One Account rates cut

lrr_2

Saran wrote: »

Recorded message says full 1% from Dec 31st.

Superb!!!!

Sorry to doubt you but called just to make sure I read it properly

Happy days

:j :j :j :j :j :j :j :j

Brice

malocao wrote: »

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


Regards

Thanks malocao for pointing out my mistake.
I did it again with the 3-month Pound Sterling LIBOR rate from BBA source.

Here are the two updated plots:
* The rates: http://www.postimage.org/image.php?v=gx1bOyx0

*The margin: http://www.postimage.org/image.php?v=Pq2Efe9r

itsjustjoe2

Doh wrote: »

My theory on this is that RBS are worried about us all pulling our overpayments out. Some people may remember that earlier in the year OA was phoning round trying to talk people into lowering their facilities. Is it that if we all go nuts and pull 10's of thousands out to buy porsches they will then have ot borrow this money from somewhere to cover the costs?

Maybe thats an idea, as a protest we should all pull out a few thousand quid on the same day, dump it in a savings account for a week then transfer it back(or not)... if 170,000 people withdraw £10,000 thats an awful lot of cash RBS need to find/borrow from other banks:mad:

This is the best idea I have heard to hurt the bank financially. I think everyone should withdraw the maximum amount they can and put in a non RBS group account. Ie Barclays, Lloyds, HBOS, Nationwide, ING...

If everyone did this and explained why at the time of their call this would highlight the problem pretty fast and they would play ball.

All this letter writing may help, but lets hurt them finacially in the same way they are hurting us EACH AND EVERY MONTH

itsjustjoe2

170,000 customers x £10,000 = £1.7 billion.

That will definately do the trick.

russ295

just phoned and its definate, 1% 31st dec.

well done rbs. it would have been nice for an immediate cut but i suppose its better than last month!

now what about the other 0.5%

how come it took them a month to make a decision last time and a day this time

russ

Saran_2

Seems like Alistair and Gordon do have some influence after all.

Good news in the short term, but still left with the feeling that I cannot trust OA/RBS.

The fact remains that OA have increased their margin on this product by 1% over the long term average and this means that it is not behaving as they have led us to believe (FSA Treating Customers Fairly). Will continue with my complaint through to the OA final letter, then on to the FSA.

I anticipate that once the storm passes RBS will lose ALOT of business. Customers have long memories and won't forgive them for exploiting us now when we are stuck due to the market.

Lovetheoneaccount

Well done One Account!

oldjabez

Just phoned NatWest Offset, still playing the under review message.

:mad:

Brice

itsjustjoe2 wrote: »

170,000 customers x £10,000 = £1.7 billion.

That will definately do the trick.

Not sure, if they can borrow 1.7billion at the LIBOR rate (~3.5%) and charge us ~5% for one month. That's 2.125 million in their pockets.
I am not an economist but it does not sound like a good idea.

Dualcyclone

Saran wrote: »

The fact remains that OA have increased their margin on this product by 1% over the long term average and this means that it is not behaving as they have led us to believe (FSA Treating Customers Fairly). Will continue with my complaint through to the OA final letter, then on to the FSA.

I anticipate that once the storm passes RBS will lose ALOT of business. Customers have long memories and won't forgive them for exploiting us now when we are stuck due to the market.

I agree; although everyone is happy that One Account (RBS) are passing this cut onto us, they are still using their customers as pawns to profiteering through giving us just enough to stop complaining. But, as per my last post, even if they pass this full amount onto everyone under the RBS name, we are still paying more than the RBS customers themselves; extraordinarily unfair.