Ciao - for people with opinions

Latest reviews Latest questions
Write a review Latest videos
Special offers
Home > Finance > Banking & Personal Finance > Mortgage Lenders > The One Account

User Reviews

for The One Account

Rating Summary based on 8 reviews

  • 5 Stars
    		5
  • 4 Stars
    		2
  • 3 Stars
    		0
  • 2 Stars
    		1
  • 1 Star
    		0

Detailed rating

  • Competitiveness of charges/rates
  • Efficiency of service
  • Online - Content/organization of site
  • Online - Ease of applying for products
  • Online - Investment tracking
  		• 4.7
  		• 5.0
  		• 4.7
  		• 4.5
  		• 3.7

Review attribute filters

Previous page Next page Page 1 of 1 | 1 to 8 out of 8 Review(s)
  • 175 of 175 Ciao users found the following review helpful
    Picture of TheWizardsSleeve

    TheWizardsSleeve

    4 Stars Is this The One for you? Diamond review 13/12/2007
    User recommends the product

    Advantages Advantages significant potential savings, mortgage repaid quicker, superb service

    Disadvantages Disadvantages need to be very disciplined money wise

    This is an update on my original review in December 2007, reviewed twelve months after commencing the facility. I have updated this given the unprecedented changes in the financial markets recently as well as changes in my personal circumstances, both of which have been helped enormously through having a One Account. ***History*** In 1997 The Royal Bank of Scotland and Virgin Direct formed a joint venture and marketed "The Virgin One" to Virgin Direct's 200,000 customers and it was an immediate hit and so in 1998 it was marketed to the general public for the first time. Since then it has ... more
  • 7 of 7 Ciao users found the following review helpful
    Picture of Clarmore333

    Clarmore333

    5 Stars The One Account works for you and saves you money 28/05/2009
    User recommends the product

    Advantages Advantages Excellent customer service, easy to use and saves you money

    Disadvantages Disadvantages Easy to over spend if you are not careful

    Why I chose the One Account I started to look at changing my Mortgage a couple of years ago as I was stuck on a fixed interest rate of 6% and felt I could do a lot better. I had recently bought the house so did not have a huge amount of disposable income and had a very small savings pot (no more than £1000). I wanted a flexible rate Mortgage that I could easily manage and overpay without being penalised. I also considered the future; I wanted to start a family and knew that I would get the minimum in maternity play so I needed a facility where I could get back the overpayments on the Mortgage ... more
  • 17 of 17 Ciao users found the following review helpful
    Picture of sgjenning

    Level 2 sgjenning

    Member since 04/07/2006

    Reviews written: 20

    5 Stars The One for us! 03/10/2006
    User recommends the product

    Advantages Advantages All your money in one place

    Disadvantages Disadvantages Could be easy to overspend

    The One Account is an 'offset mortgage' account - basically it combines a standard (current) bank account with a mortgage. This means that, instead of paying interest on your mortgage at a high rate, and receiving interest on your current account and savings at a low rate, the two are 'offset'. There is only one rate of interest involved, and any money you put into the account reduces the amount of interest you pay each month on the mortgage. At the moment (October 2006) the interest rate is 5.95%. Because you have a period of years in which to repay the mortgage, it is possible to vary your ... more
  • 9 of 9 Ciao users found the following review helpful
    Picture of Bev1

    Bev1

    5 Stars The One Account 04/07/2008
    User recommends the product

    Advantages Advantages Save money - knock years off your mortgage (I really did!)

    Disadvantages Disadvantages Not for you if your wages don't last a month

    We took out a One Account over four years ago and already have 'paid off' our mortgage. Basically this account is like a giant overdraft where you combine all your debts into one account and counteract this by putting in all your incomings and savings. Every penny you own/earn works to pay off your mortgage. Your 'facility' is the limit of your account or the amount you borrow on your home. You leave an amount in your account every month equal to your mortgage payment and anything extra, however small, also reduces your mortgate. If you put in your savings, this also reduces how much you owe ... more
  • 8 of 8 Ciao users found the following review helpful
    Picture of gazereth

    gazereth

    5 Stars The One Account 31/05/2008
    User recommends the product

    Advantages Advantages Paying off your mortgage quickly and saving you thousands of pounds

    Disadvantages Disadvantages You need a lot of common sense and future vision to benefit from this account

    I HAVE WROTE AN UPDATE AT THE BOTTOM OF THIS PAGE. HOPE YOU ENJOY READING AND PLEASE FEEL FREE TO GET IN TOUCH IF YOU WISH. GARY. The One Account…...where to begin??? Well for a start you need to have a common sense mentality, or this product will simply not work for you. The account works by purchasing your house on your switch card, i.e. you have a massive overdraft; as simple as that. You then pay in your wages and any other sums of money you can get hold of into your account, and hey presto, you simply pay off the debt. Why does this product work for me? Well my scenario is that my I own ... more
  • 28 of 29 Ciao users found the following review helpful
    4 Stars Quick review of The One Account by Bekseju 09/10/2008
    The offset idea is an excellent concept since you effectively receive interest on your savings at the same rate at which you are paying your mortgage. Advantages: 1) Excellent online banking web site 2) Convenient and flexible credit Disadvantages: 1)This is a current account so the mortgage rate is slightly higher than you could obtain elsewhere; 2) RBS has very few branches so money can only be paid in over the counter at Nat West and not via an ATM (except at RBS)
  • 16 of 29 Ciao users found the following review helpful
    2 Stars Quick review of The One Account by Whitter 13/10/2008
    Thye have not passed on any of the last three base rate cuts (thats 0.75%25: a hefty amunt), despite their letteres often promising to do so (especially those they sent out within days of increasing rates!)
  • 0 of 11 Ciao users found the following review helpful
    Picture of mikep67

    mikep67

    5 Stars mike penny 29/05/2007
    User recommends the product

    Advantages Advantages no permision required for additiona borrowing

    Disadvantages Disadvantages No buyer protection with credit card

    But you must be good with your money or you could overspend. Its the ONE account so you only have 1! No savings account or credit cards elsewhere. No bank loans with some other bank because they had a good deal on at the time- every thing in one place and everything at hand. If you have savings put them in- you wont get interest on them but this is offset by the fact that you don't get charged interest for that amount of debt on your mortgage. And best of all you can get them out any time you like. The best thing about this account is if you have equity on your property - you can use it as you ... more
Previous page Next page Page 1 of 1 | 1 to 8 out of 8 Review(s)