Smile, the full service Internet operation launched by the UK's Co-operative Bank, has recruited more than 350,000 account holders since it first opened for business nearly 18 months ago.
The online bank has also revealed that its customers maintain a current account balance of twice the industry average, taking advantage of higher rates of interest than those available at traditional high street banks.
According to smile’s chief executive, Bob Head, more and more people are banking online, with around ten per cent of customers switching banks when they go online. More than 80 per cent of smile’s customers are new to the Co-operative Bank group says Head.
Since the bank's launch, smile has won best UK online bank award from Internet assessment house, Gomez for the last three quarters running. The bank also claims to be the only online bank in the world to have been awarded the British Standard kite mark for Internet security.