Smile Bank

Smile Bank

Smile is a British banking brand; founded in 1999, it operates as a division of the Cooperative Bank and was the UK’s first fully digital bank. While other banks had offered digital services prior to the founding of Smile, Smile was the first banking service to eliminate the need to visit physical branches. They were also the first online UK bank to be granted an ISO 27001 security certificate.

Reviews Rating
40%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
45%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

Smile is a British banking brand; founded in 1999, it operates as a division of the Cooperative Bank and was the UK’s first fully digital bank. While other banks had offered digital services prior to the founding of Smile, Smile was the first banking service to eliminate the need to visit physical branches. They were also the first online UK bank to be granted an ISO 27001 security certificate.

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Contact Info

About Smile Bank

Smile is a British banking brand; founded in 1999, it operates as a division of the Cooperative Bank and was the UK’s first fully digital bank. While other banks had offered digital services prior to the founding of Smile, Smile was the first banking service to eliminate the need to visit physical branches. They were also the first online UK bank to be granted an ISO 27001 security certificate.

Smile Bank Products and Services

The Smile current account offers a full range of current account services for no monthly fee (interest and overdraft charges excluded). It is also available as a joint account if preferred.

Smile has a range of available savings accounts; an instant access, variable rate account, a select access account, a cash ISA and fixed rate cash ISA and fixed rate bonds provided by Britannia.

Smile no longer offers a personal loan service. Customers who have existing loans are unaffected by this change.

Like its parent brand Cooperative Bank, Smile offers insurance products through insurance provider Legal & General. Available policies include home, life and critical illness.

New mortgages are available only via Smile’s intermediary mortgage brand, named Platform. This service offers competitive residential and buy-to-let mortgages from selected mortgage advisors.

Smile has two primary credit card products; Classic and Gold. Applicants must be existing Smile customers, over the age of 18 and earning a minimum of £10,000. All credit cards are offered subject to a credit check. The Gold credit card has a higher minimum credit limit and lower rate of interest.

Smile Bank Security

Smile keeps customers’ details safe using a variety of authentication processes including card readers, automated messaging when potentially fraudulent activity is spotted and the Verified by VISA authentication for online purchases.

Smile is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.

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Smile Bank Reviews

Tim Bentley
March 26, 2024

“Again I echo others, used to be a good bank, long wait times on the phone with not very successful outcomes; the biggest problem is the lottery of if a payment will be accepted both off and online with constant card blocking, something really awry in recent years with the algorithms”

Again I echo others, used to be a good bank, long wait times on the phone with not very successful outcomes; the biggest problem is the lottery of if a payment will be accepted both off and online with constant card blocking, something really awry in recent years with the algorithms.

Derek Morrison
March 26, 2024

“After 20years banking here I have moved to first direct”

After 20years banking here I have moved to first direct. Smile has hit rock bottom with customer service, ease of use, modern applications and uncompetitive rates and charges.

Jo Hines
April 15, 2022

“Money paid into my account from a foreign bank has got lost in the system and Smile have offered no apology, no help, nothing”

Money paid into my account from a foreign bank has got lost in the system and Smile have offered no apology, no help, nothing. They take days to answer messages, never answer the phone and do not even reply to secure, recorded delivery letters. They have no priority service for urgent cases, (like €3000 going missing) and say it is for the sender to sort it out, not them. Is no stars possible?

One person found this helpful
Georgina Cook
April 3, 2022

“Used to be a good bank but now are so problematic. Payments blocked, very long waits on phone customer service, messaging system that doesn’t work properly”

Used to be a good bank but now are so problematic.
Payments blocked, very long waits on phone customer service, messaging system that doesn’t work properly.

6 persons found this helpful

Smile Bank Accounts

Current Account
Current Account
Business
Monthly Fee
Interest Rate
Yes
Overdraft
Annual interest rate of 35.9%
Overdraft Rate
Smile No-Notice Savings Account
Smile No-Notice Savings Account
Savings
Monthly Fee
0.03% or 0.09%
Interest Rate
Overdraft
Overdraft Rate
Smile Cash ISA
Smile Cash ISA
Savings
Monthly Fee
0.09%
Interest Rate
Overdraft
Overdraft Rate
Britannia Fixed Rate Cash ISA
Britannia Fixed Rate Cash ISA
Savings
Monthly Fee
0.10% or 0.15%
Interest Rate
Overdraft
Overdraft Rate
1 Year Fixed Rate Bond - issue 278
1 Year Fixed Rate Bond - issue 278
Savings
Monthly Fee
0.14%
Interest Rate
Overdraft
Overdraft Rate
2 Year Fixed Rate Bond - issue 141
2 Year Fixed Rate Bond - issue 141
Savings
Monthly Fee
0.20%
Interest Rate
Overdraft
Overdraft Rate
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