Virgin One Account Interest Rate Rise

oioisavaloy

Came home this afternoon 29/02/12 to find a letter on the mat stating that Virgin One Account are going to raise their interest rates by 0.25% - Fantastic !!!



To say I am angry is an understatement…Just pure and utter greed…


In this current climate this is all everyone needs, for me, it’s the final straw ! I have been with the One account for over Ten years and have seen them transform into a greedy organisation that is unrecognisable to how they used to be.


So I am voting with my feet and moving off, has anyone got any suggestions to a new place where they respect the customer and charge a fair rate for their lending?


oioi

helvelyn

No ideas sorry, but as a customer of 14 years I share your pain and your anger. I only have a few thousand left to pay off or I would be voting with my feet as well.

Edit: Or maybe instead of paying it off and walking away I will leave £50 outstanding so that they have to continue to ringfence £75,000 to enable me to drawdown up to my account facility. They are forever asking me to decrease the facility but I always say, "NO THANK YOU" on the grounds that they may not be so fast to reinstate it should I request that they do so. Oh I hate banks!

thefd

Absolute disgrace very disappointed with Virgin over this matter no thought for existing customers seems we will be funding their future growth in the mortgage market, obviously you can renegoitate your loan and get the % dilluted (Property value/Loan advance) which does bring a lower rate or indeed just ensure all savings are dumped in the account to offset after all it is 4.5% nett in essence doing it that way.

But did come as a shock when noone else in the industry appears to be taking such a step...

Boo hoo to Virgin Money !!:mad:

GingerDave

[SIZE=+0]I am absolutely fuming! the 0.25 % interest rate rise is the final kick in the teeth for me.[/SIZE]
[SIZE=+0]After they did not follow the BOE rates down and stopped at 3.65% I was angry but told them I would put up with that as long as they didn't increase the rates until the BOE did, oh no that will certainly not happen said the call centre, well it has and I'm off after 10 years as a customer/cash cow.[/SIZE]

Riaahunter

I came back from holiday today to this letter. When I bought into the concept, it was on the basis of rates at 1% above the BOE rate which is 0.5%. So not only are we being overcharged by 2.25%. They are raking off another .25%. This is a complete disgrace and I feel I am being taken for a ride to help repay RBS losses!!

Time to leave the ship as the rats have taken over!

ActiveKidz

So fuming I Just registered so I can post! got my letter today and when I got to the any questions and phone number at the bottom I phoned them up to complain.

Got a very nice man who took my details and asked if I would like a response in writing, I said yes just to see what they have to say

Seems like RBS want to use Virgin Account holders to pay the bankers bonus's! This account was fine years ago when it was Virgin and they had their intest rate policy. Only not voting with my feet as mortgage is nearly paid off.

Niv

is the one account still Virgin? I thought the name got changed to 'the one account' as virgin pulled out/sold teh one account brand?

Niv

Thrugelmir

Niv wrote: »

is the one account still Virgin? I thought the name got changed to 'the one account' as virgin pulled out/sold teh one account brand?

Niv

Sold out years ago. Richard Branson is a businessman not a charity.

SouthCoast

Blame the PIGS.

Thrugelmir

SouthCoast wrote: »

Blame the PIGS.

RBS overpaid to acquire ABN Amro.

AntonySimm

Hi all

Before venting at the lovely people at Virgin Money, including Mr Branson, the (Virgin) One Account is fully owned and operated by Royal Bank of Scotland. No longer a Virgin Product and hasn't been since 2003.

Antony