sent this today too. Voted for the travel abroad thing and said I wouldn't do the cashback account because £1000 a month was too much. Also, said I would switch for £100 (have just done this with Co-op and Abbey: £200 tax-free without too much hassle).

I liked Egg until they took away the positive balance facility. But so long as they keep the 1% cashback, I'll stay with them - but still annoyed that they took away the positive balance.

Jen
x

Megalomaniac

Jennifer_Jane wrote: »

Hi Megalomaniac.

I was sent this today too. Voted for the travel abroad thing and said I wouldn't do the cashback account because £1000 a month was too much. Also, said I would switch for £100 (have just done this with Co-op and Abbey: £200 tax-free without too much hassle).

I liked Egg until they took away the positive balance facility. But so long as they keep the 1% cashback, I'll stay with them - but still annoyed that they took away the positive balance.

Jen
x

Very much the same answers to me actually. One thing I didn't like is that you won't get charged at 3800 cash machines, but implies you will at the other ones (there are ~1.5 million of them in the world). I'm sure those 3800 (0.25%) would be Citibank operated!

someone

Option 3 or 2

withnell

Can't see why someone would chose Option 1 over Option 5 - the £5 will beat the interest no problem!

Grade_A_Reject

I chose the cashback offer too. As well as (instead of) the £100 switching offer there was an option of £10 per DD switched. Anyone know any easy to setup DD's that could be switched? I've setup minimum payment DD's on my old unused A&L account for two unused credit cards and one for Paypal in readiness for a potential transfer to Egg/Citi but can't think of any more.