thinkmoney current account review

These current account options are quite limited in terms of features and the monthly fees are quite high for the features that are on offer.

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Jason Loewenthal

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thinkmoney offers a current account with 3 different tiers – 1 is free and the other 2 are paid options.

What is thinkmoney?

thinkmoney isn’t a bank, but it does have a range of financial products, including current accounts, credit cards and loans. It’s an electronic money institution (EMI), authorised and regulated by the Financial Conduct Authority (FCA). Money held in an account is not protected under the Financial Services Compensation Scheme (FSCS), but it is still safeguarded.

How does the thinkmoney current account work?

The thinkmoney current account can be opened in the app. It comes with standard features you’d expect from a current account, such as a debit card, Apple Pay, Google Pay, biometric logins and real-time notifications. The free account is quite basic, so if you want extra features you need to opt for either of the paid tiers.

The different accounts

The Everyday account is the free option. If you choose this you need to pay for the debit card and also pay a fee for most transactions.

The Smart account (£12.50 a month) has budgeting features and ways to help improve your credit score.

SmartPlus (£15.95) is the most expensive option and has what the others have, as well as access to exclusive offers and ways to save on your shopping.

Who is it for?

These accounts could be useful for someone who wants to open an account using an app, then get it up and running quickly. However, there are other accounts that are also easy to option that come with much more in the way of features and have no monthly fees.

Pros and cons

Pros

  • Tools to build your credit score
  • Exclusive offers available
  • Google Pay and Apple Pay

Cons

  • Monthly fees are quite high on paid accounts
  • Advanced features only available on paid accounts
  • Features are lacking
  • Transaction fees on free account

Our verdict: Is an account with thinkmoney worth it?

For most people, these accounts are probably not worth it. The Everyday account doesn’t charge a monthly fee, but it charges fees for payments and standing orders, cash deposits and withdrawals, international transactions and to get a copy of your statement. There’s also a fee to get a debit card. While the paid accounts don’t charge these fees, their monthly fees are quite high for what you get. The features are also quite limited, especially when there are a range of bank accounts with similar (or even better) features that don’t charge monthly fees.

Customer reviews

thinkmoney has other products, so these scores aren’t just for its current accounts.

On Trustpilot, it scores 4.2 out of 5 from over 7,000 reviews. On the App Store it has a rating of 4.7 out of 5 from nearly 5,000 reviews, while its Play Store rating is also 4.7 out of 5, from 5,200 reviews. These were checked in December 2024.

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.
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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio

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