Interest rates for TheONE Account staying up

chasancrai

I assume you'll be closing and looking for something else then?

Cosmo

If there's anything out there that has the same flexibility as the One Account. It looks like a tough market right now though.

Going_Digital

Well I feel a bit better as I have started my transition away from Royal Bank of Scotland. Our company current account I have switched to Alliance & Leicester today as they offer free banking to businesses with a turnover under 1m. Our company current account always has a good positive balance in it so RBS will be loosing that cash to A&L. Probably a small drop in the bucket for them but makes me feel better on principal. I would suggest anyone who runs a business to take a look at https://www.alliance-leicestercommercialbank.co.uk/ as RBS have now introduced new charges on business accounts.

Once I have this transition done, if all goes well the next thing will be to move our commercial mortgage away from Nat West so they will loose out on £800 a month interest charges from that. Then finally the One Account will go when I can find the time to compare deals. Oh what a wonderful day that will be as I sit back and feel I have done at least a little bit to show I will not tolerate being treated unfairly by a bank. Then the next step will be to persuade any friends and family who have any RBS products to switch as well. And I won't forget what they have done either, there will be no going back as I don't trust them at all any more.

Cosmo

Just got another letter today announcing a further 0.25% rise in the interest rate :mad:. Looks like they are really out to screw us.

wymondham

Cosmo wrote: »

Just got another letter today announcing a further 0.25% rise in the interest rate :mad:. Looks like they are really out to screw us.

seems so, like lots of other banks etc.....

Ric

Today's letter with the 0.25% increase was the final straw. I'll be making every effort to do some research and move from Virgin One. It seems they are only going to take notice when they lose their customer base.

ixwood

But surely the rate doesn't matter (somehow), because the one account is special? That's what the one account fanatics always used to claim anyway (whilst advising other people to take a bad deal that would cost them extra).

Nice to see you've been rewarded for your extreme loyalty.

wymondham

Ric wrote: »

Today's letter with the 0.25% increase was the final straw. I'll be making every effort to do some research and move from Virgin One. It seems they are only going to take notice when they lose their customer base.

isnt this why they put the rate up - to reduce customer base and become less competative? Is it really worth the hassle moving when others are doing the same?

teabelly

Even the best mortgage products are expensive with massive arrangement fees. 0.25% is annoying but we're still paying not that much more than everyone else! We don't have any remortgage costs, nagging about paying off the balance and can take every penny up to the facility out on a whim. Remortgaging costs about £1500 every couple of years which is quite a chunk of the extra interest costs. In this climate I think the financial security offered by such flexibility outweighs the cost of the interest rate increase. Lots of people coming off fixed deals have had to cope with 2%+ increases at once. If times are tough having space to effectively not pay the mortgage for a while is a godsend. Everyone else loses their home if they can't pay or has to start using credit cards, one account holders can just let their outstanding balance increase a bit.

weblabrador

i think at the very least we have to voice our disappointment at broken promises, i'll be sending a letter with all three bits of pertinent info from the site...

1. BBC Radio 4 INSIDE MONEY on 18th AUGUST 2001

James Duffell, the head of public relations for Virgin One, said
"We guarantee that they will always follow the Bank of England interest rate when they come down. We put them down the day that the Bank of England announces its reduction and the interest then calculated from the next day at the new rate."

2. Virgin-One account press release.

"Virgin’s commitment to follow any Bank of England gives One account customers reassurance that the company is continuing to apply rate cuts swiftly."

3. And gripplespider's letter...

at the very least i would like some answers, as mentioned before, One account holders have long memories, we won't forget this...