One Account rates cut

Yorkshire_Bred

tajima1 wrote: »

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.

I think you could be right that it will be announced this week(or maybe next?) more so that the taxpayer could hold up to a 60% stake by the end of the week!

I wonder if we will be invited to the next shareholders meeting:D

wendytw

After numerous calls to the one account I finally managed to speak to one of the managers who claims to be involved in the rate review decision. He refused to discuss their internal policies with me when I asked whether they had meetings on a daily basis. He did however tell me that he was monitoring the forums and was aware of the cutomers disgust, got to be honest though he didn't seem too bothered!

veggieblob

I hope he is monitoring the number of people who've viewed the thread as well as the number who have posted.
I'm another one waiting to see what will happen. I feel so sorry for the guys on the phones who are having to take the flack for their bosses' inaction. They are always so helpful and must be hating this.

lrr_2

If Your Reading This One Account!

Get Your Finger Out And Give Us A Response At Least!

And Not Just "under Review" As Sick Of Hearing That Now!

bunking_off

Me too. Prior to this episode they've been an exemplar of good customer service for me...and at present, it's the lack of information that's really winding me up. I've not got long left / not much balance left on my account, so to be honest it'll be difficult for me to make it worthwhile to move as any up-front fees play a major part.

However, if I don't see word about a significant cut in the OA rate this week, rest assured I'll not be using RBS for any of my banking once I do go into net credit. They might not want our debt any more, but voting with our feet goes far wider than just a mortgage.

I'm not necessarily expecting/requiring a 1.5% cut...magburner is correct that LIBOR's more important than BoE even if (s)he is a patronising little **** (oh, for the record, I'm not an accountant but do have an MBA with a finance specialism, so don't need anyone telling me how markets work). However, if nothing at all comes through it would show such remarkable bad faith on the part of RBS that they'd get no more of my business.

If the "OA Manager" is reading, hope he'll take some notice.

vadonald

All this discussion on whether the One Account is a seperate company from the RBS, well on your statement at the bottom it states "The One Account is a secured personal bank account with The Royal Bank of Scotland plc", so I read this to say that the account IS with RBS, it does not say that the account is a subsidury of RBS.

For all those stating that they are leaving the One Account, don't forget all the other brands of RBS, including Nat West, Direct Line, Churchill, Privilege and Green Flag (Source wikipedia: 24/11/08)

Vince

Yorkshire_Bred

What confuses me is the relationship that still exists between Virgin and RBS? If you look at the Virgin Money site they openly promote The One Account and recently issued cheque books still have the Virgin One Logo on the front?

I sent an email to Virgin Money asking what their relationship was and this was their answer

Dear **********,

Thanks for contacting Virgin Money.

I can confirm that The One Account is now provided and administered by the
Royal Bank of Scotland, and is no longer part of the Virgin Group.

Kind regards,


Virgin Money

So why promote it and have your name on the cheque books?

inandoutagain

I have a variable rate mortgage with the One Account, and despite being owned by RBS they have confirmed that they are NOT going to pass on the 1,50 % rate reduction. As they also did not pass on a previous 0.25 % rate reduction I am now 1,75 % adrift which on £284K is an awful lot of money. Any ideas how we can shame them as we are supporting this shower with our tax payers money. Are there many of you out there in the same position who are as mad as me?

:mad: :mad: :mad:

tajima1

Where did you see confirmation that they will not be passing on the cut?

This is news to me. If true and we want to shame them, forget MPs, they are every bit as bad as the bankers themselves. With over 13000 viewings of this thread, I would suggest emailing the link to the financial editor of every major newspaper and TV channel. Accompany this with strongly worded comment on the duplicity of RBS and their utter contempt for UK taxpayers that are saving their bacon on the promise that they would help homeowners!

Once again though, what is your source for oneaccount not passing on a cut?

baptist1

Hi at 09:15 Tuesday the 25th I spoke to a one account adviser. Who told me that they had no information currently available as to whether the interest rate cut would be passed on.
I was also told by the bank Nat West that the one account had never failed to pass on an interest rate cut although they are not obliged to do so.

It seems to me that the OA is no longer competitive but they know we can not simply jump ship, as new mortages are difficult to get approved.

It does show though that the banks are only interested in raising capital and not in thier customers.