One Account rates cut

musicegbdf

The sad thing right now is that if OA are reading this forum they must be laughing, we seem to have fallen to a few . Strong posters like Woodham1963 seem to have gone.
Perhaps the next rate cut will cause some to come back to fight the good cause....

lrr_2

Cannot access my account online, security certificate out of date!

Nail_Lad

They're having system probs this morning. Told me to try after lunch. HTH

harryskinters

Libor-bank rate gap
Before Nov 1.5-point bank rate cut: +1.06 points
Day afterwards: +1.49 points
Before Dec 1.0-point bank rate cut: +0.79 points
Day afterwards: +1.37 points
Latest gap: +0.61% points


LIBOR (THREE-MONTH RATE): 2.61% (06 Jan)

Hmmmm! So Libor to base rate gap pre the Nov cut was 1.06%. Now it is only 0.61%. Where is our interim rate cut RBS/Oneaccount? Seems to me that RBS/Oneacoount are holding out on us. The narrowing of the Libor to Base rate gap points to a duty to begin reversing the increase to the Oneaccount margin seen in the course of last year.

Remember!!:
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% base rate cut.

RBS/Oneaccount stated that it was primarily interbank rates that forced their hands in increasing their mortgage margins last year and that is doubtless true. However, their argument is evaporating as the gap closes.

Seems to me that based on their own Libor argument, they currently owe us another 0.45% cut, even before the next base rate review. Based on recent history, if RBS/Oneaccount are slow to review their rates after Thursday, we should start shaking the bars again. If Libor continues to drop we should be pushing for an interim review of their rates regardless of base rate.

What we must not do is allow them to milk an even greater margin. NB.The recent cuts have been market/govt driven and nothing to do with RBS/Oneaccounts generosity so don't be bought off by recent rate cuts. We shouldn't be made to wait a month for the next cut either. They probably did this last month to boost their end of year figures. That accounting issue became redundant after 31Dec08, so one would hope for a faster passing on of any rate cut this month, as used to be the case. I hope theres no rate collar in the small print as the only way is down at the moment!

teabelly

RBS have a 160BN funding gap. Where do you think they're going to claw that back from? All banks are going to be working on greater margins to get back some of the imaginary money they lost.

yus786

Time to get back on the phone.

Let's see if they pass this 0.5% cut to us...

Princess_Coupon

Yup, here we go again and if you are phoning don't forget the 1% they still owe us from before

blisteringblue

yus786 wrote: »

Time to get back on the phone.

Let's see if they pass this 0.5% cut to us...

Come on you know the score by now, if they do pass it on it's likely to be 31st Jan so they get an extra month from us. Or if they play the "under review" card again they may stretch it to 28th Feb

Princess_Coupon

anyone rang yet?

musicegbdf

We need to keep up the pressure.
Am sending today all the paperwork to my MP who is interested in what is going on.