Am I eligible for an account?
You can get a thinkmoney Current Account if you’re aged 18 or over and a UK resident – it’s as simple as that. It doesn’t matter if you’ve had bad credit in the past or if you have no credit history at all, as we don’t carry out a credit check when you apply for your account. All we need to do is verify that you are who you say you are and you can open an account online.
Information about our personal current accounts
The Financial Conduct Authority requires us to publish information about our personal current accounts. For more information about this click here.
Information about fees
These documents inform you about the fees for using the main services linked to the payment account. It will help you to compare these fees with those of other accounts. Fees may also apply for using services linked to the account which are not listed here. Full information is available in our terms and conditions. A glossary of the terms used in this document is available free of charge.
For information about the thinkmoney Current Account click here.
For information about the thinkmoney Current Account Plus click here.
Current Account Switch Guarantee
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee:
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all of your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
- If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current account as a result of this failure.
For more information, read more at www.currentaccountswitch.co.uk
Is the thinkmoney account protected under FSCS?
The money you hold in your thinkmoney Current Account is not protected under the Financial Services Compensation Scheme (FSCS). As thinkmoney is authorised and regulated by the FCA as an e-Money Institution, your money is protected and, unlike the FSCS, this protection is not limited to a certain amount. This means that your money is held separately and securely in a safeguarded account held with the Royal Bank of Scotland. In the event of thinkmoney’s insolvency any customer money would be re-paid after the Insolvency Practitioner’s costs for distributing any money owed to customers.
Do you offer joint accounts?
Yes, once you open your account you can add another person to it to make a joint account. Joint accounts cost £15 per month.
TML Dedicated Interface Technical Specifications for Third Party Providers
Think Money Limited has partnered with Token.io (UK) to provide and support a dedicated interface for Third Party Providers offering AISP, PISP and CBPII services.
TokenOS is the operating system for open banking that allows banks, merchants, enterprises and individuals to interact in a global marketplace of financial services.
If you are a Third Party Provider offering AISP, PISP and CBPII services, please use the link below to access the Integration Guide for information on how to register as a member to access information or make payment requests using the Think Money dedicated interface.
Your rights when making payments in Europe
Please read this leaflet for more information about your rights when making payments in Europe. Contact us if you need a large print or braille version.