One Account rates cut

Browntoa

got a similar reply from my MP Paul Clark

"I have forwarded a copy of your letter to the Chancellor of the Exchequer in order that he is aware of the actions of the banks."

Lovetheoneaccount

Lovetheoneaccount wrote: »

Tony

If you always wanted my mortgage to track the Base Rate why was this not made part of the terms and conditions?

Was it a deliberate ploy to confuse your customers?

Tony - is the question too difficult or do you know we won't like the answer. maybe that's why they got rid of you?

Dualcyclone

Browntoa wrote: »

got a similar reply from my MP Paul Clark

"I have forwarded a copy of your letter to the Chancellor of the Exchequer in order that he is aware of the actions of the banks."

I decided to email the Chancellor directly:

Mr Darling,

I am contacting you with regards to the recent BoE base rate cuts, and my experience with my mortgage provider.

I am a One Account customer, which is owned and run by the Royal Bank of Scotland.

When the 1.5% rate cut was announced on the news, RBS announced it would pass the full amount onto its customers: http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2008/NOVEMBER/11_RATE

However, of this rate cut, I have only received 1.0%, and I feel I have been deliberately deceived by RBS.

Fortunately, the latest rate cut is being passed in full at the end of December, however I feel that RBS and the One Account are also deliberately withholding the rate cut for long periods in order to profiteer from our impending recession.

I urge that you speak with those responsible; as this year alone I have seen the difference between my mortgage rate and the BoE base rate increase from 1.1% to 2.1% as of 31st December 2008; an increase in profit I feel is irresponsible.

Kind Regards,

Luke Dyson

inandoutagain

Have a reply from the PM thanking me for my letter and saying that they are forwarding my comments to the Treasury. Also usual reply from OA about my complaint. However the latest cut does not take place until 31 December thereby neatly giving them 2 months extra until the 1 February payment! Not sure what we can do next as RBS have ignored all my letters. Spoke to the Guardian recently who published a brief article about OA. Would still like my 0.5% extra back!

karanda

Take a look at The Mail on Sunday, page 59 " RBS bends to pressure on its "flexible" home loans, specifically citing The One Account. Pity it didn't mention this forum - but a fantastic result none the less.

We must all keep up the pressure to regain the missing 1% The One Account still owes us.

At last the media is beginning to pay attention - well done everyone!

Saran_2

karanda wrote: »

Take a look at The Mail on Sunday, page 59 " RBS bends to pressure on its "flexible" home loans, specifically citing The One Account. Pity it didn't mention this forum - but a fantastic result none the less.

The article is now on their website.

http://www.mailonsunday.co.uk/money/article-1094470/RBS-bends-pressure-flexible-home-loans-point-cut.html

iain1970

Dualcyclone wrote: »

I decided to email the Chancellor directly:
When the 1.5% rate cut was announced on the news, RBS announced it would pass the full amount onto its customers: http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2008/NOVEMBER/11_RATE

However, of this rate cut, I have only received 1.0%, and I feel I have been deliberately deceived by RBS.

I can't believe you actually think that the One Accout (and it's closely related cousins from RBS and NatWest) is an SVR mortgage. IIRC it isn't, merely a Variable Rate - something altogether different and as we have all experienced, as likely to go up as well as not move on the whim of the bank.

This is where RBS have us by the wedding veg. They could put the OA rate to 15% tomorrow if they wanted and there is !!!!!! all we can do about it.

Saran_2

Ian1970,

Our complaint against the OA isn't that it is variable, but that longstanding holders (had one since 2000) have experienced a high quality, flexible mortgage that followed the BoE rate cuts, up and down, on the same day for all changes up until earlier this year. We even have marketing letters promising to do so and boasting of it as a selling point.

RBS have moved away from this service because of their financial troubles. We feel that RBS's decision to double their margin on this product from 1.1% to 2.1% is unfair to customers and breaches the FSA treating customers fairly charter.

Eventually the FSA will make a decision on this. In the meantime we are doing what consumers can do - making a visible protest at our treatment.

Dualcyclone

iain1970 wrote: »

This is where RBS have us by the wedding veg. They could put the OA rate to 15% tomorrow if they wanted and there is !!!!!! all we can do about it.

Theres everything we can do about it; who knows but I imagine the 1.0% rate cut that we are due at the end of this month is the partly the side-effect of the noise we've been making.

If anything else, we can move our mortgages elsewhere.

At the end of it, I guess our product is still relatively competative; however the only winner out of all this is RBS, who's profit margin has doubled in a year!

Brice

Saran wrote: »

Ian1970,

Our complaint against the OA isn't that it is variable, but that longstanding holders (had one since 2000) have experienced a high quality, flexible mortgage that followed the BoE rate cuts, up and down, on the same day for all changes up until earlier this year. We even have marketing letters promising to do so and boasting of it as a selling point.

RBS have moved away from this service because of their financial troubles.

Talking about financial trouble, RBS has potentialy lost 601 millions in the latest financial scandal:
http://newsvote.bbc.co.uk/1/hi/business/7783236.stm

Are the Onaccount clients going to refund that as well?