One Account rates cut

itsjustjoe2

I just called the One Account to get a refund.

When the rate went down effective Monday, they still took the regular payment from my account. So I've got £233 on its way back to me.

When they then ask "is there anything else I can help you with" I asked for the name of their Chief Executive and was told Stephen Hester who is in fact the CEO for the RBS Group...

I pointed this out and was told that RBS and the One Account were the same company. When I informed the lady that RBS released a statement saying that all RBS and Natwest customers would benefit from a full 1.5% reduction to their SVR mortgages I was told that I was on a Flexible Standard Rate.

I cannot find any evidence of this in my keyfacts document that I received at the time of taking up the mortgage.

We are being well and truly conned.

This is increasingly becoming a political issue. The economy is at risk of a major depression, the rate cuts are intended to get people spending again.

If these rate cuts are not passed on and the profit margins held by the banks how does that help the economy?

RBS is now government controlled.

We can go after this from two angles

1) write to the Chancellor, inform him that his latest investment (ie RBS) are not playing ball and ask him to get them into line

2) write to all the Conservative and Liberal MPs. Get this issue raised as a parliamentary question. Along the lines of “The government now has a 58% controlling stake in RBS. The Prime Minister has asked for all banks to pass the 1.5% and latest 1% rate cut on in full. Despite assurances from RBS, they have failed to pass on the rate cut to 170,000 One Account customers. How has your government failed so poorly to exert significant pressure on the failed bank to help stimulate the economy by passing this rate cut onto these 170,000 customers? If each customer benefited by £100 per month, the impact of this measure alone would bring £204milion extra spending power to these 170,000 customers.

Librettist

I wrote to my MP and The One Account pointing out what has been discussed on this thread. Heard nothing back from my MP (no surprise there) and got this back from the One Account, who have apologised. So that's all alright now then.


"Dear Mr ****** Thank you for contacting us through our website. Your One Account mortgage is not a base rate tracker and we are confident that it has never been marketed as such. We are also aware that some years ago certain price promises were made to our customers around changes to the One account rates following any change to interest rates set by the Bank of England. These promises did not reflect the mortgage terms and conditions, but were a genuine statement of our intentions at that time, and we can only apologise if, as a result of these communications, you were ever led to believe that the rate would always track Bank of England Base Rate. 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."

Insider_knowledge

I just sent this text to all the media outlets on the correspondence list generously provided by another poster, it is probably a bit incoherent as I am a bit angry, anyway,

RBSG Profiteering from Brown's "Hard working families"
Good afternoon
I would like to call your attention to the scandalous behaviour of the government controlled bank RBSG and in particular its "One Account". This account has so far this year failed to pass on several rate cuts, these include:
0.25% cut not passed on in April.
0.25% increase, by One Account out of the blue in July.
0.5% not passed on after the BofE Nov 1.5% cut.
1.0% December cut "Under review"

As a UK taxpayer and therefore like all UK taxpayers a majority shareholder in RBSG, I question why we are allowing this behaviour from a bank we effectively own. It is the job of the government to INSIST that rate cuts are passed on in full and promptly to ALL UK mortgage holders, but particularly those holding mortgages in a nationalised bank such as the failed RBS group.
Gordon Brown and Alistair Darling are effectively the CEO and managing director of these banks, they have to be as they gave OUR tax to them, the government are fully responsible for the actions of our new acquisitions. The government will be held to account for the behaviour of these national banks.

Failure of our government in this is increasing the frustration amongst voters, as they lose jobs and income and watch their hard earned savings evaporate in mortgage interest. This is not "Financial stimulus", except for the banks themselves who are profiteering from the harsh drop in the LIBOR and BOE base rate.
As some of these institutions are government owned, then it is the government who are profiteering from the misery of hard working families.
The opposition parties are sitting on their hands, or using the opportunity for cheap but ultimately un-constructive shots at their rivals.
In a climate where "Zero Interest rates" and "Quantitative easing" are openly discussed in the media, surely the people deserve some respect for their generosity in buying these failed companies, and due deference from the heads of these catastrophic failures with regard to how they charge us for what is effectively our tax. Instead The RBS One Account" is taxing us on our taxes.
This issue need to be raised in the media, the house of commons and all other political forums.

RBS are lying about passing on cuts, lying to the taxpayers, to the government and using our children's future to profiteer from their parents.

Concerned Taxpayer
UK PLC

malocao

Brice wrote: »

I plot two graphs:
* One showing the evolution of Oneaccount, Bank of England and LIBOR rate since June 2006:
http://www.photomania.com/photoview3.asp?login=x_x05122008_4HISR&photo=rad0A37E.gif&album=1
* The other one shows the difference between OneAccount rate and LIBOR and BOE rates: http://www.photomania.com/photoview3.asp?login=x_x05122008_SNU27&photo=radAFA1A.gif&album=1

For the OA and BOE rates I used the information from a message posted by Amanda in the facebook page. The LIBOR rate data come from this website: http://www.moneycafe.com/library/libor.htm
Note that I havn't double checked the information from the mentioned sources.

You are all welcome to use these graphs or publish them elsewhere, but please mentioned the sources of the information.

Brice,

The LIBOR that you've used is for 12-month contracts in US Dollars (it does say this on the moneycafe.com page). So I'm afraid it is wrong for our purposes.

The LIBOR that we need to reference is 3-month Pound Sterling. Historic data are available in a number of places:
* the official source is BBA http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=141&a=627 which has everything up to 1 week ago
* today's Reuters bulletin http://www.reuters.com/article/usDollarRpt/idUSL53547820081205

I have done this comparison myself and found that:
* Until Nov 2008 OA's rate was 0.25%-0.75% above LIBOR
* On 28th Nov (just before OA's rate cut) 2.1% above LIBOR
* Today 5th Dec (after OA's 1% cut) 1.7% above LIBOR

So there is clearly another 1% cut, or more, that we ought to be getting.

Regards

silverfox92

Everyone can find thier MP contact details easily here:
http://www.parliament.uk/directories/hciolists/hmg.cfm

Please everyone make an effort and email/post them a letter along the above lines; we have to engage otherwise we will certainly be overridden in a roughshod manner. Lets watch the financiers like a hawk.

mrbigd

Northern_Troll wrote: »

Nothing sinister here - I believe a number of us emailed the BBC yesterday as they only listed the RBS as giving the full 1.5% back to customers in November. I suppose that with a ground swell of protests they decided to increase the list.

Further to my email I have just received a reply from a broadcast journalist with the BBC asking for my telephone number - looks like we will need to keep the pressure going to nail our Lords at the RBS Manor !!

He can have my number I'm bloody fuming at RBS! The instant they increase they up it but as always in this rip off country they never pass it on the other way.

Insider_knowledge

http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.decampaign.org%2F&h=c9af573597ef3bd28068d80ce783741d

Insider_knowledge

http://www.writetothem.com/

Easy access to your MP, MEP etc

grumpylisa

Hi, am in excactly the same situation as all you guys and after telling the one account I was going to walk, I recieved a phone call from a one account person asking me if I would like to transfer (No fee's, no valuation even!) to a fixed rate RBS mortgage at 4.39%. Only, he pointed out, being offered to one account customers. Whats all that about? Is the whole point in this that people leave in droves? Is a one account product not profitable (enough!)in this present climate? Would anyone else also email skynews? I'm going to when children asleep....

lrr_2

Has anyone actually received a letter yet about the 1% rate cut as I haven't?