Thinkmoney is a banking services provider based in the UK. Part of the Thinkmoney Group, the company helps customers who are worried about money or have struggled in the past. The bank now has more than 100,000 current account customers.
Thinkmoney Products and Services
Thinkmoney offers a current account service plus loans, insurance and credit cards. The current account is unusual in that customers can apply for credit after the first payment made into their account. This credit takes two forms; Flexi Loan and a credit facility.
The Flexi Loan account ranges from £500 to £1500 that can be repaid over 6-12 months. Thinkmoney then helps customers budget their monthly repayments and helps the initial application. Once an account is open, the customer can apply for credit just three months after starting to pay into their account.
After three months customers can upgrade to Current Account Plus, where they can borrow up to £400 for up to 30 days.
Current account customers are also assigned a Money Manager, who sets aside the money needed for their bills and adds the rest to a pre-paid debit card, helping customers who have financial worries to budget.
Thinkmoney also offers home and life insurance products. Life insurance covers customers until the age of 89 (84 if Critical Illness cover is added) and can be taken out as a single or a joint policy with two types of cover – level, which provides a fixed amount no matter when death occurs and decreasing cover, which reduces over the term of the policy. This type of cover is most popular with customers paying off a repayment mortgage.
Home insurance is offered in partnership with Be Wiser and includes gadget and bag cover, heating and boiler cover, identity theft cover and no-claims bonuses.
Thinkmoney offers credit cards to customers who may have a less than perfect credit history, including CCJs or IVAs. The company conducts pre-checks which do not appear on customers’ credit files and let them know if they’ll be approved even before they apply. These cards can help rebuild a credit score provided repayments are met.
Thinkmoney is not a bank and deposits are therefore not covered by the Financial Services Compensation Scheme (FSCS). The company is an authorised Electronic Money Institution and is authorised and regulated by the FCA.
ThinkMoney Contact Details