One Account rates cut

taurusgb

Phoned first thing this morning and was told they were "discussing possible reductions". Called again just now and got a recorded message saying that rates would reduce in line with BOE from 3rd November (:rotfl:they've obviously been inundated with calls).......Maddening that the old regime of cutting the day after a rate reduction by BOE seems to be defunct but at least they are following other lenders and reducing.......Not that I am entirely convinced that an interest rate was in the best interests of the UK as a whole, but since they have been reduced it would have been galling to find RBS standing still.

Folio

taurusgb wrote: »

Phoned first thing this morning and was told they were "discussing possible reductions". Called again just now and got a recorded message saying that rates would reduce in line with BOE from 3rd November (:rotfl:they've obviously been inundated with calls).......Maddening that the old regime of cutting the day after a rate reduction by BOE seems to be defunct but at least they are following other lenders and reducing.......Not that I am entirely convinced that an interest rate was in the best interests of the UK as a whole, but since they have been reduced it would have been galling to find RBS standing still.

As said on an earlier thread, The One Account has gone downhill since RBS took full control. Our mortgage is now only 15K (with 12K stoozed so only paying interest on tiny amount compared to others) and I like the freedom of knowing if we need to replace the car / roof falls off / garage falls down , we can just get it sorted without the worry of trying to get a loan sorted out, so think we'll stick with it, but don't htink it is half the product it was when it belonged to Virgin

sodamhall1

I think you will find it has be always own by RBS, virgin owned some of the company you only think the product has gone down hill because the product is more expensive than it used to be but so is everything on the market. The product is exactly the same as it used to be works in the same way its just the rate that has changed.

kazza2

I phoned One Account following the 1.5 rate reduction today and they told me Head Office are reviewing the rate tonight.

e1london

kazza2 wrote: »

I phoned One Account following the 1.5 rate reduction today and they told me Head Office are reviewing the rate tonight.

I called too and had the same response.
I asked if I called back tomorrow would they have any further information and they said "maybe, we can't say"

Also asked about the card readers and they started by saying I could protect my card via Visa or MasterCard secure (which I pointed out bared no relation to the login to their banking site) then they said they had no plans to introduce them.

Oh, can I recall a conversation I had a few months back with them. The guy said to me that he thought their interest rate if you account was in credit was "very competitive"!!! I nearly fell off my chair to be honest. less than 1% is a joke.

To be honest if they don't lower their rates I'll be looking for another provider soon.

cmaguire

I could swear that when I looked at their rates on their website earlier this week it was 6.7%. Now it says 6.2%. If so then that is (obviously) only 0.5% cut.

I have stayed with them on the basis of the recorded message they up in October saying that they would would reduce in line with BOE from 3rd November. If they don't reduce by 1.5% then wouldn't that be fraud?

Dualcyclone

e1london wrote: »

To be honest if they don't lower their rates I'll be looking for another provider soon.

I'm thinking the same; although the only reason I got a one account is so I can overpay every month at the moment - and the money coming in varies quite a bit, so I didnt want to be stuck with a large mortgage and a large savings account, would rather pay off the mortgage while it lasts!

RBS have said they'll drop their rates today after a beating-down from BOE; but how that will reflect on us I don't know... the full she-bang would be very nice considering they have held back on rate cuts in the past.

magburner

Think the 3rd of Novemeber cut is in line with last month.

magburner

cmaguire wrote: »

I could swear that when I looked at their rates on their website earlier this week it was 6.7%. Now it says 6.2%. If so then that is (obviously) only 0.5% cut.

I have stayed with them on the basis of the recorded message they up in October saying that they would would reduce in line with BOE from 3rd November. If they don't reduce by 1.5% then wouldn't that be fraud?

The 3rd of Novemeber cut was last month surely. They cant pre-empt the one that has just happened?!

scotcitz

Hi, the 3 November cut was in from the PREVIOUS reduction not the 1.5% reduction this week. Does anyone else think this product was somewhat missold in that I was under the impression it was a tracker? I have gotten out the fine print and it said it isn't but wasn't there something about 'usually' varying with the BOE rate?

karanda

The recorded message states that RBS are STILL reviewing the One Account interest rates. I suspect the delay is because their lawyers are frantically trying to find as much "wriggle room" as possible to avoid passing on the full 1.5%. Even though RBS have been reported by the FT and BBC as saying they will pass the full cut on.


RBS should hang their heads in shame at the way they have managed to decimate customer confidence. I really, really regret having recommended to account to family and friends now.