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Struggling to find bank accounts for bad credit?

Leave your credit history in the past when you open a thinkmoney Current Account.

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£10 monthly fee

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Can I open a bank account with bad credit?

Many providers will run a credit check to decide if they want you as a customer. A credit check will show them if you’ve missed payments or had debt problems before.

If you’ve got poor credit, you’ll probably find it difficult to get financial products. And that’s not just bank accounts and credit cards – it includes phone contracts and insurance too.

But you’re more than just your credit score

As long as you’re over 18 and you live in the UK you can bank with us. We don’t run credit checks when you open an account, so we can help you get back on your feet if:

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    You’ve got a limited credit history
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    You’ve had debt problems in the past
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    You’ve had applications rejected before

£10 monthly fee

Why have I got bad credit?

Bad credit is caused by missing payments, repaying loans/credit cards late, or only making the minimum payment.

Any type of debt solution (such as bankruptcy or IVAs) also has a negative effect on your credit rating. These usually stay on your credit file for 6 years.

Bankruptcy: Bankruptcy is usually a last resort if you’re unable to repay your debts. Find out more about how we help during or after bankruptcy.

IVA: An Individual Voluntary Arrangement (IVA) is an agreement to repay your debts over a set period of time. Find out more about how we’ll help you manage your IVA payments.

CCJs: A County Court Judgement (CCJ) is a court order forcing you to repay your debts. Find out more about how thinkmoney can help if you’ve had a CCJ.

How does the thinkmoney Current Account work?

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    Money for bills is held in your ‘bills account’ so you can’t accidentally spend it
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    Any money you can afford to spend is available on your debit card
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    73% of customers with poor or limited credit history improved their credit score*

That’s on top of all the stuff you’d expect from a bank account: a contactless debit card, Direct Debits and standing orders, and an app to manage your account.

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*Based on a sample of customers who held an account for 12 months and previously had limited credit history or substantial credit use

How can thinkmoney help if I’ve got poor credit?


Repair your credit

Your account budgets for your bills to make sure there’s enough money to pay them on time. Pay your bills on time every month and your credit could start going up.


Avoid unexpected fees

Pay £10 a month for the account and nothing extra for us refusing a payment due to lack of funds (such as if a Direct Debit bounces).


We’ll accept you

Whatever your credit history, we’ll give you a place to put your income, a way to pay your bills, and a fresh financial start.

Stay on top of your money with our app

The account without the app is like toast without spread. It’s alright, but it’s missing something. The app gives you all this cool stuff:

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    See when all your payments are due for the next 3 months
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    Get a prediction of how your account will look in the future
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    Check your balance while you’re out and about
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    Temporarily lock your card if you lose it
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    Send money in a few taps

Help opening an account with poor credit

What is a credit score?

A credit score is a way of assessing how likely you are to pay back the money you borrow. It’s a number out of 999, 700 or 710 depending on which credit reference agency you use. The higher your credit score, the better your chances of getting the best deals on financial products.

Am I eligible?

You need to live in the UK and be over 18 to get an account with us but that’s all. You don’t need to earn a specific amount, and we accept applicants with poor credit.

How long does bad credit last?

Most things stay on your credit report for six years. So your credit rating will usually improve after 6 years if your bad credit was caused by missed payments, bankruptcy, an IVA or a CCJ.

What do I need to open my account?

Fill in the online form to open your account. We could ask to see proof of your ID and address at the end of your application, so it’s a good idea to check what ID we accept now and have it ready.

How do I repair bad credit?

All sorts of factors affect your credit score, so repairing bad credit can take a bit of time. Your credit rating should improve if you stay within your credit limits, pay bills and repayments on time and reduce the amount of credit you’re using.

More Information

You can get a thinkmoney Current Account if you’re over 18 and a UK resident – it’s as simple as that. It doesn’t matter if you’ve had bad credit in the past or you have no credit history 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.

The Financial Conduct Authority requires us to publish information about our personal current accounts. For more information about this click here.

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.

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 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 accounts as a result of this failure.

For more information

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 and, if something were to happen to thinkmoney, you would always receive it back.

Yes, once you open your account you can add another person to it to make a joint account. Joint accounts cost £15 per month.

Think Money Limited has partnered with (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.

Token TPP Interface Website

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.

For more information on how we will use your personal information when you have an account with us, you can read our 'How we use your personal information' leaflet. For more detailed information you can also read our Privacy Policy.

Accounts opened after 7th November 2018

Accounts opened before 7th November 2018

Accounts opened after 1st February 2020

From the 1st April 2020 the below Terms and Conditions will come into effect for all customers:

Legal Information