Terrific morgage product (The One Account)

Member Name: mintyiscrazy

Product:	The One Account
Date:	01/09/09 (63 review reads)
Rating:

Advantages: Flexible, allows you to pay off your mortgage quicker, saves you money.

Disadvantages: Personal financial discipline is required, difficult to set up a standing order.

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 interest. The flexability of being able to pay off the capital of your loan can also further reduce your overall interest payments. A paper statement is sent once a month and we can access our account online at any time. The website to use our account online is easy to use and provides detailed information about transactions and forecasts. It was difficult to set up a standing order online, although this was over a year ago and this service may have improved. When we phoned the helpline, staff were competant, polite and able to set up the standing order very quickly. Money and cheques can be paid in at RBS branches, or cheques can be posted in pre-paid envelopes. Overall the best move we have made with regard to our finances for many years.

Summary: One of the best mortgage products on the market