One Account rates cut
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Does anyone else think this product was somewhat missold in that I was under the impression it was a tracker? I have gotten out the fine print and it said it isn't but wasn't there something about 'usually' varying with the BOE rate?
I agree - same here. Let's hope they do pass on the latest, even if it's not the full 1.5% since they added on 0.25% earlier in the year for no apparent reason :mad:0 -
Check out his link (still not changed)
https://service.oneaccount.com/DAPP/rates.do
Also if you click on "contact us" you can start a live link with them
http://www.oneaccount.com/onev3/contact/contact-landing.shtml
I thought it was worth a try so...
This is a transcript of your chat with our customer service advisor.
General Info
Chat start time Nov 10, 2008 11:52:29 AM EST Chat end time Nov 10, 2008 11:57:26 AM EST Duration (actual chatting time) 00:04:57 Operator Christian Chat Transcript
info: Please wait for a representative to respond, it will only take a minute.
info: You are now chatting with 'Paul'
Paul: Welcome to our live chat service.
Paul: Before we go on, I'd like to tell you that I can't give you any advice, but what I can do is give you information on some of the One Account mortgages and protection products provided by the Royal Bank of Scotland group. I will also confirm this in writing for you.
Paul: We are part of the Royal Bank of Scotland and are a member of the Royal Bank of Scotland Group
Paul: We will share your information within our Group of companies for business and operational purposes. We will also share your information with other organizations for credit risk and fraud prevention purposes.
Paul: If you proceed, your terms and conditions will contain further details of how we and others use and share your information
Paul: Hello. How may I assist you?
Patrick: hi - can you tell me if OneAccount plan to lower it's rates by 1.5% given the BoE's rate reduction?
info: Please wait while I transfer the chat to 'Christian'.
info: You are now chatting with 'Christian'
Patrick: hi - can you tell me if OneAccount plan to lower it's rates by 1.5% given the BoE's rate reduction?
Christian: The One Account variable rate remains under review. Further details will follow shortly. It is important to remember that while this product is not linked to the base rate, we are using the recent base rate decision to review our interest rates.
Patrick: do you offer any tracker mortgages then?
Christian: The only mortgage product we currently offer is The One Account.
Patrick: ok - thanks - I'll look elsewhere then. Any bank that's not going to pass on the rate reduction, especially when they are part of RBS - is not a bank for me.
Christian: You're welcome. Thank you for your time.0 -
But how much are they going to care if people take their business elsewhere? Didn't someone say they have withdrawn the product from new sales? (Or have I got the wrong end of the stick yet again?)0
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I phoned One Account following the 1.5 rate reduction today and they told me Head Office are reviewing the rate tonight.0
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But how much are they going to care if people take their business elsewhere? Didn't someone say they have withdrawn the product from new sales? (Or have I got the wrong end of the stick yet again?)
When I took it out there were two one accounts. There was one which could not easily be used as a single account, and the present one which is completely flexible. The other one I think was a tracker and it had I recall a lower interest rate. I was on that one but move to the present one as I wanted to increase the facility without experiencing any costs of bank transfers and so on. I phoned them the other day and they had some time ago withdrawn that original product. So maybe that is what you are thinking about. I can go back to the original paperwork to check whether that other one account was a tracker or not. In such a case I would also feel that they missold me the product you know. Now they are using the argument "you cannot compare this to a normal mortgage or savings account". They are doing this basically to steal from us. Most of us there have large debts much higher than any savings and so basically they are opportunistically stealing from us and use this as an argument not to reduce the rate. Every day that passes is more money for them. I am going to try to get out of it and remortgage. I do not really think RBS cares if people have mortgages with them or not. They are so over exposed that they would welcome us leaving them particularly because when repossessions come they wont be able to obtain the original amount as many have exploited the facility to buy homes abroad in bulgaria in Spain and the property market there has collapsed or will collapse further and very dramatically. I think that this is why they will resist dropping the interest rate.0 -
This has been discussed on numerous occasions.
The fact is that RBS WANTS to get rid of a certain number of borrowers because they know that for everyone that leaves another will be waiting in the wings to join.
Given the excellent value that the One Account is compared to current mortgages coupled with the flexibility means that the bank can and has manipulated the interest rates to suit.
The Die-Hards who thought that the account would always track at 110 basis points above Bank of England rates, I'm sorry to say will or probably have left, and will be replaced by a new breed of borrowers who are more than happy to pay the additional premium.
The big question is will the differential increase even futher?0 -
When I took it out there were two one accounts. There was one which could not easily be used as a single account, and the present one which is completely flexible. The other one I think was a tracker and it had I recall a lower interest rate. I was on that one but move to the present one as I wanted to increase the facility without experiencing any costs of bank transfers and so on. I phoned them the other day and they had some time ago withdrawn that original product. So maybe that is what you are thinking about. I can go back to the original paperwork to check whether that other one account was a tracker or not. In such a case I would also feel that they missold me the product you know. Now they are using the argument "you cannot compare this to a normal mortgage or savings account". They are doing this basically to steal from us. Most of us there have large debts much higher than any savings and so basically they are opportunistically stealing from us and use this as an argument not to reduce the rate. Every day that passes is more money for them. I am going to try to get out of it and remortgage. I do not really think RBS cares if people have mortgages with them or not. They are so over exposed that they would welcome us leaving them particularly because when repossessions come they wont be able to obtain the original amount as many have exploited the facility to buy homes abroad in bulgaria in Spain and the property market there has collapsed or will collapse further and very dramatically. I think that this is why they will resist dropping the interest rate.
At the moment I have a complaint against The One Account lodged with the Financial Ombudsman - I don't expect to hear from them any time soon, but at least they are looking into the appalling mis-selling of this account. To me, and many many others, it was a very simple concept - Bank rates go up = One Account interest rates go up. Bank rates go down = One Account interest rates go down. RBS really can't have their cake and eat it, especially as there is overwhelming evidence (press advertising, letters from the One Account etc) to prove their mis-selling tactics. All this evidence is now with the F. Ombudsman.
and STILL, today at 10.00am, there is a recorded message on the One Account number saying they continue to review interest rates. What a farce.0 -
Does anyone else think this product was somewhat missold in that I was under the impression it was a tracker?0
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This post is just why I bailed out of the One Account last month.
Dont complain, just get out and go somewhere else that will save you hundreds a month. I went with FD on their tracker mortgage at +0.49% on BOE and it really does track the BOE rate immediately the change happens.
I found that after 7 years with the one account I lost faith. They were swift enough to pass on the rate increases and dragged their heels with the decreases. They even put their rates up when the BOE went down.:mad:
You cannot top the Customer service and Good old British call centre of FD, these are just added bonuses to extra dosh I will have for Chrimbo.:j0 -
I am also considering leaving the one account if they do not mirror the rate cut.
What are the fees to change tracker mortgage?
Do you have to use a solicitor?0
This discussion has been closed.
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