Your Money Egg batters rivals Financial services are moving to the Internet Egg, the direct banking service of the Prudential, has proved to be a massive success since its launch in October. The company says that Egg has reached its five-year target in just six months, with 500,000 customers who have put 5bn in its accounts.
Egg offers high-interest savings accounts with guaranteed rates.
Prudential, one of the UK's largest insurance companies, had been considering buying a building society before the success of Egg. Internet service Prudential now plans to move the whole service to the Internet, with Internet-only applications for its Egg Savings Account. The company expects its rate of growth to slow down initially as a result of the move. He said customers would be able to apply for mortgages and personal loans on-line and would be able to buy a range of investment products and unit trusts within a year. Egg was also looking at establishing a current account able to pay bills and transfer money within two to three years.