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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.”

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