Hi Meldrew and Catastrophica,

I have the One Account, choosing it to pay my mortgage after considering the options. The flexibility of the whole thing does make it very easy and I have paid my mortgage off in a few years. If you are good at paying in your salary and leaving it there, you will see the "debt" steadily decreasing. Interest is calcluated daily on the balance, so the more you can leave in the lower the interest charged. I think this is a great product for those people who are fairly good with their spending and keen to pay off the mortgage sooner than usual (and therefore save a lot in the long run). I'd be happy to answer more specific questions if they arise. Another incentive of course is the £125 cash back offer if recommended by an account holder.

I indeed have an offset mortgage (with HRBS) and am probably the world's greatest believer in them, but should alert you to what is going on at the moment.... My rate is base+0.25% (which I am pleased with) which equates to 5.75% now and probably on the way down However, I can get 6.90% on my savings with no catches [eg N Rock, Icesave, Abbey] My wife is a housewife with no income so the 6.90% is tax-free Result? I am 1.15% better off per annum for very little hassle In my case, this represents several hundred pounds a year Will not work for all situations (eg if you don't have a non-taxpaying spouse the tax wipes out all the benefits) but in today's market where savings rates are so high, it sometimes pays to not offset. Worth thinking about...

We've had one for around 4 years now, it is best if you have another account - ours with Halifax - that way we use the Halifax cards for purchases and then settle the bill when it comes, thus keeping the money in the Oneaccount that little longer making it work harder for you