Hello all - and thanks for your very helpful threads. I believe we have got 1% in no small part due to this forum and the pressue we have been putting on the bank and MPs. I also wrote to mine (what a waste of space they are, but that's another story). I was also intrigued to hear from a V1 manager that RBS doesn't own Virgin One in the conventional sense, that it is the "clearing bank". I have no idea what this means. Still massively disappointing that it is 1% and that it starts now (it should be backdated). I got letters from V1 in May and June 2004 saying that after BofE rate increase their rate was going up the same amount FROM MIDNIGHT TONIGHT!!! Who is the banking omudsman and how does one write to him/her?

No doubt they will weasel out of their obligations (to keep the rate tracked), and I haven't studied the V1 T&Cs small print enough to be able to challenge them on it. I expect they are gambling on not many of their customers having the time/energy etc to move their mortgage in these times, so feel they have got us over a barrel. I am disgusted at the insulting way they keep updating their recorded message saying they are "reviewing" their rates. They could at least have the balls to admit they haven't the slightest intention of lowering their rates, unless they get forced to do so. I personally would move my mortgage in a flash but can't right now, so despite the fact we taxpayers have all just bailed them out, we go on paying - in my case - over £100 a month over the odds. That's their way of saying Thank You. I will never forgive or forget this, and if anybody has any practical suggestions on what else we can do, speak up!

I'm afraid I can't offer useful advice or info about why this is. It is now fully 5 days after BofE reduced rates to 3% and there is STILL an automated message on their phone line saying they are "reviewing" the interest rate. I am as enraged as no doubt every other One Account customer, not just at the prevarication here (clearly they are trying to find ways of justifying NOT passing on the rate cut), but at the shere arrogance. We have only just recently bailed out this bank to the tune of billions, while Virgin have consistently had a higher rate than almost all the major lenders, their justifcation being that it is an offset mortgage. (Hello, so is almost every other product these days as in you can make overpayments whenever you want).