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Smile bank
nilrem_2
Posts: 2,188 Forumite
I wonder if anyone who has an account with Smile has noticed how quickly they put their interest rate down when the BOE rate was falling yet seem very reluctant to raise rates now they are on the way up?
AFAIAA the last time they moved their rate was in Jan 2006 when they reduced the rate from 3.30% AER to 3.04%AER , at that time the BOE rate was at 4.50% !
Looking backwards in Nov 1999 and April 2001 when the BOE rate was 5.50% Smile were paying 4.33% AER over 1% more than they pay today!
I realise that it is not meant to be a top paying account but it is online (no branches) and did use to be a very decent account to have.
AFAIAA the last time they moved their rate was in Jan 2006 when they reduced the rate from 3.30% AER to 3.04%AER , at that time the BOE rate was at 4.50% !
Looking backwards in Nov 1999 and April 2001 when the BOE rate was 5.50% Smile were paying 4.33% AER over 1% more than they pay today!
I realise that it is not meant to be a top paying account but it is online (no branches) and did use to be a very decent account to have.
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Another bank that started very well and then went completely downhill.0
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