One Account rates cut

leoleo73

It is clear to me that RBS only passed on December's 1% cut in full because of pressure from us.

I believe it was the media attention that ultimately had the most impact, particularly:
* BBC including One Account on their rates table
* Facebook group and Guardian story
* 5 Live story

Thank you to everybody who got involved.

For my part, I am now happy with a rate of 4.2% - this is only 0.2% above the lowest fully flexible mortgage rates from Nationwide and Lloyds (neither available to new customers) which is a fair price for instant access. I am fortunate to have the luxury of a mortgage offer from Nationwide at base + 2% valid for 3 months which I will be holding on to.

However, I think we still need to be on our guard and be ready apply pressure again. If it looks like there will be another cut in January, we should start apply pressure in the days leading up to the BoE announcement and not let them dither for weeks afterwards. RBS cannot be trusted to do the right thing on their own.

leoleo73

Spud wrote: »

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

From what I've read it seems that there is another product out there with separate Mortgage and Current accounts but still fully flexible. For some reason this is also called a "One Account", although a better name would surely be a "Two Account".

The rates on the Two Account seem to be 0.05% lower than the One Account. Presumably this reflects the disadvantage that when your salary comes in it does not reduce the amount of interest you are paying unless/until you transfer it to the mortgage part. I'm guessing here, but the Two Account could have been designed to avoid the issues with a house in one name and a current account in joint names.

Princess_Coupon

yus786 wrote: »

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

I have a Oneacc Flexible mortgage this is a mortgage exactly like everyone else but no bank acc

yus786

Princess_Coupon wrote: »

I have a Oneacc Flexible mortgage this is a mortgage exactly like everyone else but no bank acc

Oh i see

thanks

wymondham

I'm not happy at all with these rate cuts as my rate is now only 0.2% for credit balances ... I think i should complain, what do you all think?? :rolleyes:

Vancat

wymondham wrote: »

I'm not happy at all with these rate cuts as my rate is now only 0.2% for credit balances ... I think i should complain, what do you all think?? :rolleyes:

I can remember how we were all pleased for you when you arrived at the end of your Mortgage Free Journey!!!:beer: Bearing this in mind, I'm sure your comment was tongue in cheek!
This was because of how the OneAccount worked, and was one of the reasons that we were all sticking by the slightly over the odds rates, for the pure flexibilty. Pity that the trust and confidence has been dented somewhat in the last few weeks, but good to see that peoplepower may have worked!:T

Suggest you stick your savings somewhere like I did; Egg, fixed at 6.3% for 12 months, but instant access. (Not sure if it's still available now, but only opened it during the Kapthing fiasco as somewhere to stick the money in when it eventually arrived from cyberspace!)
VC

wymondham

Vancat wrote: »

I can remember how we were all pleased for you when you arrived at the end of your Mortgage Free Journey!!!:beer: Bearing this in mind, I'm sure your comment was tongue in cheek!
This was because of how the OneAccount worked, and was one of the reasons that we were all sticking by the slightly over the odds rates, for the pure flexibilty. Pity that the trust and confidence has been dented somewhat in the last few weeks, but good to see that peoplepower may have worked!:T

Suggest you stick your savings somewhere like I did; Egg, fixed at 6.3% for 12 months, but instant access. (Not sure if it's still available now, but only opened it during the Kapthing fiasco as somewhere to stick the money in when it eventually arrived from cyberspace!)
VC

very much tongue in cheek! - with rates falling all over it now begs the question is it better to have cheap debt than to save?? these are certainly odd times....

Yorkshire_Bred

The end of a bad week for RBS and the start of another...............

http://www.timesonline.co.uk/tol/news/uk/article5299256.ece

Is there any wonder all consumer confidence is lost!

Poj

wow, this bank really does plumb the depths eh? All this bad publicity for them has got to be good news for us.

If the bandwagon against them gets rolling, more journos might pick up on our story, & campaign for our missing 1%.

The government might even have to step in & get involved in running it. In which case there is no way we'd get treated as bad as last month again - the opposition & press would be all over them. With a little help from us of course

lrr_2

Yorkshire_Bred wrote: »

The end of a bad week for RBS and the start of another...............

http://www.timesonline.co.uk/tol/news/uk/article5299256.ece

Is there any wonder all consumer confidence is lost!

So its not just criminals we have to look out with identity theft, now companies are setting up bogus accounts in our names! Will that go on his credit record?

WHO CAN WE ACTUALLY TRUST NOW????