... Everybody is raving about Smile, aren't they? Especially the ethically minded, politically conscious folk....
Smile IS an Internet-branch of Co-Operative bank and thus is considered to be a much better thing in ethical stakes than the let's say the corporate horror that is Barclays.
But ... Read review
Advantages: Ethical bank, good interest rates, cheap overdraft, OK site, Post Office OTC service Disadvantages: Extortionate admin and penalty charges, can't remove overdarft, seems slow
...conscious folk....
Smile IS an Internet-branch of Co-Operative bank and thus is considered to be a much better thing in ethical stakes than the let's say the corporate horror that is Barclays.
But it's not all that smiley and lovely down there in Smile-land.
This review relates only to the CURRENT ACCOUNT provided by Smile. There is no special category for these and general reviews seem to concentrate ... ...applied for the Smile current account back then in 2000. It was fairly early days of Internet banking and most of the bricks-and-mortar banks didn't offer the on-line facility.
Later on I acquired an on-line access to the Barclays account I hold jointly with my husband and I also briefly but intensively used Halifax's online banking. I also have a Polish Internet bank account. Oh dear. That means that I should have quite a good comparison ... more
I will be very non-PC in this review, I am warning you. Everybody is raving about Smile, aren't they? Especially the ethically minded, politically conscious folk....
Smile IS an Internet-branch of Co-Operative bank and thus is considered to be a much better thing in ethical stakes than the let's say the corporate horror that is Barclays.
But it's not all that smiley and lovely down there in Smile-land.
This review relates only to the CURRENT ACCOUNT provided by Smile. There is no special category for these and general reviews seem to concentrate on that aspect of banking service.
I applied for the Smile current account back then in 2000. It was fairly early days of Internet banking and most of the bricks-and-mortar banks didn't offer the on-line facility.
Later on I acquired an on-line access to the Barclays account I hold jointly with my husband and I also briefly but intensively used Halifax's online banking. I also have a Polish Internet bank account. Oh dear. That means that I should have quite a good comparison benchmarks, shouldn't I? Most of my comparisons will be with Barclays' as this is account that I use in parallel to the Smile one.
*APPLICATION*
This was straightforward enough, but then I was applying at the fortunate time when I was (1) employed (2) well paid (3) able to provide UK addresses for the credit check for the previous 3 years of my life. I am not sure how successful an application from a person without a job or a more recent arrival to the UK would be considering that Smile doesn’t offer a non-frills, no-overdraft account.
The account was not activated until I signed the papers that were send by post. I have not moved any of my direct debits/standing orders to Smile as I still kept my other joint account for such purposes, so I can’t comment on the efficiency of their ‘move’ process.
*SITE NAVIAGTION*
Smile site has been recently updated (some time in the last year I think) and this has ironed out most of the annoying little usability problems it used to have.
The site is fast and clear, and the horrible pink colour Smile chose for its logo is not too overwhelming.
I don’t like Smile’s login process very much. It uses your account details (sort code and account number OR visa card number) and it means – at least for me – that I have to rummage for the cheque book or the card every time I want to log in, as I am not capable of remembering such long strings of numbers. After providing these data, you use a special security pin code (this is 4 digit, so OK….) plus an answer to one of your ‘personal info’ questions to log in. I am sure it has something to do with security of the account, but I would rather compromise a little bit on security and have an option of saving the longest part of my log-in details on my home PC (Barclays allow you to save the customer number and thus you only need to remember a pin and a password).
The site has a simple, uncluttered look and is fast and easy to navigate. The process of setting up standing orders or conducting transfers is straightforward. The statements are available on line for the last 5 years of your account life. The ‘recent items’ page, however, isn’t so good.
Firstly, your current available money don't show in any way on the website. In other words, if you spend some money on the card the balance on the website doesn't show it until it goes through properly. The only way to check what the real situation is to check via a cashpoint. In comparison, Barclays on-line show you current un-cleared balance, last night’s cleared balance and your funds available, including transactions that have already registered through VISA but are not, as such showing on the listings. It DOES get a tad confusing if these are three different figures, but it helps to manage your money.
Secondly, a balance column is missing on the ‘recent items’ list, only the current balance is displayed. This means that if you want to work out if you went over the limit any time in last few days; you have to copy everything to Excel or similar or do a manual calculation!
*NON-INTERNET ASPECTS*
Money can be withdrawn from every LINK cashpoint free of charge and of course from every VISA cashpoint for a charge of £1.50.
Smile offers as a matter of fact telephone banking on top of the Internet option as well as ability to both pay in cash and withdraw money in Co-Operative bank branches and every Post Office.
I have not used the telephone facility for any 'operations'; only to sometimes check the balance and beg for cancelling of charges (of which later) but the log-in process is simple, the people you speak to generally seem helpful, competent and able to do at least some things (e.g. void your charges) without consulting their managers.
The post-office-for-cash facility is great. You can withdraw and pay in money over the counter 6 days a week without any problems provided you know your PIN. The cash you pay in registers instantly. This is very useful if you are a person who runs perilously close to the overdraft limits, especially in the light of Smile's penalty charges.
Cheques have to be sent to their office in Skelmersdale and the process takes good few days to complete - the cheques just pay in don't show on the balance until they clear, so you cannot use them even if you are sure that they will not bounce. This is the reason why I very rarely bother with paying in cheques into Smile (but then I have another every-day account).
*ACCOUNT FEATURES*
I will start with the good ones:
- Interest rate Smile pay on current accounts is very good in comparison to others. At the moment it is 3.3% (compared to for example less than 0.5% paid by Barclays). This is of course, provided you are in credit. He he he.
- £500 overdraft comes automatically with the account and there is no charge for having it or using it apart from the interest of 9.9%.
- Thy will NOT let you get above the overdraft limit via card. Barclays let you get over the limit by about £200 which can be a short-term lifesaver; but overall results in being charged unless you keep very close eye on your account.
The not-so-good features:
-Their penalty charges are simply extortionate. Getting over your agreed overdraft limit will cost you £15 admin charge PLUS £5 a day. Yes, five quid a day. This happened to me a few times due to not factoring in the interest that is charged on the overdraft. As a result I ended up with amounts ranging from £20 to £100 for being typically less than £3 over my limit.
It is possible to talk your way out of the daily charge if you plead with Smile over the telephone or via the 'secure messages' facility on the website. Normally the £15 admin charge will have to be paid, though.
These charges are the worst thing about Smile. Comparably, Barclays charge you one-off £20 for getting over the limit, and not more than three times in a month.
- It seems impossible to reduce or remove your £500 overdraft. This is a particularly strange behaviour for an ethical bank: surely they should not encourage borrowing and allow people who don't want a facility not to have one. Of course, you can simply keep the overdraft and not use it, but it is very hard not to use a facility that's there and over time small debits will generally accumulate and the overdraft will be used - that's the way it works for me, anyway. I didn’t pursue this course of action much, but I did asked once, when I was in credit and I knew my financial situation in the next year or so will be bad, and I was told that they can’t do it.
VERDICT
It's an excellent account if you are usually in credit and ocassionally want to use an overdraft facility. The interest rates are good, site works well, Post Office OTC service is a big plus and the fact that it comes from the Co-operative bank with all its ethical credentials is a definitely a major one.
However, if you ride your overdrafts perilously close to the limit, it's an account to avoid: the information on your spending appears on-line fairly late; there is no 'buffer', you will probably get charged, and the charges are huge.
Advantages: Online management is far superior,better interest rate, overdraft Disadvantages: charges for statements
...decided to switch. I contacted Smile and the details arrived promptly. I received letters which I just had to sign and pop in pre-payed envelopes. The procedure was made very simple and the staff were very helpful. Within a couple weeks the transition was complete and I was about to find whether or not I really did have reason to smile. Further assurance was given to me by the fact it was backed by the Co-operative bank, this company is aimed at ... ...After my girlfriend set-up her Smile mini cash ISA I did a transfer between accounts it took seconds to do and the transfer was immediate showing the balance on her account almost immediately and this was at 6 o clock in the evening. For me this was very impressive stuff. I know that Smile says transfers between accounts are instant but to see it was very impressed all the same. We did come across another disadvantage though just to even things out. ...
floater 30.06.2001
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Ciao members have rated this review on average: very helpful Review of Smile Accounts
Advantages: Excellent Service, Good rates of interest. Disadvantages: None
...review for the section covering Smile as a whole. My experience only covers their current account. Sorry!!
Until very recently I was a Barclays customer. Always had been and always would have been. Life was simple. My salary was paid into my account, my direct debits and bills were paid automatically and whatever was left was spent on going out. I've now reached an age where I should be a tad more responsible and so I looked into the wide range ... ...products offered by this bank. Smile is a part of the Co-operative bank and they are set up so that you need never enter a high street bank again. The website has a list of products down the left hand side and a list of prestigious awards that they have won down the middle. I am no expert on the financial sector but they seem to have been voted top for customer service, and also for their products, by a lot of people. They offer lots of services ...
Future77 14.09.2002 (13.11.2004)
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Ciao members have rated this review on average: very helpful Review of Smile Accounts
Advantages: Internet operated, good rates Disadvantages: site can be slow to load
I have had a Smile mini cash ISA for over a year now, and have been very impressed with the product and the service. Smile is the internet arm of the Co-operative bank, and the ISA accounts are operated on-line, although you can phone as well. You pay in money by direct debit from existing accounts, or you can pay in cheques by post or put money in at the post office.
When I opened the ISA the interest rate was the highest around at 7.25%. Even ... ...of England base rate, the Smile ISA is continuously top of the savings ratings given in the money sections of the newspapers, and it is still paying out 6%. Interest is added at the end of the tax year in April.
Signing up for the account on-line in the first place was very simple, although the fact that we had recently moved meant that there was a delay of a few days while I sent off utility bills to confirm our new address. Since the account has ...
Suse 06.06.2001
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Ciao members have rated this review on average: very helpful Review of Smile Accounts
Advantages: Fast and Efficient Disadvantages: None
I have been using Smile for some months now and am happy with the service that it provides. You can save up to £3,000 a year - free of all UK income and capital gains tax. They offer the CAT standards, which means that you have easy access to your money and the interest rate you'll receive can't be lower than 2% below base rate.
Last tax year I closed my ISA and moved to Smile. The reason I moved was the poor return Halifax was offering on my investment. ... ...in your Halifax account unlike Smile who offer 6.00% whatever amount you have. Within a week I had closed my Halifax account and re invested the money into a Smile account that could actually do something with my money. Opening the account with Smile couldn’t have been easier all the functions are easy to follow and the website is really clear and uncomplicated unlike some of the other home banking sites and you get a reply within days if you ...
Lorriee 25.06.2001
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Ciao members have rated this review on average: very helpful Review of Smile Accounts
Advantages: Best interest rate going Disadvantages: You can only deposit £3000 per annum - ISA rules
Without a doubt the best deal currently available for someone who wants instant access but a high interest rate on any sum up to £3000.
The interest rate of 7.25% pa is pretty much as good as it gets - and is certainly the best for any sort of instant access account. The site (www.smile.co.uk) is easy to navigate and their administration has been first-rate (I've had my account for nearly six months).
It's also good to know that you can pay in ...
TheSmudger 26.09.2000
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Ciao members have rated this review on average: helpful Review of Smile Accounts
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