One Account rates cut

Coveredinbees!!!!

I've had enough of this they sold the account as a tracker although it wasn't officially called one and now the going's got a little rough they are trying to stiff all there customers. I've been trying to send an instant message but mysteriously it keeps logging me out

RichieC_2

Coveredinbees!!!! wrote: »

I've had enough of this they sold the account as a tracker although it wasn't officially called one and now the going's got a little rough they are trying to stiff all there customers. I've been trying to send an instant message but mysteriously it keeps logging me out

Don't bother with the online system, telephone them direct. When I spoke to the customer advisor this morning she was silent a lot of the time as she had no answer for what I was saying. She just kept quoting what she had been told to say. If we all phone RBS as well as emails to MP's and the press, then the staff will soon get fed up with having to deal with these calls and maybe RBS will hear the message.

Plus, at least you can be sure your complaint has reached RBS.

By the way, the line was very busy this morning, so a lot of people are obviously complaining.

Lovetheoneaccount

princess coupon,

Take a look behind you, there is a conspiracy about to get you

Princess_Coupon

Lovetheoneaccount wrote: »

princess coupon,

Take a look behind you, there is a conspiracy about to get you

With you looking over my shoulder, yeah quite possibly.

russ295

just had a chat on the live link.
although a 1% reduction is great, i still feel RBS has shafted its customers buy not giving out the full 1.5% cut, i know this product isnt a "tracker" or a "SVR" but afaiak this interest rate cut by the government was to help out the general public, not to line the banks pockets.
i have only been with the one account for about 6 weeks and had hoped it would be my last residential motgage move, but i can envisage me going through the whole process again in the very near future

i would love the one account too but it seems it doesnt love me back;)

russ


info: Please wait for a representative to respond, it will only take a minute.
info: You are now chatting with 'Christian'
Christian: 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.
Christian: We are part of the Royal Bank of Scotland and are a member of the Royal Bank of Scotland Group
Christian: 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.
Christian: If you proceed, your terms and conditions will contain further details of how we and others use and share your information
Christian: Hello, how can I help?
xxxxxxxxxxx: hi i have noticed that the rate on my account has reduced by 1% of of today, why has it not been reduced by the full 1.5% as promised by RBS in the media?
Christian: Effective today, our rates have reduced by 1.00%. The One Account is a flexible variable rate with no tie to the base rate. However, we have used the recent rate cut to review the rates we offer our customers.
xxxxxxxxx: but the one account is part of rbs and there was a media promise by rbs to reduce in line with the latest cut
Christian: The Royal Bank of Scotland confirmed reductions of their standard variable rates. These are, ordinarily, the rates which customers go on to once their fixed or discounted deal period finishes.
Christian: The One Account is a flexible variable rate and has no ties to the Bank of England base rate.
xxxxxxxxxxxx: the one account isnt fixed or a discounted deal, its variable, it seems that rbs is lining its pockets with its new owners money. is there a route to making a formal complaint?
Christian: Correct, the one account is a variable rate. A formal complaint can be made by contacting us on 08456 000 000, alternatively I can take some information from you now to log it.
xxxxxxxxxx: yes please, on the rbs site the offset variable rate is 4.95%, yet the one account is higher, does rbs have diferent rates for every variable rate mortgages
Christian: The rates RBS offer as a whole may vary, in both rates and fees etc.
xxxxxxxxxx: on the
xxxxxxxxxxx: rbs site there is a link to "variable rate mortgages" then another to "what is a variable rate mortgage" it then give the following information"Choose a variable rate tracker mortgage, and your interest rate will be set just above the Bank of England Base Rate for the agreed period. If the Bank of England Base Rate rises, your monthly repayments will increase too - leaving you with less money each month. However, if the Bank of England Base Rate goes down, so will your monthly repayments. And that means you could enjoy having spare funds." its very misleading
Christian: A 'variable rate tracker mortgage' will follow, or track, the base rate subject to conditions. Hence the name 'tracker'. However, the One Account is not, nor should it be advertised as, a tracker mortgage.
xxxxxxxxxxx: ok, thanks for your help christian, i will use the telephone no given, thanks again
Christian: You're welcome. Thank you for your time.

Frugal_G

I fear any campaign will now be diluted after OA have applied this 1% cut.

I find the OA management behaviour rather odd because at the end of the day they have applied this cut at the same time as many of the other lenders who also only applied up to 1.5% cut from 1st Dec. Had the OA announced their decision much more promptly they would never have had all this negative airing of customers dissatisfaction in public, even with only a 1% cut.

I’ve just done the maths; taking into account our lower balances because we are offsetting our savings against our mortgages I think the OA is just about competitive again for some of it’s customers but the management do need a slap across the wrist for very poor customer service over the past 3 weeks.

I will be staying with the OA for the time being but only because I am less than 50% LTV. I predict another 0.5% cut in the B of E rate on Thursday, this will passed on by the OA on 1st of January 09 after another 3 weeks of silence from the OA management.

Please prove me wrong One account management!

At least we get an extra 3 months if we default on our OA mortgages. Oh, sorry we are only part of RBS when it suits them!

PS. I think the Nationwide Base rate mortgage is now only available to existing customers coming to the end of another deal.

malocao

I have filed a complaint today on three grounds:
* They have not delivered on RBS Group's 1.5% promise
* Interest rate margin over LIBOR is now much higher than it was - i.e. their price has been hiked unilaterally
* LIBOR has fallen almost 2% in last 4 weeks - so they have only passed on half of their lower cost of funds

I think our mailshot to the Chancellor is still justified - our objections are still valid, although in smaller amounts than yesterday.

And yes, Lovetheoneaccount, I will look for another lender ASAP. I know how to vote with my feet, but it takes time; meanwhile they are overcharging me by £200 a month.

malocao

I have filed a complaint today on three grounds:
* They haven't delivered on RBS Group's 1.5% promise
* Interest rate margin over LIBOR is now much higher than it was - i.e. their price has been hiked unilaterally
* LIBOR has fallen almost 2% in last 4 weeks - so they have only passed on half of their lower cost of funds

I think our mailshot to the Chancellor is still justified - all the grounds for objection are still valid, although in smaller amounts than yesterday.

And yes, Lovetheoneaccount, I will look for another lender ASAP. I know how to vote with my feet, but it takes time; meanwhile they are overcharging me by £200 a month.

RichieC_2

Hi Everyone.

The fact that a OA is a "flexible" variable rate mortgage doesn't give RBS a licence to ignore the Government. When the Government told the banks it expected them to pass on the rate cut to people with variable rate mortgages, it didn't stipulate they had to be "standard" variable rate. RBS are using the word "flexible" as an excuse to ignore what the Government are telling them to do.

Don't be put off, it only takes 10 mins to put an email complaint together and send it to the press (BBC Breakfast or GMTV are good ones) and copy it to your MP (there websites can be found easily). If we all shout, someone will have to listen.

Keep smiling!!!

RichieC_2

Hi again.

I thought you might all like to know that I have already had a reply from my MP about the complaint email I sent him this morning, reference the 1% rise. He said he is not surprised by RBS' action and will be taking the matter up.

Everyone else please do the same and write to your MP.

Keep Smiling!!!