The "One Account"

CopperPlate_2

Anyone any experience of operating this account? I am thinking of first direct and their offset mortgage, but would appreciate any info on the above, specifically what the customer service is like and whether they are any good. I know that it's part of RBS, and they generally are okay in these stakes.

Any info is appreciated.

nrsql

It will probably be more expensive than a flexible mortgage (if you want to use it to keep a lump sum) or even more so than a discount.

It would only be apparently beneficial if you have a lot of money going in and out of the account - but even then I doubt if it would beat the others.

Offset mortgages may sound good but are really just a gimmick.

Jays

First Direct' off set mortgage rate is usually cheaper if you go through London & Country.

I have found First Direct excellent for customer service, both online and on the telephone (two or three rings and straight through to British operator).

To make offset work you usually need approx. one third savings to offset mortgage debt.

By the way, you can link several accounts to the mortgage; we have five current/savings accounts between us to offset against the mortgage. This, imo, give it the edge over the One Account which just shows the overall debt.

cazmanian_minx

I got IF.com's offset (savings, ISA and current account against mortgage) at BoE + 0.44% for 2 years through London & Country in January and have been very happy with the service. The only annoyance is that I decided not to shift my current account to them and transfers between them and my NatWest account take 4-5 working days. But transfers between the IF accounts are instant.

Caz

number1johnw@hotmail.com

I signed up for this when it was first offered and it has certainly helped me when I have needed to very quickly extend the loan to invest in other property - it took a week to sort out £70K. The customer service is very good, no complaints at all. The thing to watch is that you have to be really careful in managing your money, there are some on-line toolswhich I've never got te hang of and so you have to be sure that you keep right on top of it as there is effectively nothing to limit your spending other than your own self control - so if that's limited, be careful.

CopperPlate_2

Thanks all. You're posts have been really helpful. There are lots of pro's and con's I suppose, and especially if it's in a giant pot (with a giant negative balance too!) I'd have to keep an iron grip on the spending. Okay for a couple of years, but 20odd!!, not so sure...:)