One Account rates cut

Lozz

Saran wrote: »

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!

£340 million per year for RBS, but don't forget the extra 680K, that's Sir Fred The Shred's pension sorted !!!

camz2008

Nail_lad:

Data for BoE and Libor 3M (cut and paste in notepad, save as txt then import with comma seperation:

,"BoE Rate","Libor Rate"
,,
"Apr/99",5.25,5.30844
"Jun/99",5.00,5.37438
"Sep/99",5.25,5.22328
"Nov/99",5.50,6.00750
"Jan/00 (4th)",5.75,6.14203
"Feb/00",6.00,6.24000
"Feb/01",5.75,5.78906
"Apr/01",5.50,5.50000
"May/01",5.25,5.34688
"Aug/01",5.00,5.25000
"Sep/01",4.75,4.92594
"Oct/01",4.50,4.53781
"Nov/01",4.00,4.19625
"Feb/03",3.75,3.98250
"Jul/03",3.50,3.63750
"Nov/03",3.75,3.97234
"Feb/04",4.00,4.14500
"May/04",4.25,4.43875
"Jun/04",4.50,4.67000
"Aug/04",4.75,4.94938
"Aug/05",4.50,4.61875
"Aug/06",4.75,4.78750
"Nov/06",5.00,5.19656
"Jan/07",5.25,5.32438
"May/07",5.50,5.72563
"Jul/07",5.75,6.00063
"Dec/07",5.50,6.62000
"Feb/08",5.25,5.55875
"Apr/08",5.00,6.00500
"Oct/08",4.50,6.30750
"Nov/08",3.00,5.77625
"Dec/08",2.00,3.88125
"Jan/09",1.50,2.70500
"Feb/09",1.00,2.16188
"Mar/09",0.50,


I've got a spreadsheet with charts and includes input for individual LTV etc, but lack the OA data back to 1999, and based on the dates above (1st of each month listed). Problem is, I'm using Open Office, and the formulas use semi-colons instead of commas for nested IFs. Hope the data helps.

flexiblemouse

Has Martin Lewis not mentioned anything about this ? surely he is aware of this RBS sham. The same could be said of Richard Branson for someone who claims to protect his Virgin brand at all costs does he not know of the harm the oneaccount is doing to the reputation of Virgin.

lrr_2

This is what I have just sent and if more people send something hopefully we will get a response

[EMAIL="Martin@moneysavingexpert.com"]Martin@moneysavingexpert.com[/EMAIL]

Dear Martin

Can we make you aware of a thread on your moneysavingexpert.com website which has had over 105,362 hits from disgusted customers in the way the One Account has been treating them in regard to terrible customer service, not passing on the rate cuts and lack of information from them.

[URL="mhtml:!!40DFD2F2-4956-4F63-87CC-24A32BF0B2E9}mid://00001192/!x-usc:http://forums.moneysavingexpert.com/showthread.html?t=1209517"]http://forums.moneysavingexpert.com/showthread.html?t=1209517[/URL]

Most of us have wrote to newspapers, news stations, financial ombudsman, local MP's and the One Account directly but we feel it is falling on deaf ears and we would like if you could possibly help in highlighting our disgust in one of your programmes to publicise our outrage.

We understand the problems within the banking sector at present time however we as taxpayers have bailed this bank out and feel we deserve to be treated properly and this has definitely not been the case. We also understand it is not a tracker however most customers (if not all of them) will tell you that up until about a year ago the One account always followed the Bank of England rate and most took out a mortgage assuming this would always be the case.

We look forward to any help you can give us in regard to this matter


If this doesnt work maybe we should all try emailing someone at the same time on the same day like we were going to do before. Someone is going to listen and do something eventually. Hopefully....

Browntoa

please don't spam Martin with the same message

one is enough

lrr_2

Not the same message just everyones point of view sent to show our disgust at the way we have been treated...

Princess_Coupon

flexiblemouse wrote: »

Has Martin Lewis not mentioned anything about this ? surely he is aware of this RBS sham. The same could be said of Richard Branson for someone who claims to protect his Virgin brand at all costs does he not know of the harm the oneaccount is doing to the reputation of Virgin.

There is a post on this thread several pages back from MSE Dan stating that MSE was looking to see what they could do, but that was weeks ago and there was no further post from him as to if there was/wasn't anything they could do

wymondham

Not wanting to rock the boat, but the One Account has to cater for lots of different peoples situations. I personaly am pleased the One Account is not passing on the reduced rate any further as the interest they pay has gone down considerably making me worse off....

prowla

As per the posts above, the quality of the One Account plummeted when RBS took over (ie. delaying the interest rate reductions).
The decisions to not pass on the recent interest rate cuts mean that I'll never buy another RBS product.

Saran_2

wymondham wrote: »

Not wanting to rock the boat, but the One Account has to cater for lots of different peoples situations. I personaly am pleased the One Account is not passing on the reduced rate any further as the interest they pay has gone down considerably making me worse off....

There are always two sides to every argument, but I'm sure you are not suggesting that the One Account was ever a good place to store savings!

The credit interest rate has always been low compared to virtually every other form of savings rate. You would only need to leave £1 in the account to maintain access to the full facility and put savings where they could earn much more.

OA have fundamentally changed what was a fantastic product. We feel they have broken their promises - hopefully the Ombudsman will agree.

The wait goes on.