One Account rates cut

karanda

musicegbdf wrote: »

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.

I agree - this bank has been entirely unscrupulous with One Account holders - like many I have been a customer from the very beginning, and the arrogant and dishonest way RBS continues to behave is appalling. I want to know EXACTLY how this bank proposes to deal with customers in the future - they cannot keep customers in the dark and make what appears to be random decisions regarding interest rates. Nothing gives them the right to play russian roulette with interest rates - especially now it is a state owned bank, to all intents and purposes. And especially when they fly in the face of all their marketing promises.

malocao

I just received this (extracts):

We must ensure that our business decisions ... are completed with both the customer and our commercial integrity in mind ... the 1% decrease is entirely in accordance with our terms and conditions ... we are not obliged to disclose the reasons that underpin commercial decisions

or in plain English -- we'll do whatever we like, short of breaching the contract, and we won't tell you why.



My reply in essence:

The FSA says you must treat me fairly, but you haven't.

Regards

Former_MSE_Dan

Hi folks,

We have been following this thread and have been contemplating what can be done. Can i just confirm that this is a correct summary:

A letter from 2001 said RBS would pass on all base rate cuts to its mortgage customers
In 2003, RBS bought the One Account.
Following October 2008's base rate cut of 0.5% points, it cut the rate by 0.5% points
Following November 2008's base rate cut of 1.5% points, it cut the rate by 1% points
Following December 2008's base rate cut of 1% points, it cut the rate by 1% points

mrbigd

MSE_Dan wrote: »

Hi folks,

We have been following this thread and have been contemplating what can be done. Can i just confirm that this is a correct summary:

A letter from 2001 said RBS would pass on all base rate cuts to its mortgage customers
In 2003, RBS bought the One Account.
Following October 2008's base rate cut of 0.5% points, it cut the rate by 0.5% points
Following November 2008's base rate cut of 1.5% points, it cut the rate by 1% points
Following December 2008's base rate cut of 1% points, it cut the rate by 1% points

There was a rate cut of 0.25% previous to this where not only did RBS not pass this on but also raised thier rate by0.25%

Poj

harryskinters wrote: »

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

As harryskinters says, the net result is that w are paying a full 1% more than we were last year, relative to the base rate.

Poj

Also, at some point they stopped passing on rate cuts the next day [this was a selling point, as the OA, unlike other accounts, calculates interest daily], & made it the next month.

I'm not sure when this change happened tough.

also, we lost our 24-hour telephone banking service sometime over the last 4 months.

musicegbdf

malocao wrote: »

I just received this (extracts):

We must ensure that our business decisions ... are completed with both the customer and our commercial integrity in mind ... the 1% decrease is entirely in accordance with our terms and conditions ... we are not obliged to disclose the reasons that underpin commercial decisions

or in plain English -- we'll do whatever we like, short of breaching the contract, and we won't tell you why.



My reply in essence:

The FSA says you must treat me fairly, but you haven't.

Regards

Big plus one on this. They cannot sit on the fence like this, and we cannot allow them to. This is now the main issue. When I took out my one account in 1999 , there was an INTENT given from them that the interest rates would always be below the Halifax SVR which they determined was the industry standard. This intent was confirmed in writing. They have since shown a similar intent (the letter of 2001) against the base rate. Now I like many others trusted them to do this , and I now feel betrayed. Clearly this is not acting in a fair way. We are talking about mortgages which are supposed to be a 25 year agreement, not something which you change every few months. They even used this in their marketing at the time , that you could trust them and not have to bother changing around as the rates would always be competitive ( I have a copy of this in writing). These are the issues for the FSA.

oldjabez

MSE_Dan wrote: »

Hi folks,

We have been following this thread and have been contemplating what can be done. Can i just confirm that this is a correct summary:

A letter from 2001 said RBS would pass on all base rate cuts to its mortgage customers
In 2003, RBS bought the One Account.
Following October 2008's base rate cut of 0.5% points, it cut the rate by 0.5% points
Following November 2008's base rate cut of 1.5% points, it cut the rate by 1% points
Following December 2008's base rate cut of 1% points, it cut the rate by 1% points

Dan,

RBS have not passed on the full interest rate cuts to their NatWest Offset customers.

2nd November .50%
30th November 1.00%
31st December .75%

By my calculation thats 0.75% missing and what they do give us is always one month after the event.

More barefaced lies from RBS.

yus786

MSE_Dan wrote: »

Hi folks,

We have been following this thread and have been contemplating what can be done. Can i just confirm that this is a correct summary:

A letter from 2001 said RBS would pass on all base rate cuts to its mortgage customers
In 2003, RBS bought the One Account.
Following October 2008's base rate cut of 0.5% points, it cut the rate by 0.5% points
Following November 2008's base rate cut of 1.5% points, it cut the rate by 1% points
Following December 2008's base rate cut of 1% points, it cut the rate by 1% points

There was also an increase of 0.5% back in the summer (can't remember the month) - but that just came from no where and was blamed on the 'climate'

Can someone please confirm the month?

oldjabez

July 08 I think