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The One Account

The One Account is a mortgage provider that pioneered offset mortgages in the UK back in 1997. It started as a joint venture between the Royal Bank of Scotland (RBS) and Virgin Direct (the financial services brand belonging to Virgin).

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About The One Account

Originally marketed as the Virgin One Account the One Account was at first only available to Virgin's existing customers, but due to the positive reception this innovative way of managing mortgages and current accounts received it was opened up to all eligible people in the UK in 1998. Since then, RBS has become the major shareholder.

Since 2003 The One Account has been its own brand, and is offered as one of RBS's mortgage providers along with NatWest and First Active.

The One Account is an offset mortgage product called a Current Account Mortgage, or CAM. This means you would have one account into which you get paid and out of which your mortgage comes, and you can 'offset' credit in your current account against your mortgage so you don't pay interest on the balance of your account. 

This kind of mortgage offers a lot of flexibility, and if you keep savings in the same account and can offset a substantial balance, you can make savings on your mortgage repayments. You may also be able to pay your mortgage off earlier with a current account mortgage. 

An offset mortgage is not, however, especially beneficial if you don't tend to have much additional money available or stored up in your current account at all times, as interest is applied daily.

Offset mortgages have become quite common and popular since The One Account was introduced in 1997, and are now offered by some other providers, though due to the complex way these kinds of accounts and mortgages work you will find different lenders offer different terms and rates, so if you think an offset mortgage is a good choice for you it is worth looking into the differences between offerings and choosing the best deal.

The One Account is available only online, through the post, by phone or through some IFAs and intermediaries, and when you have The One Account you manage everything by phone or online. 

There is customer support available over the phone six days a week during business hours, and online at all times. You can't, however, get The One Account or manage it in RBS branches. 

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