The one account, any good?

karanda

russjacks wrote: »

My fixed rate morgage finishes in Aug and again i have been looking into the one account.
Problem is i dont know anyone who has it to ask if its ok or not. the more i read about it the better it all seems. i am quite good with my money don't spend a lot on crap i don't need and try to keep my outgoings to a min. i have credit cards but don't really use them so i know i can resist temtation.
Thing is, it seems like this is a oppertunity to leave a bit of money in my account each month that will come off my morgage, bringing down my years of repayments saving me money on the intrest and if i pay it off early no charges for early repayment. The intrest rate they are charging at the moment is 3.75% it also sounds quite good.
Am i missing something, it all sounds really good and gives you a good oppertunity to pay extra off your morgage.
What if any are the pitfalls with this account?
Has anyone got one and thinks its ok?

Many thanks.

Steer well clear. As others have said, there are far better products out there on the market. RBS have had a dreadful track record on this account over the past two years, and individuals (myself included) have taken them to the Financial Ombudsman for mis-selling. You may be paying 3.75% now, but they can, and have in the past, hiked their interest rates up at whim. So you will find yourself paying over the odds - RBS have had to shell out and refund some of us the excessive interest charged, but their new terms and conditions now will mean you will have no recourse the appeal to the Financial Ombudsman in the future when the inevitable happens.

I personally value good customer service, and again, the customer service from this bank is now dire. I also have an account with First Direct - now they really do understand good customer service. The difference between the two banks from this point of view is breathtaking.

I would never, ever have any dealings with this bank again - they really just don't get the idea that a bank should be trustworthy, open and honest with their customers.