One Account rates cut

A question about : One Account rates cut

Phoned first thing this morning and was told they were discussing possible reductions. Called again just now and got a recorded message saying that rates would reduce in line with BOE from 3rd November (they've obviously been inundated with calls).......Maddening that the old regime of cutting the day after a rate reduction by BOE seems to be defunct but at least they are following other lenders and reducing.......Not that I am entirely convinced that an interest rate was in the best interests of the UK as a whole, but since they have been reduced it would have been galling to find RBS standing still.

Best answers:

• I think you will find it has be always own by RBS, virgin owned some of the company you only think the product has gone down hill because the product is more expensive than it used to be but so is everything on the market. The product is exactly the same as it used to be works in the same way its just the rate that has changed.
• I phoned One Account following the 1.5 rate reduction today and they told me Head Office are reviewing the rate tonight.
• I could swear that when I looked at their rates on their website earlier this week it was 6.7%. Now it says 6.2%. If so then that is (obviously) only 0.5% cut.
  I have stayed with them on the basis of the recorded message they up in October saying that they would would reduce in line with BOE from 3rd November. If they don't reduce by 1.5% then wouldn't that be fraud?
• Think the 3rd of Novemeber cut is in line with last month.
• Hi, the 3 November cut was in from the PREVIOUS reduction not the 1.5% reduction this week. Does anyone else think this product was somewhat missold in that I was under the impression it was a tracker? I have gotten out the fine print and it said it isn't but wasn't there something about 'usually' varying with the BOE rate?
• The recorded message states that RBS are STILL reviewing the One Account interest rates. I suspect the delay is because their lawyers are frantically trying to find as much "wriggle room" as possible to avoid passing on the full 1.5%. Even though RBS have been reported by the FT and BBC as saying they will pass the full cut on.
  RBS should hang their heads in shame at the way they have managed to decimate customer confidence. I really, really regret having recommended to account to family and friends now.
• Check out his link (still not changed)
  https://service.oneaccount.com/DAPP/rates.do
  Also if you click on "contact us" you can start a live link with them
  https://www.oneaccount.com/onev3/cont...-landing.shtml
  I thought it was worth a try so...
  This is a transcript of your chat with our customer service advisor.
  General Info
  Chat start time Nov 10, 2008 11:52:29 AM EST Chat end time Nov 10, 2008 11:57:26 AM EST Duration (actual chatting time) 00:04:57 Operator Christian Chat Transcript
  info: Please wait for a representative to respond, it will only take a minute.
  info: You are now chatting with 'Paul'
  Paul: Welcome to our live chat service.
  Paul: Before we go on, I'd like to tell you that I can't give you any advice, but what I can do is give you information on some of the One Account mortgages and protection products provided by the Royal Bank of Scotland group. I will also confirm this in writing for you.
  Paul: We are part of the Royal Bank of Scotland and are a member of the Royal Bank of Scotland Group
  Paul: We will share your information within our Group of companies for business and operational purposes. We will also share your information with other organizations for credit risk and fraud prevention purposes.
  Paul: If you proceed, your terms and conditions will contain further details of how we and others use and share your information
  Paul: Hello. How may I assist you?
  Patrick: hi - can you tell me if OneAccount plan to lower it's rates by 1.5% given the BoE's rate reduction?
  info: Please wait while I transfer the chat to 'Christian'.
  info: You are now chatting with 'Christian'
  Patrick: hi - can you tell me if OneAccount plan to lower it's rates by 1.5% given the BoE's rate reduction?
  Christian: The One Account variable rate remains under review. Further details will follow shortly. It is important to remember that while this product is not linked to the base rate, we are using the recent base rate decision to review our interest rates.
  Patrick: do you offer any tracker mortgages then?
  Christian: The only mortgage product we currently offer is The One Account.
  Patrick: ok - thanks - I'll look elsewhere then. Any bank that's not going to pass on the rate reduction, especially when they are part of RBS - is not a bank for me.
  Christian: You're welcome. Thank you for your time.
• But how much are they going to care if people take their business elsewhere? Didn't someone say they have withdrawn the product from new sales? (Or have I got the wrong end of the stick yet again?)
• This has been discussed on numerous occasions.
  The fact is that RBS WANTS to get rid of a certain number of borrowers because they know that for everyone that leaves another will be waiting in the wings to join.
  Given the excellent value that the One Account is compared to current mortgages coupled with the flexibility means that the bank can and has manipulated the interest rates to suit.
  The Die-Hards who thought that the account would always track at 110 basis points above Bank of England rates, I'm sorry to say will or probably have left, and will be replaced by a new breed of borrowers who are more than happy to pay the additional premium.
  The big question is will the differential increase even futher?
• This post is just why I bailed out of the One Account last month.
  Dont complain, just get out and go somewhere else that will save you hundreds a month. I went with FD on their tracker mortgage at +0.49% on BOE and it really does track the BOE rate immediately the change happens.
  I found that after 7 years with the one account I lost faith. They were swift enough to pass on the rate increases and dragged their heels with the decreases. They even put their rates up when the BOE went down.
  You cannot top the Customer service and Good old British call centre of FD, these are just added bonuses to extra dosh I will have for Chrimbo.