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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ThinkMoney

One of the first digital-only banking companies, 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 too.

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thinkmoney Current Account

Open a current account at thinkmoney

  • Pay in your income
  • Money for bills is kept aside
  • Any money not used for bills can be spent on debit card
  • No stress. No hassle. Effortless way to manage money.

What’s 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 late payment fees. thinkmoney is also about allowing more people to access banking services, and its products are more suitable for consumers with poor credit scores.

How does thinkmoney’s current account work?

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

  • 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 every 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 deposit at Post Offices. thinkmoney doesn’t have any physical branches, but you can pay in cash or cheques at any Post Office.

thinkmoney fees and limits

thinkmoney’s current account has three main charges:

  • A fixed £10 monthly fee. This is expensive compared to competitors, but thinkmoney don’t apply any hidden fees for bounced or declined direct debits, bank transfers and ATM withdrawals.
  • A 2% fee on foreign currency transactions.

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

Is thinkmoney safe?

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. It keeps your money in a segregated account that can’t be touched even if the company were to go bust.

Compare thinkmoney against its competitors

Data updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
HSBC
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0%
39.9% EAR variable
£125 when you switch
Go to site
Current account switch service guarantee badge
Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver
To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).
First Direct Current Account
first direct
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0%
39.9% EAR variable
£100 when you switch
Go to site
Current account switch service guarantee badge
Plus earn 1.00% AER/gross with the linked Regular Saver Account and access a £250 interest-free overdraft (subject to status)
Receive £100 when switching using CASS and pay in at least £1,000 within 3 months of account opening. New customers only who haven’t held a first direct account or opened a HSBC or M&S Bank current account since 1 Jan 2018. T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
Starling Bank
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0.05%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
Santander
We say
★★★★★
★★★★★
You say
★★★★★
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Cashplus
We say
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
ThinkMoney
We say
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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Compare up to 4 providers

Pros and cons of thinkmoney

Pros

  • The current account is easy and quick to open, set up and manage online. 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 to help you pay them on time.

Cons

  • Comparatively expensive monthly fee.
  • Unlike most challengers, it charges a foreign currency transaction fee.

The 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 someone else.

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.

thinkmoney Current Account

Open a current account at thinkmoney

  • Pay in your income
  • Money for bills is kept aside
  • Any money not used for bills can be spent on debit card
  • No stress. No hassle. Effortless way to manage money.
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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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