Re failure to pass on the 1.5% drop in interest rate: Perhaps Richard Branson should have a quiet word with RBS about tarnishing the Virgin brand.

I'm getting so angry now. Although our experience from 2001 to earlier this year was good it has all been spoiled by the greed of the RBS.
I phoned this morning and was greeted by a pre-recorded message saying the situation was 'under review' - meanwhile our contributions to their wealth are racking up.
For every day they withold the drop in rates they are making millions in profits.
As soon as this financial blip (I've lived through two already) has bottomed out I'm off elsewhere.

When I signed up for this account about 9 years ago, I'd recommend it to any one. Since the RBS has taken control and failed to pass on the last 2 bank interest rate cuts, and in between them saw fit to increase they interest rates by 0.25%, I have now start to look around for another mortgage.

I was so disgusted with the recent double rate rise that I phoned them up to complain. I said I can get a much better rate with a traditional mortgage. They said by the time you pay all the fees you would be off staying with the one account and saving interest by not spending so much every month. They are right of course so I will be staying for the time being.

Well, I've been with them 8 years now. In all that time they've always been ultra fast to pass on any rate rise compared with simply fast to pass on any rate cut. Which has always kept me happy enough. This time though (April 08) I get a letter explaining they will not be passing the 0.25% cut onto customers "because of changes in the market".

That behaviour is a breach of trust on a variable mortgage. 8 years is long enough with them. I'm out ASAP....

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.

The The Virgin One Account provides wonderful freedom to manage your mortgage in a way that suits your own personal circumstances. Every penny of the money that you have in your account at any time works for you and is a great incentive to save. However, the online banking spoils this. It is difficult to access your account and even once accessed you are presented with a mindfield of charts and graphs that require far too much effort to interpret how much money you have. After a year I am now moving mortgage provider as I just can't tolerate this awful system anymore. As well as a good value mortgage I also want simple clear records of the total amount of savings and 'real' money available to me. The Virgin One Account just tries too hard and fails to achieve this.