The Virgin One Account Mortgage www.oneaccount.com

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The Virgin One Account Mortgage www.oneaccount.com
★★★☆☆
2.7
48.0% of users recommend this
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Latest Reviews

“Disgusting way to treat long term customers ”

★☆☆☆☆

written by QuintonNelson on 08/06/2023

Virgin One decide our personal accounts are to close down - but aren’t signed up to the Switch service, so customers have to transfer all DD and standing orders themselves. In the meantime they also thought it would be a good idea to change our debit cards to a new one! The very least RBS could’ve done was offered to switch those customers who wanted to over to an RBS account! Instead they’ve offered no help, no compensation , absolutely nothing. Shameful!

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Nickabz's Comment

Written on: 21/07/2023

Totally agree. I have had a one account for close to 30 years and last week I received a letter telling me it was to close. Mortgage paid off some time ago and obviously run with a credit balance. Now forced to open new bank account and find that only partial switch is available. Shocking service.

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Was this review helpful? 8 0

“Terrible service for Virgin one account”

★☆☆☆☆

written by Lindaoneuser on 19/09/2021

Used to be good but now they obviously want to get rid of the customers. Ridiculous low level of 1,000 for payments, reduced support hours even for online its now an expensive phone line and only old fashioned 9-5 banking hours and it keeps locking you out of the account to then have to phone them to reset even though the login is correct. Complete lack of customer service and RBS should be ashamed of themselves would never bank with them.

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Was this review helpful? 5 0

“Dreadful”

★☆☆☆☆

written by Hackedofff on 10/12/2019

We have been with them for years and, recently ported the mortgage to a new property. When my wife tried to pay for the weekly shop, there were more hoops to jump through than an army dog on a display performance. Because she couldn’t immediately recall whether she had used the card in the past couple of days, they refused to honour the payment and, put a stop on her debit card. They have also put a stop on mine, even though I have not failed any security check. They have refused to remove the stop or issue new cards and are insisting we go in to a branch. Initially, they refused to register a complaint until we have been in to the branch until I advised them this would be a breach of FCA rules. Of course, there is no stop on the credit cards associated with the account so, we can go on a spending spree with money we might not have but, cannot use the cards where we have to have money in the account in order to do so. Not quite sure there is much logic to this. Going in to a branch is not convenient so, we cannot access our money until they have handled the complaint or, we have re-mortgaged, whichever is quicker. I would avoid them at all costs.

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“Avoid”

★☆☆☆☆

written by JoslynHess436 on 05/10/2018

Used to be excellent but last couple years service has got worse No one answers phone and I can spend ages trying to make a payment to someone

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Was this review helpful? 2 0

“Best Account Type For Responsible Spenders”

★★★★★

written by KnowNuffin on 13/07/2018

Probably the single most prudent decision I've ever made, to use the One Account for my (long paid off) mortgage needs. The basis of operation suited my earning/spending world view perfectly (as far as borrowing can realistically go). This account is not for everyone. If you are a tightwad in general, this account is perfect! Sadly, it all comes to an end now. I have been notified that my account is to be closed end of term 2019. New arrangement to be sought.

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Was this review helpful? 2 0

“Steadily diminishing service”

★★☆☆☆

written by Schaeferbt463 on 22/11/2016

Have been with them since they launched as 'virgin one accout'. 24/7 service - gone. Exact link to base rate - gone. Ability to make single transactions up to £10k - gone: now £1,000 maximum so if you want to transfer £10k you need to do £1k ten times! Today and for last few days website is down. No information provided to clients. Staff have no info on when it will work again. Whilst all other major accounts have a smartphone app, One Account does not. My guess is that RBS no longer want this business and are failing to support it until business all walks. We will shortly

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Kpsandown's Comment

Written on: 23/11/2016

Have queried the £1,000 limit and got differing replies. Either they didn't know why it had been set up and another said probably temporary. As mortgage now paid will be switching banks.

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“To avoid”

★☆☆☆☆

written by Jordanve368 on 20/04/2015

Expensive rate, disapointing service it is better to avoid.. Go to a normal bank ...

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“Paid off early”

★★★★★

written by pjCrawford75 on 21/03/2015

We originally took out our One Account in 2000 to address a projected shortfall in an endowment policy value, and it proved to be one of the most astute decisions we have made. The account has just been closed with the mortgage paid off before time, and without the need to use any of the endowment proceeds! Along the way, we have had the flexibility to use the account to part-fund university for two sons, and to help fund their early cars. We have also been able to book holidays or carry out home improvements safe in the knowledge that funds would be available. Changing the borrowing limit, and therefore the interest rate, was as simple as making a phone call, and the call centre staff were always available and extremely helpful, speaking impeccable English. As a current account the process worked well, with the online banking providing all we ever needed. For those who have difficulty in managing their funds, this is not a form I would recommend, but for those who can apply the discipline needed to manage several accounts (mortgage, savings, loans, current) within a single account, this is highly recommended.

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Was this review helpful? 4 0

“Not A Single Problem In 10 Years”

★★★★★

written by Penn239 on 31/05/2014

I've been with the One Account just shy of 10 years, and I have to say I've not had a single issue with them. The customer services can actually speak English, they are always helpful and have not had a single reason to complain. My advice to anybody is, if you're disciplined enough to know you have to pay your mortgage off, but just now and then need the flexibility (i.e. you have some tough months or even tough times), then go with an offset mortgage and I don't think you can go wrong with the One Account. I think I will clear my mortage in the next 2 to 3 years, and is some 7 years earlier than the lenght of time I originally estimated. Bottom line is I think as long as you're not stupid you can clear your mortgage a lot quicker with an offset.

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Was this review helpful? 2 0

“Best Mortgage Ever !”

★★★★★

written by 253Moore on 23/05/2014

We took out an RBS One Account mortgage in 2006 and can safely say it has turned out to be one of the best decisions we have ever made. The idea of having an agreed mortgage limit with the ability to overpay and withdraw at will has been invaluable. The customer services are second to none and, though the mortgage rate may not be the lowest on the market, it represents real value for money when you look at the flexibility it affords. I am happy to recommend this product to my friends.

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Was this review helpful? 1 0

“never again”

★★☆☆☆

written by Lennonl387 on 01/05/2014

Bring back Richard one account has lost it's way.

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“The most flexible mortgage with great customer service”

★★★★★

written by on 07/02/2014

I have had a Virgin One account mortgage since 1999 shortly after it was launched. This was initially taken out to purchase a new property. Subsequently I was able to borrow more to purchase a business, the financial transaction only took a matter of days as I recall. Even once we had repaid all our borrowing on the mortgage I maintained my one account as a fail safe just to cover any unexpected eventuality and this proved to be a god send, and doesn't cost a penny. With our next move, even though I didn't require any borrowing as we were downsizing, I applied for a virgin one account facility and was granted £75,000. The only cost incurred to do this was the valuation fee, which I felt was really worth while. I felt that as we relied on a self employed business and were getting older, you could never guarantee that nothing would go wrong in the future, (as we had already learned from experience). I now find it very comforting to know that I have £75,000 available to me at any time if required and all I need do is write a cheque from my Virgin cheque book or transfer funds on line. The best of all is that this is probably one of the cheapest forms of borrowing available as well, and you are of course only charged for it once you access the borrowing. Finally, and probably the biggest plus ever, is that they actually answer their phones without giving you the run around, they employ well informed and capable staff who always do their best to assist and if you are put on hold, they play the great music, which makes it almost enjoyable. Well done Virgin - at least someone is getting it right!

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Was this review helpful? 1 0

“Whats not to like?”

★★★★★

written by spskelton on 04/01/2014

Have had a Virgin One Account since 1999 and never had a moment's problem. Interest rate is fair, not the lowest on offer, but the ability to pay in and withdraw without any problems is excellent.

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“Mortgage paid off!”

★★★★★

written by croderick on 28/10/2013

Like others I am delighted to have paid off my mortgage in 12 years. My previous mortgage seemed to be standing still, but this one shrank every month which was very pleasing. I am good at managing money although I am a single parent and money has been tight at times. This arrangement may not suit others who find it difficult not to overspend. I particularly liked the easy way to manage my finances. I hate having savings accounts and current accounts to keep track of. So if you have a busy life and no time to faff about with moving money around to get the best deal, this could be the account for you.

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Was this review helpful? 1 0

“Best ever Account”

★★★★★

written by on 21/09/2013

Used correctly this account is brill. We took out a Virgin One account around 1997. Payed off in 13 years. Oh how lovely to have the deeds in the safe. This was the best move we made especially as it was our second time around believe me we had lots going on, still managed holidays, new car, home improvements etc. the Virgin One Account staff were exceptional, and I have to say we kept the account going after it changed to RBS, ( when Mr Branson sold it to RBS) and the RBS staff have been very good to. So use this account as it should be used and don't think you have a massive over draft to do with what you like , so there should not be any problems. I know you could find a cheaper rate mortgage, but could you pay it off when you wanted to with out additional charges all providers terms are different so read the small print. well done Mr Branson this was a great product when launched. A very pleased Virgin One Account holder.

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“no mortgage”

★★★★★

written by on 29/06/2013

switched to virgin one 12 years ago have now paid of my mortgage and looking to buy a new property have recomended to a friend who thinks its great just moaned at me for not telling him years ago about it looks worrying when you get a statement out of cash point saying £25000 overdrawn but you just look at that figure and think thats all i owe rather than checking in 3 diffrent bank accounts to see

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“Using my OneAccount to buy Property”

★★★★★

written by SelinaCresent on 13/06/2013

I decided I wanted a 'Buy to Let' property I spoke to the OneAccount people who passed me on to a specialist advisor. He told me I can have up to 3 properties on my OneAccount. But I could also use my facility for anything I like including buy another property,or as many as I like - up to my factility limit. This does mean that my house is at risk if I don't make the repayments (etc) So I re-valued my house at current market rates (at no cost) then increased my facility to 49% of the new house value, so I have the lowest interest rate of 3.95% (at no cost) I paid my morgage off a few years ago so had ISAs and savings that weren't earning much interest, so I purchased a house, with cash (transferred all my savings and ISAs back to my oneaccount then paid for the house by electronic transfer - transfer cost £25) - NO MORGAGE HEADACHES This resulted in me having 2 houses and a balance of -£5000 I paid £27 interest this month and although my 'buy to let' house is not ready for letting yet I expect to get £475/month rent by next month.(10% yeild on the ammount invested, more than twice as good as any savings or ISAs) My plan is to pay off my 2nd house by the end of 2013 then buy another, and another etc.

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“Very Happy Customers”

★★★★★

written by Sunderlands on 20/05/2013

We opened our one account in 2000 with a balance of £52,000(a little scary at first as it appears as an overdraft(-£52,000) we had holidays every year, new cars and a house extension costing £20,000 and still we managed to pay off our mortgage in 13 years. We never had a moments problem, staff have always been efficient and friendly and there was never any doubt how much money we had and where we were against our payment guide, we had comprehensive statements and online details including transactions, direct debits, forecasts and you can check any thing you want or phone them up and they are extremely helpful. We would absolutely recommend the one account to any one. It is the best thing we have done and it is simply wonderful to own our property,lock, stock and barrel.T H A N K Y O U. Mr & Mrs Sunderland (Wakefield)

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Jint54's Response to Sunderlands's Review

Written on: 26/05/2013

I can also endorse this review and have had a similar experience.
My question is, what you should do when the account balance goes positive?
Currently I am accumulating positive funds and then investing elsewhere as I do not want to stop using the one acount just because the debt is paid off. The problem is that any balance in the one account is subject to only 0.1% interest.
I wonder if anyone else has wondered what the best option is?
Mark

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“No Customer Support AT ALL at weekends”

★★★☆☆

written by on 07/05/2013

No problem with the account at all, works great. However their site has gone down at a weekend twice in the past 12 months (these things happen) only they don't work at weekends. So you can't speak to anyone until Monday morning to transfer money anywhere. I thought I was going mad as I was sure I used to phone them at weekends, so I found some old paperwork and yes, they one were 24/7. And then the hours reduced at the weekend. And now nobody is available at all at weekends. Which seems a bit mad in this day and age... ? It's like they're reducing their service levels back to the absolutely minimum. So it works great provided nothing ever goes wrong (or you want to speak to a human being) at the weekend.

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“Best think we have ever done”

★★★★★

written by on 12/04/2013

Best think we ever did was to move to a Virgin One account. We will have reduced our mortgage by 12 years by being really disciplined and using the sub folders as explained with in the account to keep track of our money. It's a real incentive to complete your mortgage as soon as possible as you see the outstanding balance drop on a monthly basis in our case. The staff are always friendly and polite whenever we have had to speak to them. The only negative is you have to pay £25.00 every time you want to transfer any money abroad, however i expect this is probably the norm with most banks these days!

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Asked by MartinTravel on 30th June 2015 Report this content
Is PPI included within the interest?

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Asked by mrsgtc on 25th April 2014 Report this content
I am due to pay off my mortgage in Nov this year and am unsure what happens to my account after that? Do I still have access to the same amount of cash (i.e. the difference between what I owe and the value of my house) should I need it or do I have to renegotiate a new amount?

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