In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Your reviews

thinkmoney current account review

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thinkmoney Current Account
Account fee
£10.95 per month£15.95 per month
Interest (AER)
0% AER
Overseas card transactions

Our verdict

If you struggle to put money aside for your monthly bills, thinkmoney may be able to help.

thinkmoney certainly isn't the cheapest option on the market. Most challengers now offer 100% free current accounts, and if you do pay a monthly fee, you'd expect to get fee-free spending abroad at the very least. If you have average banking needs, you may be better off with a different provider.

However, thinkmoney may be suitable for people with low credit scores and bad money habits, as it can help with budgeting. By putting aside the money you need for your current expenses and bills, you won't be at risk of spending it and you'll know exactly how much you have left.


  • No credit check involved
  • Easy to apply for
  • Ensures you pay bills on time, helping your credit score
  • No minimum funding requirement


  • Monthly fee
  • Limited account features

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Your reviews


Product overview

Account name thinkmoney Current Account - Current Account
Provider Think Money Limited
Account fee £10.95 per month£15.95 per month
Interest (AER) 0%
ATM withdrawal limit £450
Debit network Mastercard
Card type Cash / Debit / Prepaid
Minimum eligibility age 18 Years
Minimum operating balance £0
Minimum opening balance £0.01
Direct debits
Current account switch guarantee
Cheque Book


Foreign cash currency fee in Europe 2%
Foreign cash currency fee in rest of world 2%
Foreign cash transaction fee in Europe 0%
Foreign cash transaction fee in rest of world 0%

Overdraft information

Arranged overdraft available

One of the first digital-only banking providers, thinkmoney focuses on helping people who have poor credit or struggle with day-to-day money management.

This review looks at thinkmoney’s current account, its features, fees, pros and cons. If you’re looking for thinkmoney’s credit card instead, we’ve got that covered in our separate guide too.

What is thinkmoney?

thinkmoney is a digital banking app that offers all the features of a current account.

The company was founded in 2001, when today’s most popular challenger banks such as Monzo and Starling were still miles away from happening.

thinkmoney’s goal is to help people improve their money management practices and pay their bills on time to avoid being charged late payment fees by the companies they owe. thinkmoney is also about allowing more people to access banking services, and its products are most suitable for consumers with poor credit scores. You can check your current credit score here.

How does thinkmoney’s current account work?

thinkmoney offers a digital-only current account. You can sign up for it from the thinkmoney website without having to get a credit check. Here’s what you’ll get if you do decide to apply:

  • A current account with a contactless debit card. It has all the typical features of a traditional current account, but at the moment, no overdraft options.
  • A mobile app. It isn’t as good as you may expect from a digital-only account (no live notifications or spending categorisation, for example), but it does look clean and tidy and it allows you to see your payments and balance in real time, make payments and instantly block your card if it gets lost or stolen.
  • Jam-jar banking. thinkmoney keeps the money you need for your regular expenses (for example, your bills) separately, so that you know exactly how much you have left to spend on everything else that month. This approach is known as “jam-jar banking”, which is a simple trick that helps people to budget and pay their bills on time.
  • Cash deposits at Post Offices. thinkmoney doesn’t have any physical branches, but you can pay in cash or cheques at any Post Office branch.

What are thinkmoney’s fees?

thinkmoney’s current account has two main charges:

  • A fixed £10.95 monthly fee. This is expensive compared to competitors, but thinkmoney don’t apply any hidden fees for UK bank transfers, direct debit payments, card spending or ATM withdrawals.
  • A 2% fee on foreign currency transactions and foreign ATM withdrawals.

Unlike most traditional banks, it doesn’t charge a fee if a payment is refused due to lack of funds.

Is thinkmoney a bank?

thinkmoney isn’t technically a bank. It doesn’t have a banking licence, so your deposits aren’t covered by the FSCS (Financial Services Compensation Scheme), which protects deposits up to £85,000.

However, it is registered with the FCA (Financial Conduct Authority) and fully authorised to deal in electronic money. As an electronic money institution, thinkmoney must keep its customers’ money in a segregated account at a licensed UK bank. Those customer funds can’t be touched even if the company were to go bust.

Customer reviews of thinkmoney

The thinkmoney app has a rating of 4.5 out of 5 stars in the App store, based on around 3,500 customer reviews. Over on Google Play, it also has an average rating of 4.5 out of 5 stars, from 3,500 Android app users.

“The thinkmoney current account comes with a tidy and efficient app, albeit without the bells and whistles we’ve come to expect from the likes of Monzo and Starling,” says Michelle Stevens, deputy editor for banking at Finder. “However, thinkmoney was actually at the vanguard of digital banking and has been around for 20 years. Although its current account’s monthly fee isn’t that competitive, its main selling point is that you can open it without a credit check and it helps people budget more effectively, pay their bills on time and ultimately improve their credit score.”

Customer service information for thinkmoney

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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