One Account rates cut

Mr._Nice

Doh wrote: »

have they dropped their rates? 5.7% isn't that great IMO

Dropping to 4.69%.
http://www.firstdirect.com/base_rate_faqs.shtml?WT.ac=FSDT_HS_OM0422
And it's currently 5.5%, not 5.7%.

JGP

Right - that's it...
I have registered just to show my anger. Over 18,000 viewings on this thread cannot be wrong - so many people are clearly frustrated. Been with OA for years. High earning professional with pristine credit history (modesty aside...). Will move all over to First Direct asap - 4.69% from 5th Dec compared with the 6.3% I currently pay and see no signs of dropping. LIBOR down, Base rate down, The One Account customers down - but clearly RBS do not give a toss

DickDastardly_2

Just looked at 1st Direct and their version is now no longer available.....the remaining off-set accounts are at 5.8% and 5.9% for comparison. Still fractionally cheaper, but I suppose it depends on amounts involved.

http://www.firstdirect.com/mortgages/rates.shtml?WT.ac=OM0301

As someone said above, RBS customer services are slack compared with Virgin and the One Account and indeed RBS are screwing their customers royally, as are the rest of the banking industry BUT what are the alternates? I have been looking around and their doesn't seem to be any similar products at all, let alone within the same degree of flexibility.

The 'free market' choices only apply in boom times and never in bust when we all go back to doffing our caps and playing the poor folk again. The only ones who don't are the very rich.

May I quote Mark Twain? " A banker is one who lends you his umberella when it is sunny and takes it back the first sign of rain."

Never a truer word.

JGP

I see what you are saying BUT they have said they WILL decrease their rates on 5th Dec. Current Offset Variable Rate 5.5% and then down to 4.69% from 5th Dec. OA haven't said this, as Mr Nice quoted : http://www.firstdirect.com/base_rate...FSDT_HS_OM0422

This will save me many thousands a year (big mortgage!) so off I go

russ295

i read somewhere that there is 170000 OA holders, if the average outstanding balance is £100k (mine is a lot more) they have just raked in £17 million in the last month and £5.6 million last month by not passing the rate cut immediately.

DAYLIGHT ROBBERY

modern day !!!!!! turpins, apart from they are robbing from the poor to give to the rich!

very unhappy OA customer

russ

DickDastardly_2

JGP wrote: »

I see what you are saying BUT they have said they WILL decrease their rates on 5th Dec. Current Offset Variable Rate 5.5% and then down to 4.69% from 5th Dec. OA haven't said this, as Mr Nice quoted : http://www.firstdirect.com/base_rate...FSDT_HS_OM0422

This will save me many thousands a year (big mortgage!) so off I go

That's what I am saying the comparable FD mortgage is not available and the link in your post is a dead page. Too late now methinks!

inandoutagain

I have lodged an official complaint with One Account because they are refusing to pass on the 1.50% rate reduction let alone a previous 0.25% reduction. They have rejected my complaint. I have now lodged an appeal with the Finanncial Ombudsman, but have also written to the Prime Minister, the Bank of England Governor, the Chairman of RBS and the money pages of the newspapers etc to point out that this RBS company has reneged on its promise to pass on interest rate reductions. I urge all One Account customers to do the same. The money saved in mortgage payments is more likely to be recirculated in the economy than a small 2.5% VAT reduction! Their discrimination is especially offensive considering how much of our taxpayer's money has been given to save their incompetent and greedy skins! Don't sit back, raise the roof!

carrottopsuk

This is not to do with the one account but Natwest Offset mortgages but someone recommended that I post this on here too:

I was told this evening when I asked them when they would make a decision about the review of the interest rate cuts (natwest flexible/offset mortgage) that they would make a decision on Monday 1st whether to cut the rate or not. I wasn't instilled with confidence that they would cut it by 1.5% or at all. However, i will be contacting them on the 1st.

AnnoyedatOnaccount

Just joined this site to voice how annoyed I am as well at Oneaccount not passing the rate on. Have been phoning them every day since the Chancellor's anouncement... I'm lucky, my outstanding mortgage is small but it is the principle...Oneaccount holders are getting royally screwed! I've had a letter from Chris Pollard of Customer Relations at Oneaccount as a result of my complaints....load of tosh...pass on the cut..we are bailing you out big time. Message to RBS: I don't want to be paying for your executive bonuses or your Christmas parties twiceover!

inandoutagain

Old_Greg wrote: »

I've checked my ts&cs and I can't find this anywhere. Where does it say the rate is linked to RBS SVR? If this is true they are bang out of order and have to pass it on, but I was resigned to the rate not being linked to anything and RBS being free to do whatever they want.

I have read my mortgage deeds thoroughly - it does not say which rate it is linked to anywhere. However it does say that the mortgage is with the RBS. As they publicised that they were passing on the full 1.50 % rate reduction that is good enough for me. Complain to the Chairman of RBS, the Prime Minister and the newspapers! We must kick up a public fuss! There are thousands of OA customers, so we must stick together and protest loudly.
:mad: :mad: :mad: :mad: :mad: :mad: :mad: