Virgin one account

madodey

Hi, Is the Virgin One Account a good Idea? I like the principle and know people that it has worked for, what are the hidden dangers?;)

jamesd

The main hidden danger is the high interest rate compared to alternative deals on the market. For one, take a look at First Direct. Their standard offset mortgage provides:

1. Current account. All credit balance reduces mortgage interest.
2. Savings account. All credit balance reduces mortgage interest.
3. Mortgage account. You can pay off capital here to reduce the balance.

There are many other current account and offset mortgage deals around now.

getmore4less

It's rubish.

People seem to start making up fantasy reasons why it was good for them to cover up for the bad choice.

Get a proper offset cheaper and more features.

waveneygnome

I had a One Account for over ten years - loved the flexibility it gave me and its interest rate tracked the Bank of England base rate both up and down.

However, as soon as the banking crisis hit, The One Account went back on their promise and no longer tracked the base rate down. Many people complained to the Financial Ombudsman....and either won or partially won there cases.

So.........in summary:

1) The One Account's interest rate policy is not transparent - they can change the interest rate at there will
2) First Direct (& others) offer cheaper interest rates for the same type of product
3) The One Account's service to customers has declined (call centres not open 24hrs - where as some of the competitors have

I would not recommend The One Account to anyone.