Smile, big rate cuts!

1jim

Stuart_W wrote: »

Well, smile have now updated their interest rates following the second BofE rate drop (the 1% one)

BofE base rate: 2.00%
Smile Current Account 0.12%

I think that settles it then, am off to another bank with my current account, any reccomendations?

nilrem_2

I arranged to transfer my Smile Isa's to NR fixed Isa's and was requested to telephone smile just to confirm, I said to the lady on the phone "are you not going to ask me why I am moving out?" she replied I have a pretty good idea, I imagine they are geting a lot of customers moving their cash away.

Smile use to be brilliant with decent rates but now they don't even try to compete!

hansi

carbonmonoxide wrote: »

I'm not too bothered about the current account interest, my money never stays in there long enough! But I was thinking of going with their ISA when I got my Icesave money back.

It hardly seems worth it now other than the fact I would have total instant access, (although this is still quite appealing consdering what has happened with this Icesave fiasco).

agreed, I can't be bothered to change all my standing orders/ direct debits. etc. My money doesn't stay in there long enough either.

Stuart_W

nilrem wrote: »

I imagine they are geting a lot of customers moving their cash away.
!

The Co-operative Bank seems to be considered a "safe haven" at the moment, as a fully solvent bank that has needed no government assistance and has never lent out a penny of money it doesn't have on deposit.

Despite non-competitive falling rates, money is still pouring in to the Co-Op - a big net increase in current accounts and a huge increase in savings deposits recently.
http://www.google.com/hostednews/ukpress/article/ALeqM5glLLn5TVqAC__IIN5xQWSCdGOHQg
They'll expect lots of people to close accounts - but there is much much more caution about chasing the best rate now, and it seems the Co-op is perceived as a bank that can be trusted.