One Account rates cut

tajima1

chasancrai wrote: »

i.e. the first of the following month - not necessarily the same amount!

You make a valid point but I think you are missing the real bone of contention.They have made an announcement on their main RBS SVRs. Its time they pulled their fingers out and told their Oneaccount customers exactly what they intend to do and stop procrastinating! What is frustrating people most is the lack of information and not simply the amount of any potential rate cut. As I said before, Libor didn't seem to be an issue in the recent RBS cut announcement. After all, aren't they already sitting on a cut they failed to pass on at in the Spring?

kilnkreations

What is FD please?

tajima1

kilnkreations wrote: »

What is FD please?

It could be " First Direct".

rinkydinkpanther

Just contacted One by live link again. Poor souls working on there are obviously as frustrated as we are. I asked if there was indication of when a decision would be made and was told "hopefully later today."

Charliecherry

Me the same on the live link at 10am today,they keep trotting out the same
word perfect bum covering statement,i would like to know at what point the
bad publicity and customer dissatisfaction actually registers with them......or does it not matter....anyone know?

lrr_2

This is the conversation I just had with them via link

Christian: We are part of the Royal Bank of Scotland and are a member of the Royal Bank of Scotland Group
####: Hi there, can you tell me when customers will be notified by letter about the 1.5% rate cut?
Christian: The One Account variable rate remains under review. It is important to remember that while this product is not linked to the base rate, we are using the recent base rate decision to review our interest rates.
Christian: Once decisions have been confirmed, customers will be notified as soon as possible.
####: I was under the impression RBS have stated they will be passing on the cut?
####: So December 1st for the rate cut may not happen as RBS have stated?
Christian: The Royal Bank of Scotland have confirmed they will be reducing their standard variable rates. However, The One Account is calculated slightly differently. Rest assured, we are using the recent rate cut to review the rates we offer our customers.
####: Why is it calculated differently, it is still part of the RBS group? Please can you exlain that in more detail?
Christian: The One Account is a variable rate, with no tie to the base rate. I appreciate your frustration, but no further information is currently available.
####: When can we expect a decision then?
Christian: No timescales are currently available. Obviously, feel free to use this live chat service to confirm if there has been any movement on this.
Christian: Also, I will forward your comments of dissatisfaction.
####: I understand that it is not tied to the base rate however the libor rate has also went down which banks seemed to be linked to.
Christian: Again, we have no actual tie to the LIBOR rate. However, that is another factor in us reviewing our rates.
####: Please pass on my dissatisfaction and I know there are a lot of customers feel the same as me and hopefully this will be resolved as soon as possible.
Christian: I will do. Thank you for your time.
Christian: Again, feel free to use this service to confirm if decisions have been made.

Kinda contradicts itself - yes we are a member of the royal bank group, yes royal bank are cutting their rates - but ours is under review?????

rinkydinkpanther

It isn't really a contradiction. RBS have confirmed that they will cut rates for their SVR products - standard variable rates. Although the One account (and other RBS offset accounts) are variable rate mortgages, they are not standard variable rates.

However, I still feel that is appalling customer service.

karanda

STILL no decision on interest rates at time of writing. I have told them I will close my account (but can't do that until I get a decision from the Financial Ombudsman on my complaints about their mis-selling techniques).

The fact they are unable to "come clean" about interest rates some 17 days after the Bank of England cut has removed any confidence I had in RBS (and it was low to begin with).

This bank has been completely mis-managed from start to finish - I never thought I would use the words "dishonest" and "bank" in the same sentence. I can't see how they are going to recoup customer trust now.

Brice

Difficult to believe that it takes so much time to take a decision.
One explanation could be that they are trying to win time and they would mirror the cut only in January (instead of December). 1.5% interest rate for one month and all costumers should be a lot of money and a big Xmas present for RBS.

The people answering questions on the chat seem as desperate as the customers for a decision to be taken.

rinkydinkpanther

The last rate cut was announced by the BoE on November 6th. That's 12 days ago by my reckoning. Yes, the delay is appalling, but it won't help your complaint if you claim it is longer than it really is.