One Account rates cut

Nail_Lad

Mudbath wrote: »

A&L 3.99% 5 year fixed no fees. I know rates may go lower but i'm happy with this payment for five years.

Seems like a good deal, especially for 5 years!

musicegbdf

Mudbath wrote: »

A&L 3.99% 5 year fixed no fees. I know rates may go lower but i'm happy with this payment for five years.

Have to say am tempted by this too. I only have a LTV of 40%, and only looking for 10 years..
If I go now not sure if it will predudice my claim with FO , though would not stay just for that.

kippygirl

Does anyone please have a name/address for lodging a formal complaint with VO? I emailed through the website on 5th March and not even had an acknowledgment. As I understand it, the FO will insist that you have made a formal complaint to the bank concerned before they will investigate any complaint.

sparkey1

Kippygirl, just resubmit via the website, whilst asking them why they didn't bother to reply. My guess is that they are snowed under with soaring complaints, and no increase in staff to cover them.

sparkey1

Is it something that I said? This forum has just stopped dead. Has everyone suddenly forgotten about the all the interest rate cuts kept by RBS, just because they passed on some of the last cut.

Doh

i've not forgotten

i think basically were waiting for the FO to get their finger out

Saran_2

It does come down to the Ombudsman now.

Spoke to them today to get an update. They are treating each case separately. They have received a response from RBS to their request regarding my complaint. Adjudicator to be assigned soon! These things do take a long time to wash through.

Meanwhile we all know what they have done, and I am sure that, like me, you are all avoiding RBS group products and advising others to do so.

Had an email questionaire from Direct Line asking why I had left - had fun filling that in!

Once the dust settles - adios One Account.

karanda

I'm still here too. For me it is a waiting game now - an Adjudicator at the FO was allocated to my case some months ago. I keep sending them through all the missives from The One Account regarding interest rates, and I get prompt acknowledgements, but from past experience I know it is a long slow haul to get a final response.

My understanding is that the FO has to put its findings to the One Account, give them time to reply (!), and then make a final decision, which will then be sent to me.

And even if they are looking at each case on its own merits, each individual decision will have some impact on One Account customers as a whole. Which is why I think it is taking such a long, long time.

I will certainly post the outcome of my complaint as soon as I have it - never fear!

wirralite

Can someone outline (briefly) what the complaint is with the one account? I have read some of the posts, but there is a lot of redundant comments to sift through.

I am looking for a new mortgage product and am comparing the one account to the cheapest Tracker I can find.

The One Account interest rate is 3.75% as of 01/04/09.
The cheapest alternative I can find is the Co-Op Tracker at 2.99%.

I am (guessing) that the .76% interest rate premium would be taken care of by putting my savings and salary into the One Account, as well as having the convenience of getting access to money should I want a new car (for example)

Are people saying that the OA is not all it seems?

Spud_2

wirralite wrote: »

Can someone outline (briefly) what the complaint is with the one account? I have read some of the posts, but there is a lot of redundant comments to sift through.

I am looking for a new mortgage product and am comparing the one account to the cheapest Tracker I can find.

The One Account interest rate is 3.75% as of 01/04/09.
The cheapest alternative I can find is the Co-Op Tracker at 2.99%.

I am (guessing) that the .76% interest rate premium would be taken care of by putting my savings and salary into the One Account, as well as having the convenience of getting access to money should I want a new car (for example)

Are people saying that the OA is not all it seems?

Personally, and I can only speak about the effect the OA has made to our lives, I think it's a brilliant product - we have slashed 13 years off our mortgage which we never thought was possible. If you are disciplined, have savings and spare cash left over every month I think it's hard to beat for its versatility and flexibility. I have also never had any customer service problems. That said - I am a newish member (2005) so didn't have the account in the Virgin days and the account and service may well have been many times better back then - I can't comment. Of course there has been a lot of anger about not passing on the interest rate, but RBS are clearly not alone with this and I'm sure forums all over the web have adverse customer comments about all the banks. I think most people's beef is that they have letters from yonks back saying the One Account interest rates will be adjusted in line with any BoE changes, but that hasn't been happening more recently. Their T&C now only states it is a variable rate and there is not a tracker element to the product. We are paying the lowest tier of 3.65% which can't be bad for having such a flexible product. So I'm a happy customer but I do appear to be in the minority!