The One Account - does RBS nationalisation= us losing our savings??

linzy_p

BaobabAmy wrote: »

I dont feel I'd actually be loosing money - I'd just owe less on my mortgage. I can't be bothered with the hassle of moving bank accounts again.

I think - IMHO - that THAT is exactly why this current account mortgage was set up in the first place - it's soooo very easy to set up (they do all the transferring of direct debits etc for you) yet it's a real ball-ache to switch to another bank account if you want to switch mortgages - a hefty financial outlay plus switching bank accounts is probably enough to stop all but the most determined from switching mortgages..

Luckily, we have never taken up the full current account option - something just kept telling us to hold back - we just plough loads of spare cash into it every month (which we view as savings that are merely off-setting our debt) so it's easy enough for us to just withdraw the cash....and sooner rather than later I think!

tyllwyd

silvercar wrote: »

They can not offer the oneaccount to new customers. WHether they can change existing terms and conditions for existing customers is a different matter. Even if they felt they could impose conditions they would have to bank on some term somewhere that gives them the right to change things in strange circumstances and, I would suggest, give people notice.

Yes, I see what you are saying. It depends whether you trust that they wouldn't try to find some sneaky way of using the terms and conditions to stop you accessing the money. Credit cards seem to be able to change credit limits and interest rates at a whim, and plenty of people have had trouble with the Cahoot Flexiloans. Northern Rock customers with Together mortgages have regretted it. I don't know about you, but I've lost all my trust in banks when it comes to 'flexible' products.

MRS_CRAZYLADY

Hi, myself and my partner are thinking about going to have a one account mortgage do you think this is a good idea, we are looking to change our mortgage and I saw there mortgage shrinker on the internet and it sounds great I just dont know if its the right mortgage/account for us, please help. Thank you