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.

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50%
Review Score
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70%
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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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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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