The One Account

JIMBO

What is the general opinion on the One Account. Obviously my mortgage is my biggest debt at about £187k (I have no others) and I have a reasonable amount of savings (circa £10-15k).

Is the One Account really as good as is made out?

grumbler

Sticky: Offset Mortgages -- the Numbers

sibbo_2

I've had my one account for about 6 years and it really works for me.

It takes a bit of getting your head round at first as you just have one massive overdraft so when you go to a cash machine it shows your total overdrawn balance (eg: "your balance is minus £187,000 - would you like to withdraw £250"!!).

Within the online banking system you can however set up various 'pots' so it is easier to understand how much you have in say your imaginary current account so you know what you can spend.

I worked out at the time I took it out that I would save more with the One Account than I would moving to various fixed rate deals etc each few years and is a lot less hassle.

The more you can leave in the account each month the more savings you have the more you benefit as they simply charge you daily interest on the actual amount you have outstanding.

If you are interested in applying there is a £125 recommend a friend offer which would give us both £125!