One Account

[Mrs R]

Is the one account really as good as it seems?? I just want to pay my mortgage each month and do not want to borrow any more from it. Has anybody got any experiences good or bad to help me to decide as it seems to good to be true!!

[bednobs]

i dont have a "one" account, but i do have a flexible mortgage, where i can have a savings pot that is offset against the mortgage, bringing down the length of time needed to pay. It really suits me because i feel rivher! I only have about 6000 pounds savings, and i guess i could pay that off of the mortgage, but i still have access it for emergencies while having it act as if it has been paid off my mortgage

[kaztuz]

With the One Account unless you have quite a bit of money to put in to the current account to offset against the mortgage, then it is not worth it, as you are paying more to have an offsetting mortgage, so you may as well just go for a company which has a flexible mortgage and a fixed term or reduced interest rate. Our IFA has advised us that when the mortgage fixed terms or reduced rates end then we should change companies again, as long as you keep an eye on fees then this is the best way to save money.