One Account rates cut

finster

magburner wrote: »

Good god, you people are absolutely paranoid!

LOL - yeah, you're probably right, but everybody likes a good conspiracy theory?

Yorkshire_Bred

I would urge anyone that is not happy that The One Account has still not yet passed on the latest interest rate cut to contact their MP at the following Link.

http://www.theyworkforyou.com/

All Banks that were helped out by the system were urged to pass on the interest rate cut to home owners and borrowers.

http://www.dailymail.co.uk/news/article-1087994/Labour-fires-nationalisation-warning-shot-force-banks-lend-firms-families.html

"There is growing anger among the taxpaying public at the way banks, in particular those that have received billions in bailout funds, have failed to pass on cash or interest relief to business customers and mortgage holders."

RBS should be named and shamed!

magburner

blah bllah blah

Move on and take your business elsewhere!

Yorkshire_Bred

erm....... not everyone is in a position to move elsewhere!

As a customer all I ask is to be treat fairly, something that the is alien to the RBS

magburner

Yorkshire_Bred wrote: »

erm....... not everyone is in a position to move elsewhere!

As a customer all I ask is to be treat fairly, something that the is alien to the RBS

Surely your link has given you the confidence to go elsewhere!

There is no point in just complaining if you are not prepared to vote with your business

It is not a tracker product - they could put up the rate tomorrow if they want!

lrr_2

Yorkshire_Bred wrote: »

erm....... not everyone is in a position to move elsewhere!

As a customer all I ask is to be treat fairly, something that the is alien to the RBS

I agree. I cannot move anywhere either.

I was working when I got the mortgage but not now (full-time student but I am still making my payments on time and paying the same amount)

Who would I be able to change to?

I either get shafted by the one account or have to sell, both I dont want!

All we are asking is for at least a letter explaining their status in regard to the recent rate cut and ours as customers. Cant believe not heard a thing from them in regard to all this, its had enough publicity and government pressure!

lrr_2

Rates and fees page has now changed back to the way it was before. Somethings up!
Also tried live link again - sent a question but link no longer stays open so you can get a reply.
Not a happy bunny!

magburner

lrr wrote: »

I agree. I cannot move anywhere either.

I was working when I got the mortgage but not now (full-time student but I am still making my payments on time and paying the same amount)

Who would I be able to change to?

I either get shafted by the one account or have to sell, both I dont want!

All we are asking is for at least a letter explaining their status in regard to the recent rate cut and ours as customers. Cant believe not heard a thing from them in regard to all this, its had enough publicity and government pressure!

So it's the one account's fault you can't move now!

scotcitz

I think this discussion has raised a lot of interesting points and counter-points. I take the point that the One Account is not a tracker, although to be fair it was certainly sold to me that it 'typically tracked the BOE and other standard rates' etc. See its Wikipedia site, for example. Of course, that is not what the contract says. Bascially, the contract says the One Account can charge anything it wants -- and it can cancel it altogether etc in some circumstances (such as death of account co-holder). It's a contract that gives very little guarantee to the consumer, which we all accepted in a boom market but looks a lot more worrying in a bust market.

HOWEVER, discussions about how it was interpreted/sold are not going to win any fights because unless we can find marketing material and/or evidence that it was missold that won't work. But what we can definitely say as a group is that Royal Bank of Scotland is using the different 'brand' of the One Account to claim it doesn't have to honour its public pledge to cut interest rates in exchange for a huge infusion of public funds. The One Account is owned by RBS. End of story. It is dishonourable at best and duplicitous at worst not to pass on the rate cut when their institution has received substantial public funding.

Personally I am trying to move to HSBC tracker .99 + BOE (although they approved it on the phone they never send the paperwork despite 3 request for them to do so ... so maybe all banks are 'at it'???) I agree with the posts that say 'vote with your feet' and I wouldn't feel any particular anger if RBS didn't lower their rates -- and the One Account is their financial product, no question -- if they hadn't claimed publically they would do so.

Anyone interested in starting a parliamentary petition? This is pretty easy to do online ...

lrr_2

magburner wrote: »

So it's the one account's fault you can't move now!

I do not want to move as enjoy the flexibility.

My annoyance is the lack of information from the One Account!

Also the fact if you do ask you do not get a straight answer!

Why cant they just be straight with us -

Yes the rate is going to be cut or No it will not.

Its not that hard and if they cant decide - toss a coin!

THE RBS GROUP WAS ONE OF THE BANKS BAILED OUT BY THE PUBLIC AND GOVERNMENT!

IF BANK ARE NOT GOING TO PASS ON THE CUT, THE NEXT ONE THAT NEEDS HELP WE SHOULD SAY NO!