One Account

The One Account was launched to Virgin Direct customers in 1997 as a joint venture between Virgin Direct and The Royal Bank of Scotland. The service was then extended to the public in 1998.

In 1999, research showed that 8 out of 10 people in the UK with borrowings of £50,000 or more would be better off with a One Account. By the end of 2000, they had more than 50,000 customers and were lending in excess of £2.5 billion. They are now simply known as The One Account.

 

As it's name suggests, the One Account moves your mortgage, loans, current account and savings into one place. It is simple to operate and very flexible - if you want to clear your mortgage as soon as possible, this allows you to do it. If you want to take a break from mortgage repayments for a few months, you can have it.

The way it works is that any money in your current account is offset against the amount you owe on your mortgage, so you pay less interest. Over the term of your mortgage, this can equate to thousands of pounds.

Then any money left in your account automatically goes towards overpaying your mortgage. By paying an £100 a month extra on a £70,000 mortgage, you could reduce the term by 8 years.

To find out more and see if you would save money by using your savings to offset your mortgage, fill in a Quick Enquiry Form and a financial adviser will contact you within 48 hours.

www.Investments.co.uk is the definitive guide to making the most of your money. You can also visit us at www.pensions.co.uk to help you plan a financially secure retirement.

 



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