Well I got home tonight to a letter from Virgin One dated 12 February 2009 (where's that been in the interim period then????) stating that they're holding my interest rate at its current level. So that's another 0.5% they've managed to cream off us all following the 0.5% decrease in the base rate that the BoE announced at the start of this month. It's simply not good enough. At least I have the satisfaction of recommending anyone who might have been interested in taking a V1 mortgage that they don't bother. It seems the days of them playing fair are long since over. I am an extremely disillusioned, disappointed and angry customer

I'm new to this forum but, like a lot of other people it seems, I too am rather fed-up with RBS and the One Account interest rate scenario that is currently going on. I've recommended friends and family to the One Account (and some of them have taken it up) and I've always been pleased with it. In fact, I still am - apart from this interest rate business. I contacted them on 01 December to ask why they had not passed on the full 1.5% interest rate cut and received this reply:- "Thank you for contacting us through our website. With effect from 1 December, interest rates on your flexible mortgage reduce by 1%. Your flexible mortgage is a variable rate product but is not linked to Bank of England Base rate or RBS/NW Standard Variable Rate. In deciding rates on flexible mortgages, we have had to consider a wide range of other factors in addition to the 1.5% Base Rate reduction, including market conditions and the cost of variable rate funding which is not linked to Bank of England Base Rate. If you have any further queries regarding this, or any other matter, please feel free to contact us via the online service or call us on 08456 000 000. We are here Monday to Sunday, 8am to 11pm. Kind regards...Virgin One account" Looks like a standard canned response to me. The Conditions booklet that I have, dated October 2001, states that the interest rate may change at any time but it does not say it is linked in any way to the BoE base rate. I have always held the impression that it is but I cannot find anything in writing to that effect. We all receive the letters that state when interest rates change that "all One Account interest rates will decrease/increase by the same amount from midnight on *** insert date of letter here ***". That seemed to stop with the letter dated 14 April 2008, after a succession of interest rate rises and two reductions. Basically the way they're treating customers really isn't good enough is it?