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Co-op bank enters internet banking with a smile

Despite the interesting choice of name the Co-operative Bank is aiming to wipe the grin off its rivals faces with the launch of its internet banking subsidiary

The new internet bank will go live on October 28 with a headline grabbing interest rate of 4 per cent gross on its flagship current account. The account will also offer an automatic free overdraft facility of £500.

Smile will offer a full range of banking services including savings accounts, credit cards, personal loans and Isas.

The cash based Isa will pay investors 6.5 per cent.

Co-op bank chief executive Mervyn Pedelty says: &#34This is a brand new bank which offers all the products, services and convenience of a high street bank but based on the internet. This means we will pass on to customers the benefits of our lower costs.

&#34smile is fully backed by, and is part of a full service UK clearing bank. Customers willbe able to conduct all their routine banking from anywhere in the world via the internet.&#34


Inward investment into UK up 71 per cent

The UK is still one of the world&#39s main recipients of direct foreign investment despite remaining outside of the European single currency according to the Financial Times.The FT says latest figures from United Nations Conference on Trade and Development reveals inward investment into the UK increased by 71 per cent in 1998 to £63.1bn from […]

Pru appoints advisers for Egg flotation

Prudential has appointed Goldman Sachs to advise it on the flotation of its internet banking arm Egg reports the Financial Times.But the Pru denies any decision has been made regarding the timing of the float.The FT says it is unlikely the flotation will take place until well into next year, following the recent slumps in […]

Acquisition company Corum buys Mortgage Direct

Vulture company Corum is buying Mortgage Direct for £15.3m according to the Financial Times.Corum which specialises in acquisitions, listed itself on the alternative investment market in July in order to create a financial services company.It will partly fund the acquisition through a placing and an open offer of 2.6m shares at 1.25p each.

Rechabite Friendly Society launches savings plan for teetotallers

The Rechabite Friendly Society is launching a five year single premium savings plan aimed at teetotallers.The plan guarantees to pay non-drinkers a guaranteed bonus of 7 per cent in the first year, for a minimum investment of £1,000.The traditional with-profits savings plan is available to December 31, to individuals who abstain from alcohol.Rechabite chief executive […]


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