industry finance founded 1997 headquarters norwich england uk products financial services parent the royal bank of scotland website www.oneaccount.com the one account is a secured personal bank account with the royal bank of scotland plc offering offset and flexible mortgages in the uk . 1 contents 1 history 2 distribution 3 current account mortgages 4 external links history edit the company pioneered the offset mortgage in the uk and ; was conceived as a joint venture between virgin direct virgin s financial services company and the 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 when the royal bank of scotland took a majority shareholding becoming an rbs mortgage brand along with natwest and first 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 now reduced to a weekday and saturday peak hour service . distribution edit as well as being sold directly by phone internet and post one account products were distributed through intermediaries mortgage brokers and independent financial advisers . the account is no longer available to new customers . current account mortgages edit the type of offset products offered by the one account are called current 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 traditional mortgage . the interest rate used to vary with the bank of england base rate however in recent months the one account interest rate has not decreased along with the bank rate . in june 2008 customers were informed that their mortgage rates would increase by 0.25 % to reflect current market conditions although the bank of england rate had not increased . external links edit official website v t e the royal bank of scotland group banking current adam & company child & co. coutts & co. drummonds bank isle of man bank natwest the royal bank of scotland rbs international ulster bank former williams & glyn s bank citizens financial group international westminster bank national westminster bank usa loans and mortgages jamjarcars lombard the one account investment banking rbs securities board of directors sir philip hampton chairman ross mcewan group ceo sir sandy crombie ewen stevenson alison davis penny hughes morten friis brendan nelson baroness noakes robert gillespie aileen taylor annual group revenue 19.7 billion gbp 2013 employees 118 600 stock symbol lse rbs website www.rbs.com retrieved from https en.wikipedia.org w index.php title the one account & oldid 715287660 categories royal bank of scotland groupbanks of the united kingdomcompanies established in 1997hidden categories pages using infobox company with unsupported parameters navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 14 april 2016 at 21 14 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view