Egg closing down ?

Mr_K

I know Egg (Citibank) are getting rid of their credit cards but it seems they're also giving up on their other business. I got the impression they were going to continue with the savings side but they're only offering a 0.6% savings account now. Applications for their cash isa/bond/loans/mortgages are closed. It has all the signs that their other business is being sold off too. Shame, I always found them good to deal with, plus their Money Manager is invaluable.

Lokolo

Mr_K wrote: »

Shame, I always found them good to deal with, plus their Money Manager is invaluable.

I agree, I love Egg.

Shame I can't afford to buy it off Citibank.... any donations welcome.

Mr_K

opinions4u wrote: »

I do miss their 6.3% fixed for a year easy access accounts that took me through the Credit Crunch rather nicely!

Ah yes, the 6.3% fixed for a year instant access account, when rates were plunging. That was a lovely account, I opened one for the Mrs aswell Somebody really messed up with that offer. Possibly their problems started there...

kar999

Egg has been up for sale since last summer....

Published: August 4 2010 00:29

Citigroup is preparing to put Egg, its UK online bank, up for sale as part of the US financial group’s plan to shed billions of dollars in unwanted assets, according to people close to the situation.

http://www.ft.com/cms/s/0/79d0fd8c-9f55-11df-8732-00144feabdc0.html#axzz1ImeDyVwX

They appear to be doing it in bits. It'll be intersting how they dispose of the mortgage and savings side as I have an Offset Mortgage!

mr_fishbulb

You wot?! They are getting rid of their credit cards? I've had my cashback egg money card for ages. Just got almost £60 cashback last month

kar999

mr_fishbulb wrote: »

You wot?! They are getting rid of their credit cards? I've had my cashback egg money card for ages. Just got almost £60 cashback last month

Afraid so......

https://forums.moneysavingexpert.com/discussion/3084232

It wasnt so long ago that you could earn 5% if your egg money card was in credit!!

ChiefGrasscutter

I recall seeing somewhere that 'egg' as an entity has never actually made a profit.

mr_fishbulb

kar999 wrote: »

Afraid so......

https://forums.moneysavingexpert.com/discussion/3084232

It wasnt so long ago that you could earn 5% if your egg money card was in credit!!

Booo Yeah I had a lot of savings in my egg money account.

Guess I'll just have to use my Halifax Clarity card (£5 cashback per month if you spend over £300)

mr_fishbulb

Hmmmm, on their info page, Egg say:

Barclaycard will be in contact with you and will send you a new card (if you satisfy their reissue criteria).

So does that mean they are going to run a credit check on me without my permission?

noh

mr_fishbulb wrote: »

Hmmmm, on their info page, Egg say:

So does that mean they are going to run a credit check on me without my permission?

No.
They already have your permission to run credit searches.

An extract from the T+Cs:-

"We will make searches of your details with credit reference agencies and fraud prevention agencies or registers when we consider your application and during your relationship with us."

Also:-

"25.1 We may assign or transfer any of our rights or benefits, and your liability under this Agreement to any person, and may disclose your personal information to any person to whom we may assign or transfer those rights or benefits and your liability."

YorkshireBoy

mr_fishbulb wrote: »

So does that mean they are going to run a credit check on me without my permission?

Although, as noh says above, they could make a formal search, lenders normally take a monthly feed from the CRAs which does not leave a search footprint.

Google 'consumer indebtedness index' (CII) for more information.