One Account rates cut

mrbigd

searlech wrote: »

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

More pineapples rough end first from RBS!

Woody1974_2

geejay64 wrote: »

Does anybody know how the One Account is regarded when it comes to means testing savings. After 22 years, for the first time I've recently been made redundant and struggling to keep up with all the bills. All my meagre savings, including my redundancy payout, are in the account to offset my mortgage payment. Claiming relief on certain things like Council tax requires declaring savings. Not having a 'savings account' as such somewhat confuses how savings are regarded.

I'd be interested to hear if anyone has any idea on this one, I'm in the same predicament myself.

malocao

searlech wrote: »

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

I just called them and got the same reply.

This is plainly and deliberately unfair treatment.

Based on 3-month LIBOR (approx 2.55% yesterday) and OA's track record pre Nov 2008, there should have been at least a 0.75% cut in One Account's rates, BEFORE taking account of the BOE's latest cut. So, even if LIBOR falls no further, OA's latest rate would be unfair by at least 0.5%.

Most likely, by 2nd Feb, LIBOR will be around 2% and OA's rates will be unfair by more than 1%.

And for those of you with the long standing "follow base rate" promise, add another 0.5% to the above.

My further complaint will be in the post tonight.

Regards

sodamhall1

If you compare the rate across the market how does it compare I think it is very good. Go out and have a look!

bunking_off

I can only hope that you all have some success, but a 0.2% reduction is 0.2% more than I expected...doubt many banks will pass the cut on at all.

jackarmy

2 years ago I reluctantly moved from VO to ING 0.89% over base.

Sad as I was at the time I now realise it was a shrewd move, although I still keep the account as a transactional account.

I wish all of you challenging RBS' action's the Best of British luck however I have to say that the good old days are over and I believe that the differentials will increase even further over time.

Saran, It would be difficult for Virgin to restart as the venture would need to be underwritten by a bank. Not sure if Tesco's breakaway from RBS would prodide an outlet, but given the state of other banks the days of a tracker +1.1% are surely gone.

Good luck to you all

Johnkg

Same as you guys the RBS Offset is also getting a 0.2% reduction from the 2nd of Feb. I assume that means they've levelled the playing field and we are all going to be on 4%.

I was considering transferring to First Direct but for me the interest savings wouldn't cover the arrangement fees.

dadipop

Whoever said they thought the one account was being run down are completely correct. The guy in charge has been moved to another department and they aren't accepting any new customers. I'm sticking with it for the moment, until the base rate/mortgage rate differential becomes too great.

musicegbdf

OK got my Final response letter , so of to the Ombudsman I go...

karanda

Good for you! The more complaints made to the Financial Ombudsman the better - particularly in light of this miserable token gesture of a rate cut - what planet are they on? The hole just gets deeper and deeper.......