smile current account OD rates

CopperPlate_2

Just received an email telling me that smile have put up the OD rates on their current account from 21 August - jumping from 9.9 to 11.9%. Coupled with their cut in the cashback rate of their Gold Visa card from 0.5 to 0% (the rate on that has decreased from 10.9 to 9.9% - which is what it was incidentally about a year ago before they shunted it up by 1% for no apparent reason, or so I thought; makes things a bit clearer now though - easy to cut a rate you increased 6 months ago) and an increase in their classic credit card rate, I'd say they were attempting to recover any lost profits from reducing their default charges.

Pity.

gazza975526570

pity? hmmm perhaps but highly predictable that charges for other areas of banking would rise due to the current situation with bank charges.

I for one would rather see those who seem lax in managiging their finances, ie exceeding overdrafts and non payment of minimum payments (im generalising obv as i appreciate some have genuine money issues) rather than the many due to have to pay for what was free banking

CopperPlate_2

No I mean that smile has always been a decent player and it's disappointing that they (and probably all the others will too) react this way. You are quite right that all banks will try and recoup the 'losses' they have been forced to endure due to penalty charge cuts.