Egg offers new savers 6.55%
Tuesday, 14 Oct 2008 11:52
Egg has announced it is offering savers a 6.55 per cent rate when they open a new savings account.
For a minimum investment of £1, customers can take advantage of the new introductory offer which also includes a variable bonus rate of 1.8 per cent gross per annum for the first 12 months.
The Egg Savings Account, the bank said, also provides savers with easy access to their cash with no penalty or notice period for withdrawals.
After the 12-month period, however, the account switches to a standard variable rate, which is currently 4.75 per cent AER/gross per annum.
According to Dean Proctor, head of savings and investments at Egg, the firm is able to offer such competitive rates because it is owned by Citi, one of the leading financial services companies.
"Opening an Egg savings account is simple and provides the added flexibility to pay in or withdraw whenever you like, without penalty," he added.
The offer is available to both new and existing customers who open a new account with new money, which is not from an existing Egg account.
The new rate is payable on deposits of up to £100,000.