Egg Launches 'Spending Money' Account

Egg launches a new account which rewards your spending and simplifies day to day finances

12th September 2005

A new mixture of credit card and bank account has been launched by online bank Egg plc, which aims to both simplify your day to day finances, and reward your spending.

The idea of Egg Money, as the new product is called, is that you work out how much cash a month you can afford to call 'spending money', and transfer that amount into your account every month. This leaves the funds in your current account available for paying bills and other regular expenses.

Interest and Cash Back

While you have funds in your Money account, Egg will pay an in-credit interest rate of 4%, and your spending will also be 'rewarded' with a cash back rate of 1% (doubling to 2% in the run up to Christmas).

You can also use a credit facility with a rate of 6.9% at the time of writing.

Commenting on the launch, Egg's Chief Financial Officer Mark Nancarrow said:

"Current accounts have become a melting pot for all our money matters, but they do not give us an accurate picture of where we stand financially at any one time. Liberating our spending money from the more mundane things in life would not only save us money, but would enable us to understand, control and budget more efficiently."

Read More: Egg Money, Egg Press Release

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