(Annual Equivalent Rate) The rate equivalent to having your interest paid and compounded over a whole year.
(Annual Percentage Rate) The standard way of describing the cost of loans, overdrafts and credit cards as required by the Consumer Credit Act 1974. It includes any charges as well as interest.
Automated Teller Machine which is a cash withdrawal machine often referred to as "the hole in the wall"
This is the 8-figure number that identifies your account.
This message tells you that your request has been actioned or that it's been sent to smile customer services.
All new smile Visa credit and debit cards must be activated before they can be used for the first time.
A sum of money.
anti virus software
Software installed on your PC which can detect viruses passed from PC to PC.
The amount of money in your account or the amount you owe.
Is the transferring of your balance from another of your credit cards to your smile credit card.
base rate (Bank of England)
The rate at which the Bank of England charge for money loaned to the Money Markets. A decision on this rate is made by a committee generally on the first Thursday of each month. It is from this rate that most banks decide on the rate they will be offering on their accounts.
The person or company that receives your money.
A service that allows you to make an individual payment at a certain time to a named company with a reference number.
An image format - it's a collection of binary digits that make the graphic image.
A software program installed on your PC which allows you to view pages on the Internet.
A store of web page graphics and/or text files created on your computer's hard disk by your browser to speed up downloading from the web.
Cancel a cheque
You can cancel a cheque you've issued from being paid. To cancel a cheque, call us on 03457 212 212^ with the following details:
- cheque number
- name of the beneficiary
- date the cheque was issued
Lines are available 8am-8pm every day. ^Call charges
A charge is made for this service. Please view the smile tariffs.
Please note that a cheque cannot be cancelled on the day it is presented to us.
cash handling charge
If you ever buy foreign currency or travellers cheques using your debit card, you'll pay a cash handling fee of 2% or £2 (whichever is greater). You may also have to pay this fee for other services.
The 16-figure number found on the front and in the centre of any bank card.
Money taken from a Visa credit card account as cash.
An ISA (Individual Savings Account) that allows cash deposits.
Amounts debited from your account for certain services. To view these charges please refer to your product's terms and conditions.
Clearing House Automated Payment System. This is a money transfer which will reach the beneficary bank the same day if the request is received before 3pm and costs £25.
As an additional security measure you may be contacted on a registered number. Unfortunately if we cannot contact you this may result in your payment not being sent.
Please also note Euro Chaps are usually received within 1-3 working days if they are done before 2.00pm.
An instruction to your bank to pay an amount of money to the person or company whose name you've written on the cheque.
Each cheque has a 6-figure cheque number at the bottom of your cheque stub and on the bottom left hand side of the cheque.
Cheques and cash paid into your account need to be cleared before their value is added to your cleared balance.
Cash paid in is available by the end of the day if you use a slip at a Co-operative Bank branch. It’s available immediately if you use your ATM/Debit/Electron card at a UK Post Office or Co-operative branch, and should be available in four Business Days if you use a slip at a UK Post Office.
If you pay a cheque into a Co-operative Bank branch, you should expect to see the cheque clear and credit your account within two Business Days.
If you pay a cheque into a Post Office, you should expect to see the cheque clear and credit your account within four Business Days.
If you post a cheque to us, it can depend on how long the post takes to reach us, but once we receive the cheque it will clear and credit the account within two Business Days.
The cheque clearing cycle refers to the time taken for a cheque to be processed, credit an account and the money to become available.
Cheque Imaging is still being rolled out across all banks and building societies within the UK and is due to be fully established in 2019.
If you have written a cheque and this is paid into a bank or building society using cheque imaging, it should debit your account after two Business Days, once the cheque has been presented for payment at the payee's bank. If the bank or building society isn’t using cheque imaging, this should debit your account after three Business Days.
For cheques you pay into your account, once we receive the cheque, it will clear and credit within two Business Days.
Once the cheque is credited, if applicable, you will then start to earn interest or interest charges will start to reduce on your overdraft.
When we add interest to your current account monthly, this interest can earn interest for the next month. We compound the interest like this on the current account.
A software program that copies itself across PCs, it can be spread via e-mail.
This message confirms details of the service you're requesting.
Text sent to your browser from a website or server which records your preferences for a website. They are used by many Internet sites and stored either on the browser (they call this a session cookie) or on the hard drive of a PC (these are called persistent cookies). You should choose to accept cookies when using smile.
If you need, we can give you a copy of a cheque or credit slip that's been presented to your account. Please view the smile tariff for the charge.
County Court Judgement (CCJ)
A County Court Judgement is an order of the court in civil proceedings in local courts of record with civil jurisdiction.
If you open a credit card account, or a loan account we'll send you a credit agreement to sign. This is to ensure we comply with the Consumer Credit Act 1974.
A credit card allows you to buy goods and services and pay for them later.
The maximum agreed amount of money you can owe us on your credit card account.
credit reference agencies
Organisations licensed under the Consumer Credit Act 1974 who keep records of your credit history. We refer to them to help us make decisions about lending or opening accounts.
A way of assessing whether we'll offer you an account or not. You get points for the information in your application (such as how long you've been in your job) and also for the Credit Reference Agency information about you we obtain when we do a credit search.
A search of your credit history using a Credit Reference Agency. Every time we make a search its's noted against your record with a credit reference agency. This means that others carrying out a search on you can see that we have asked for information on you.
Cushdy: adj. (colloq.) (cushier, cushiest) sorted, top, perfect, as it should be. e.g. you're giving me an increase in my overdraft limit. Cushdy.
customer services help line
You can contact us on 03457 212 212^.
Any money that leaves your account is a debit. This includes direct debits, standing orders, cash withdrawals, cheques written, money transfers, bill payments and using your debit card.
An agreement you make with a company allowing them to take money directly from your account.
The amount of information that can be displayed on your monitor at any given time, the higher the resolution the greater the clarity of the screen.
(With reference to downloading browsers / java applets.) The transfer of files over the Internet onto your PC.
(Equivalent Annual Rate) The equivalent to paying and compounding debit interest over a whole year.
electron debit card
A cash card you can use to take money from any LINK cash machine up to a maximum of £250 a day, providing you have funds in your account. Some shops and stores accept this card for payment.
The scrambling of information into code to send it over the Internet so that no one else can read it.
These are specific numbers which relate to specific errors.
fee free overdraft
As long as you don't go over your agreed overdraft limit, we won't charge you any monthly or daily fees, or service charges. You'll only have to pay debit interest.
These are specific areas of a form designed for users to enter information.
A recognised leader in the field of investment management. Since being founded in Boston, USA in 1946, it has developed into one of the largest and most successful investment management organisations in the world. Its funds supermarket was one of the first to launch in the UK in June 2000 and is the biggest in the USA.
Protects your PC by filtering and blocking unsolicited Internet connections and prevents attacks from hackers.
fixed term contract
A contract of employment with a fixed start and expiry date.
Money used in any country outside the UK.
We no longer offer foreign currency.
A foreign draft is a way of sending money outside the UK. It is used for a single payment and is sent by post.
We no longer offer foreign drafts as we offer other options which are quicker and more secure, such as electronic foreign payments.
The length of time between payments made by standing order or direct debit.
funds supermarket - a partnership between smile, CBFA and Fidelity Investments. A new way to invest in and manage stocks and shares ISA's and unit trusts online through access to Funds Network, an investment supermarket from Fidelity Investments.
A component of the PC which transmits the video information out to the monitor.
The rate of interest payable before income tax is deducted.
A cheque can be guaranteed up to £100 with any smile cheque guarantee card.
If you take money out of a visa machine which is not part of the LINK network you'll pay a 2% or £2 charge (whichever is more). If you ever use your Visa debit card or Visa credit card outside the UK you'll pay a 2.75% currency conversion fee which'll be included in the exchange rate on your statement.
Statements that have already been sent to you.
A quotation of how much your mortgage will cost at current rates.
An Individual Savings Account.
The Code of Practice for Information Security Management Systems. smile is currently the only UK-based Internet Bank accredited to ISO27001 by the International Standards Organisation.
Internet Service Provider who allows you to connect via the telephone line to the Internet.
You'll earn interest whenever there's money in your account. We calculate it daily and add it to your account either monthly or yearly depending on the type of account.
If you use your overdraft you'll be charged interest. We calculate it daily and take it from your current account once a month.
smile invest - a partnership between smile, CBFA and Fidelity Investments. A new way to invest in and manage stocks and shares ISA's and unit trusts online through access to Funds Network, an investment supermarket from Fidelity Investments.
The software language used to create smile applets (programs)
JAWS (Job Access With Speech) is a Windows based software that uses a voice synthesizer and a computer's sound card to read out the content of your computer screen to your speakers, it can also output to refreshable Braille displays.
Stands for Joint Photographic Experts' Group and is the standard format for online photos.
Killer interest rates on all smile accounts
The LINK network allows different banks and building societies to share a nation-wide network of cash machines.
Your smile card can be used wherever you see the LINK sign on a cash machine.
LTV - loan to value
The ratio of mortgage amount to the value of a property. For example, a loan of £100,000 on a property valued at £200,000 is at an LTV of 50%.
AppleMac(TM). Hardware alternative to the PC.
The form you fill in to either set up a direct debit giving a company authority to take money from your account, or arrange for your employer to pay your salary direct to you smile account.
A maxi ISA (Individual Savings Account) is an ISA that can consist of 2 parts: cash and stocks and shares. Maxi ISAs are no longer available and have been replaced by Stocks and Shares ISAs, which are available via smile invest.
Mortgage indemnity premium - some banks and building societies may take out an insurance policy when they arrange a mortgage to protect themselves against any losses they may incure should they have to repossess the property eg. if they have to sell the house for less than the value of the loan. They pass the cost of the policy onto the borrower with the MIG fee.
A mini ISA (Individual Savings Account) is an ISA that allows cash deposits. Mini ISAs are no longer available and have been replaced by Cash ISAs, which are available via smile.
Any money paid into your account.
Any money taken from your account.
This is a facility for transferring money to another account.
The rate payable after 20% has been deducted at source for income tax.
Your net worth is calculated by taking the money you owe away from the money you have.
OEIC (Open Ended Investment Company)
As with unit trusts investors' money is pooled to buy a range of investments such as equities, bonds and cash, spreading overall exposure to risk. As the name implies, the funds are 'open-ended' - there is no limit to the size of the fund and new money can always be added to it. Unlike unit trusts and investment trusts, which have two prices - a buy and a sell price - OEICs have a single 'mid' price.
This is the name of a company claiming money by direct debit from your account.
A 6-figure number that identifies a company authorised to operate a direct debit scheme.
The total money you owe on on a credit card or loan, subject to any transactions which may not yet appear on your account
overdraft - arranged
This is an agreed overdraft that you apply for in advance.
overdraft - unarranged
This is when you overdraw on your current account or exceed an existing overdraft limit without having agreed An arranged limit with us in advance. There are charges for using an unarranged overdraft.
The fund you can build up with any payments over and above your normal paymens, which can be used as you wish e.g. have a break from repayments for a while.
The person you write a cheque to, pay a standing order to, pay with your debit card etc.
personal enrolment number
When you've filled in the application form we'll give you a 6-digit number. This is your enrolment number. You'll need this before your account is opened to read any messages we send you about your application.
PIN (personal identification number)
The 4-figure number used with your Electron debit, Visa debit or Visa credit card to withdraw money from a cash machine. This should not be confused with your security number. We'll send you the PIN for your card seperately in the post a couple of days after your card. Please ensure you keep your PIN confidential
The date your statement is produced.
Because we're an Internet bank we don't have any Q's!
Paying off your mortgage.
This is supplied to you by a company to use when setting up a bill payment or standing order to them.
Money paid back in to your account following a mistake, overpayment or request.
Standards of Lending Practice
The Bank subscribes to the Lending Standards Board which introduced Standards of Lending Practice. This is a self-regulatory code which sets standards of good practice when dealing with customers - something we firmly believe in.
stocks and shares ISA
An ISA (Individual Savings Account) that allows deposits in stocks and shares.
This is where you can see details of the charges for services on your account.
tax exemption forms R85 & R105
If you aren't a UK taxpayer, you should fill in an R85 form. It means we won't take any tax away from the interest you earn on your account. If you live abroad or off-shore, the form you use is R105, obtainable from HMRC.
Tax free means without the deduction of UK income tax.
A tax year runs from 6th April to 5th April the following year.
A TESSA is a form of tax free investment. TESSA maturities cannot be invested in a smile Cash ISA.
terms and conditions
The terms and conditions explain your rights and responsibilities, and ours, when banking with smile.
This is a way of transferring money to a foreign bank account. It's best when the transfer isn't urgent and is cheaper than Swift.
The date a transaction is authorised and interest starts being charged.
A brief description of who you've paid for an item.
You'll see this every time you log out of smile banking. You can also see it when you're logged on by clicking on 'customer services' and selecting 'transaction log'. It tells you what you've done while you've been logged on e.g 'Sent secure message' or 'successfully transferred money to...'.
Travellers Cheques can be exchanged for local currency and they're insured against loss or theft.
We no longer offer travellers cheques.
These are made up of Income Funds, Growth Funds and Specialist Funds, each having a specific investment objective. A unit trust operates by pooling together investors' money, then using this pool to buy a portfolio of cash, bonds or shares. This spread of investments reduces exposure to risk. As its name suggests, a unit trust is divided into units and the value of each unit represents a precise proportion of the fund's total value. The value of the units is directly related to the value of the underlying investments. A unit trust is 'open-ended', which means there is no limit to the size of the fund and new money can always be added to it.
A certification authority, this is a trusted Internet third party used by all high street banks. Please see www.verisign.com for further information.
A software program that copies itself across PCs, it can be spread via e-mail.
Visa account number
The same number as your Visa credit card number.
Visa card number
The 16-figure number on the front of your smile Visa card.
Visa debit card
This card has 3 main uses: You can use it to pay for goods and services wherever you see the Visa sign and the money will be taken straight from your account. You can use it to guarantee cheques up to £100. And you can use it to take up to £250 per day out of your account using cash machines.
A working day is any day except weekends and Bank Holidays in England and Wales.
X for Xcellent customer service, Xtremely efficient and Xcited to have you as a customer.
Y don't you apply for a smile account today?
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