All Smile Current Account Overdrafts Interest Free For 3 Months No Catch @ Smile + Co-operative Bank
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All Smile Current Account Overdrafts Interest Free For 3 Months No Catch @ Smile + Co-operative Bank

9
Found 30th Dec 2011
Not sure if this should go under deals but it seems to fit. Anyone who banks with Smile or Co-Operative Bank or intends to will be charged no interest on their current account overdraft between 5th January and 4th April 2012. No catch and it's automatically applied to new and existing customers.

Thats a saving of around £74.40 on an overdraft of £2000. Not sure why it's getting so cold. They don't have to do it and it will cost them a fortune. Plus it's aimed mostly at existing customers who already have an overdraft. It's going to save me a lot of money so soon after Christmas anyway which I can put towards paying it off instead of paying interest.
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Original Poster
Here is a bit more info about who can will get it free though it does cover just about everyone who would usually be charged.

* Applies to existing Current Account, Current Account Plus, smile, smilemore, Privilege and Privilege Premier Account customers. To qualify for this offer customers must be a mainland UK resident aged 18 or over and must hold a current account with a formal overdraft withThe Co-operative Bank including smile. For the purpose of this offer formal overdrafts will include standard overdrafts provided with the Current Account Plus and any additional formal overdraft. Also included are any additional formal overdrafts with the Privilege, Privilege Premier and smilemore Accounts. Excludes Cashminder, Student, Business and Corporate current accounts and customers who have an overdraft on a negotiated/non-standard tariff. Interest free overdraft period will be applied automatically to existing and new customers (subject to our normal credit scoring procedures) and covers debit balances within formal overdraft limits from 5th January to 4th April 2012 (inclusive). Accounts overdrawn after this date will revert to the charges detailed in ‘your guide to charges’ leaflet. During the dates stated above all other standard terms and conditions and fees still apply. Informal overdrafts will continue to be charged at the normal rate. Credit facilities provided by The Co-operative Bank are subject to status and our lending policy. For full terms and conditions please see our website. Lines open 24 hours a day, 7 days a week. Calls may be monitored or recorded for security and training purposes.
Edited by: "InfiniteWisdom" 30th Dec 2011
Ain't going to affect the heat (or otherwise) of this, but the same applies to Co-operative Bank accounts too, i.e., smile's parent company.
Original Poster
simate

Reserved.Why? Cos the op did so I wanted a go.



So I could use it to add more info to the Deal using the first post.
Original Poster
Doddyman

Ain't going to affect the heat (or otherwise) of this, but the same … Ain't going to affect the heat (or otherwise) of this, but the same applies to Co-operative Bank accounts too, i.e., smile's parent company.



Added to the deal. Thanks. Not sure why it's getting cold. Seems a nice gesture to existing customers who already have overdrafts most likely at their height due to Christmas spending. Not cynical marketing to lure customers in.
Good for the Coop I say.
Quite happy with this as my 3 months free £1000 overdraft for joining was otherwise going to run out pretty soon
Couple of issues I have with this.

1) Those in most need of a free overdraft facility probably won't be offered one certainly wont be getting £2,000.
2) Poor reason to switch your current account for a short term gain.
3) There are better deals to switch a/c's such as £100 + £46 TCB with Santander. They were also doing 5% interest for the 1st 12months on up to £2,500 last time I looked. (Although would not recommend this either as per point 2 as Santander are terrible.)
Original Poster
MrWani

Couple of issues I have with this.1) Those in most need of a free … Couple of issues I have with this.1) Those in most need of a free overdraft facility probably won't be offered one certainly wont be getting £2,000.2) Poor reason to switch your current account for a short term gain.3) There are better deals to switch a/c's such as £100 + £46 TCB with Santander. They were also doing 5% interest for the 1st 12months on up to £2,500 last time I looked. (Although would not recommend this either as per point 2 as Santander are terrible.)



I was not really intending to promote then as a bank to switch to for the promotion. As you have said there are probably better options out there for such a short term gain. It is more for those people who are already with Smile or Co-operative bank who have are are intending to take out an overdraft over the next 3 months.

As for those in most need not getting it free. If they are able to get an overdraft or already have one it will be free. It's not restricted to certain customers or those who have lots of money. However they are still a bank and not a charity. Normal credit scoring will still apply.
Edited by: "InfiniteWisdom" 30th Dec 2011
InfiniteWisdom

So I could use it to add more info to the Deal using the first post.



The why was aimed at myself lol.
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