interesting interest (smile.co.uk)

Member Name: judderman

Product:	smile.co.uk
Date:	20/07/00 (102 review reads)
Rating:

Advantages: high interest rates

Disadvantages: these may not last

Smile is part of the co-op bank, but is not just an add-on internet service. The entire service is run over the net, and therefore as they have no branches to keep open, the rates are excellent. (although changing all the time, due to dropping interest rates) I recently opened a savings account, which needs a minimum balance of £1 and has no restrictions as to the amount you can withdraw. I also have an mini-cash ISA, which has the best interest rate available, as far as I'm aware. They also offer credit card accounts, which have no annual fee, and a student account.

If you open a current account and a savings account or credit card, you get even better interest rates too.

Money can be paid in at any Post Office in England and Wales, and up to £250 a day can be withdrawn from any of the 25,000 link machines in the country. They also offer all of the services that any high street bank will offer, e.g. set up standing orders; you can also pay bills online, transfer money between smile accounts, and other online accounts, and have your salary paid direct into the account.
Accounts can be transferred from other banks, or new accounts opened. Mine took about twenty minutes to fill in all the details, and after I sent them a confirmation of my address ( I wasn't on the electoral roll as I had just moved ) they opened my account and sent me a paying in book and cash card.

The site is very, very secure, they are the only Internet bank to have been accredited the BS7799 rating for Information Security Management by the British Standards Institution, which I assume is a hard rating to achieve. Even the e-mail is tightly controlled, they send you an e-mail to tell you you have a secure e-mail. The site is also colourful and easy to navigate.
If money is taken out of your account by an internet crime or staff error, they will even reimburse you.

So far I am very impressed with Smile, and shall definately continue t
o bank with them.

Summary: