- Can I get an account if I have a bad credit rating?
- Can I get an account if I'm bankrupt?
- Can I have my wages paid into my account?
- Why are there two accounts?
- How much does the account cost?
- Can I arrange Direct Debits and standing orders?
- Can I manage my account online?
- What if I'm self-employed?
- Will you send me statements?
- How do I set up an account?
- Is my money protected?
1. Can I get an account if I have a bad credit rating?
We don't carry out credit checks, so your credit rating doesn't matter at all - whatever your financial past, you could apply for a Personal Account with thinkmoney.
2. Can I get an account if I'm bankrupt?
Even basic bank accounts often aren't available to undischarged bankrupts, but our Personal Account is - we've designed it as an alternative to a bank account, and we've made sure as many people as possible can apply. As long as you're a UK resident aged 18 or over, you can open an account with us as soon as you've proved your identity and returned your signed application form.
3. Can I have my wages paid into my account?
Yes. They'll be paid into your Salaries Account - the account that's used to pay the regular bills you've told us about.
4. Why are there two accounts?
It's an essential part of the budgeting service we provide to every one of our customers. When your income comes into your Salaries Account, we make sure there's enough set aside to pay for all the regular commitments you've told us about (mortgage / rent, utilities, insurance, etc.). The rest of your money is transferred to your Card Account - so you know you can spend this money in any way you wish, without worrying about missing important bills.
5. How much does the account cost?
We charge a monthly management fee of £14.50 for a single account or £21.25 for a joint Personal Account. This monthly fee will be taken out of the first income paid into your account every month.
6. Can I arrange Direct Debits and standing orders?
Yes. What's more, we'll make sure that enough of your income is kept back (in your Salaries Account) to make all the payments you've told us about every month.
7. Can I manage my account online?
Yes you can. Our online account management service lets you:
- Make one-off payments.
- Set up and amend standing orders.
- Check your balances on both your accounts.
- View the last 3 months' worth of transactions on both your accounts.
- Order paying-in books.
- View your regular incomes, standing orders & Direct Debits.
- Report lost or stolen cards.
8. What if I'm self-employed?
We can provide you with a Personal Account that you can use to manage your household budget and expenses - but we don't provide business accounts. As such, your account must not be used as a business account.
9. Will you send me statements?
Yes. We'll send you regular statements for both your accounts.
10. How do I set up an account?
It's easy. Just call one of our advisers on 0800 195 2912 - or fill in the application form on this page.
11. Is my money protected?
Funds in your thinkmoney Personal Account are held on trust for you, by us, with RBS (The Royal Bank of Scotland). Since RBS are a member of the Financial Services Compensation Scheme (FSCS), the FSCS would pay compensation if RBS became unable to meet its liabilities.
Provided you're eligible, you could claim for deposits of up to £85,000 that are held in your thinkmoney account or any other accounts that you hold with RBS. For more information, please visit www.fscs.org.uk
In addition, please note that we have, under Payment Services Regulations 2009 and Electronic Money Regulations 2011, segregated the relevant funds as stipulated. Under these regulations, thinkmoney is required to make sure that funds belonging to customers are held with an authorised credit institution separately to other monies. To achieve this, funds are held in trust accounts with RBS: we need to ensure that customer money and company money are kept separate, and this is what the trust account at RBS achieves.