One Account rates cut

apap

Great News,

Welldone One Account

Welldone to people who contributed to that decision

Fedupofthebankers2008

After last months debarcle double checked too.

I have the 'Flexible' One Account (with separate current account):-

Current Rate..........5.05%
From 31st Dec'08....4.05%

The chap I spoke to sounded so relieved....they've clearly been getting a rough time from disgruntled customers over last month or so.

Well done OA...Please make sure you pass the next rate drop on with equal speed

Poj

Yeah, very good news. Will help my bank balance no end.

And I'm sure the swiftness of this announcement is down to the intense lobbying carried out from this forum.

I still want that 0.5% though

bricksh

RBS offset rate down 0.75% from 31Dec. :mad: :mad:

Another 0.25% gone!!

I had thought One Account and RBS Offset would at least have the same rate cut passed on.

oldjabez

Not all good news, Natwest Offset only reduced by .75% to 4.2% Not very happy, the struggle continues.........

taurusgb

Can I just ask the holders of Natwest offset and RBS offset who haven't had the full 1% passed on if they had a larger reduction than the One Account holders last month? Not trying to say that it is right if RBS have made a differentiation this time round - just trying to work out if RBS are going to say they "owed" OA holders a greater reduction this time round?....perhaps RBS are trying to muddy the waters some more............

harryskinters

Poj wrote: »

Yeah, very good news. Will help my bank balance no end.

And I'm sure the swiftness of this announcement is down to the intense lobbying carried out from this forum.

I still want that 0.5% though

Excellent result but lest we forget:

0.25% cut not passed on in April.
0.25% increase, out of the blue in July.
0.5% not passed on after the BofE Nov 1.5% cut.

Still a full 1% increase in the OA margin this year to fight for. I wonder if Dec's full 1%, cut would have materialized so fast without customer power putting them under the cosh. Hopefully this is the start of a return to OA core values. Don't let your guard down though!! There are doubtless more cuts in the base rate in the pipeline and the inevitable specter of potential further battles.

Fairs fair though, good job on passing this cut announcement without another enfuriating delay.
:T

Poj

Fair point. When Libor has come down to something more like what it used to be, ie just above base rate, then I will expect the full 1% back.

For now, I'll give them the benefit of the doubt & just insist on last month's 0.5% !

Northern_Troll

Poj wrote: »

Yeah, very good news. Will help my bank balance no end.

And I'm sure the swiftness of this announcement is down to the intense lobbying carried out from this forum.

I still want that 0.5% though

Let's check the maths so far:

0.25% reduction in April not passed on
0.25% increase in July by RBS OA
0.50% reduction in November not passed on.

My maths says that I am still a whole 1.0% worse off, in comparison to the BoE Base Rate with this product than I was prior to April.

Now assuming I accept that the April and July decisions were the immediate actions of a completely failed board of directors (who have a duty of care and fiduciary duty to the company), I still cannot see any justification for the 0.5% not passed on in November - this is an element that the BoE put into the money markets to spur the economy, not solve bad decisions of the board of RBS (that was left to the £20B taxpayer bail out).

I feel that the pressure brought to bear by particpants of this group, including political lobbying and correcting the RBS falsifications to the press and the BBC over the last couple of days had a great deal to do with this result. But we must not stop until we have at least got the outstanding 0.5% and assurances that further reductions will be passed on quickly.

So I, for one, say I am prepared to forget the 0.5% pre November, but not the 0.5% post November and the future. The fight goes on, and you will not find me offering thanks and congratulations to a failed board of directors and strategist of RBS who caused the problem, and have treated its OA customers with utter contempt since.:mad:

harryskinters

Poj wrote: »

Fair point. When Libor has come down to something more like what it used to be, ie just above base rate, then I will expect the full 1% back.

For now, I'll give them the benefit of the doubt & just insist on last month's 0.5% !

I entirely agree!