Smile is an online bank owned by the Co-operative Bank, which is now mostly owned by private equity investors, with only a small percentage of shares owned by the Co-operative Group. It was the UK’s first full internet bank, formed in 1999.
While the Co-op Bank and Smile continue to retain an ethical focus, the group is undergoing a period of considerable change.
In spite of its financial difficulties, Smile has retained its above average trust and satisfaction scores.
Its record on complaints has sharply improved recently, pulling its overall score up our table. It now qualifies for a Gold Fairer Finance Ribbon for its current account, as well as a Silver Ribbon for its savings.
While its credit cards don't fare as well, they still receive a Bronze Fairer Finance Ribbon.