difference between smile and co-op bank account ?

expatasia

dada44 wrote: »

thankyou

may i ask what you mean by insignificant ?

so if you were choosing between one or the other, you would say there isn't much of a difference?

to me it would seem to make more sense if they consolidated these two brands together now

Anyone like to comment on how the 'consolidation' with Britannia has gone?

jonmcclelland

expatasia wrote: »

Anyone like to comment on how the 'consolidation' with Britannia has gone?

Awful. I'm an ex Co-Operative Bank staff that worked under the Britannia banner.

The bank and former Building Society are blind to each others systems, you cannot process Britannia accounts in Co-Op branches and you can do very minor servicing of Co-Op (not Smile) current accounts at the Britannias.

The merger took place 3 years ago yet when I left the organisation at the end of summer, it almost felt as if it was just starting. The integration of the two was very badly managed which in my opinion caused a lot of confusion for customers, especially those who were keen to have accounts touted under the Co-Operative bank which were a complete nightmare for Britannia advisors to operate.

I'm not bad mouthing the organisation at all and we worked to the best we could. If Co-Op focused more efforts on integrating two brands they've already got rather than competing for Lloyds' old branches would be a more welcome start. It felt a little like the blind leading the blind.

dada44 wrote: »

also, does anyone go for the paid savings accounts? the free ones look good enough, unless you want insurance.

In regards to your 'paid for savings accounts', I'm assuming you mean the linked saver that comes with the paid for 'privilege' or 'privilege plus' packaged accounts. If savings rates are all you're looking for then move along as Co-Op rates are very low in comparison to what you can get.

I don't believe the £13 a month justifys a 1.0% savings account tied to your current account. If you have the standard 'Current account plus' whilst being free, only gets you 0.5% which is at base rate and you can be doing a whole lot better.

For somebody who banks with the Co-Op, they're perfectly fine for their current accounts and their packaged accounts are very competitive with some good insurance options, but I used the Halifax for my easy access savings (2.8%) which I had a funds transfer set up to wire money back and forth between the two at my whim. It's a very easy set up for me.

:beer:

badger09

dada44 wrote: »

wondering what the difference is between these two ? they both are part of the co-operative group, so i don't understand why they have given us 2 choices?

also, does anyone go for the paid savings accounts? the free ones look good enough, unless you want insurance.

I've banked with the Co-operative for many years. Always had a 'free' current account, no credit interest, but I don't leave enough in it to worry about that

They did briefly have market leading 1 and 2 year fixed rates earlier this year, but that is rare

Which? (Consumer organisation) rates their Priviledge Premier Current Account (£13 per month) as one of the few package accounts worth having. The breakdown cover & worldwide travel insurance are very good, but obviously you'd need to use them, otherwise its a waste of money. I considered upgrading for the travel insurance but managed to get a better deal from our Nationwide FlexAccount

expatasia

badger09 wrote: »

Which? (Consumer organisation) rates their Priviledge Premier Current Account (£13 per month) as one of the few package accounts worth having. The breakdown cover & worldwide travel insurance are very good, but obviously you'd need to use them, otherwise its a waste of money. I considered upgrading for the travel insurance but managed to get a better deal from our Nationwide FlexAccount

Do they pay any interest on that PP curr acc?

How much is yer average breakdown cover in Britain these days? Payable yearly still?

badger09

expatasia wrote: »

Do they pay any interest on that PP curr acc?

How much is yer average breakdown cover in Britain these days? Payable yearly still?

Assuming these aren't rhetorical questions

No - they don't pay interest on this current account

I'm with Britannia Rescue - their rates including European Cover (which I don't have, but OH does) are from £130 per annum

Their Worldwide Travel Insurance policy will cover people up to 80 and with existing medical conditions. This alone makes it worth considering for me

As I said though, you need to be using these benefits, otherwise the account fee is a waste of money.

thenudeone

opinions4u wrote: »

What you see today is two brands offering much the same. One restricted to online only.

Smile isn't restricted to online only. You can use the co-op branch network just the same as a co-op account holder, although you don't have a "home" branch (although in these days of centralised decision making I don't think that makes much difference)

jonmcclelland

thenudeone wrote: »

Smile isn't restricted to online only. You can use the co-op branch network just the same as a co-op account holder, although you don't have a "home" branch (although in these days of centralised decision making I don't think that makes much difference)

You also can't use them in Britannia branches, but you can use Co-Op current accounts. FYI.

slopemaster

Also Smile's telephone banking is 24 hr - not sure whether that is true for the Co-Op