One Account rates cut

lrr_2

As a customer (and so-called whinger) I feel I am entitled to some answers from the One account.

Ok we may not be clued-up on financial services but then thats because we are not getting any answers officially from the One Account.

Are they hoping everyone will just get fed-up "whinging" and just go away?

Greenbynature

magburner wrote: »

Nope - I am an accountant

Just understand financial services unlike some of you on here

Had hoped that I was helping but you guys seem detemined to whinge!

Snotty know it all attitudes like yours do not help!!! I don't know about anyone else but for me personally a cut in interest would help me a lot, that doesn't make me a whinger and more importantly a bank should treat its customers with a bit more respect than RBS are showing us at the moment!

Digsy00

Well I've just swapped to Nationwide as mentioned earlier. Have told OA that I'm off and am disappointed but don't expect them to try and keep me. They've had 2 weeks to decide...
Nationwide is a flexible mortgage currently at 1.69 above BOE and guaranteed to stay within 2% of BOE base, so as good a tracker as is going for no fee (bar HSBC/FD who have a lower income multiplier so can't use them).
Am i annoyed with RBS, yes. Have i hurt them by moving, not sure, do I care, no.
have i done the best for my situation, yes.

Spud_2

We'll be staying put purely because we only have 2 years to go, but having been told by them they are reviewing the rates, the frustration for most of us is the time they are taking. As yes, magburner, there is no need to be quite so patronising in your tone. I perfectly understand how the one account works, hence knocking 13 years off the mortgage.

tajima1

So Magburner is an accountant! I had him pegged as a total Banker.

sparky99_2

magburner wrote: »

Nope - I am an accountant

Just understand financial services unlike some of you on here

Had hoped that I was helping but you guys seem detemined to whinge!

Typical condescending attitude of smart alec financiers who swan around in smart suits and flash cars making out that they are cleverer than the rest of us menials.Well you lot have cocked up this time on a monumental scale, RBS has been bailed out to the tune of £20 billion (which we will pay for eventually) and then have the audacity to not pass on the base rates of which their owners set so we will pay twice. Richard Branson set this up as an upfront and honest account which read to me would closely follow the base rate and for 9 years for me it has, its no good for them to scurry off and hide behind the small print like 2nd hand car dealers. What happened to the Richard Branson Ethos we all bought into?

jackarmy

I am also an accountant, but a humble one at that, and have nothing to do with the Financial Services industry.
I am also a OA customer from the Virgin days, at a time when things were explained very clearly.

Doesn't seem that way now.

musicegbdf

OK I am a Newbie , and have been sitting for a few weeks to see what would happen . I have phoned a few times and got no-where. Whilst this is not a tracker I have found in my documentation a statement from Richard Branson in a booklet called "The Essential Guide" that the aim is that the interest rate would always be below the Halifax Standard Variable rate . I have checked Halifax and this is now 5% , so the 6.2% I am paying is not below. Now whilst this is not in the small print of the contract , it is in the "Large Print" of the marketing blurb. Is this mis-selling ...

How do we fight this , surely the government has made enough noise about pressuring the banks. I have always liked the flexibility of the OA , but not prepared to pay hundreds of pounds per month for it. On the other hand I can't afford to pay out over £1000 changing to another provider if OA are going to act ..albeit late..a real catch 22 and I do not know which way to go.
A friend at work has just taken out a tracker with HSBC at 0,99% above BOE base ! There must be a way of bringing RBS to task over this. I think I will write to them and when I get a duff reply I will report them to the FSA for mis selling.

yus786

I've started a new thread http://forums.moneysavingexpert.com/showthread.html?p=16108861&posted=1#post16108861

If people are thinking of leaving the One Account - maybe share the info they have regarding their new providers.

tajima1

I believe the drop in the main RBS SVR is effective 3rd Dec. I suppose that means this coming week is the best shot we get of any cut announcement and the 3rd is D-day. I am trying to sell my property at the moment but with such a challenging market, I will have to look at a remortgage if no cut is forthcoming, rather than live with an uncompetitive product. Frankly, the flexibility of the account is overrated if it fails to be competitively priced. I strongly suspect RBS would like the oneaccount wound down and if this is the case, I doubt they give two hoots about our complaints, or about customers leaving them. In fact it would probably be seen as a positive by a bank trying trying to reduce its exposure. It all makes short term sense for RBS but I hope they pay a very heavy long term price for their weasel words. I have read that the oneaccount was a product that benefitted from its customers promoting it to their friends. I am really thankful that I never did this. I would be feeling pretty sick right now if I had roped anyone else in.