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.
- Interest on this account is paid annually on 5 April.
- Open an account with anything between £1 and £1,000,000.
- Available as a sole or joint account.
- 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.
- Make withdrawals from and deposits to your accounts through electronic
- You can withdraw your cash at any LINK machine across the UK.
- Manage your money quickly and easily using online banking or our mobile app.
- You’ll receive paperless statements, that will be made available through online banking and the mobile app.
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.
Smile No-Notice Savings Account
What is the interest rate?
- 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|
|If you are not a smile current account customer|
|Initial deposit at account opening||Balance after 12 months|
We have worked this out assuming:
- 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:
- Through Online Banking - existing customers can easily apply through the 'Products' section within online banking
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.
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/hmrc/savingsallowance
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 - There are over 69,000 ATMs in the UK. Some ATMs may charge for cash withdrawals.
Apply for a No-notice savings account
To apply, you need to be:
- 16 or over.
- A UK resident.
Approval is based on an assessment of your personal circumstances.Apply now
Ready to apply?Please read our Terms and Conditions and other important documents before applying.
- All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.
Please read the important documents below, and save copies of them for future reference.
Product Specific Terms and Conditions & Summary Box (which contains interest rates)Download PDF (311KB)
smile Savings General Terms and ConditionsDownload PDF (285KB)
Charges for smile Savings AccountsDownload PDF (777KB)
How we use your personal informationDownload PDF (242KB)
The Financial Services Compensation Scheme Information Sheet and Exclusion ListDownload PDF (3.36MB)
- 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.
We’re part of The Co‑operative Bank, and we share the same ethical values too.
smile, Britannia and The Co‑operative Bank are trading names of The Co‑operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).
The Co‑operative Bank reserves the right to decline any application.
References to tax are based on our understanding of current tax regulations - these may change and depend on the customer’s individual financial circumstances.
You can subscribe to a smile/Co‑operative Bank/Britannia Cash ISA if you have not subscribed to another cash ISA with another provider in the current tax year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
This stands for Annual Equivalent Rate. It shows you what the interest rate would be like if your interest was paid and compounded once a year.