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 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 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 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.
Think Park
Trafford Park
Mosley Rd
Stretford
Manchester
M17 1FQ
Find answers in Q&As and ask your question
New app is not fit for purpose. Budgeting is wrong. Account stating shortfalls when there is money in the spend account that would previously have automatically been moved to bills. New bills are not automatically set up as they said and have no option to add it as a bill so it is budgeted for unless I want to pay it by standing order! Absolutely shocking.
Can’t get through on the phone. Emailed and they responded 5 days later without resolving the issues at all!
I think I will be moving from Think Money after 12 years+ with them due to this! I have bank accounts with other providers and only stayed with Think due to the ease. However it is FAR from easy with them now and in fact is wholly stressful having to check my account daily to see if it has rectified.
Why you not sharing my reviews
Since the changes have been made, this has to be the most confusing and horrendous place to have your money. Pending transactions do not appear to be removed from your available funds so you have no idea anymore how much you actually have to spend. I am paying for the plus account at 17.50 a month to have the account “managed”, yet it is anything but managed. You cannot get through on the phone lines as they are too busy with over an hour wait time, but oddly they ring you if you leave a bad review to offer help. Unfortunately I missed the call but they left a voice message to ask me to call in using the same number that I struggle to hold of someone on. Needless to say I still haven't spoken to a human yet, and my account is in disarray leaving me short of funds for bills, and without any cleared money available. The figures keep changing as to what I have in and warnings of shortfalls a plenty. This was never the case using the old app. I was also told the person would try to call again by the following morning in the voice message, but that failed to happen. The app is so much worse than the old one that worked perfectly fine. I feel that let down I will be moving my to banking elsewhere. Would not recommend at all, stay well away.
Just shocking in every way. There a much, much better virtual banks available. Spent 2 1/2 hours trying to reach their mythical customer services team. The worst of the worst. They release a new app and stop the customer from viewing any transactions after the release date. So you try and set up the new app which has more bugs than I can list. As always with this shower no support. A complete
joke. Don’t bother unless you love being frustrated.
