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- smita's review
Picture courtesy of Peter.
| Value for Money | 4.2/10  |
|---|---|
| Reviewer Rating | 4.6/10 |
| Overall Rating | 4.6/10  |
By smita
on 25th Jun 2006
| Product | Tracker |
|---|---|
| Repayment Method | Interest only |
| Value for money | 5/10 |
| Overall value | 5/10 |
 smita's recommendation | |
Pay off your mortgage quicker**
**Have to be very disciplined to do this
Having had The Virgin One Account for a few years now, I can honestly say that I haven't saved a thing. I do not blame the account for this, but I feel that the account is not suitable for my particular circumstances.
In order for the account to work, you have to aim to leave as much money in there as you possibly can so that you pay interest on what you owe; so for example, if your one account limit is £20000 and you are up to that limit because you like to indulge yourself by spending any spare cash you have left in the account, you will pay interest on that £20000. However, if you are disciplined with your money and you leave say £1000 in the account, you will only pay interest on £19000, so saving you money. Get it?
It sounds simple, but if you are like me and not earning megabucks, and if you find that there is too much month at the end of the money, you will find no real benefits to this account, and trying to leave your money alone when there are so many bills to be paid, all of varying amounts and at different times, could become a bit of a headache. It really is about you managing your finances well and keeping tabs on things regularly.
In essence, if you are a good earner with a reasonable amount of disposable income to save, and good at managing your finances, then I am sure this account will work for you. If you are thinking about getting a One account you should look into it for yourself and not be swayed by anyone who says its "brilliant", "best thing I ever did" etc., as their financial circumstances may be wildly different from yours.
I am planning to buy another home soon and I will not be taking the One account with me.
| Helpful | Unhelpful | Agree | Disagree |
|---|---|---|---|
| 1 | 0 | 0 | 0 |
Total Respect: +1
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