Interest rates for TheONE Account staying up

taurusgb

stevemcol wrote: »

It's quite disturbing to realise they could pull the same trick again. They could even get away with a rate hike irrespective of the BoE rate.

Exactly what the letter I received today said - my rate is increasing by .25% from 7th July - even though BOE haven't raised interest rates. Have only just found this thread and haven't had chance to read it through fully yet but at least I know I am not alone!

taurusgb

Just phoned the One Account team and forcefully explained my feelings - got the "we never said we were a base rate tracker" so quoted from letter dated 8th September 1999, paragraph 3...."One Account customers - unlike many others - have benefited in full from each of the seven rate cuts we've had since October. And when the base rate falls again, you can be sure we'll follow suit - straightaway."

She also told me they follow the LIBOR rate which is why they have now raised interest rates even though the BOE haven't moved the base rate...don't know if this info helps anyone?

Anyway, have logged my feelings as complaint and the complaints team are supposed to be getting back to me within 5 working days - which gives me time to plough through all my old letters and see what else I can come up with.

Will post when I hear from them detailing their response.

georgeone

FYI I have filed a formal FOS complaint about the last letter - on the basis of either "it was a promise and part of Ts and Cs" or if you do not find in my favour there then "there is thus a prima facie case of misleading advertising and mis-selling - and cf FSA treating customers fairly". After today's letter I have already told VOA this is another formal complaint with them. I am now going to be looking to see what else the market can offer.

FreedomGirl

Hi,

(After I got my rate increase letter yesterday, I figured this thread would have been reactivated.)

This is probably a naive question, but...

If RBS/Virgin they can fiddle around with the T&Cs re interest rates, what's to stop them doing the same with the closing account charge/fee/ripoff requests ?

(When I signed up in 2000 it was £0 to close the account, which they then amended to £75 if it was done within 5 years. So, I am expecting to be able to close my account for £0. I will get really quite ****ed off if I get a letter in the post saying it is now £500 (or other massive increase))

I know that lots of other people have got back money because they were quoted one number at the start of mortgage then charged another at the end, hence the sticky for Mortgage Exit fees on this board.

Is the difference simply that mortgage exit fees are usually quoted in an individual offer letter, and interest rates are part of the general T&Cs? If so, are we stuffed because I think the closing costs are in the general T&Cs, and so we are exposed to cost increases there as well...?

Yours, slightly confused,

FG

jackarmy

Conversation last night during the evening meal.

Mrs JA: You're quiet tonight, are you alright.

Mr JA: Just got a letter from the one account.

Mrs JA: But you only got one from them the other day.

Mr JA: Yeah.

Mrs JA: Is it from that Jaynewhatshername, you know the one who was always sending us letters saying how they were different from other banks and always passed on rate cuts immediately.

Mr JA: No she left a few years back.

Mrs JA: Its not from that Freddiefellow saying that following customer feedback, they have decided to passed on the recent rate cut.

Mr JA: No he's to busy sucking up to the city.

Mrs JA: What is it then?

Mr JA: They're putting up the rate AGAIN.:mad:

Miss JA (17 years old): Dad tell them to shove their mortgage where the sun dont shine.

At which point the dog let out an almighty fart

Going_Digital

Please everyone don't be complacent about this issue.

Make sure you write to Virgin and complain as they have to consider every complaint by law. If they didn't know it already they will soon know that they have upset a lot of people if they get inundated with complaints. More importantly if the complaint is not handled to your satisfaction then an official complaint can then be made to the regulator. When the regulator gets involved RBS will have to take this very seriously.

Make sure you tell everyone you know who has a RBS or NatWast Account about how untrustworthy they are and encourage them to not use them for any financial products they may be considering.

Write to Virgin, an email to info@virginmoney.com will do explaining that by promoting the one account on their site and allowing their brand to be used they are associating themselves with a scheme that has thousands of disgruntled customers and therefore causing distrust of their brand. If you hold any of their products such as pensions inform them you may consider moving to another provider and giving them the reason you are considering a move away is distrust because of their involvement in this scandal and continued promotion of this product.

Write to consumer programmes like watchdog as if they get enough complaints they may feature it.

I know it is a lot of effort and may seem to much trouble, but don't let these muppets get away with treating us like this or they will just continue to fleece you for whatever they want knowing nobody will bother to do anything.

wymondham

Going_Digital wrote: »

Please everyone don't be complacent about this issue.

Make sure you write to Virgin and complain as they have to consider every complaint by law. If they didn't know it already they will soon know that they have upset a lot of people if they get inundated with complaints. More importantly if the complaint is not handled to your satisfaction then an official complaint can then be made to the regulator. When the regulator gets involved RBS will have to take this very seriously.

Make sure you tell everyone you know who has a RBS or NatWast Account about how untrustworthy they are and encourage them to not use them for any financial products they may be considering.

Write to Virgin, an email to [EMAIL="info@virginmoney.com"]info@virginmoney.com[/EMAIL] will do explaining that by promoting the one account on their site and allowing their brand to be used they are associating themselves with a scheme that has thousands of disgruntled customers and therefore causing distrust of their brand. If you hold any of their products such as pensions inform them you may consider moving to another provider and giving them the reason you are considering a move away is distrust because of their involvement in this scandal and continued promotion of this product.

Write to consumer programmes like watchdog as if they get enough complaints they may feature it.

I know it is a lot of effort and may seem to much trouble, but don't let these muppets get away with treating us like this or they will just continue to fleece you for whatever they want knowing nobody will bother to do anything.

I thought Virgin had sold out and RBS now owned One Account?
In todays news - 14 other banks have done the same thing in the last two days - One Account is not alone - careful it's not a case of our of the frying pan into the fire!!

http://news.bbc.co.uk/1/hi/business/7450832.stm

taurusgb

wymondham wrote: »

I thought Virgin had sold out and RBS now owned One Account?
In todays news - 14 other banks have done the same thing in the last two days - One Account is not alone - careful it's not a case of our of the frying pan into the fire!!

http://news.bbc.co.uk/1/hi/business/7450832.stm

But the One ccount is not a fixed rate so isn't the same as the mortgage rises mentioned by the bbc in the above link is it? That said,and angry as I am, I still like the flexibility of the One Account.

Going_Digital

wymondham wrote: »

I thought Virgin had sold out and RBS now owned One Account?
In todays news - 14 other banks have done the same thing in the last two days - One Account is not alone - careful it's not a case of our of the frying pan into the fire!!

http://news.bbc.co.uk/1/hi/business/7450832.stm

Yes RBS own the one account but Virgin still allow RBS to use the Virgin name and actively promote the One account on their own Virgin Money web site.

If you are happy for the banks to take whatever money they feel like from you then do nothing. But at the end of the day Virgin one account promised base rate related interest charges and they have changed the account to suit them. The other accounts that you talk about were all sold on the basis that there was a fixed discounted period and at the end of the period you would be on the lenders standard rate. Not so with the one account it has always followed the base rate.

jackarmy

I've got slightly mixed views on this.

I can see where wymondham is coming from, its pretty galling what they are doing to its loyal customers however has anyone come up with a better deal. I can find plenty of offsets but are there any other CAM's which are a cheaper alternative. Wymondham, I get the impression you know how to use this account to its full advantage. Would you consider sharing some of your experiences in how best to manage this product effectively?

Teabelly also seems to be of the opinion that customers will find it difficult to source a cheaper product.

Chasancrai raises doubts about other options.

I also admire Going_Digital's stance which in essence is dont let the big boys get away with it. The fact is most busy people are apathetic but only because of limited time. Most people just dont have the time to sart writing formal letters to organisations in the faint hope that something will be done, however that should not be a barrier.

FreedomGirl raises concerns about increases in ancilliary costs. The fact is none of us know what will happen. We can only make decisions on what we know at the time, the rest is a gamble. Sometimes we get it right and sometimes we get things wrong

6 months or so ago HSBC were offering trackers at 0.23% above base with no fee, now look at the cost.

ING who I am currently with until next February will then allow me to offset at BBR+0.9%, now look at the current rates.

I still think the one account concept is excellent given the length of time that customers would require it for, it just depends on how much of a premium you want to pay, like with any thing we buy.

Despite the current issues I haven't dismissed returning next year, it just depends on the rate differentials at the time.

It's true what they say about this account, you either love it or hate it!