Egg Banking
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Egg Banking plc, formerly called Prudential Banking plc was established in 1996 and has its headquarters at Derby, London and Dudley. It is an internet bank and has grown to have a large clientele. The bank offers the consumers full transparency of operating their accounts online or over the phone. The bank specializes in savings, loans, credit cards, and also offers insurance and mortgage products.[br]
Egg banking: History
Before Egg Banking plc was formed, the Prudential Group had formed an extension for direct sales of savings and mortgage products. This division was renamed as Egg Banking in 1998 and re-launched as the UK’s first internet bank.. As the bank had a cost advantage, it offered similar products at cheaper rates and thus grew in popularity, gaining as many as 2 million consumers. Riding high on popularity, the bank floated 21% of the company’s share on the London Stock Exchange and also expressed its wish to sell the remaining stakes to any third party. Though, Prudential dropped this plan in 2004. In January 2007, Prudential sold the company to Citigroup for £575 million. The complete transaction took place on 1 May, 2007.
Egg Banking: Products and Services
Egg banking portfolio can be divided into three categories: banking, investing and insurance. Below is the list of products that they offer in each:
· Banking:
o Credit card: With zero interest period for as long as 12 months besides a typical APR of 16.9% and rewards, these credit cards come without any annual fee.
o Egg Money World MasterCard: This card offers 1% cash back on all the purchases and also comes with an active fraud detection process.[br]
o Egg Savings: With many options such as bonds, Cash ISA and regular saving accounts that pay 2.50% AER, they offer a comprehensive range of saving accounts for all kind of ‘budgets.’
· Insurance: Egg Banking plc offers almost all kinds of insurance products right from travel, automobile and home to life. The bank also offers a 10% discount for online shoppers.
Consumers looking to invest their money can make use of the various investment options offered by Egg Banking plc such as guaranteed equity bonds, Cash ISAs or even Citigold service as well.
