One Account rates cut

Charliecherry

I have a theory on why they are still 'reviewing' the one account rate,and that is with another quick possible cut in the BOE rate highly likely,they are
going to hide any cut within the two,obviously not passing on the full benefit.
Just for the record i have held my one account for about 5 years and i was
convinced that it was indeed designed to track the base rate.......this it has done till this year (therefore re-enforcing that belief).......now as i have expressed to them on numerous occassions,they have lost my trust and confidence,i have cancelled and replaced other products i had with them as a consequence...i go on their live link every day for an update on any rate changes,and to be honest it is getting embarrasing for the operator on the other end......it is only a matter of time before i part company with them......

Mattfoo

Sorry, FD is First Direct

jackarmy

Great theory Charliecherry.

The fact is that the majority of One account holders are pretty savvy on things financial.

Before the credit crunch One account rates were 110 basis points above BOE rates.

Therefore anyone with basic maths will be able to work out the differential if they try and combine the rate cut.

RBS know the cailbre of its account holders and therefore would find it hard to mask any rate cuts.

My own view is that the bank is just plain greedy and will try anyway to squeeze margins.

My own personal view is that the One Account is no longer a viable entity and will be scaled down over the coming years. Therefore the more people who leave now the easier it becomes.

Sorry to be so gloomy on a wonderful sunny Friday

mr_jolly

jackarmy wrote: »

My own personal view is that the One Account is no longer a viable entity and will be scaled down over the coming years. Therefore the more people who leave now the easier it becomes.

Sorry to be so gloomy on a wonderful sunny Friday

I assume the accounts rely on LIBOR securitisation deals, hence the failure of RBS to follow the BOE rate over the last 12 months. As long as LIBOR remains stable over the next 12 months (and thereafter) I don't see why the One Account isn't a viable money making machine for RBS (even if they did cut rates in line with the BOE).

I'm hoping their reluctance to pass on the rate cut is just a delay and isn't going to become the status quo. IMO there's still going to be a market for this type of account and when LIBOR demonstrates long term stability the rate changes should be passed on with less hesitance.

I'm hopeful, even though it's cloudy here in Nottingham!

littlestuart

Being fair to the one account (ouch).
The 0.5% cut we just recieved from the oct review was not given till 3 nov, and i was not informed about the cut till 27 oct.
I think we should all hold out till atleast month end before jumping out of this sinking mortgage.
PS i dont work for them lol.

rinkydinkpanther

It's tru that with the previous 0.5 cut, they didn't write to customers until the end of October to tell them the rate would be applied from November 3rd. However, with the last rate cut announced on 8th Oct, they had a recorded message put up the next day to say the cut would be passed on. This time round, we're sat over a week after the announcement, still waiting to hear, evne though RBS are saying in the media that they've cut their variable rates. :mad:

littlestuart

Oh right didnt realise that... fingers crossed even a 1% CUT would be nice but in this so called CLIMATE 1.5% would be a lot better.

Charliecherry

Spoke to the one account this lunch time........still no news,and dare i say it
their customer facing team (ie the one's that cop all the aggro while the main
decision makers hide!)even sound as peeved as us as they have to keep fielding the same gripes............God forbid if they tried to sell us something!!!!

e1london

Online message from oneaccount - love the formatting of their message BTW :-(

Message
Date 14-Nov-2008
Sender ONEACCOUNT
Subject One Account
Message
Dear Mr XXX Thank you for contacting us through our website. We are currently reviewing the Bank of England rate reduction and we will be writing to all of our customers shortly to confirm the outcome of our review If you have any further queries regarding this, or any other matter, please feel free to contact us via the online service or call us on 08453 01 01 01. We are here Monday to Sunday, 8am to 11pm. Kind regards Mike McGough The One account

Charliecherry

So they have concluded an outcome then.....
So why dont they make the announcement publicly,then send the letters...
that way they stop the continued questions......talk about bad publicity...
that is all they have gained from this ....(oh and of course extra interest)
we wont forget though will we,after all they have already lost my 3 insurance
policys......................