One Account rates cut

karanda

musicegbdf wrote: »

Spoke with the ombudsman service, they said they do not usually take on cases about interest rates unless it is a tracker. However, due to the exceptional circumstances they are taking on these cases. I have now submitted all my paper work. I suggest others do the same , the more that do so the better chance of some success. Don't be fooled that the rate reductions are good news, just remember rates will soon be going up again and what then ?

Exactly. It's "all quiet on the Western Front" for now, but it really is all about the way in which we can expect RBS to do business with us in future - at the moment we are in a no-man's land. And we should't forget their behaviour earlier last year when they hiked up the interest rate out of the blue. I reckon we are still being overcharged by 1.25% by this disgraceful bank.

I am still waiting for a final decision from the Financial Ombudsman Service - I keep getting holding letters from them saying my case is being reviewed by a case worker. I submitted my paperwork to them back in August last year. The more people who make the effort to bring their cases to the FO the better.

Saran_2

The reply I received from the Ombudsman assigned a case worker but said that they were very busy at the moment (no surprise there!) and that I should hear from them within 'two months'.

I agree that RBS are only looking at profit at the moment and if there are a few irate customers - oh well.

Publicity is the only thing that seems to have an influence on their decisions and of course not purchasing anymore RBS group products.

Finally received a reply from my MP - 2 months after contacting him - no letter just a copy of an RBS letter sent to him regarding a similar question from another constituent. Chocolate. Teapot.

£28 billion loss in one year! I know - lets fleece our customers - it'll cover the bonuses!

musicegbdf

Saran wrote: »

Finally received a reply from my MP - 2 months after contacting him - no letter just a copy of an RBS letter sent to him regarding a similar question from another constituent. Chocolate. Teapot.

To be fair my MP has been good . He has written to A Darling and sent a reminder to him and copied me on his messages. He has included my original message to him also. Perhaps this is because he is a Conservative and has just been appointed to the shadow cabinet..

karanda

So,the Bank of England have cut rates today - big question mark now over the intentions of RBS. Will they, won't they - and if they do cut, by how much.

If the Financial Ombudsman finds that RBS have misled us, and therefore have mis-sold the One Account, by the time they have refunded us all the excess interest they have been charging, they won't have enough left from the government bail-out to pay for their fat bonuses.

What goes around, comes around.

karanda

Phone recording that rates are under review - no other information available. How long will it take for a decision this time!

Dualcyclone

karanda wrote: »

So,the Bank of England have cut rates today - big question mark now over the intentions of RBS. Will they, won't they - and if they do cut, by how much.

If the Financial Ombudsman finds that RBS have misled us, and therefore have mis-sold the One Account, by the time they have refunded us all the excess interest they have been charging, they won't have enough left from the government bail-out to pay for their fat bonuses.

What goes around, comes around.

If they did that, there wouldn't be any money to do anything, RBS goes under, and one account is bought up by a less appreciative bank; rates go up, everyone loses.

Don't expect bonusses to be paid to anyone in RBS, gov't owns 70%, and the way they're pushing for liquidity means theres barely enough money for day-to-day costs. A bonus should reflect the business gained, so if some people ensure the survival of RBS, then they should be given a bonus.

I'm a shareholder, and a One Account holder; I'm interested to see what the outcome is.

ash1293

Letter from Natwest today regarding their Offset Flexible Mortgage.

Reduction of interest by 0.2% from midnight 1st Feb bringing their rate down to 4%

Dualcyclone

ash1293 wrote: »

Letter from Natwest today regarding their Offset Flexible Mortgage.

Reduction of interest by 0.2% from midnight 1st Feb bringing their rate down to 4%

Is that not for the last cut though?

One Account had a similar deal

ash1293

All part of the same group so will be, be at least another month before anything from today is confirmed.

red789

From the BBC. Rates cut by 1:30

...Meanwhile, many lenders responded by cutting some of their mortgage rates. Halifax said it would pass on the rate cut to customers with standard variable rate mortgages. Other lenders to pass on the rate change to holders of such mortgages include Nationwide, Barclays, Lloyds TSB and Skipton Building Society.