There's nowt scary about the One account..Chocolate Balls there ain't Blog Discussion

mattb_3

I would like to know whether an alternative 'offset' mortgage to the One Account would give me the absolute flexibility that I currently get.

I don't think an offset mortgate is the same as a current account mortgage, but I'd like to be proved wrong as there is quite a bit of money to be saved here. Plenty of people who have a One Account would be interested in making the switch if we were presented with a comparable current account mortgage which had a lower interest rate.

Does anyone know of one?

bunking_off

sykes wrote:

Before I say anything else, Bunkers - Can you confirm that you BT to the One a/c visa card, and it gets transferred automatically back to the a/c at no charge?

Yes, happy to confirm. On my account, if I use the Visa, the money gets taken out of my account on the Wednesday (I think) following the purchase. By the same token, if it goes into credit, the One account is credited the following week.

sykes wrote:

A final word on the account bill payments section - With both my partener and I having many similar cards to deal with each month, like all online banking sites, the payments section can be a bit of a mare to ensure you carefully pick out the correct card for the payment - particularly when you've set the payment up using the Bank's automated database where they only need the first few digits of the card no. and the sort code in order to set up the payee automatically. You normally have no input in how the mandate's "name" comes up on your browser, and is often just "MBNA 1234565" or similar, and if your household has several MBNA cards, then it can be time consuming picking out one from t'other.

Been there, T-shirt etc. Both my wife & I have corporate Amexes, and I've managed to pay her bill before now....luckily Amex were very understanding.

MattB - I have the same query as you myself. Personally, I'm comfortable with the operation of the One Account, and like Sykes am very happy with the customer service side of things, so would need a big shove to move. However, I would be interested to know if offset mortgages truly offer the flexibility of current account mortgages like the One Account.

sykes_2

Excellent news on the Visa card Bunkin' - thanks for that.

WRT the changes in the website, it would appear then that perhaps many of us will benefit from the changes.

Thanks again

Sykes

chickadee

I have a one account and wouldn't want to change it. I am really happy with it. I investigated moving a couple of years ago but none of the other offset accounts were offering the complete flexibility I get with the One Acount. It took me a while to get my head around running my mortgage and current account like a big overdraft but the flexibility is unparallelled imho. I too have quite a large amount on 0% cards (One of which is a Virgin Money card!). I also have my DD's & SO's coming out at the end of the month and I use a cashback credit card for my monthly spending to delay it hitting the account as long as possible (I pay it off in full each month of course).
Although this isn't right for everyone I am happy with it for me.

Al_Mac

I've extolled the virtues of the one account previously, 5.6% is the rate I pay, when I have to:eek:

Recently learnt about doing it with the card, which cuts the BT transfer time down a lot:D

I've had very little mortgage due to BT/SBT for several years now. And saved thousands in interest. Not sure if there is an account that works as well as this one. No one has convinced me anyway.

Mind you got a friend who has one, an accountant, I think his use of it is crap, cause he doesn't work at it.;)