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Egg consumed

As internet banks go, Egg was a good egg, But now its savers and mortgage borrowers will have to answer to a different tune, as Bradford-based Yorkshire building society have announced plans to purchase their accounts.

If approved by the high court, it will see the society take the reins on a 2.5bn savings book and a mortgage book valued at £430m, with a total of 550,000 customers.

Andrew Hagger of Moneynet predicts brighter times for consumers as now Yorkshire would become more competitive.

'The acquisition of a new £2.5bn savings book will enable one of the most competitive mortgage providers in the UK to expand its lending activities to a much wider audience,' he said.

'It's been a rocky few years for building societies, but Yorkshire BS is proving that the sector still has plenty of fight left in it and that it has the vision and determination to be a serious player on our high streets,' he added.

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