One Account rates cut

munkypuzzel

Although i am increasing annoyed with the broken promises etc, looking at the table shows that many other banks customers have being shafted to a greater extent..

shocking.

munkypuzzel

OK, we have a 25 day delay before this new rate takes effect. IF the rates went up next month by 0.25 per cent, the 'bank' would apply this straight away. I am guessing that this would mean we would only benefit from the reduced rate for less than a week??

The delay in passing this on is equaly as unethical as the amounts being passed - please dont forget this.

karanda

munkypuzzel wrote: »

OK, we have a 25 day delay before this new rate takes effect. IF the rates went up next month by 0.25 per cent, the 'bank' would apply this straight away. I am guessing that this would mean we would only benefit from the reduced rate for less than a week??

The delay in passing this on is equaly as unethical as the amounts being passed - please dont forget this.

Unethical, unprofessional, unacceptable behaviour by a bank with its reputation in ruins. When we finally get the grovelling letter explaining their current action, those of you who have cases with the FO, don't forget to forward it. As if you would!

Nail_Lad

Simon22 wrote: »

Quick question....

Does anybody here have a note of all the BOE interest rate drops and the drops that Virgin gave us to compare ?

I'm thinking of setting up a simple website outlining how Virgin is abusing the cuts, not passing on the interest rate drops, screwing their customers etc.

Potentially getting a simple virtual signed petition, and then getting it out there, must be possible to get a physical letter to GB showing him how the very bank he has bailed out with our money is flat out abusing the billions we have given them and contiuning to make people struggle.

If anybody wants to help me with this, I can provide the hosting, the domain etc.

4%+ interest on a BOE of .5% is a disgrace. I took this account on the basis it would always be 1% above the BOE, come back Richard, all is forgiven.

Good idea. The BOE current and historic rates can be found here:

http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp



Here we go. See the recent increase that were effective on the day the BOE rate changed. Yet, it took days for the decrease to be passed on and then only fractionally... Data taken from my adjustment letters that I only have going back to 2006. If anyone has the others let me know and I'll log and send the spreadsheet to anyone who's interested.

ETA: Some of the days maybe incorrect, use the day number and year!

mrbigd

Nail_Lad wrote: »

Good idea. The BOE current and historic rates can be found here:

http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp

I believe you also need a Libor rate comparison as the high libor rate was used as an excuse by RBS before, which clearly cannot be used any more.

http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=141&a=627

Johnkg

0.25% cut for RBS Offset Mortgage holders too. I expect it'll be the same for the Nat. West Offset.

oldjabez

Yes, NatWest offset 0.25% reduction. Phoned up earlier, recorded message.

Our time will come..........

Will never ever buy an RBS product again.:mad:

karanda

Just in case anyone from RBS is following this forum:

"RBS's decision to treat One account customers differently is potentially embarrassing because, when the division was half-owned by Virgin it made great play of how it passed on every rate cut to customers in full within 24 hours of each Bank of England announcement. In 1999, the then managing director of Virgin One, as it was called, said: "We have passed on every rate cut in full on the same day because that is how our customers expect to be treated - fairly and honestly."
Source: ' Guardian '

Yorkshire_Bred

Interest rate cuts to date, 2.05% down on where we should be

0.25% cut not passed on in April 08
0.25% increase (blamed on Libor rate) July 08
0.5% not passed on after the Nov 08 1.5% base rate cut.
0.3% not passed on as part of the Jan 09 0.5% base rate cut
0.5% not passed on as part of the Feb 09 0.5% base rate cut
0.25% not passed on as part of the March 0.5% Base rate cut

Saran_2

That works out at £167 extra interest each month for every £100,000 of mortgage.

170,000 customers.

(Assume £100,00 is average mortgage)

Extra profit = 170,000 x £167 = £28,390,000 PER MONTH

Or £340,680,000 per year.

£340 million.......

How much did the great train robbers take? They got years in prison!