You have all heard of the Coop, right? Well a few years ago the “Co” started an internet only banking organisation called “Smile”. It was the early days of internet banking and only the young and foolhardy like myself were willing to part with the traditional bricks and mortar bank approach and commit my money to an organisation that existed only on “t’internet”.
I’m happy I did for a number of reasons, not least that my money is invested using a strict ethical policy that means the money I save with the bank is not loaned out to companies or organisations that are environmentally damaging or have questionable activity in human rights and international development. According to Smile’s website they have withheld £1 billion of our money from businesses who want the money but who conflict with the ethical policy. That means the money goes to businesses with more favourable ethics.
It is as simple as that. But I also like smile because it is a great bank, good rates of interest, their website is really easy to use (and I have seen some AWFUL banking websites) and they have had firm internet security right from the outset.
Being part of the Co-operative Bank means Smile shares the values of the Co-operative movement, dedicated to a fairer means of distributing profit. That means they are not driven by the decisions of shareholders. The Co-operative Bank with Smile is still the only UK clearing bank with an ethical policy.
A good bank, owned by their members with a good policy. What more could you ask for?
Caution: They do have a credit card which is coloured pink – in several recent purchases I have made the till operators have looked at it and laughed at me. Some people just need to grow up!
By the way, I don’t work for Smile nor get any kind of backhander, back rub or honorary directorship for promoting them. 
Rick Johnston,
Independent Financial Adviser: www.sjfs.biz
[This article was originally published on www.ajustlife.org]
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Yeah, I bank with the Co-op, and they’re really good. And when I opened my business account, they did go through all the ethical questions to make sure I wasn’t being Bad. Which I wasn’t.
I agree (almost) completely. Their interest rates used to be very competitive but this has slipped in the past 2-3 years…
Yeah, I’ve been a Smiler almost from the start. Though Nationwide (my other bank) had a really good online presence really early on too. Not sure what it says about me that my two chosen banks are both “non-banks”.
I like smile’s perks too – The Green Flag coverage, travel insurance etc I know that I AM actually paying for it, but still.
let me blaspheme though – their web site is just starting recently to look a weeee bit old and tired.