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Egg to set aside spending money

Egg is offering what it claims to be the UK’s first dedicated spending account.

Monthly spending money – after outgoings – is taken from their account and placed into an Egg money account which pays 4 per cent gross variable interest on balances from 1 to 99,999 and 1 per cent cashback on purchases guaranteed until 2007. The account has a variable borrowing rate of 6.9 per cent APR. Customers can define how much income they need to reserve for outgoings. Accountholders can keep track of spending online or by weekly text updates. Credit limits are capped at twice monthly income.

Chief financial officer Mark Nancarrow says: “Current accounts do not give an accurate picture of where clients stand financially. Liberating spending money from more mundane things enables us to understand, control and budget more efficiently.”


Willetts joins Punter Southall

Shadow Trade and Industry Secretary David Willetts has joined Punter Southall as senior policy adviser. Willetts was Shadow Work and Pen-sions Secretary before taking on the new post in May.

Pinball wizardry

Excellent salary, good bonus, private office, multiple desks, personal assistant, secretary, generous pension, health insurance – oh yes and a company car. A perfect job – no, it is time to leave. There are more important things than the illusory trappings of corporate life. Now don’t get me wrong – getting paid, and come to […]

Treasury minister wants to hear IFA grievances on FSA

The Economic Secretary to the Treasury has challenged the financial services industry to provide evidence of any real, tangible and specific grievances that firms may with the FSA. In his first newspaper interview since taking up the pos- ition in May, Ivan Lewis says he wants to engage in an honest, grown-up dialogue with the […]

RLAM plans absolute fund

Royal London Asset Management plans to launch an absolute return bond fund aiming at Libor plus1 per cent in the second quarter of 2006. The fund is to be run by head of fixed interest Jon-athan Platt and his team. The RLAM income trust, which Platt runs with Sajiv Vaid, has ret-urned 40 per cent […]

Five reasons for optimism in India

By Kunal Desai, Head of Indian Equities at Neptune Investment Management Following the MSCI India Index’s 26.4 per cent return in 2014, stemming from a 7.3 per cent rise in GDP, investors have recently become increasingly concerned about India’s future growth potential. What has happened to India’s reform agenda and are there any signs of […]


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