Advice on "The oneaccount"

madhouseof4

We have had a One Account for 4 years now and it has been invaluable to us. My husband's job has quite variable pay due to being on commission so with a normal current account / overdraft / mortgage combination we could easily have incurred lots of charges and gotten into difficulty.

We find it helps smooth everything out - so when we had a really bad year financially due to unforseen circumstances ( husbands job went downhill and I became a full time carer) last year we had the equity to fall back on. Now my Husband has a decent job again we are back on track but he's still paid on commission so pay can vary by up to £600 a month.

I agree it's not for everyone but in our circumstances it suits us really well. We have super-balanced-transferred 8k onto interest free cards to save some interest and that amount is gradually going down - now 5.5k shrinking. You need to be disciplined as it's easy to fritter away your equity if you are that type so I wouldn't recommend it to everyone, but we never pay any bank charges and have alot of flexibility.