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| Company type | Bank account |
|---|---|
| Industry | Financial services |
| Founded | 1997; 28 years ago (1997) |
| Headquarters | , |
| Products | Offset mortgage account |
| Parent | The Royal Bank of Scotland |
| Website | www |
The One account is British personalbank account withThe Royal Bank of Scotland offeringoffset andflexible mortgages.[1] As of 2020, the account is no longer available for new customers but continues to be supported for existing clients.
The company pioneered theoffset mortgage in the UK; it was conceived as a joint venture betweenVirgin Direct (Virgin's financial services company) andThe Royal Bank of Scotland in 1997.
Initially, the company was known as the 'Virgin One account' and promoted to Virgin Direct's 200,000 strong UK customer base. The launch was very successful and was extended to the entire British public in May 1998.
From January 2003, the company relaunched as 'The One account' whenThe Royal Bank of Scotland took a majority shareholding, becoming anRBS mortgage brand along withNatWest andFirst Active.
The One account is operated directly by phone, internet and post, with the customer service originally being provided on a 24/365 basis, but has since been reduced to a weekday and Saturday peak hour service.
The account was sold directly by phone, internet and post, One Account products were distributed throughintermediaries,mortgage brokers andindependent financial advisers. The account is no longer available to new customers.
The type of offset products offered by The One account are calledcurrent account mortgages (CAM). As the name suggests, customers consolidate the balances of their mortgage, traditional current accounts, personal loans and, if desired, their saving accounts into one account.
A low, mortgage-style interest rate is charged on the net balance of the account on a daily basis. Since customers pay their salary into the account this money has the effect of reducing the average balance and, therefore the interest paid when compared with a traditionalmortgage loan.