Co Operative Bank Review

Overall Rating

Easy access to banking via branch, post office, phone or online.
UK call centers!
Ethical policy.
Friendly staff.... puts the smile into smile.
Membership bonus - share of the co-op groups profits.

Internet banking not as good as some other banks, but it does the job.
Savings rates not as good as they could be.
Limited number of branches (but Post Office access makes up for it).

Currently bank with smile (the internet bank branch of the co-op bank) and have other accounts with the Co-op itself. Both parts of the bank have a range of current accounts ranging from the bells and whistles packaged accounts (which I find great value) to the basic bank account. The interest rates on current account are competitive and fees consistent with the other high street banks. First of all someone said smile customers can't use branch counters of the Co-Op bank. Not true. Smile customers can use Co-op bank counter services to pay-in and withdraw cash or cheques and get hold of things like bankers drafts. If there isn't a branch nearby then you use the post office counters. Cash can be paid in using smile and co-op bank issued cards, credited instantly via the LINK network free of charge. Cheques can also be paid in. In takes a day or two extra to clear cheques via the P.O. than if paid over the bank branch counter. Cheques can also be posted and you get pre-paid envelopes for that purpose. So plenty of ways to access basic banking needs. Even though there is a branch near me I love the P.O. facility. Very convenient! I admit the internet banking service of both smile and the co-op is a poor relative to some other banks, not as functional as it could be. BUT you can send secure online messages to smile which they reply to promptly, you can cancel direct debits, pay bills, transfer funds, set up or cancel standing orders plus a few other services. The best thing though is the UK call centers with (in my experience) very friendly, efficient staff that don't constantly try and sell you all sorts of services that you didn't ring up to discuss. Never had to wait more than a couple of minutes to speak to someone either. Once or twice smile has made a mistake on my current account over the last 3 years. Never something catastrophic that took anything more than a phone call to sort. To their credit the bank has been apologetic and helpful, refunded fees and compensated me for it. Seems fair. Can't ask any more than that. I have gained enough confidence in the bank that I'm now moving my mortgage to them on a fantastic tracker deal, given the state of the mortgage market right now. The rate is available to current a/c customers only so there is benefit and reward for being loyal in this instance (some banks could learn from this!). For my banking services (and any other business with other parts of the group like groceries, holidays) I get a share of the co-op groups profit through their membership scheme. Again a reward for customers not shareholders (since the members are the shareholders). The bank has a prudent approach to lending with lending based upon retail deposits and assets rather than relying on the money markets for funding above what the bank has.... probably a reason why it isn't going cap in hand to HM government like some of the bigger banks. And finally I like the way they do business with the ethical policy and for me great customer service. So to sum up don't be afraid to try Co-operative Bank or smile.