The One account: Difference between revisions
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{{Primary sources|date=January 2024}} |
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{{Use dmy dates|date=October 2017}} |
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{{Use British English|date=October 2017}} |
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{{Infobox company |
{{Infobox company |
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|name = The One account Ltd |
| name = The One account Ltd |
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|logo = |
| logo = The One account.png |
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|type = |
| type = [[Bank account]] |
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|foundation = 1997 |
| foundation = {{start date and age |1997}} |
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| location_city = [[Norwich]], [[England]] |
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| location_country = [[United Kingdom]] |
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| products = [[Offset mortgage |Offset mortgage account]] |
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|revenue = |
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|operating_income = |
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|net_income = |
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|num_employees = |
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|subsid = |
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|footnotes |
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'''The One account |
'''The One account''' is British personal [[bank account]] with [[The Royal Bank of Scotland]] offering [[offset mortgage|offset]] and [[flexible mortgage]]s.<ref>{{Cite web|url=https://www.oneaccount.com/onev3/service/home/service-landing.html|title=The One Account - Online service}}</ref> As of 2020, the account is no longer available for new customers but continues to be supported for existing clients. |
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==History== |
==History== |
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The company pioneered the [[offset mortgage]] in the UK |
The company pioneered the [[offset mortgage]] in the UK; it was conceived as a joint venture between [[Virgin Money UK|Virgin Direct]] (Virgin's financial services company) and [[The Royal Bank of Scotland]] in 1997. |
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Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base. The launch was very successful and was extended to the entire British public in May 1998. |
Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base. The launch was very successful and was extended to the entire British public in May 1998. |
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From January 2003, the company relaunched as 'The One account' when [[The Royal Bank of Scotland]] took a majority shareholding, becoming an [[The Royal Bank of Scotland|RBS]] mortgage brand along with [[ |
From January 2003, the company relaunched as 'The One account' when [[The Royal Bank of Scotland]] took a majority shareholding, becoming an [[The Royal Bank of Scotland|RBS]] mortgage brand along with [[NatWest]] and [[First Active]]. |
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The One account is operated directly by phone, internet and post, with the customer service originally being provided on a 24/365 basis, but |
The One account is operated directly by phone, internet and post, with the customer service originally being provided on a 24/365 basis, but has since been reduced to a weekday and Saturday peak hour service. |
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==Distribution== |
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== Current |
== Current account mortgages == |
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The type of offset products offered by The One account are called [[ |
The type of offset products offered by The One account are called [[current account mortgage]]s (CAM). As the name suggests, customers consolidate the balances of their mortgage, traditional current accounts, personal loans and, if desired, their saving accounts into one account. |
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A low, mortgage-style interest rate is charged on the net balance of the account on a daily basis. Since customers pay their salary into the account this money has the effect of reducing the average balance and, therefore the interest paid when compared with a traditional [[ |
A low, mortgage-style interest rate is charged on the net balance of the account on a daily basis. Since customers pay their salary into the account this money has the effect of reducing the average balance and, therefore the interest paid when compared with a traditional [[mortgage loan]]. |
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Existing mortgage customers of the NatWest One Account are not allowed to switch to RBS mortgage dealers for existing customers as they are apparently not regarded as 'existing customers' since the NatWest One mortgage account is no longer open for no business. RBS is unable to explain why the fact that the NatWest One account is no longer open to new customers, this somehow makes their customers deemed to be no longer 'existing customers'. NatWest One customers are not regarded as either customers of Nat West or RBS and reside in a limbo between the two. |
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==References== |
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{{Reflist}} |
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== External links == |
== External links == |
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*{{official website| |
*{{official website|https://www.oneaccount.com/}} |
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{{Royal Bank of Scotland Group}} |
{{Royal Bank of Scotland Group}} |
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{{DEFAULTSORT:One Account, The}} |
{{DEFAULTSORT:One Account, The}} |
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[[Category:Royal Bank of Scotland |
[[Category:Royal Bank of Scotland]] |
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[[Category:Banks of the United Kingdom]] |
[[Category:Banks of the United Kingdom]] |
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[[Category: |
[[Category:Banks established in 1997]] |
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Latest revision as of 20:18, 14 August 2024
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| Company type | Bank account |
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| Industry | Financial services |
| Founded | 1997 |
| Headquarters | , |
| Products | Offset mortgage account |
| Parent | The Royal Bank of Scotland |
| Website | www |
The One account is British personal bank account with The Royal Bank of Scotland offering offset and flexible mortgages.[1] As of 2020, the account is no longer available for new customers but continues to be supported for existing clients.
History
[edit]The company pioneered the offset mortgage in the UK; it was conceived as a joint venture between Virgin Direct (Virgin's financial services company) and The Royal Bank of Scotland in 1997.
Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base. The launch was very successful and was extended to the entire British public in May 1998.
From January 2003, the company relaunched as 'The One account' when The Royal Bank of Scotland took a majority shareholding, becoming an RBS mortgage brand along with NatWest and First Active.
The One account is operated directly by phone, internet and post, with the customer service originally being provided on a 24/365 basis, but has since been reduced to a weekday and Saturday peak hour service.
The account was sold directly by phone, internet and post, One Account products were distributed through intermediaries, mortgage brokers and independent financial advisers. The account is no longer available to new customers.
Current account mortgages
[edit]The type of offset products offered by The One account are called current account mortgages (CAM). As the name suggests, customers consolidate the balances of their mortgage, traditional current accounts, personal loans and, if desired, their saving accounts into one account.
A low, mortgage-style interest rate is charged on the net balance of the account on a daily basis. Since customers pay their salary into the account this money has the effect of reducing the average balance and, therefore the interest paid when compared with a traditional mortgage loan.