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.
Sources
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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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.
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