Smile rates

oldagetraveller

Received from smile -

*We have a regulatory obligation to inform you, as a smile customer, of any changes relating to your account(s) with smile.

smile interest rate changes

As from the start of business on Friday 8th June 2007, rates on the following accounts with smile were increased:

- cash mini ISA - increased to 5.25% gross / AER tax-free if you have a smile current account; increased to 4.50% gross / AER tax-free if you don't have a smile current account

- savings account - increased to 4.75% gross / AER if you have a smile current account; increased to 3.90% gross / AER if you don't have a smile current account

If you'd like to read more about the smile interest rate policy and see our past rates visit http://www.smile.co.uk/rates_security.html

Thanks
smile"

It's just a shame they don't increase the cuurent account rate. It's remained static for some time now. However just received my Co-op divvy which compensates a little bit!

david72

smile's interest rates are really rather poor. This is all the more disappointing when you consider that the Co-operative Bank is supposed to be an ethical organisation, and that co-operatives are supposed to be run for the benefit of their members.

However, the way the bank is set up means (somewhat bizarrely) that being an account-holder doesn't automatically make you a member: you have to join the Co-op separately. Well, I am a Co-op member, but I don't see any extra benefit from this from smile (smile didn't even ask for my membership details when I joined).

To be honest, the only reasons I have a savings account with smile are a belief in co-ops, and because I can pay-in at any Post Office and then transfer money to my real bank account. But if you look at smile's interest rate history, you'll see that they started off well but got worse and worse as time progressed.

arrowsmith

I started off with Smile when they had the top ISA rates back in 2000, then I got a current account, savings account and finally a credit card with them.

Transfered ISA 2 years ago and shut the savings account, credit card 6 months ago (co-op card via YBS gives double the cashback!) and I'm in the process of transfering my current account. All down to rates rather than the customer service, I also don't like all this ethical stuff... how can it be ethical to waste customers money with loans to football clubs.