RBS / Virgin One Account - withdraw interest rate cuts

[annoyedatRBS]

Not sure if any of you have seen this (sorry if I'm repeating what has been put elsewhere) but sign up for the government petition (well, it might do some good?). It's a bit light on signatures at the moment so the more the merrier.

 

Petition to: ensure consistency and "fairplay" from RBS group in passing on the recent cut in base rate to their "One account" mortgage customers. | Number10.gov.uk

[annoyedatRBS]

Not sure if anyone has seen this but might be worth signing up to the below petition

Petition to: ensure consistency and "fairplay" from RBS group in passing on the recent cut in base rate to their "One account" mortgage customers. | Number10.gov.uk

 

Sorry if it's already been mentioned and you know about it.

 

Will let you know when/if I hear back from them about my letter. Think I'll also look into going to the FOS

[pablothian]

There are 3 main drivers that I am aware of in strategic decision making for interest rates – The base rate, Libor, and competition.

Discounting ‘crisis’ rises in rates pre September their rates have dropped by 2.95%

In this time:

1. The base rate has now been reduced by 4.5%

2. Libor has dropped from 6.3% to 1.9% (4.4%) – and this is still falling.

3. In terms of competition (including only ‘offset’ mortgages­) First Direct are currently offering 2.89% as a typical rate

Therefore they have no strategic base for what they are doing.

I really like the One Account but the difference in their rates and the First Direct rates would be worth around £1200 per annum to me. This is too high a price to pay.

I don’t care who owns them, I just want a fair deal and their recent actions are not fair or even logically sound.

[annoyedatRBS]

I got a reply today from their "customer care team", regarding their letter in 1999 about moving in line with the base rate.

"We are aware that some years ago certain price promises were made to our customers around changes to the One Account rates following any change to interest rates set by the Bank of England. These promises did not reflect the mortgage terms and conditions, but were a genuine statement of our intentions at the time and we can only apologise if, as a result of these communications, you were ever led to believe that the rate would always track Bank of England Base rate"

They also confirmed (for the first time, as I've not had a letter from them ) that they'll be cutting the rate 0.25% from 1st April.

 

My concerns about Sir Fred's pension have also been noted

 

I feel another letting coming on...

[Libran1910]

Hi all .. I was just wondering how many peoplle have been advised as to interest rate cut from april 2009 as I do not seem to have received any such letter.

[helend]

hi

I raised this with V1 in March 2007 (the reason given was that rates were driven by Libor, not Bank of England base rate) and I never followed it up. I rang V1 to complain about the rates not following Libor on 26 July, and was told it would be raised and I would get a written response. Nothing happened so I rang again today to chase. The agent said it was not a complaint, it was a 'dissatisfaction' (might have got the wrong word here but that's the gist), the previous agent I had spoken to had given me incorrect information, the policy is that interest rates are set by RBS, are not negotiable and 'it is how it is'. She repeatedly tried to put me through to the 'saves' team to find a 'more appropriate product' which I declined, as there are lots of other features of the account which I like and need. She said I would not get a written response as there was nothing they could do to change the situation.

So not much luck there! Anybody got any other updates?

Helen