No-notice Savings
We have one No-notice Savings account, but we offer two different variable rates - depending on whether you’re already a smile current account customer.
Existing smile current account customers
2.53% interest (Gross / AER variable) changing to 2.46% (Gross / AER variable) on 22/01/2025
Non-smile current account customers
1.75% interest (Gross / AER variable) changing to 1.68% (Gross / AER variable) on 22/01/2025
Features
- Interest paid annually on 5 April
- Open an account with anything between £1 and £1,000,000
- Available as a sole or joint account
- Make withdrawals from and deposits to your accounts through electronic transfers - you can withdraw your cash at any LINK machine across the UK
- Manage your money quickly and easily using online banking or our app
- You’ll get paperless statements in online banking and the app.
Get a higher interest rate
If you open a smile current account with this savings account, we’ll also give you that higher interest rate reserved for existing smile current account customers.
Summary Box for smile No-notice Savings account
The information provided below is a summary of the key features of our smile No-notice Savings account and is not intended to be a substitute for reading the terms and conditions.
Account name
smile No-notice Savings account
What is the interest rate?
If you are a smile current account customer:
2.53% rate up to 21/01/2025
2.46% rate from 22/01/2025
Gross / AER
If you are not a smile current account customer:
1.75% rate up to 21/01/2025
1.68% rate from 22/01/2025
Gross / AER
Interest is calculated daily and will be paid into your account annually on 5 April.
Can smile change the interest rate?
Yes - the interest rate is variable, which means it can go up or down.
We may change your interest rate for various reasons, please see the 'Changing these terms and ending this agreement' section of our General Terms and Conditions for more details.
When we increase our interest rates - we’ll tell you about the change within 30 days after it’s happened.
When we decrease our interest rates - we'll inform you by personal notice at least two months before we make the change.
What would the estimated balance be after 12 months based on a £1,000 deposit?
If you are a smile current account customer
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000.00 | £1,024.60 |
If you are not a smile current account customer
| Initial deposit at account opening | Balance after 12 months |
|---|---|
| £1,000.00 | £1,016.80 |
We have worked this out assuming:
- The new interest rates from 22/01/2025 apply
- You haven't made any additional deposits or withdrawals
- We haven't changed the interest rate in the 12 month period.
How do I open and manage my account?
Can I apply for this account?
To apply, you must be a UK resident aged 16 or over.
This account can be opened as a sole or joint account.
How do I apply for this account?
You can apply for this account:
- Online.
Is there a minimum and a maximum balance?
The minimum opening balance is £1. The maximum balance is £1,000,000.
You've got 30 days from when we open your account, to pay in the minimum balance of £1. If after 30 days you haven't met the minimum balance, we may close the account immediately and return any funds to you.
How do I make deposits into this account?
You can pay money in by:
- Electronic transfers from another account held with us or another provider (such as by using their app or setting up a standing order)
- Cash or cheques
- Visiting any Post Office® in the UK where you can pay in cash or cheques.
How do I contact you to discuss this account?
By sending us a secure message or visiting a branch.
Can I withdraw money?
Yes - whenever you want as this account has no restrictions on the number of withdrawals.
You can make withdrawals through the following ways:
- Online and mobile banking - through electronic transfers to other accounts with us or another provider
- Telephone banking - through electronic transfers to other accounts with us
- Branch - withdraw cash over the counter and/or make electronic transfers to other accounts with us or another provider
- ATMs - You can use your cash card to withdraw up to £250 per day in cash, nationwide
- Post Office® - Visit any Post Office® branch to withdraw up to £250 per day in cash using your cash card.
You can also request a Banker's cheque withdrawal, however there is a charge for this.
Additional information
If you are or have previously been made bankrupt, you are eligible to apply.
Interest earned from this account will count towards any of your available personal savings allowance.
We will pay interest without deducting income tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay income tax, we recommend that you contact your local tax office or HM Revenue and Customs or visit gov.uk/apply-tax-free-interest-on-savings.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
ATMs - Some ATMs may charge for cash withdrawals.
Applications
You can track where your application is up to and find out more information about switching from one bank to another on our applications page.
Important documents
Please read the important documents below, and save copies of them for future reference.
Important
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on the customer’s individual financial circumstances.
smile reserves the right to decline or accept any application and/or deposit.
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Changes to scam reimbursements
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if it were paid and added to your account each year.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Business day is usually Monday to Friday excluding bank holidays.
Any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline to accept any application and/or deposit.
Protecting your money
Your eligible deposits with The Co-operative Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website