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By John Oates, 21 June 1999 00:25

NEWS egg - the online subsidiary of the Prudential, is getting over 1,000 requests for new accounts per day, despite limiting applications to those made through its Web site. Two months ago it decided to refuse any applications made at branches or over the phone, but the Web site continues to get more than 11,000 visitors each day and the service has in the region of 550,000 members and over £5bn in funds under management. Tony Williams, communications director at egg, said: "This is obviously unprecedented for any financial services company to achieve such results within six months. The Net is growing more quickly than we thought. Customers are keen to use the Net and are confident enough to do so for financial transactions." According to egg, applications made through the site cost about a quarter of those made over the phone, and less than a tenth of those made through a branch. John Downing, head of electronic services at Lloyds TSB, said: "It is difficult to judge the true cost of applications because few companies have good enough end to end cost analysis - it is difficult to judge the cost of a branch for instance." Downing continued: "We've done no marketing since the launch in November and are still getting ten thousand new accounts a month." He also said the bank is seeing a certain type of customer using the service - "young, upmarket and cash rich but time poor".