The One Account

We have been very pleased with the One Account which we opened five years ago. Transfering our mortgage was a very easy process. The interest rate on our savings account was much lower than our mortgage interest rate, so it made a lot of sense to use this money to offset our mortgage. This is exactly what the One Account allows you to do. By keeping all money usually in your current account and/or savings accounts in the One Account instead, your interest on your mortgage is reduced. This saving of interest will reduce the time taken to pay back your loan. Remember no saving account will pay you more interest consistantly than your mortgage company is charging you in ...  Read the complete review

Had you asked me a year ago what I thought of the One Account, I would not have hesitated to say it was an excellent product. In addition to the whole concept of an 'offset' account suiting us financially, the customer service provided by the One Account was excellent. The phone line was always promptly answered and very helpful. The monthly statements were really informative, providing full details of money going in and out, as well as a graph to show the rate at which your liabilities were reducing or increasing and whether you were on target. I have always banked with the Royal Bank of Scotland and as far as I was concerned, I ...  Read the complete review

***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 www.oneaccount.com. ***What Is It?*** An account that brings together your mortgage, savings, ...  Read the complete review