One Account rates cut

Mudbath

Well, we've decided to leave the one account if this % cut isn't passed on. We only owe 40% of the value of our house with ten years left on the mortgage so now we're looking for a good fixed rate somewhere else. I'm doing the research now for when they tell us we're not getting the % cut. This is one time i'd LOVE to be proved wrong!

oldjabez

I received this notification from the NO IFS, NO BUTS - PASS ON THE CUT. Facebook group, thought if may be of interest.

John Prescott sent a message to the members of NO IFS, NO BUTS - PASS ON THE CUT.

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Subject: Lowest ever rate - and the banks are moving

Well the Bank of England has cut the interest rate by half a percent to 1.5% - the lowest ever rate.

I'm glad to see that HSBC has joined LloydsTSB in deciding to do the decent thing and pass on the cut.

The bank said its standard variable rate will fall to 3.94 per cent and its tracker mortgages will fall in line with the reduction in the base rate.

HSBC also announced that small and medium enterprise (SME) customers with floating borrowing, who make up about 97 per cent of the banks business borrowers, would also benefit from the full interest rate cut.

So if HSBC and LloydsTSB can do it, so can the rest - especially RBS, Nationwide and HBOS.

No ifs, no buts.

JP

Regards Oldjabez :beer:

Brice

Did anyone else experience problem to contact someone from Oneaccount using the chat?

While a few months ago it was very easy to get someone on the chat , now it seems more difficult Moreover, the chat is only open limit period of the day. :mad:

Penny35_2

This is what I got with live chat..

Penny : Hi - Can you please tell me if the new rate cut will be passed onto existing customers. Thank you
Yvonne: The One Account rates are still under review and no further information is available at this time. If you are an existing customer future updates will be available through our service team on 08456 000000.

Charliecherry

Brice wrote: »

Did anyone else experience problem to contact someone from Oneaccount using the chat?

While a few months ago it was very easy to get someone on the chat , now it seems more difficult Moreover, the chat is only open limit period of the day. :mad:

Yes me...i have tried on half a dozen occasions since yesterday,and it just says hold for a moment....sent them an e mail last night ..no response, as
was quoted in an earlier thread,you really thought they would have got their
stuff sorted out in anticipation this time (of the rate cut) and demonstrated
how good their service used to be,by making a quick decision and putting all
the ugly stuff behind them....ANOTHER OWN GOAL,IT IS NOT HARD TO SEE WHY THE BANKS ARE STRUGGLING WHEN YOU CONSIDER ALL THE GAFFS THAT THEY KEEP MAKING IT MUST BE LIKE A CIRCUS!!!!

russ295

Penny35 wrote: »

This is what I got with live chat..

Penny : Hi - Can you please tell me if the new rate cut will be passed onto existing customers. Thank you
Yvonne: The One Account rates are still under review and no further information is available at this time. If you are an existing customer future updates will be available through our service team on 08456 000000.

ditto, from yvonne also

russ

Saran_2

Finally got my final response to my complaint through - had to phone though. First one lost in the post, and didn't address the treating customers fairly complaint.

Just had a nice chat with a man at the Financial Ombudsman Service. Given him all the details about widening the margin by 1% etc...

He said something interesting in passing. The complaint now goes up to be reviewed by another team. Until recently they were not looking at interest rate change complaints, but they have just started doing so. Interesting... and a little sign of hope. Pressure from the treasury?

If OA are found guilty of behaving unfairly then the ombudsman has the power to force a rate change.

The struggle goes on...

Saran_2

Speaking of hope. Virgin are soon to launch a mortgage product of their own.

Obviously Sir Richard is not that impressed with the way RBS have been treating his well respected brand.

If it is anything like the original OA then I for one will be off like a shot. Just imagine, a return to customer focused service, honesty and integrity. The reason why so many of us have been with them for 8+ years. They were unique then amongst the sharks that were the banks and they could be again - come on Virgin, there are at least 170,000 waiting for you.

goodnightvienna_2

Saran wrote: »

Speaking of hope. Virgin are soon to launch a mortgage product of their own.

Obviously Sir Richard is not that impressed with the way RBS have been treating his well respected brand.

If it is anything like the original OA then I for one will be off like a shot. Just imagine, a return to customer focused service, honesty and integrity. The reason why so many of us have been with them for 8+ years. They were unique then amongst the sharks that were the banks and they could be again - come on Virgin, there are at least 170,000 waiting for you.

I couldn;t agree more Saran, though I do find Virgin's poistion on this a bit weird. Like you I imagined Richard Branson would be appalled by what RBS are doing to a product invented by Virgin (and which still carries Virgin's name with very longstanding customers like myself). However I noticed on the Virgin Money website the other day that VIRGIN ARE STILL RECOMMENDING IT - in fact it seems to be the only mortgage they do promote (see below).

Given that RBS sem to be in the process of dismantlibng everything Virgin originally built step by step, and so many Virgin fans are now feeling the pain, I can;t help wondering how Virgin Money can justify recommending the OA to new customers. Maybe we should be lobbying Virgin as another way of getting at RBS??




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searlech

Just called and the recorded message says they are reducing the rate by 0.2% from 2nd Feb. Thats another 0.3% we're missing out on