Written on: 18/10/2010 by waveneygnome (1 review written)
The One Acccount is expensive compared to other offset providers.
The lowest rate someone with a 50% deposit can get is 3.65%
Compare this to First Direct Offset mortage which is 2.59%
Thats a saving of nearly 30% off the cost of you mortgage.
If you spread this saving over the life of your mortgage, most people will save thousands.
On top of that, the service levels of the One Account are poor in relation to First Direct. The One Account closes its phone lines after 10pm. First Direct is 24hrs.
Lastly.....the interest rate The One Account charges is variable (at their discretion) i.e. it won't necessarily track the bank of England base rate. Remember you are making a lengthy commitment (usually 25yrs) of a mortgage to an interest rate that can be changed at Royal Bank of Scotlands discretion without any relation to Bank of England base rates, or LIBOR or anything.
If you want the flexibility to offset, then steer clear of the One Account and go for a different, less cost, better service provider.