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Bank Accounts Latest News Yorkshire Building Society 'takes on Egg mortgages and savings'
Bank Accounts Latest News Yorkshire Building Society 'takes on Egg mortgages and savings' Yorkshire Building Society 'takes on Egg mortgages and savings'
The two organisations have entered into an agreement, it has emerged.
Mortgages and savings accounts held by Egg Banking plc will be transferred over to Yorkshire Building Society in a newly-agreed arrangement.The two companies announced the deal, which comprises a £2.5 billion savings book and a £430 million mortgage book, today (July 25th).
And Yorkshire Building Society is set to acquire the Egg brand as part of the deal.
Chief executive Iain Cornish said the company is looking forward to welcoming Egg's customers, adding: "Continuing to provide them with the outstanding service, administration and value that they have been used to and which is consistent with our own approach, will be a priority for us."
The transaction should also benefit those who have savings or products with Yorkshire Building Society, as it is believed it will increase the company's capacity to lend.
Egg was formed in 1998 and became an online bank, with its main areas being borrowing, saving and insurance.
By Kate Guthrie
Monday, 25 July 2011 00:00
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Provider |
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Interest Paid |
Min Bal |
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3.01%
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Instant
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Monthly
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£1
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3.10%
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Instant
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Monthly
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£1
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2.50%
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Instant
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Monthly
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£1
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2.50%
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Instant
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Annually
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£10,000
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2.50%
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Instant
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Monthly
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£1,000
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Post Office Online Saver
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ING Direct Savings Account
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