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Get a basic bank account that gives you more

If you’ve been struggling to open a current account and been turned down in the past, there are other options. The thinkmoney Current Account is an alternative to a basic bank account that could help improve your credit score.

£10 monthly fee

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We can help, whatever your financial situation

We think everyone should be able to get an account, even if you’ve got a colourful credit history. So there’s no credit checks when you open an account online with us.

thinkmoney Current Accounts aren’t just available for people with bad credit. The account could work for you whether you’re struggling to improve your credit rating, or just want to be better at budgeting.

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    73% of our customers improved their credit score*
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    No extra fees if your payment’s late
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    Bank when it suits you with the app

£10 monthly fee

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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

All the essentials you need, and a few helpful extras

We’ve made it simple by splitting your account into two parts. One bit for your bills, and one for the money on your debit card.

  • Add your income, and let us know about the payments you need to make every month.
  • We’ll keep the money to cover your bills to one side, so no need to worry about accidentally spending it!
  • Whatever’s left goes straight onto your debit card, and is yours to spend however you like.

By paying your bills on time, you look more reliable to lenders and could see your credit score improve.

You get those extra budgeting features as well as these essentials when you set up a current account online:

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    A contactless debit card
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    Set up Direct Debits and standing orders
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    Pay in cash and cheques at over 11,000 Post Offices
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    Manage your money using the app
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    No charges for withdrawing cash at UK ATMs

£10 monthly fee

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You’re in control

Use the app to keep track of your money, and to see how it’s being spent.

With the app you can:

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    Send money to your existing payees, or set up new ones.
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    See your balance and transaction details in real-time, so you’re always up to date.
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    Check what’s being held to pay your bills and when they’re due.
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    See what you’ll be paying out up to 3 months in advance.
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    Lock your card straight away if you lose it, and unlock it with ease if you find it.

What is a basic bank account?

Basic bank accounts give you a place to put your money and pay your bills, without the stress of being able to go into an overdraft.

They are designed to help people with bad credit who might struggle to open a standard bank account. You get a debit card with some accounts, but not all.

There are lots of different accounts out there, so it’s important you find the one that’s right for you. If you’re looking for a basic bank account, you might want to take a look at a thinkmoney Current Account instead.

What do you need to open a basic bank account?

Usually when you’re opening a basic bank account, you’ll be asked to provide a form of ID to prove who you are, and proof of your address.

Have you been asked for ID when opening an account, but you’re not sure what’s acceptable? Before you apply, check that you’ve got the right ID and it’s in date.

You can open a thinkmoney Current Account if you’re 18 or over and you live in the UK for at least 6 months of the year. That’s all we need!

If you’ve got bad credit, don’t worry. All that stuff doesn’t matter.

£10 monthly fee

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Can you be refused a basic bank account?

The only people who can’t get a basic bank account are those who have criminal convictions for fraud. Even if you have a previous conviction for something else, you could still be accepted.

At thinkmoney, we don’t judge you on your financial past. That’s why we don’t do any credit checks when you apply for an account online with us.

Can I get interest on my account?

It’s important when you’re shopping around for a basic bank account that you consider all your options before you decide on the one that fits you best.

You can’t get any interest with a thinkmoney Current Account, but there’s so many other features that you can use to get your finances on track.

There’s no charges for missed payments, saving you money on bank charges. You get peace of mind knowing that money for your regular payments is put to one side, and that you won’t be able to accidentally spend what you need for bills.

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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