Smile Bank

By: EconomyWatch Content   Date: 30 October 2009

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The Smile Bank is a British internet bank founded in 1999 and is a trading division of The Co-operative Bank. The Smile Bank was the first bank to provide online services such as current accounts, savings, ISAs, investments and credit cards. Smile is UK’s first online bank to be accredited with the ISO27001 Information Security certification.  

Smile Bank: Services

Smile Bank’s current accounts offer a host of services like:

·        Worldwide family travel insurance

·        Mobile phone insurance

·        UK European motor breakdown assistance

·        An automatic £500 fee-free overdraft

Current account:

·        A 12 month £500 fee free overdraft

·        Special rates on our savings account and cash ISA

Student account: The students can avail a fee-free overdraft up to £2000.

Credit Cards: The Smile Bank offers a wide range of credit cards such as the:

·        Classic Card for Smile customers

·        Classic Card for non Smile customers

·        Gold Card for Smile customers

·        Gold Card for non Smile customers

Mortgages: Smile Bank’s mortgages are very flexible and they have the following features:

·        Daily Interest Calculation

·        Overpayments

·        Underpayments

·        Payment Holidays

·        Further Advances

·        No extended early repayment charges

Cash ISAs: Smile Bank’s cash ISAs can save up to £3600 per tax year. The features of this service are:

·        The amount is tax free

·        The ISA can be started with an investment of as low as £1

·        Has the ability to earn 0.50% gross/AER for smile current account exists else there is an earning of 0.31% gross/AER.3

·        24X7 accesses to transfer money in and out of the account.

Fixed Term Deposit: Smile Bank’s fixed term deposit facilities offer the account holder many advantages such as:

·        Fixed rates guaranteed for the term of your deposit, giving you a guaranteed rate of return with no risk.

·        A super strict ethical policy which means the money you invest will not be diverted to any companies that pollute the environment.

·        The choice of 1, 2 or 3 year terms.

·        The option for your interest to be paid as a regular monthly income or on maturity.

·        Deposit from £2,000 to £1,000,000.

In addition, Smile Bank provides investing facilities like:

·        Funds supermarket

·        Cooperative investments

·        Share dealing

Further, the bank offers a host of car insurance and home insurance options for consumers in the UK.


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