One Account rates cut

DickDastardly_2

harryskinters wrote: »

"RBS/NatWest, of which 58% is owned by the government, is cutting its SVR from 5.19 to 4.44%, a 0.75 percentage point fall, from 1 January.
However, One Account SVR customers with RBS will see a one percentage point fall after failing to have the November Bank rate cut passed on in full."

All of a sudden we the OA customers have the advantage! I really cannot understand what their strategy is. One thing for sure though, RBS can only dream of the resources for lobbying and campaigning that we can generate for free with forums like this. How much would it cost them to buy the services of so many passionate and motivated people.


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.

Forgive me as maths is not my strong point, but the 'extra' 0.25% they are passing on to us OA customers there then is the equivalent to the extra 0.25% increase they mugged us with in July. So we are still short the 0.5% from last weeks BoE cut then, yes? Seems good news but not as good as it should be to me........:rolleyes:

Lovetheoneaccount

malocao wrote: »

Welcome back -- whichever planet you're calling from.

I'm entirely pleased with the timing and content of today's decision. All I've said is that it might get out of date rather quickly, given that LIBOR hasn't caught up yet. In that event, we ought to press them for another prompt decision.

We'd all like to love the OA once again. But they need to prove themselves worthy.

Which is probably why they took their time last month!

If the pressure on this forum has caused them to act more quickly, it may have cost us the other 0.50%.

Let's hope for all our sakes that is not the case

harryskinters

DickDastardly wrote: »

Forgive me as maths is not my strong point, but the 'extra' 0.25% they are passing on to us OA customers there then is the equivalent to the extra 0.25% increase they mugged us with in July. So we are still short the 0.5% from last weeks BoE cut then, yes? Seems good news but not as good as it should be to me........:rolleyes:

Wellllllll. Its just that we have benefitted in this case from the full movement of 1% where RBS SVR rates have fallen behind by 0.25%. However, don't forget the SVR mortgages got the full 1.5% from last month. That still leaves us lagging SVR rate movement by 0.25% over the last two cuts. Didn't the RBS SVR also go up 0.25% in July as well as the OA? The simple fact is that the margin on the OA has increased by 1% overall this year.

I suppose, as someone said earlier, an increase of 0.5% is not surprising in the face of the current credit crisis but that would still leave us short 0.5%. Once (or if) Libor falls to its historical level just above BofE rate, there would be a strong case for a reversal of the whole 2008 margin increase. In the meantime, I would agree with you that a further 0.5% off is a legitimate goal based on current Libor rates.

Yorkshire_Bred

Great news, goes to show what I fine job everyone has done in applying pressure in the right places:T

It's amazing what a good Kick up the backside does!

Let's not forget though about the promise that was made when the account was sold and all the overpayment's we have unwittingly made over the years.

Onwards and upwards!

musicegbdf

Maybe a bit late now ,but my MP replied personally that he written to A.Darling enclosing my email asking for an answer.

Who know maybe it helped...

malocao

Lovetheoneaccount wrote: »

Originally Posted by malocao

I'm entirely pleased with the timing and content of today's decision. All I've said is that it might get out of date rather quickly, given that LIBOR hasn't caught up yet. In that event, we ought to press them for another prompt decision. We'd all like to love the OA once again. But they need to prove themselves worthy.

Which is probably why they took their time last month!

If the pressure on this forum has caused them to act more quickly, it may have cost us the other 0.50%.

Let's hope for all our sakes that is not the case

LTOA,

Now you reckon we're the bad guys; those nice OA people would have treated us right, if only we'd left them alone.

As I said before, which planet?

You suggest that OA delayed their decision in Nov for our own good. The facts disprove that. The rate they set from 1st Dec was only justifiable from LIBOR rates up to 12th Nov. At any later date, LIBOR was pointing to a 1.25% or 1.5% reduction, not 1.0%.

So, either they decided the new rate in mid Nov, and then lied to us ("rate is under review") for the next two weeks; or they decided it later, and deliberately gouged us. Which explanation do you choose?

Last month has proved that OA can't be trusted if left alone. We'd like to say it ain't so, but sadly it is. This time we've put pressure on them, and it has apparently worked.

The early decision in Dec hasn't tied OA's hands. We know (unless they were lying last month) that OA can decide a rate on one day and implement it the next day. In that case, they can keep the rate from 31st Dec under review, for at least the next couple of weeks. I'll be asking them now to confirm that they will do that.

Regards

Princess_Coupon

Pleased too my new rate will be 4.05%, but I still want the 0.5% they robbed us of last month I would even split the difference and settle for 0.25% in the New Year OA if you are reading, more likely they'll sneak it up by 0.25% though :rolleyes: cynical I know but they have broken all our trust.

musicegbdf

Princess_Coupon wrote: »

Pleased too my new rate will be 4.05%, but I still want the 0.5% they robbed us of last month I would even split the difference and settle for 0.25% in the New Year OA if you are reading, more likely they'll sneak it up by 0.25% though :rolleyes: cynical I know but they have broken all our trust.

Agree a battle won , but the war is not over. What we need now is absolute clarity from OA at how they set the interest rates. They have clearly broken the promise of the May 2001 letter. Maybe we need now to keep the pressure up to ensure it is now clearly stated in the Terms and Conditions. Otherwise we may find during2009 they will keep the .5% and carefully erode at 0.25% amounts in the hope we do not have such a strong pressure group, we have now. We need to strike while the iron is hot ... BTW Princess how do you get 4.05 ? The lowest band is 4.1. Have they done deals below the normal banding? If they have they have broken another promise that new customers will not be given better terms than existing loyal clienst (I've been with OA since 1999). If this is the case I will be taking this up with them as well....

I still feel they have acted in a completely disgraceful way and I for one will be closing both of my Tesco credit cards , will not use Direct line and will now boycott RBS products UNLESS they come out now hold their hands up and give us a clear statement for the future . If they don't I will no longer need my drawdown facilty as of May next year and I will move to one of the Banks like HSBC who have acted correctly.

yus786

Princess_Coupon wrote: »

Pleased too my new rate will be 4.05%, but I still want the 0.5% they robbed us of last month I would even split the difference and settle for 0.25% in the New Year OA if you are reading, more likely they'll sneak it up by 0.25% though :rolleyes: cynical I know but they have broken all our trust.

Yeah as musicegbd is saying - i too am on 4.1. How did you get 4.05?

Spud_2

yus786 wrote: »

Yeah as musicegbd is saying - i too am on 4.1. How did you get 4.05?

Yeah, I'd like to know that too as we're on 4.1% which I thought was the lowest rate going with OA?