Egg launches new account

12 September 2005
Egg has launched a new account today, aimed at consumers who want to manage their money more effectively.

The hybrid account, Egg Money, works by giving consumers a spending account that earns interest and has a borrowing facility that offers a low, typical standard rate.

Director of credit cards at moneysupermarket.com, Richard Mason, said: "Egg Money is in a strong product proposition. Though it is not market leading in all aspects, it does offer consistently good rates and is likely to suit those who may end up dipping in and out of both spending and borrowing facilities."

The new account works by allowing customers to transfer extra 'spending' money to earn four per cent AER on any positive balances, while any spending is rewarded with one per cent cashback, and there is also a credit limit of double the consumer's monthly income.

The launch coincides with research by Egg that shows one in three customers feel they could manage their money more effectively by separating their bills from their spending money.

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