Virgin One Account - Highly recommended
 Aug 30th, 2002
Advantages:
Fantastic flexibility, excellent service, simple charges
Disadvantages:
Interest rates not the lowest, may be too flexible for some people
Recommendable:
Yes
Detailed rating:
Efficiency of service
Competitiveness of charges/rates
Online - Content/organization of site
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  Mike_kiwi
About me:
Member since:29.08.2002
Reviews:2
Review rated by 25 Ciao members on average: very helpful 
This review received a counterstatement by a party concerned
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I am not going to go into the exact details of how the One Account works, Virgin's web site explains that in great detail. Basically it is a "Flexible Mortgage" or "Current Account" mortgage. If you are thinking of getting a One Account and looking for an opinion then I can highly recommend it. I have had a Virgin One mortgage for several years now. I must say that it is the best way of banking I have ever seen and it is definitely a revolution. That said, the One Account may not suit everyone, so read on...
Have you ever been overdrawn? Or bounced a cheque? Or had a Direct Debit missed? Or been charged a penalty because you forgot to pay off the minimum payment on your Credit Card? Or been charged by your bank
for overdrawing your account using a cash machine? I have. And I tell you what, it really made me REALLY ANGRY because in my savings account I had several thousand pounds (earning a miserly 1% interest of course). I had the money, just not in the right place at the right time. Sound familiar?
The problem is that I am often too busy (or lazy) to shuffle my money from account to account on a daily basis to keep everything in balance. Of course the bank thinks this is a great scam - they are making money for doing nothing. It's a complete JOKE, but you can't do much about it. All the banks are as bad as each other, despite the millions they spend in advertising trying to convince us otherwise. The Virgin One Account changed all that.
Imagine if you could get a personal loan (anytime you want it) and a credit card with an interest rate of 5.2% APR and a savings account which effectively pays 6% or more. No hassle, no fees, no extortionate interest rates. Everything together in one place. Sorted. The Virgin One Account is all honest and up front - everything is presented in plain English.
You get a VISA Credit Card, Switch Debit Card, a Cheque Book and a £250 cheque guarantee card. (Forget those pathetic £50 guarantee cards). A nice touch is having the Virgin logo on your Credit Cards and Cheques. It sounds silly I know, but I think the Virgin brand is pretty damned cool. Being self-employed means my income varies dramatically. Sometimes I will get paid a good regular wage, sometimes I will get a big lump sum, other times I will not be paid for months. The One Account has given me flexibility to overpay during the good times and underpay during the tough times.
The One Account also absorbs the big expenses – getting married, tax bills, a new car, a holiday, a period of unemployment. No questions asked, no grovelling to bank managers, no personal loans, no out of control credit card debts, no debt consolidation loans. The flexibility of this account is fantastic. If you need more money then you can apply to have your mortgage extended to release some of the equity in your home. No re-mortgaging required.
Sounds too good to be true? So what's the catch?
Don't forget:
1. ** You can't get something for nothing. ** If you are always broke and you spend everything you earn then having a One Account could get you in to deep trouble. You can borrow money right up to the value of your property – and spend it all. No one will be checking up on you, no one will stop you. It's your money, you can do what you want with it.
2. It can be difficult to work out how much money you actually have available to spend. If you have (say) a £120,000 mortgage on your property and you owe, (say) £110,000 then your account balance will show as –£110,000 when you visit the cash machine. It is not always easy to work out if you are having had a "good" month or "bad" month budget wise. This can be a bit frightening at first.
However, the monthly statement does set out exactly how far ahead or behind your repayment plan you are though and the Internet banking is excellent. You can divide your One Account up into a virtual Savings, Credit Card and Current Account if you want to view it that way. 3. The One Account is a Telephone (24 hours a day), Internet and postal based account. There are no High Street branches, although you can pay money in at the Royal Bank of Scotland if you want to.
Personally, I hate waiting in queues and never inside a bank if I can help it. The 24 hour telephone banking is great. I have rung them up in the middle of the night a few times! The operators are always extremely polite, well trained and helpful.
Go ahead, stick two fingers up at your bank. Get a One Account.
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by (4%):
24.05.2005 16:28
i am looking into getting this account - thanks for your opinion - it really does seem a good deal!!
30.08.2002 13:42
Great op - will take a look at their site! :) Fiz
30.08.2002 13:18
Sounds good, but pretty dangerous for a person like me who likes to spend!