|
|
Here you can read up on our latest news releases.
|
A chance to win £50 - on purchases big or small with Egg Money World MasterCard®
12/11/09
Whether you're treating yourself to a luxurious winter coat or just picking up a new hot water bottle, it makes no difference - either purchase could win you £50. From 12 November 2009, not only will all
Egg Money World
MasterCard® customers get 1% cash back on all their spending, but they'll also have the chance to win £50 - on purchases big or small.
So if you've already got an Egg Money World MasterCard®, the
Spend. Win. Sort. promotion is something you'll definitely want to know more about.
Here's how it works:
Spend. Use the Egg Money
credit card between 12 November 2009 and 31 January 2010. Perhaps think about using Egg Money for more of your everyday purchases, even the ones where you’d usually use cash or a debit card instead. Conditions apply.
Win. If the last four digits of your Egg Money
credit card number match exactly the last four digits of the authorisation code shown on your receipt, you could win £50. There will be up to 250 prizes of £50 each month and if you've been lucky enough to win one of them, we'll send you a text message or an email to let you know you’ve won and credit your account with £50.
Sort. Managing your money online and keeping track of your everyday spending is also made easier - thanks to great features like the spend analyser, which allows you to see all your spending at a glance, with spending grouped by categories such as travel or going out. You can also take advantage of our optional text alerts, where you can see your balance by text message.
The
Spend. Win. Sort. promotion is just another great way Egg Money rewards its customers.
For full terms and conditions, please visit the Egg Money World
MasterCard® Spend. Win. Sort. page. Typical 17.8% APR (variable).
For more information about Egg Money World MasterCard®, visit
www.egg.com.
About Egg
Egg, the online bank, provides banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit www.egg.com.
BACK TO ARTICLES LIST
|
Something exciting is coming to Egg Money World MasterCard®
06/11/09
Something really exciting is coming to Egg Money World
MasterCard®, and it's happening soon.
From 12 November 2009, the fantastic new Spend. Win. Sort. promotion gives Egg Money customers the chance to win £50 on purchases made using Egg Money. Until 31 January 2010, there are up to 250 prizes of £50 up for grabs each month. It's another great reason for customers to use Egg Money for more of their everyday purchases, instead of using a debit card or even cash.
Purchases made with Egg Money between 12 November 2009 and 31 January 2010 will qualify for the
Spend. Win. Sort. promotion. Conditions apply.
To be in with a chance of winning £50, the last four digits of a customer's Egg Money World MasterCard® number must exactly match the last four digits of the authorisation code shown on the sales receipt. Winners will have £50 automatically credited to their account and will be notified by text message or email.
As well as offering the chance to win £50, the Egg Money
credit card makes managing money and keeping track of spending much easier too, with features like our spend analyser and text alerts.
Egg Money World
MasterCard® offers a unique package of rewards and benefits with 1% cash back on all purchases worldwide, up to a maximum of £200 per annum. The Egg Money World MasterCard® has a £1 per month fee (17.8% APR typical variable). The
Spend. Win. Sort. promotion is another great reason to use the Egg Money
credit card.
For more information about Egg Money World MasterCard®, visit
egg.com.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
About Egg
Egg, the online bank, provides banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit www.egg.com.
Citi
Citi, is one of the leading global financial services companies, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Citibank and Egg currently have separate banking licences and both are separate members of the Financial Services Compensation Scheme (FSCS) (www.fscs.org.uk), so customer deposits are covered up to the new compensation limit of £50,000 per customer (e.g. £100,000 for joint accounts where there are two account holders) for each bank.
BACK TO ARTICLES LIST
Parents spend scary sums on treats this halloween
22/10/09
- Halloween costumes and treats to cost parents £200 million*
- Over three quarters (77 per cent) of parents admit they spend more than they can afford entertaining children during school holidays
British parents will dish out £200 million* entertaining their children this Halloween according to a new study** from Egg, the internet bank. The money, £15.12* per family, will go on sweets, outfits, parties and presents, with parents' entertainment starting in earnest during the October half-term break.
In addition to the cost of Halloween, Egg's study reveals that the average family in the UK collectively will spend nearly £270*** over the half term holidays keeping their offspring occupied, with the top five activities being:
- Going out for lunch (60%)
- Going to the cinema (52%)
- Buying DVDs (42%)
- Purchasing books/comics (41%)
- Dishing out extra pocket money (24%)
Over three quarters (77 per cent) of parents admit they spend more money than they can afford in keeping their children busy over the half term break. Nearly a third (31 per cent) say it's important to splash the cash to avoid their kids being bored, one in 11 (9 per cent) say it shows their kids how much they love them and one in 25 (4 per cent) admit they simply follow the lead from other parents.
Vanessa Wood, spokesperson at Egg, said: "Halloween has become much more of a calendar event in the UK than it used to be and we can see this reflected in the cost to parents. But Halloween is only the tip of the iceberg; keeping children entertained throughout half term also sees a big hit on the purse strings."
"So with Christmas not that far away it is wise for parents to get creative with their spending during this time and a good way to get back some of the cost is to make the most of rewards and cash-back schemes on credit cards."
"The Egg Money World MasterCard for example offers rewards and discounts on top online retailers, travel and day trip offers, as well as 1% cash-back on all purchases worldwide. So using Egg Money World MasterCard this half-term could be a useful help towards the Christmas stockings!"
Egg Money World MasterCard offers a unique package of rewards and benefits with 1% cash-back on all purchases worldwide, up to a maximum of £200 per annum. The Egg Money World MasterCard has a £1 per month fee (17.8% APR typical variable).
For more information on Egg products visit
www.egg.com.
-ends-
Notes to editors:
* The 13.2 million families in the UK will spend an average £15.12 on their children (under 16) at Halloween which equates to £200m
** Opinium Research carried out an online poll of 2,001 British adults from 16th October to 19th October 2009. Results have been weighted to nationally representative criteria.
*** The 13.2 million families in the UK will spend an average £38.41 on their children (under 16) per day over the school holidays which equates to £268.87 over a week.
For further information please contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
Rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit www.egg.com.
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
BACK TO ARTICLES LIST
|
Egg receives Moneywise award for Best Credit Card - Online Services
03/08/09
Egg, the internet bank, is proud to announce the receipt of the Moneywise award for 'Best Credit Card - Online Services' in the independent financial advice specialist's Customer Service Awards 2009. Moneywise launched Britain's biggest survey of customer service performance in January 2009, as part of their Financial Fightback campaign. The campaign aims to identify UK financial service companies which treat customers fairly, offer the highest level of service and provide the best value for money. Whilst Egg took the accolade for best credit card - online services, other categories in the awards included best savings account, car insurance provider and mortgage, as well as the best savings provider to cover most of the financial sector.
The Customer Service Awards also sets out to find and reward the companies that have maintained consistently high service standards, but it also recognises the most trusted financial brands, by product category, and identifies the financial brand that has managed to capture the British public's trust.
Patrick Muir, Director of Marketing at Egg, says: 'This is great news for everyone in Egg and reflects all the hard work we have been putting into improving our online servicing. Egg.com reflects the brand values we are trying to create - a 'Simple, Valuable and Fair' proposition for customers. This vote from our customers tells us we're on the right track.'
The Award was collected on behalf of Egg by Alex Conabeare and Tom Young from Egg's E-business team on 26 June 2009 at a gala black tie dinner at the Brewery, Chiswell Street, in the heart of the City of London. Commenting on the event, Alex said: 'We were really pleased to collect this award on behalf of everyone, particularly given the strong competition from other banks'.
- ENDS-
Notes to editors:
The Moneywise awards are the result of a six-month long research investigation to find out what Britons really think about their financial services providers. The survey received more than 10,000 responses - making it the largest dedicated customer service survey held in the UK.
More information on Egg please visit www.egg.com.
For further information please contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, insurance, investment services; credit and charge card services at www.citibank.co.uk.
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
BACK TO ARTICLES LIST
Egg launches next generation credit card
11/07/09
Egg, the internet bank, is launching a new credit card offering a unique package of rewards and benefits for people who want to get the most out of their card. The Egg Money World MasterCard will cost just £1 a month and is available from 14 July.
Bert Pijls, CEO of Egg said, "At Egg we wanted to create a card that gives people real value. So we reviewed the market, matched it against what certain customers want, and created one stand alone card.
"Egg Money is for people who want to earn cash back from either everyday spending or expensive purchases and be protected at the same time. It is also for customers who want certainty in their transfer rate so they can take more control of their finances whilst continuing to be rewarded for any new purchases."
The new Egg Money MasterCard offers:
- 1% cash back on all purchases at 28.8 million MasterCard outlets worldwide - from a minimum of £5 to a maximum of £200 per year
- 8.9% life of balance transfer - with no balance transfer fee
- Egg Rewards - up to 25% off deals and discounts on 15 selected online retailers including Lastminute.com, Virgin Wines and Figleaves
- Price promise - buy an item with your card costing more than £50 anywhere in the UK and if you find it cheaper locally within 30 days, Egg will refund the difference
- Purchase protection - covers items costing more than £75 bought with your Egg Money card anywhere in the world against theft, loss, or damage, for 90 days after the date of purchase
- Event cover - covers event tickets over £20 booked using your Egg Money card if you cannot attend
- Extended warranty - get 12 months' additional warranty for any electrical item costing more than £50 bought with your card once the manufacturer's warranty expires
- Personal travel accident insurance - while travelling as a fare paying passenger or in any hire car
- Online spend tracker - online function which automatically categorises your monthly spend on your online statement e.g. travel and transport, going out and essentials
- Egg Money Manager - allows you to view all your online accounts from any bank on one page.
Pijls continued: "Egg Money is the only credit card to combine 1% cashback, discounts, protection and a low life of balance transfer rate. To offer this level and variety of benefits to customers there is a small fee of £1 a month; good value for what we believe is the best all round card on the market.
"Finally this card not only rewards and protects customers but with tools such as the Spend Tracker and Egg Money Manager it also helps customers manage their finances better."
Application for Egg Money is an online paperless process giving customers instant decisions online.
Hany Fam, Group General Manager, UK & Ireland, MasterCard, said: "In today's world, we're reminded that life isn't about what we have; it's about what we value. The Egg Money World MasterCard delivers cashback, rewards and protection - three areas that really matter to consumers. We're delighted to be strengthening our partnership with Egg to make payments simpler and more valuable for Egg Money cardholders."
For more information on Egg or its products please visit:
www.egg.com.
- ENDS -
For further information please contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Notes to editors:
About Egg
Egg is the UK's leading online bank providing banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit
www.egg.com.
Egg Money World MasterCard
Egg Money World Mastercard typical variable APR will be 17.8%, which is derived from the standard variable annual rate for purchases of 16.9% and the £1 monthly fee. The balance transfer rate of 8.9% pa is fixed for the life of any balance transfer made before 1 October 2009. Further conditions will apply.
Price promise
- Buy an item with your Egg Money card costing more than £50 anywhere in the UK and if you find it cheaper within a 30 mile radius within 30 days, we'll refund the difference.
- You can claim up to £375 per item and up to four items per year.
- Internet purchases are not covered.
Extended warranty
- Get 12 months' additional warranty for any electrical item costing more than £50 bought with your Egg Money card once the manufacturer's warranty expires, for up to 24 months from the date of purchase.
- You can claim up to £1,500 per item and claim for up to five items per year.
Purchase protection
- Covers items costing more than £75 bought with your Egg Money card anywhere in the world against theft, loss, or damage, for 90 days after the date of purchase.
- There's a £3,000 limit per item and up to £6,000 per claim to a total limit of £15,000 per cardholder per year.
- Items lost or stolen must be reported to the police within 36 hours.
Missed Event cover
- Covers event tickets over £20 booked using your Egg Money card if you are unable to attend.
- Maximum four tickets up to a maximum of £100 per event per year.
- Unlimited events per year covered, anywhere in the world.
Personal travel accident insurance
- For you as an Egg Money Cardholder, your spouse or partner and your dependent unmarried children while travelling as a fare paying passenger or in any hire car.
- If you have an Accident and suffer Bodily Injury which alone and within 24 months of the date of the Accident, causes death or permanent disabilities whilst:
- A fare-paying passenger whilst getting on or in, travelling on or in or getting off or out of Public Transport
- A passenger in a hire car with chauffeur
- A driver or passenger in a rented vehicle
- In an airport, seaport, railway station or bus station for the purpose of boarding Public Transport.
This is not a substitute for traditional travel insurance.
You are eligible for this cover if you are an Egg Money Cardholder and the cost of your trip has been totally or partially paid for with the card.
Eligibility
You are eligible for this cover if you are an Egg Money Cardholder.
You must pay for the item in full, with a single transaction using your Egg Money Card, for cover to be in force.
Egg Visa Card
- No fee
- 0% interest until 1 August 2010 on balance transfers put on the account by 1 October 2009 (plus 3% fee).
- 0% on purchases until 1 October 2009.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard., Maestro. and Cirrus., MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to
www.mastercard.com.
Egg launches new attractive savings propositions
24/06/09
Egg, the leading internet bank, has announced the launch of two new savings accounts to help customers make their money stretch further.
New Egg Savings Account paying 2.80% gross pa/AER(1) incorporating a fixed bonus rate of 1.55% for the first 12 months.
From 26 June 2009, this account is available to both new and existing customers with new deposits from just £1 and up to £1,000,000 and offers a competitive return with an attractive fixed bonus rate for the first year. Customers also have the flexibility to pay in or withdraw however much they like, whenever they like, without penalty.
From 1 July, Egg is also offering a three year Egg Fixed Rate Bond paying 4.30% gross PA/AER. The bond will be available to both new and existing customers who have an Egg Savings Account and for deposits between £1,000 and £2,000,000.
The interest rate of 4.30% gross pa/AER is fixed for a term of three years from the date the bond is opened. No additional deposits or withdrawals are permitted during the three year term. The bond is available to applications and cleared funds received on or before the 29 September 2009.
Sharon Maguire, Head of Banking Products at Egg said: "During times of unprecedented low interest rates, customers need to have the peace of mind that their savings account is making their money stretch further."
Customers can find out more information and apply for an Egg Savings Account or an Egg Fixed Rate Bond by visiting
www.egg.com.
-ENDS-
Notes to editors:
About AER
1. Gross rate: The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
AER: The AER stands for Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
About Egg Savings Account
2. The 2.80% gross pa/AER incorporates a fixed bonus rate of 1.55% for 12 months from when the account is opened. The underlying rate of 1.25% is variable. The 2.80% rate is payable on balances from £1 up to £1,000,000. The bonus rate is only available for new funds to Egg.
More information and on the Egg Savings Account and Egg Fixed Rate Bond is available at
www.egg.com.
For further information please contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, credit cards, insurance and investments through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg launches new Cash ISA at 2.50% gross pa/AER (variable) - tax free
12/03/09
Online bank Egg has launched a new Cash ISA paying 2.50% gross pa/AER* variable rate - tax free. The product is available to new and existing customers** from 12 March 2009 for deposits from as little as £1 up to a maximum of £3,600 per tax year.
Egg's latest research study*** reveals that UK banking customers rank 'ease of access' (via the internet and phone) as one of the most important features for a savings account. An Egg ISA can be set up online in minutes and customers can keep track of their savings online any time of the day or night.
Dean Proctor, Head of Savings and Investment at Egg, said: "With the new tax year now only weeks away, people should be looking for ways to make the most out of their savings. Our new Cash ISA offers an attractive rate of interest with no catches and is quick and easy for people to open and manage online. During times of unprecedented low interest rates, customers need reassurance and with the Egg Cash ISAs being the most consistent ISA account on the market last year****, our product offers potential for real growth."
Egg Cash ISA 2 - Summary of benefits and features:
-
2.50% gross pa/AER(1) variable rate - tax free
-
Customers can deposit anything from £1 to £3,600 each tax year (a tax year runs from 6 April to 5 April the following year.)
-
Customers can make a one-off deposit, regular payments or just add to it when you want to (existing ISAs cannot be transferred in)
-
An account can be set up online in minutes
-
Customers can keep track of it online anytime 24/7
-
Interest will be paid annually on the anniversary of the account opening
For further information on Egg's new Cash ISA, visit
www.egg.com.
- ends -
Notes to editors:
*Gross rate: The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
AER: The AER stands for Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
The tax efficient status of ISAs may change. The value of the tax treatment described will depend on individual circumstances.
**Egg Cash ISA 2 will be offered to new and existing customers who have not yet subscribed in the current tax year. The existing Egg Cash ISA will be closed to new and existing customers from 12 March 09.
To apply for an Egg Cash ISA 2 customers must meet the following requirements:
-
Customer must be 16 years of age or over.
-
Customer must not have subscribed and won't subscribe more than £7,200 in total to a cash ISA and a stocks and shares ISA in the same tax year, customer has not subscribed and won't subscribe more than £3,600 of the overall £7,200 total to a cash ISA and customer has not subscribed and won't subscribe to another cash ISA in the same tax year that customer subscribes to Egg Cash ISA 2.
-
Customer must be resident and ordinarily resident in the United Kingdom for tax purposes; or either perform duties which, by virtue of Section 28 of the Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom; or be married to, or in a civil partnership with, a person who performs such duties. Customer will inform Egg Banking plc if customer ceases to be so resident and ordinarily resident, or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
-
Customer must have a permanent National Insurance number.
-
Customer can only apply for a cash ISA in their name.
-
Customer can only apply for a cash ISA in one person's name (i.e. no joint account holders).
-
All subscriptions made and to be made must be customer's money.
***Opinium Research carried out an online poll between 30th January 2009 and 3rd February 2009 amongst 2,221 British adults. Results have been weighted to nationally representative criteria.
****Which? Investment 1 March 09. Egg Cash ISA most consistent based on interest earned in 18 months to 1 January 2009.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
About Egg
Egg is the UK's leading online bank providing banking, insurance and investments through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Brits aspire to 'The Good Life' with self-sufficent lifestyles
03/03/09
-
A quarter of Brits have created a vegetable patch and one in 25 raise chickens to cut down food costs
-
A fifth of Brits cut their own hair to save money
-
Nearly three fifths collect money off coupons to help reduce outgoings
As the recession takes a hold, new research* from Egg, the leading internet bank, reveals that many Brits have changed their lifestyles to become much more self-sufficient by adopting alternative means that wouldn't look out of place in an episode of The Good Life.
In the spirit of Tom and Barbara from The Good Life, a programme which was filmed during the 1970s recession, one in four (23 per cent) have turned a section of their garden into a vegetable patch and a further one in 25 (4 per cent) have taken to raising chickens to counter the recession biting into their food costs. And it appears that a bottle of Perrier water or a fine wine are no longer the drinks of choice to accompany a home reared roast, with over a third (36 per cent) of people switching from bottled to tap water, and one in 16 (6 per cent) opting for a slightly stronger tipple by brewing their own alcohol.
In fact, the survey also reveals that over a third (35 per cent) are now eating and drinking less to counter the affects of the recession. The most popular way Brits have taken to reducing the affects of the recession is to collect money off coupons, with 58 per cent choosing to do this to help reduce their monthly outgoings.
Patrick Muir, spokesperson at Egg.com, said: "It's interesting to see that people across the country are going back to basics and adopting imaginative do-it-yourself savings techniques. Simple habits and a simple life are replacing luxuries, and a 'can do' attitude is coming to the fore."
In addition, the survey reveals that a fifth (19 per cent) of Brits are making their money go further by cutting their own hair, including a brave one in six (15 per cent) of women. Other do-it-yourself budgeting techniques include making your own clothes, with one in 10 women admitting to doing so and a further one in 14 (7 per cent) have taken to knitting themselves clothes or presents.
With many New Year fitness resolutions already fallen by the wayside, those expensive gym memberships are also looking like easy pickings for budgeters, with over a fifth (22 per cent) of people ditching the gym and opting for a Rocky style al-fresco work out instead.
- ends -
Notes to editors:
*Opinium Research carried out an online poll of 2,221 British adults from 30th January to 3rd February 2009. Results have been weighted to nationally representative criteria.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, insurance and investments through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Brits burying their heads in the sand when it comes to savings
25/02/09
-
Seven in 10 have not moved or spread savings in the past six months
-
24 million* don't know their current savings rate
-
One in seven have no savings and no plans to save
Despite the assumption that the nation is now placing more scrutiny than ever on its finances, a new study** by leading internet bank Egg has revealed that the vast majority of savers (69 per cent) have not been looking for competitive deals by moving providers or spreading their cash into different accounts in the past six months - meaning that many people will now be stuck with very poor paying savings accounts, some as low as 0.1 per cent.
In addition, the survey highlights that as many as 24 million Brits are still completely oblivious to the rate on their savings account. This is despite the majority ranking 'interest rates' as the top priority (31 per cent) when it comes to choosing a savings provider in the current environment, closely followed by how sound or trustworthy a provider is (29 per cent), and ease of access to savings (20 per cent).
Dean Proctor, Head of Savings and Investments at Egg, said: "Everyone knows the importance of saving, especially in these unprecedented times when it is essential to have a nest egg. People need to know their money is safe as well as earning a decent rate of interest. Recent government commitments to guarantee savings up to £50,000, per authorised entity, will reassure savers but finding a reasonable interest rate can be more of a challenge. With base rates at a historical low, our portfolio of savings products are competitive, flexible and easily accessible."
Worryingly, one in seven (14 per cent) Brits also admit they have no savings at all and do not plan to start saving in the near future. Of those who are saving, a third (33 per cent) is saving less now than they were a year ago. This is particularly concerning for those over 55, of which 13 per cent, or as many as 2 million***, have no savings at all and no immediate plans to start saving.
Women are least likely to have moved or spread their savings, with 70 per cent of women admitting to this, compared to 67 per cent of men. What's more, those between the ages of 35 and 54 are more apathetic than their younger counterparts, with 73 per cent of 35 to 54s not moving their savings versus 70 per cent of 18 to 34 year olds.
Customers can apply for an Egg Savings Account by visiting
www.egg.com.
- ends -
Notes to editors:
*24 million calculated as follows: Opinium research shows that 75% of the population have savings and 67% of those do not know what the current interest rate on their savings account. The UK adult population is 47,788,000 (source: ONS population projections). 75% of the 47,788,000 is 35,841,000 and 67% of 35,847,000 is 24,013,470.
**Research commissioned by Opinium Research Ltd on behalf of Citi. Research was conducted between 30th January 2009 and 3rd February 2009 amongst 2,221 British adults. Results have been weighted to nationally representative criteria.
*** 2 million is calculated as follows: Opinium research shows that 13% of over 55s have no savings and no plans to start saving soon. The UK adult population of over 55s is 17,045,000 (source: ONS population projections). 13% of 17,045,000 is 2,215,850.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
|
Egg launches new five year Guaranteed Equity Bond with a maximum return of 28%* (5.06% pa/AER)
19/02/09
-
22 percent of savers want an alternative to traditional savings account**
Egg, the online bank, has launched a new five year Guaranteed Equity Bond. The bond will pay a return of up to 28% (equivalent to 5.06% AER) in the event of any growth in the FTSE 100 over five years.
The latest Guaranteed Equity Bond is available to new and existing customers for deposits between £1,000 and £1,000,000. The bond is available for a limited period only, from 16 February to 22 March 2009. The bond offers 100% of any FTSE 100 growth up to a maximum return of 28%. Should, however, the index level be lower at maturity customers will receive their deposit back in full at the end of the term, provided the bond is held to maturity.
New research** by Egg reveals a demand for savers who are considering alternative products to the traditional savings accounts. The research shows that over a fifth (22 percent) of savers say they are currently considering different types of investment products in the current environment.
Dean Proctor, Head of Savings and Investment at Egg, said: "Our research shows that many people are currently looking for different ways to make their money work harder. The latest Egg Guaranteed Equity Bond offers customers an element of certainity in an uncertain world, with this capital protected bond*.
This latest offering completes our suite of savings accounts which are intended to offer competitive savings rates and solutions to all of our customers whatever their investment stategy may be."Customers can find out more information and apply for an Egg Guaranteed Equity Bond by visiting
www.egg.com.
- ends -
Notes to editors:
*Please note that the words 'guaranteed' and 'capital protected' refers only to the obligation of Egg Banking plc to repay deposits in full on the Maturity Date provided it is held until that date. The deposit mentioned in this release is not guaranteed by Egg Banking plc, any affiliate of Egg Banking plc or any third party. In the event of early withdrawal customers may receive back less than the amount deposited.
Guaranteed Equity Bonds are classified as structured deposits. As such, part of the return will be exposed to stock markets. Funds are therefore subject to investment risks, including the potential for zero return if the FTSE 100 does not rise over five years and possible loss of some, or all, of the principal amount invested if the Egg Guaranteed Equity Bond is not held until maturity. Past performance is not indicative of future results, investments can go down as well as up.
Prior to making any application, customers should fully understand the economic risks and merits as well as the legal, tax and accounting characteristics and consequences of the transaction, and customers should make their own determination that the product is consistent with their objectives and that they are able to assume the risk. Please refer to the full risk disclosures available online at
www.egg.com/geb.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This enables comparison more easily with the potential return expected from savings over time.
**Research commissioned by Opinium Research Ltd on behalf of Citi. Research was conducted between 30th January 2009 and 3rd February 2009 amongst 2,221 British adults. Results have been weighted to nationally representative criteria.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. To find out more visit
www.egg.com
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg launches new 1 year Fixed Rate Bond at 3.00% gross pa/AER for existing Egg Savings customers
21/01/09
Egg, the online bank, has launched a new 1 Year Fixed Rate Bond at 3.00% gross pa/AER(1).
This latest Fixed Rate Bond is available to customers who have an Egg Savings Account for deposits between £1,000 and £2,000,000. The bond is available to applications and cleared funds received on or before the 29 January 2009.
Dean Proctor, Head of Savings and Investment at Egg, said: "This is a great opportunity for our customers to lock into a guaranteed fixed return on their savings. At a time when the Bank of England base rate is at its lowest-ever level, this new product offers an interest rate double the current base rate."
Customers can find out more information and apply for an Egg Fixed Rate Bond or Egg Savings Account by visiting
www.egg.com. The interest rate of 3.00% gross pa/AER is fixed for a term of one year from the date the Bond is opened. The interest rate is fixed throughout the year. No additional deposits or withdrawals are permitted during the one year term. This offer available to existing customers who have an Egg Savings Account (either Internet, Investor, Standard or Cash Card Savings Account). Interest will be paid on the money in the Bond on the Maturity Date. The money in the Bond on the Maturity Date together with the interest earned will be transferred into the Egg Savings Account from which the initial Bond deposit was made. Customers must keep the Egg Savings Account from which they made the initial Bond deposit open with a minimum balance of at least £1 until after the Maturity date. Bonds will be opened from 12 January 2009 and applicants must be at least 18 years of age to participate in the Bond.
Egg also offers a Cash ISA with an interest rate of 3.05% gross pa/AER (variable) tax free and an Internet savings account at 3.50% gross pa/AER, variable, which comprises the underlying Egg Savings Account (Internet) rate of 1.50% gross pa/AER variable and includes an introductory 12 month variable bonus rate of 2% gross pa from the date the account is opened on balances up to £100,000. No interest is payable on balances over £100,000 in the first 12 months.
-ends-
Notes to editors
About AER
Gross rate: The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
AER: The AER stands for Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
For further information contact:
Teresa Broughton
Tel: 020 7508 7355
teresa.broughton@citi.com
Rachel O'Hare
Tel: 020 7294 3625
rachelo@lansons.com
Tom Lawless
Tel: 020 7566 9707
toml@lansons.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg Statement on PPI
10/12/08
Egg today confirmed that the Financial Services Authority (FSA) has issued it with a financial penalty of £721,000 in relation to its processes for non-advised telephone sales of credit card Payment Protection Insurance (PPI). Egg has worked constructively with the FSA to settle this matter as quickly as possible.
We are taking the matter very seriously and would like to apologise to any customers who have been affected. We will be contacting all customers impacted by this, giving them the opportunity to review whether the product was or is still suitable for them. A dedicated team of call centre staff will be ready to assist with customer enquiries on this issue.
Following the FSA visit in September 2007, Egg co-operated fully with the investigation and took the proactive decision to voluntarily cease all telephone sales of PPI.
Of the sales made during the period covered by the FSA's action (between the dates of 14 January 2005 and 17 December 2007) approximately 2% took place under Citi ownership. In its Final Notice the FSA acknowledges that from 1 May 2007, when Citi acquired Egg, it has taken proactive steps to improve compliance with its obligations.
-ends-
Media Contacts:
Vanessa Wood
Telephone: 020 7508 8644
Teresa Broughton
Telephone: 020 7508 7355
Mobile: 07970 408 094
BACK TO ARTICLES LIST
Egg launches new 1 year Fixed Rate Bond at 6.00% gross pa/AER for existing Egg Savings customers
23/10/08
Egg, the online bank, is offering a new 1 Year Fixed Rate Bond at 6.00% gross pa/AER(1).
This new Fixed Rate Bond is available for existing customers who have an Egg Savings Account(2) for deposits between £1,000 and £2,000,000. The bond is available to applications and cleared funds received on or before the 27th November 2008.
Dean Proctor, Head of Savings and Investment at Egg, said: "At a time when Bank of England Base Rates are forecast to decline this is a great opportunity for our customers to lock into a guaranteed fixed return on their savings for a full 12 months."
Egg has also recently announced a new rate available to new and existing customers on its internet Egg Savings Account for new money on new accounts. For just £1, savers can earn up to 6.55% gross pa/AER (variable) on balances up to £100,000. This includes a variable bonus rate of 1.80% gross pa for the first 12 months from account opening. The Egg Savings Account provides customers with easy access to their money with no penalty or notice period for withdrawals.
Dean Proctor added: "The extension to our savings range allows us to offer both our new and existing customers great rates as well as a choice of products to suit their needs. At Egg we can offer our customers peace of mind in these turbulent times. Egg is owned by Citi, the world's leading financial services company which has some 200 million customer accounts and does business in more than 100 countries worldwide."
Customers can find out more information and apply for an Egg Fixed Rate Bond or Egg Savings Account by visiting
www.egg.com.
-ends-
For further information contact:
Media Contacts:
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
Adrian Russell
Tel: 020 7508 7355
adrian.russell@citi.com
Rachel O'Hare
Tel: 020 7294 3625
Rachelo@lansons.com
Notes to editors
- The interest rate of 6.00% gross pa/AER is fixed for a term of one year from the date the Bond is opened. The interest rate is fixed throughout the year. No withdrawals are allowed during the one year term but you can redeem early subject to a charge.
- Offer available to existing customers who have an Egg Savings Account (either Internet, Investor, Standard or Cash Card Savings Account).
- Bonds will be opened from 21st October 2008.
- Interest will be paid on the maturity date into the Egg Savings Account from which the customer made the initial Bond deposit.
- Customers must keep the Egg Savings Account from which they made the initial Bond deposit open with a minimum balance of at least £1 until after the Maturity date.
- Applicants must be at least 18 years of age to participate in the Bond.
About AER
Gross rate: The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
AER: The AER stands for Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. To find out more visit
www.egg.com.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg launches 6.55% AER/gross pa 12-month introductory savings offer
13/10/08
Egg, the online bank, is offering a new rate on its internet Egg Savings Account. For just £1, savers can earn up to 6.55% AER (variable). This includes a variable bonus rate of 1.80% gross pa for the first 12 months from account opening.
This new rate is available to new and existing customers for all new accounts opened with new money from a non-Egg bank account(1). During the first 12 months, the new rate is payable up to a maximum deposit of £100,000.
The Egg Savings Account also provides customers with easy access to their money with no penalty or notice period for withdrawals. After the 12 months variable bonus rate offer ends, the savings rate will move to the standard variable rate for the account at that time (currently 4.75% AER/gross pa).
"Egg is owned by Citi, the world's leading financial services company, which enables us to offer a great rate for people's money," said Dean Proctor, Head of Savings and Investment at Egg.
He added: "Opening an Egg savings account is simple and provides the added flexibility to pay in or withdraw whenever you like, without penalty."
Customers can find out more information and apply for an Egg Internet Savings Account by visiting
www.egg.com.
-ends-
For further information contact:
Media Contacts:
Adrian Russell
Tel: 020 7508 7355
adrian.russell@citi.com
Vanessa Wood
Tel: 020 7508 8664
vanessa.lucy.wood@citi.com
Notes to editors
About the introductory offer
- Offer available to new and existing customers who open a new account with new money into Egg that is not already held in an Egg Savings Account (Internet) or Egg Savings Account (Investor)
- Variable bonus interest is paid for 12 months up to the anniversary of the account opening.
- No maximum balance criterion at the end of the introductory interest rate period.
- Deposits into the Account may be made by cheque, BACS, CHAPS, Direct Debit and Debit Card, but not during the introductory period by internal transfer an Egg Savings Account (Internet) or Egg Savings Account (Investor) opened prior to the offer.
- The previous 6.30% fixed introductory offer is now withdrawn.
About AER
AER: All interest rates are variable but correct at time of going to print. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. AER stands for the Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citibank
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
|
Egg launches new FTSE '26%' Guaranteed Equity Bond
23/06/2008
Egg, the Citi owned UK online bank, is launching a new three-year Guaranteed Equity Bond paying a 26% return (equivalent to 8.01% AER) in the event of ANY growth in FTSE 100 over the next three years*, with no risk of losing capital invested if the bond is held for the full investment term.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit if the performance of the UK's top 100 listed companies is positive over the next three years. Even if the stock market has fallen from its start level at the end of the three years, investors are safe in the knowledge that they will still get all of their capital back at maturity. All that's needed to benefit from the 26% return is that the stock market rises by any amount above the bond's starting level*.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, from 23 June to 20 July 2008.
The Egg Guaranteed Equity Bond is available online at www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg, said: "Given current economic uncertainty and rising prices and inflation, a potential return of 26% over the full term plus the addition of capital protection will appeal to investors who are cautious but looking for a potentially higher return than most deposit accounts can offer."
-ends-
For further information please contact:
Adrian Russell
Citi Uk Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Rachel Roe
Citi UK Consumer Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
Notes to editors:
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final two months of the bond as a closing level.
Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results; investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
Early termination Risk
This Guaranteed Equity Bond is designed to be held for the full term. If a customer closes the bond early, the amount they receive may be less than the amount initially deposited.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
BACK TO ARTICLES LIST
Egg offers new fixed introductory savings rate of 6.05% gross pa/AER for 12 months
08/05/2008
- Egg introduces a limited savings offer
- Open to new and existing Egg savers who open a new account with new money
Launching on 8 May 2008 Egg, the online bank, is offering a fixed 12-month introductory rate of 6.05% gross pa/AER on its Egg Savings Account (Internet). The introductory rate is available for new money for both new and existing customers.
For a minimum deposit of £1 savers will benefit from easy access to their funds with no penalty or notice period needed for withdrawals. After the 12-month fixed introductory rate offer, the savings rate will move to the standard variable rate for the account at that time (currently 4.75% gross pa/AER).
Tobias van der Meer, Head of Savings and Investment at Egg said:
"Our new fixed introductory rate is one of the highest of any easy access accounts available in the UK today and it gives customers a guaranteed rate for the next 12 months. Unlike some accounts which have eye catching rates but only benefit regular savers, Egg savers have the flexibility to pay in or withdraw however much they like, whenever they like without penalty (£2 million maximum)."
Customers can find out more information and apply for an Egg Savings Account (Internet) by visiting www.egg.com. Customers can open an account with as little as £1.
-ends-
Media contacts
Rachel Roe
Citi UK Consumer Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Adrian Russell
Citi Uk Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
Notes to editors:
- New Money means any money not held in any Egg Savings Account (Internet) or Egg Savings Account (Investor) opened prior to the introductory offer period
- Account interest is fixed for 12 months from the anniversary of the account opening.
- Deposits into the Account may be made by cheque, BACS, CHAPS, Direct Debit and Debit Card, but not during the twelve month introductory period by internal transfer from an existing Egg Savings Account (Internet) or an Egg Savings Account (Investor).
- The offer will be available for a limited period
- £2 million maximum balance
The interest rate for the Egg Savings Account is fixed for the first 12 months from account opening and then reverts to the standard variable savings account rate. The minimum deposit is £1, maximum deposit £2,000,000. Interest is paid annually. The gross rate is the contractual rate before deduction of tax at the rate specified by law. AER means the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at www.citibank.co.uk.
About Citi
Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
BACK TO ARTICLES LIST
Citi appoints country business manager for UK Consumer
11/03/2008
Citi executive with Egg experience to continue Citi's strategy to building UK bank
London: Bert Pijls has been appointed Country Business Manager for Citi UK Consumer, the bank behind the Citi and Egg consumer brands, with immediate effect. Pijls replaces Ian Kerr, who has resigned and will leave Citi after working with Pijls to ensure a smooth transition.
Pijls, who has worked at Egg in the past, will move to London on Monday 17 March 2008 from the Czech Republic where, as Citi's Country Business Manager, he turned the consumer franchise around with high double-digit year-on-year growth in revenues as he built the cards, investments and loans portfolios.
EMEA Consumer CEO, George Awad said Pijls would continue the strategy to develop Citi's UK Consumer operations: "We are very focused on allocating capital to the best opportunities we see for growth for our business, and the UK is a key market for Citi."
"We are committed to making UK Consumer a top UK bank and we are achieving this by building on the best of Egg's and Citi's talent, business models and cultures to ensure a differentiated financial services proposition for consumers and a great workplace for our colleagues," Awad said.
Pijls began his career with Citi in 1990, as a Management Associate in Finance. He worked as a branch manager and an Area Sales and Distribution Manager in Germany, before moving to New York as a marketing director for Citi's Global Consumer Group. He then spent three years at Egg between 2001 and 2003, where most notably he was responsible for Banking Products. Bert rejoined Citi in 2005, from American Express UK, where he was responsible for re-starting the Amex lending business across 22 international markets.
Pijls said creating a growth business for Citi was an exciting prospect: "A developing business is an exciting place to work, and the Citi and Egg brands will be great places to bank. We are building a business that will have the products and services to ensure we are first choice for consumers as they look to meet their financial needs."
Awad said that whilst he was disappointed to lose Ian Kerr, he fully respected his decision: "Ian has played a critical role in helping us to integrate the Egg business into Citi and he has also developed our strategy for a single unified business in the UK. Ian has established a very mature and experienced team to execute this strategy, helping us to build a new force in retail banking in the UK. I thank Ian and wish him well in his future endeavours."
-ends-
Media Contacts:
Adrian Russell
Citi UK Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Rachel Roe
Citi UK Consumer
Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Jonathan Woodier
Citi EMEA Consumer
Tel: 00 44 20 7500 4434
jonathan.woodier@citi.com
Notes to editors
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg Cash ISA pays an interest rate of 6.05% gross p.a./AER variable
10 March 2008
With only 26 days left until the end of the tax year Egg's Cash ISA paying 6.05% gross p.a./AER variable offers great value for customers who want to take out a cash ISA in 2007/2008 or are thinking of subscribing to a cash ISA in 2008/2009.
Customers apply for the ISA via the internet and can open an account with as little as £1. Savers can use a variety of deposit methods, including debit cards and direct debit to save up to a maximum of £3,000 for the 2007/2008 tax year, rising to £3,600 for the 2008/2009 tax year.
In contrast to some other high-interest Cash ISAs, Egg's does not come with restrictions such as only being available to existing customers. The Egg Cash ISA allows customers to make minimum withdrawals of £1 with no notice period.
Tobias van der Meer, Head of Consumer Banking and Investments at Egg said:
"Our Cash ISA offers a very competitive rate of interest with no catches. There are a number of attractive headline rates in the market, but savers need to be aware of the conditions associated with many of these products. Some rely on short-term bonuses to boost their headline rate and others act as a carrot to entice people to invest in other products.
"With our Cash ISA, we wanted to not only provide an attractive headline rate, but also be transparent in our offering and make it easy for people to open - the online application process takes just minutes. Hopefully, this will encourage more people to take out a Cash ISA early in the new tax year and take full advantage of a highly competitive and tax-free interest rate."
Egg Cash ISA benefits and features
-
Subscribe anything from £1 to £3,600 each tax year (from 6 April 2008)
-
Make a one-off deposit regular payments or just add to it when you want to (existing ISAs cannot be transferred in)
-
Set up online in minutes
-
Keep track of it online anytime 24/7
-
Get a rate that's guaranteed to at least match the Bank of England base Rate until 5 April 2009
For further information on Egg's Cash ISA, visit
www.egg.com.
-ends-
For further information please contact:
Rachel Roe
Press Officer
Tel: 00 44 (0)20 7508 3392
rachel.roe@egg.com
Egg
Adrian Russell
Press Office
Tel: 00 44 (0)20 7508 7355
adrian.russell@citi.com
Citi
Notes to editors
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg launches new FTSE Guaranteed Equity Bond
10 March 2008
Egg, the Citi owned UK online bank, is launching a new five-year Guaranteed Equity Bond paying a 45% return if the FTSE 100 rises over the next five years, with no risk of losing capital if the bond is held for the full investment term*.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit from the performance of the UK's top 100 listed companies safe in the knowledge that, even if the stock market has fallen from its start level at the end of the 5 years, investors will still get all of their capital back at maturity. And in order to benefit from the 45% growth all that is required is that the stock market rises above the bond's starting level.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, 4 March to 7 April 2008.
The Egg Guaranteed Equity Bond is available online at www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg Banking said:
"To have the assurance of 45% growth, should the stock market rise; we believe is an attractive proposition. In the current volatile equity market environment the addition of capital protection makes this product particularly is suitable for cautious investors."
-ends-
For further information please contact:
Adrian Russell
Press Office
Tel: 00 44 (0)20 7508 7355
adrian.russell@citi.com
Citi
Rachel Roe
Press Officer
Tel: 00 44 (0)20 7508 3392
rachel.roe@egg.com
Egg
Notes to editors
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final two months of the bond as a closing level.
**Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results, investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
|
Egg decreases mortgage SVR by 0.25%
13/02/2008
Egg has decreased its Standard Variable Rate (SVR) from 1 March 2008 following the decision by the Bank of England's Monetary Policy Committee to cut the Base Rate.
The Egg SVR has decreased by 0.25% from 6.79% to 6.54%, making it up to 0.90% lower than the SVRs of some major high street lenders, assuming that they also decrease their SVRs in line with the Base Rate. Egg's SVR is one of the top 5 mortgage rates in the UK from a major lender*.
Egg has always offered a variety of competitive mortgage products including a recently launched three year fixed rate mortgage at a leading rate of 5.39%. At the end of the fixed term, borrowers will switch to Egg's standard variable rate, currently 6.54%, for the remainder of the mortgage. The overall cost for comparison is 6.5% APR.
The fixed rate mortgage also offers free standard valuation, no legal costs for re-mortgagers** and the ability to offset savings against the fixed rate. There are also no early repayment charges once the fixed rate period ends. The main features of the three year fixed rate mortgage include:
- Rate of 5.39% fixed for three years
- thereafter changing to Egg's standard variable rate, currently 6.54%, for the remaining term of the mortgage
- The overall cost for comparison is 6.5% APR
- Early repayment charges -
3% of the amount repaid during the first 12 months following completion.
2% of the amount repaid during the second 12 months following completion.
1% of the amount repaid during the third 12 months following completion.
Overpayments of up to 10% of the mortgage balance are allowed without an early repayment charge being due during the fixed rate period (payment of the arrangement fee upon completion is not included in this limit)
All loans redeeming will incur an administration charge of £70
- Arrangement fee of £499 that will be added to the mortgage and will incur interest, but can be paid immediately after completion.
For further information on Egg's range of mortgages, visit www.egg.com/mortgages or call 08456 000 290 (calls may be recorded and monitored).
Your home may be repossessed if you do not keep up repayments on your mortgage
- ends -
Media Contacts:
Rachel Roe
PR Manager
Egg
Tel: 07769 690287
rachel.roe@egg.com
Adrian Russell
Head of Communications
Citi UK Consumer
Tel: 020 7508 7355
adrian.russell@citigroup.com
Notes to editors
* Egg's SVR, which will be going down to 6.54% on 1 March for existing customers, remains one of the top 12 mortgage rates in the UK of 114 lenders (source Moneyfacts 8th February 2008) and in the Top 5 rates offered by a major lender.
**Fees associated with standard valuations will be paid on the customer's behalf. Re-mortgage applications qualify for a free legal service if standard conveyancing work is carried out by Egg's Panel Solicitors and instructed by Egg. Any non-standard legal work will incur a charge to be agreed directly with the allocated firm of solicitors.
About Egg
Egg is one of the UK's leading online banks providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, a leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at www.citibank.co.uk or www.egg.com.
About Citi
Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
BACK TO ARTICLES LIST
Egg confirms credit card decision was risk review
08/02/2008
A spokesperson for Egg comments:
"We are sorry that some of the 161,000 Egg credit card customers who we wrote to last month were upset by our decision to stop them spending on their cards from next month. We confirm the letters were the result of a one-off, post-acquisition review of our 2.2 million Egg credit card customers. It was not, as has been suggested, an excuse to exclude some 'unprofitable' customers.
"In this one-off review we assessed that the credit profiles of these customers had deteriorated from the time they joined Egg until the time Citi acquired Egg in May 2007 and that they presented a higher than acceptable credit risk to the bank.
"Risk assessment models are widely used in the industry. They use a number of criteria to predict borrowing behaviour, including behavioural data and information from external bureaux, to predict the level of risk inherent in groups of customers. We accept that not all of the individuals in the review may be high risk or will default, but the probability is higher than we wished to accept against our internal benchmarks.
"We are confident that this risk assessment was effective and that the selection criteria were properly applied. We stand by our decision but will of course review any complaints arising."
A spokesperson for Egg adds:
"As previously advised, customers will not be able to use their Egg credit card once the notice period has ended, but can continue to pay at least the minimum monthly repayment, continue with their current monthly payment arrangement or have the option to pay their balance in full. Egg is not asking for immediate repayment of balances or making any changes to their current terms and conditions or interest rates.
"Egg has over 2 million credit card customers and given only a small number (7% or 161,000) of them 35 days notice that it is ending their card agreements. Hence 2 million, or 93% of its credit card customers, are not affected by this review."
- ends -
BACK TO ARTICLES LIST
Move over ladies it's the lads that are lunching
30/11/2007
-
A fifth of UK men are now 'Lads that lunch'
-
The number of Britain's kept men has doubled in the last five years
-
Over half of women happy to indulge their menfolk
A life of leisure is proving irresistible to Britain's thousands of kept men who are enjoying the spoils of women's toil.
According to new research from Egg, the Citi owned online bank, the number of men in the UK earning less than their partners has doubled in the last five years (from one in ten to one in five).
And whilst this growing group has convinced themselves that a relaxing life is preferential to the rat race, with one in seven (15%) not prepared to give up their life of luxury, this number is slightly lower than five years ago when one in five men (21%) wouldn't opt for a change in lifestyle.
Many women are completely willing to indulge their menfolk and keep them in the manner to which they have become accustomed. Over half (53%) are happy to be the main earner with one in five enjoying the fact that their financial status gives them more say on what they spend money on.
The life of a kept man is indeed a tempting one for those wanting to escape the office drudge. Two-fifths (43%) of laid-back lads fill their days shopping for clothes at least once a week, a third (29%) meet friends for lunch, followed by a trip to the gym for one in ten (10%) to burn off the calories.
Inevitably though, some ladies subsidising this languorous lads' lifestyle are unhappy with the situation, and the findings reveal a backlash. One fifth (21%) of women would rather their male partners be the higher earner and one in seven (14%) hanker after a life of leisure for themselves. A further quarter (25%) find their financial role highly stressful with a similar number (27%) resenting being the main breadwinner.
And how would our leisurely lads feel if they had to be the chief earner? Well today's research revealed that not one would resent it, a change from five years ago when nearly one in ten said (7%) they would resent having to work for a living.
Alison Wright, Chief Marketing Officer at Egg said:
"It is encouraging seeing how many women are now financially savvy and taking control of the household's finances. There really has been a change over the last five years with some of the old stereotypes of who earns the money and who pays the bills being broken down. Whereas men have now fully appreciated that their female counterparts are capable of being the main breadwinners and as a result they seem to be embracing a life of leisure - much to the annoyance of most partners."
- ends -
For further information please contact:
Rachel Roe
Egg Media Relations
rachel.roe@egg.com
020 75083392 or 07769 690287
Adrian Russell
Citi
adrian.russell@citi.com
020 7508 7355
Notes to editors:
Research was undertaken by:
ICM omnibus who questioned a sample of 1,000 adults aged 16+ living in Great Britain (August 28 - Sept 2 2007)
Original research was undertaken by BMRB International who questioned 1,000 adults aged 16+ living in Great Britain (March 8 - 10 2002)
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
|
Egg launches new FTSE Guaranteed Equity Bond
08/11/2007
Egg, the Citi owned UK online bank, is launching a new three-year Guaranteed Equity Bond paying 23% return if the FTSE 100 rises over the next three years (equivalent to 7.14% AER paid after 3 years), with no risk of losing capital if the bond is held for the full investment term*.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit from the performance of the UK's top 100 listed companies safe in the knowledge that, even if the stock market has fallen from its start level at the end of the 3 years, investors will still get all of their capital back at maturity.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, closing on 7 December 2007.
The Egg Guaranteed Equity Bond is available online at
www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg Banking said: "In today's financial climate some savers are seeking investments which mitigate the risk of investing directly in stocks and shares. With this in mind we have launched the Egg Guaranteed Equity Bond to offer customers a great opportunity to get potentially higher returns than they might get from a savings account, without risking their capital at the end of three years."
He added: "We're looking to provide customers with more opportunities and choice to make the most of their money, leveraging the combined capabilities of Egg and Citi. Watch this space for a wider range of investment and savings products in the future."
- ends -
For further information please contact:
Adrian Russell
Press Officer
Egg
00 44 (0)20 7508 7355
adrian.russell@citi.com
Rachel Roe
Press Officer
Egg
00 44 (0)20 7508 3392
rachel.roe@egg.com
Notes to editors:
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final three months of the bond as a closing level.
**Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results, investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
The million pound cost of keeping up with the 'Yummy mummies'
26/10/2007
Britain's new mums are collectively spending a staggering £670 million a year to keep up with the perfect image of a 'Yummy mummy'.
The latest research by online bank, Egg, highlights that the cost of having a baby is being increased by the pressure on new mums to look good and have the latest 'must have' baby items - from Botox to Bugaboos.
Research conducted by Egg on Mumsnet.com reveals that new mums are spending, on average, £939 each on things for their little one's arrival. And a third (32%) feels under pressure to buy certain brands.
A quarter (23%) felt pressurised into buying a designer buggy; some popular brands cost nearly £500 for just the basic model. This was closely followed by technology or gadgets (19%); designer highchairs (12%); designer baby clothes (8%) and bespoke furniture (7%).
In addition, new mums are also under pressure to look good and this too comes at a price, with the average spend being £123. Most mums questioned (87%) admitted buying new clothes and having their hair done shortly after the birth. Others visited the beautician (15%) whilst a small number employed a personal trainer (2.8%); had Botox (0.3%) and some cosmetic surgery (0.2%).
So the total combined average cost of being a 'Yummy mummy' stands at £1,062. It is highest in the North East at £1,216 in total and cheapest in the East of England, at £969. But when it comes to looking good after the birth it is Londoners that spend the most, £186, and the West Midlands the least, £69.
But where does this pressure come from? Whereas most of it is peer pressure, one in five mums admits to being occasionally influenced by celebrity parents in the media. And the most influential celebs for the mums were Gwyneth Paltrow and Angelina Jolie. Whilst at the other end of the scale were Mel B or Scary Spice and Kerry Katona.
Alison Wright, Chief Marketing Officer at Egg, comments:
"Certain life stages, such as having a baby, mean that we occasionally need a cash injection. Financially a new baby can cause havoc because of the combined burden of extra costs and reduced income. This is where a little bit of financial planning can go a long way ensuring new mums can enjoy being new mums without having to worry about money matters."
- ends -
Notes to editors:
- £6.7 billion is made up from taking the average cost, £1,062, and multiplying it by the number of new mums in the UK each year, which is 630,874. (This statistic was based on the Royal College of Midwives statistic for births at 635,679 minus multiple birth children ONS statistic)
- Mumsnet.com ( www.mumsnet.com ) a social networking site for parents
- A basic Bugaboo costs £489.00 according to Mothercare
1,015 mums were questioned on Mumsnet between 28 August 2007 and 19 September 2007
Regional variances
| Region | Amount spent on baby | Amount spent on mummy after birth | Total cost of being a 'Yummy mummy' | | E. Midlands | £874 | £125 | £999 | | East of England | £888 | £81 | £969 | | London | £1,005 | £186 | £1,191 | | North East | £1,052 | £164 | £1,216 | | North West | £878 | £104 | £982 | | N. Ireland | £975 | £147 | £1,122 | | Scotland | £967 | £91 | £1,058 | | South East | £1,001 | £137 | £1,138 | | South West | £894 | £148 | £1,042 | | Wales | £881 | £118 | £999 | | W. Midlands | £925 | £69 | £994 | | Yorkshire and Humberside | £923 | £109 | £1,032 | | National average | £939 | £123 | £1,062 |
For further information please contact:
Rachel Roe 00 44 (0)20 7508 3392
Press Officer rachel.roe@egg.com
Egg
Notes to editors:
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
Egg launches 2 and 3 year fixed-rate mortgages to help beat rate pressures
20/09/2007
Egg, the online bank and award winning mortgage lender(1), has launched a 2 and a 3 year fixed-rate mortgage with a highly competitive rate of 5.89%.
At the end of the fixed term, borrowers will switch to Egg's standard variable rate, currently 6.94%, for the remainder of the term.
Two year fixed: The overall cost for comparison is 7.1% APR.
Three year fixed: The overall cost for comparison is 7.0% APR.
The new mortgages, which are open to all new and existing customers, are available from 24 September 2007 and come with a free initial valuation. The mortgages have an arrangement fee of £899 for the two year fixed rate and £749 for the three year fixed rate and are available for loans up to a maximum of 95% of the property value.
Stephen Bright, Head of Lending and Insurance at Egg, said:
"A fixed rate mortgage offers customers certainty allowing them to protect themselves from turmoil in the financial markets. It's why we've launched a competitive, great value product with fixed repayment costs and protection from any further changes in interest rates over the next two or three years. These new fixed rate products complement our existing range of popular variable rate, flexible and offset mortgages."
The main features of the two year fixed rate mortgage include:
-
Rate of 5.89% fixed for two years
-
thereafter changing to Egg's standard variable rate, currently 6.94%, for the remaining term of the mortgage
-
The overall cost for comparison is 7.1% APR
-
Early repayment charges - 2% of the amount repaid during the first 12 months following completion. 1% of the amount repaid during the second 12 months following completion. Thereafter, no charge
-
Arrangement fee of £899 which will be added to your mortgage
The main features of the three year fixed rate mortgage include:
-
Rate of 5.89% fixed for three years
-
thereafter changing to Egg's standard variable rate, currently 6.94%, for the remaining term of the mortgage
-
The overall cost for comparison is 7.0% APR
-
Early repayment charges - 3% of the amount repaid during the first 12 months following completion. 2% of the amount repaid during the second 12 months following completion. 1% of the amount repaid during the third 12 months following completion. Thereafter, no charge
-
Arrangement fee of £749 which will be added to your mortgage
Both products have:
-
Flexibility: the ability to overpay by up to 10% per year during the fixed rate period without charges and take payment holidays
-
Saving on costs: Egg will pay customers' initial valuation fee.
-
Security: protect against potential interest rate rises with fixed payments
-
No higher lending charge
For further information on Egg's range of mortgages, visit
www.egg.com/mortgages or call 08456 000 290 (calls may be recorded and monitored).
Your home may be repossessed if you do not keep up repayments on your mortgage
- ends -
Notes to editors
(1) Over the last 6 years Egg has won awards for Best Direct Lender, Lender of The Year & Cheapest Overall Lender from organisations including What Mortgage and Moneyfacts.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
Media Contacts:
Rachel Roe
PR Manager
Egg
Tel: 07769 690287
rachel.roe@egg.com
Adrian Russell
Head of Communications
Citi UK Consumer
Tel: 020 7508 7355
adrian.russell@citigroup.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
BACK TO ARTICLES LIST
|
Citi completes purchase of Egg
01/05/2007
Citi appoints Ian Kerr as Business Manager to run Citi UK Consumer and Egg
LONDON - Citi has completed the purchase of Egg Banking plc (Egg), the world's largest pure online bank and one of the UK's leading online financial services providers, from Prudential PLC. In addition, Citi has appointed Egg CEO Ian Kerr to run Egg and Citi UK Consumer.
The acquisition price is £546 million, or approximately $1.092 billion*, in cash, subject to any closing adjustments to the final accounts. Completion follows receipt of regulatory approvals and, as announced on 29 January 2007, is expected to be accretive in its first year.
Between them, Egg and Citi UK Consumer have over four million customers, a significant share of the UK credit card market, and Egg's outstanding online platform, customer service and brand. Citi Consumer UK has a network of five retail banking and 49 consumer finance branches, and offers current accounts, wealth management, offshore banking and mortgages, which complement Egg's online payment and account aggregation services, credit cards, personal loans, savings accounts, and insurance products. A strategy is being formulated to create synergies between both businesses and maximize the potential for the key stakeholders - customers, colleagues, and shareholders.
Ian Kerr brings extensive experience and an established track record in UK financial services to Citi. Before joining Egg as CEO in November 2006, he was Retail Banking Chief Executive at Halifax Bank of Scotland, which at that time had $400 billion in assets, $4 billion in profit and 7,500 employees. Previous appointments include Group Services Director with HBOS, Chief Executive of Birmingham Midshires Building Society, and management positions with Lloyds Bowmaker Finance Group.
George Awad, CEO, Citi Global Consumer Group, Europe, Middle East and Africa, said: "The combined business will have great brands, great people, great technology and great customer service. This acquisition provides us with meaningful scale in consumer financial services in the UK, a key strategic market, and enables us to enhance the value proposition for customers and grow our business. Citi is also learning from Egg's successful direct banking platform and customer service programs."
Ian Kerr, Country Business Manager, Citi UK Consumer and Egg, said: "There are exciting times ahead as Citi and Egg's joining forces creates great opportunities for our people and is great news for our customers. The combination of Egg and Citi will be a powerful proposition as we use our shared knowledge and expertise to provide a broader range of products and distribution from online through to branches."
The Egg acquisition is consistent with Citi's strategic growth plans for the UK, and builds on Citi's position as a significant player in UK financial services. In February 2007, Citi Global Wealth Management closed the acquisition of Quilter, one of the UK's most respected wealth advisory firms.
[*Exchange rate calculated at £1.00 = US $2.00]
About Citigroup:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
Citigroup Media Contacts:
London
Hilary Condit
+44 (0)20 7500 1303
Adrian Russell
+44 (0)20 7508 7355 or +44 (0)7834 081 521
New York
Steve Silverman
+1 212 793 0321
Investors:
Arthur Tildesley
+1 212-559-2718
Fixed Income:
John Randel
+1 212-559-5091
BACK TO ARTICLES LIST
|
|
|
Egg Home > About egg > Journalists > News releases > 
