thinkmoney current account review

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

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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 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 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.

On customer reviews platform Trustpilot, the thinkmoney current account receives a score of 4.3 out of 5, and a rating of Excellent, based on almost 4,000 feedback posts. Customers praised the app and the friendly customer service, although some accounts holders experienced waits on the phone to reach customer support.

“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.”

Pros and cons of thinkmoney


  • The current account is quick to open online and easy to manage via the app.
  • No credit checks to apply.
  • No fees for payments refused due to lack of funds.
  • Automatically puts aside the money you need for your bills, so you have the funds to pay them on time.
  • Paying those bills on time may help to improve your credit score.


  • Comparatively expensive monthly fee.
  • Unlike most challengers, it charges a foreign currency transaction fee.
  • No branches (although you can pay in cash at the Post Office).

Our verdict

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.

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.

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