Virgin One Account

Dangermouse82

Hi to all

I'm looking for advice/anyone with experience regarding the one account.

I've had a quick search through the forums and have not found anything regarding Virgin One Accounts. I do not currently own my own home but am looking to do so at some time in the future.

I've looked at the Virgin One Accounts' website and get the general idea behind the product but have found it difficult to e-mail further questions on their website. I have spoken to a couple people who rave on about the one account which got me initially interested and so I looked for some reviews on the internet and got the review centre.

I was a little alarmed at how the reviews start as glowing and descend into very disgruntled customers indeed which seems to coincide with Virgin one account being bought out by RBS. Something to do with not passing on savings when rates go down but hiking them up when they go up.

I'm self employed and also looking into sharing ownership and so a mortgage needs to be flexible and take into account variable income.

Any views/advice or alternatives options would be appreciated.

Many thanks

Bob

tyllwyd

You'd probably be best off asking on the mortgage board. There used to be a long thread about the One Account, but I can't find it now (which does make me wonder if it might have been removed, but I might be a bit over-suspicious).

We used to have a One Account way back when it was Virgin One, and as far as I can tell they did treat their customers quite shabbily regarding tracking the base rate, which is why the reviews are not glowing.

I'd say have a look at all the different products, because my impression is that the One Account is no longer one of the most competitive products out there.

getmore4less

AVOID there are better offset product.

Dangermouse82

Thanks for your replies tyllwyd and getmore4less.

I am fast getting the impression that the one account is not what it was and is now a bit of a rubbish product.

mostlycheerful

Virgin is owned by a character called Richard Branson who has a long history in this country and many others, some of it good, some of it not so. If you want to find out some more about this person then there is a huge amount of material available for inspection. He started in the 1970s as a long haired hippy type running a magazine at college and then selling records through the post, first of all, supposedly using the local phone box as his office though that may not be true and could perhaps be publicity material made up to entertain people. Some media people refer to him as "Beardie"...

karanda

Dangermouse82 wrote: »

Hi to all

I'm looking for advice/anyone with experience regarding the one account.

I've had a quick search through the forums and have not found anything regarding Virgin One Accounts. I do not currently own my own home but am looking to do so at some time in the future.

I've looked at the Virgin One Accounts' website and get the general idea behind the product but have found it difficult to e-mail further questions on their website. I have spoken to a couple people who rave on about the one account which got me initially interested and so I looked for some reviews on the internet and got the review centre.

I was a little alarmed at how the reviews start as glowing and descend into very disgruntled customers indeed which seems to coincide with Virgin one account being bought out by RBS. Something to do with not passing on savings when rates go down but hiking them up when they go up.

I'm self employed and also looking into sharing ownership and so a mortgage needs to be flexible and take into account variable income.

Any views/advice or alternatives options would be appreciated.

Many thanks

Bob

Have a look at this link. There are over 1,000 posts about this truly dreadful account, run by Royal Bank of Scotland. It USED to be part owned by Richard Branson, and it was absolutely fantastic. No Longer. Steer clear of these rogues.

It is now known as The One Account by the way. Virgin One is the name of the account for those who opened it during the Branson Days.
http://forums.moneysavingexpert.com/showthread.html?p=29312607&highlight=rbs+one+account+interest+rates#post29312607

tyllwyd

mostlycheerful wrote: »

Virgin is owned by a character called Richard Branson who has a long history in this country and many others, some of it good, some of it not so. If you want to find out some more about this person then there is a huge amount of material available for inspection. He started in the 1970s as a long haired hippy type running a magazine at college and then selling records through the post, first of all, supposedly using the local phone box as his office though that may not be true and could perhaps be publicity material made up to entertain people. Some media people refer to him as "Beardie"...

We had a Virgin One account when it was a Richard Branson company, and a Virgin Money life insurance policy. Both of them got sold on to other companies which had nothing whatsoever to do with RB. I felt totally used that he had used his personal reputation as part of the selling point of the companies & their products, but sold them on without a second thought when it was convenient for him to do so - my opinion of him went through the floor, and I would never buy another Virgin branded product again.

mostlycheerful

tyllwyd : "Both of them got sold on to other companies which had nothing whatsoever to do with RB."

Oh, right, sorry I didn't research that in fact he's sold on these companies. Interesting to hear that while under his ownership some people felt that they were ok but now that they're in other hands some people say that they're poor quality.

Dangermouse82

Nothing positive here. Looks like I'll be staying well clear. Obviously I will get proffessional advice first but just wanted to see what people thought. I've done a bit more research since and found other options.

Thanks to everyone who has posted.

tyllwyd

mostlycheerful wrote: »

tyllwyd : "Both of them got sold on to other companies which had nothing whatsoever to do with RB."

Oh, right, sorry I didn't research that in fact he's sold on these companies. Interesting to hear that while under his ownership some people felt that they were ok but now that they're in other hands some people say that they're poor quality.

I don't think he's sold on all of Virgin Money - but he did sell our life insurance policy which was with Virgin Money life.
http://www.windsor-life.com/Text/AboutUs/CompanyHistory.htm
I'm not going to forgive him for that.