The One Account

Advantages: Paying off your mortgage quickly and saving you thousands of pounds
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 over half of my property, so I benefit from the lowest rates of interest that they offer. If you are not in this situation then the account is not really for you as better deals can be found. Now for the interesting bit?..can you save money?.or do...

gazereth 31.05.2008 (28.10.2009) · Read review
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Review of The One Account

Virgin One Account - Highly recommended

Advantages: Fantastic flexibility, excellent service, simple charges
Disadvantages: Interest rates not the lowest, may be too flexible for some people

...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...

Mike_kiwi 30.08.2002 · Read review
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Review of Virgin Money Accounts

Virgin One Account all banks are not the same

Advantages: Combines your current account, savings & mortgage & calculates interest daily on the combined balance. Also allows you to borrow back up to the initial advance at any time.
Disadvantages: If you're not good at budgeting you might find you haven't paid it off by the end of the term (actually I don't think they'd really let this happen)

...Until recently I had a very low opinion of banks. I hated them in fact. Bunch of bankers. My opinion had been soured by years of bad service and downright incompetence at the hands of two of the biggest high street banks, NatWest and Royal Bank of Scotland. Then, last summer, a friend suggested that I should get a Virgin One Account. I had started temping a few months earlier which meant that, potentially, I didn't have the same money coming in every month and, potentialy, I could have times when I wasn't earning so trying to make regular mortgage payments could be difficult. Also, as an accountant I could see the financial benefits in the flexibility of the account so I logged on to their website to find out more. The One Account is a combined mortgage and current account, this makes your statements look a little scary as they...

indychick_uk 26.03.2001 · Read review
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Review of Virgin Money Accounts

The One Account works for you and saves you money

Advantages: Excellent customer service, easy to use and saves you money
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 immediately if I needed to. I looked at several options (IF etc) and decided to apply for the One Account as it seemed to give the greatest flexibility in terms of managing the account. The application process I completed...

Clarmore333 28.05.2009 · Read review
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Review of The One Account

  Is this The One for you?

Advantages: significant potential savings, mortgage repaid quicker, superb service
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 continued to be a huge hit. In 2003 it became known as "The One Account" and Virgin were no longer involved. From the regular TV ads and poster campaigns most people will have heard of the name but may not know exactly what it is. Web site is...

TheWizardsSleeve 13.12.2007 (09.01.2009) · Read review
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Review of The One Account

The One Account

Advantages: Save money - knock years off your mortgage (I really did!)
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 and how much interest you pay, but you still can draw this out whenever you need. The amount you save in interest outweighs the interest you would earn having money in a savings account. You can reduce your facility as the amount you owe goes...

Bev1 04.07.2008 · Read review
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Review of The One Account

The One Account

Advantages: Paying off your mortgage quickly and saving you thousands of pounds
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 over half of my property, so I benefit from the lowest rates of interest that they offer. If you are not in this situation then the account is not really for you as better deals can be found. Now for the interesting bit?..can you save...

gazereth 15.05.2008 (28.10.2009) · Read review
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Review of Royal Bank of Scotland Accounts

Virgin One Account. Get one now.

Advantages: All in one account
Disadvantages: None

...When I was informed that some of my endowments would have a shortfall in paying of my mortgage I started to look at various options. One was to stay with my present lender as they offered me what was supposed to be a better deal!!!. In fact this was to cost me more. A friend told me to look at Virgin One. This I did and it has being the best finacial move I have ever done. The change in my account was very well handled by Virgin. At the time I had two loans for my wife's car and my own. I was paying far to much intrest on these loans (18% & 16%). When I started my Virgin One account I paid of these loans and this saved me a lot of money. With the intrest charged on a daily basis this also saves money. With the money I have saved this has made up for the loss in the shortfall in my endowments. You can access you're account on the Internet...

DaveThomo 10.05.2002 · Read review
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Review of Virgin Money Accounts

The One for us!

Advantages: All your money in one place
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 monthly payments to reflect your circumstances: if you have a surprise expense - the car breaks down, one of your daughters gets married - you can pay a bit less; if you have a good month - the boss gives you a huge bonus, you benefit from...

sgjenning 03.10.2006 · Read review
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Review of The One Account

It's great with a virgin

Advantages: see text
Disadvantages: none so far

...Just over a year ago we were considering changing our mortgage to get a better deal I was intrigued by Virgin One?s advertising and decided to contact them. They claim that eight out of ten people would save thousand of pounds with this account. Obviously with a claim like this I had to find out more. I initially contacted them by phone and found them to be very helpful and informative. After providing some basic information they gave me a personal illustration, giving details of what my mortgage account would be with them, and things then progressed from there. I was somewhat apprehensive about changing my current account over, which I had had with the same high street bank for 20 years, but things went smoothly and the Virgin One staff contacted us regularly with updates. Virgin One is different to most other mortgage lenders...

Donald 02.01.2002 · Read review
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Review of Virgin Money Accounts