Egg scrambles to top of e-banking pile

Offers saving account where you get charged for not going online

Prudential's direct banking service, Egg, is to go online in a very wholehearted way. It is the first Internet only savings account in the UK, and can only be opened online. Although it has postal and telephone support, account holders will be charged for taking advantage of these facilities. The interest rate is guaranteed to be at least half a per cent over the base rate this year, and at least base rate next year. It also guarantees that it will be higher interest than the existing egg account. Interest is currently paid at 5.75 per cent. Egg’s web site is www.egg.com, and you can sign up for an account there. ®

Sponsored: 5 critical considerations for enterprise cloud backup