One Account rates cut

malocao

malocao wrote: »

IMHO, as soon as 3-month LIBOR hits 3% we need to be back on their case for a further announcement. Let's have that missing 0.5%!

LIBOR went below 3% last week, and today it's 2.90%. Time for OA to cut again -- they ought to trim their rates by at least 0.25% and maybe 0.5%.

Back on the phone, everyone ...

Regards

sabretoothtigger

The banks have lost a few pounds of flesh themselves recently. Libor might drop a fair bit in jan some estimate due to end of year accounts

cmaguire

Haven't read this thread for a few weeks so missed out on some of it.

I haven't had any communication from OneAccount since notification of the 1% rate reduction (effective 1st Dec) following the 1.5% 6th November base-rate cut.

Have they sent out notification a further of 1% following the 1% 4th December base-rate cut? Is it to be effective from 1st Jan?

And, for my own sanity (and to save me looking through all the paperwork), is it the 8th Oct 0.5% base-rate cut that was not passed on?

musicegbdf

OK I think some of us are losing track, and maybe OA has "bought off" a number of people with the 1% on 31st Dec.

To me the big issue is the broken promises. We have written evidence of the promises made , and they are hiding behind the fact that whilst they made these promises very loudly and publicly ( and I recommended them to friends based on these promises) , they never ratified these in the terms and conditions. We really have them on the ropes on this one , and if we allow them off because of the 1% they will be able to treat us however they like in the future , and the precedent will be set that they can break promises. Right now am sure the FSA would look at these broken promises with some interest. However , as we have to do this as individuals we are divided and conquered !

Saran_2

Still waiting for OA final letter following complaint after not cutting by 1.5% in November. Then onto FSA.

This isn't just going to quietly go away. We are all financially aware, and the OA rates decisions are costing us money. Work out what that +1% margin increase is on a £350,000 mortgage!

With interest rates set to fall further, this has a long way to run yet!

Dualcyclone

I'm no financial adviser, so don't take my word for it...

But if you want your One Account to work for you, and you have quite a considerable amount of free "facility"; buy shares in RBS...

I did today, and have made 6.1% in one day.

Obviously, this is based on the value of the shares, which I haven't cashed in, but it means I'll be making a bit more money from the little bit of facility I've taken a punt on

DickDastardly_2

Any final letters through yet? I have just got mine saying the same as before, i.e. the T&C do not refer to the BoE rate and that's that. Just about to compose letter to Ombudsman now. Has anyone got further with either Ombudsman or FSA yet??

malocao

... who will guard the guards, or in this case, to whom should one complain about the complaints team?

DickDastardly wrote: »

Any final letters through yet? I have just got mine saying the same as before, i.e. the T&C do not refer to the BoE rate and that's that. Just about to compose letter to Ombudsman now. Has anyone got further with either Ombudsman or FSA yet??

Just got my final letter; much the same story.

Their "initial response" letter talked about not a tracker, not a SVR, we can do what we like within the contract terms, etc. Which was all very revealing, but it didn't address the points I actually made to them, regarding LIBOR differentials and their attempt to jack up profit margins at our expense.

Their "final response" letter just repeats the initial response at greater length, and it still ignores all of those points.

I am now in the Kafka-esque position of having a "final response" letter, thus case closed from their viewpoint, but not having a reply to my actual complaint ... So, quite apart from the interest rate issue, it seems that their complaints procedures aren't up to scratch. That in itself is a failure against the fair treatment principles.

Seriously, folks, does anyone know how to lodge a complaint about the complaints process?

Regards

DickDastardly_2

I agree with your view. They did not address any of my initial complaint points either (see my earlier posting for the full quote), instead essentially saying it was none of my business how they conduct their business as if I was some third party and not their customer.

I would assume you follow the same route and go via the Ombudsman as I have done. Just add the lack of answering specific enquiries to the list. Perhaps the Ombudsman will advice them to re-word their replies to address specific points?

Anyone else doing anything on this or are we letting the momentum slide? Perhaps the last rate cut was enough to pacify the masses.......

musicegbdf

Not yet got my final response letter , expect one soon. My main gripe is the fact they have gone back on "Formal" promises made and now leave us in a state of limbo.
It does seem some of the fury has gone from a number of people on this forum (until the next rate cut) , so in this way most seem to have been bought off.
VO will then be able to use this precedent . I intend to carry on with the procedure to the financial ombudsman , but expect to be in the minority.