The One Account
The Royal Bank of Scotland joined forces with Virgin to launch
the One account in 1998. A few years on and now with the full backing
of The Royal Bank of Scotland Group, the One account has become
an established UK brand.
The One account is a revolutionary idea and has reduced thousands
of many UK homeowners mortgages. A highly flexible mortgage, it
allows you to pay off your mortgage years earlier than a normal
mortgage.
The whole idea is that you lump all of your accounts in to the One
account (that is savings, loans, credit cards, mortgage)
Think of the One account as a bank account with a huge overdraft.
You pay all of your savings in to the one account (you earn more
money by reducing the interest on your debts than you do with the
interest on your savings). You then transfer your mortgage, loans
and credit card debts to the account, which will create a huge overdraft
You then select the period of time in which you would like to clear
this debt down to zero. (generally 25 years).
Your case is individually assessed so that you are given an amount
that you should pay each month (in reality, you leave it in the
account thus reducing the overall debt). If you pay this amount
each month, you will pay off all debts in the chosen time period.
Your progress is monitored and you can gain access to your account
records at any time (24 hour customer service).
The one account is also a current account, you are given a cheque
guarantee/switch card, credit card and cheque book.
Borrowing from the one account You can take out funds from your
account at any time. Access to larger amounts (e.g. for a car) is
preset, so that instead of taking out a new loan, you can simply
add the amount to your existing One account debt.
Flexibility If you want to pay off your mortgage and debts earlier,
you simply spend less and leave more money in the account. The overall
debt reduces at a faster rate and allows you to pay all debts earlier.
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