How is the thinkbanking account different from a basic bank account?

19 July2011

When it comes to choosing a bank account, there are various options. The current accounts you see advertised by your High Street banks and building societies aren't the only choice - there are various types of account on offer.

The thinkbanking account is different to other bank accounts. You'll get all the benefits you'd expect from a basic bank account, along with some other useful features.

How thinkbanking compares with basic bank accounts

Basic bank accounts are generally aimed at people who struggle to get a regular current account - for example, people with a bad credit rating because of previous money problems.

A basic bank account offers the 'basic' features you'd expect - an account in which to keep your money, a debit card or cashcard for making payments, and a Direct Debit and/or standing order facility for paying bills - but not much else.

Basic bank accounts are much easier to obtain than most current accounts, and by using your account and managing your money carefully, you'll gradually rebuild your credit rating (as long as you don't have any more problems with credit).

However, the thinkbanking account offers substantially more.

First and foremost, thinkbanking's personalised budgeting service means you don't have to worry about managing your financial commitments yourself. At the start of each month, we put enough money aside to cover your bills, and the rest of your money goes onto your 'Card Account' for spending. That way, you can be sure the bills and other living costs you've told us about are covered, so you're not worried about spending money you need for life's essentials.

You'll also be able to manage your account online, over the phone or by SMS (text) - and you'll have full access to our Money Managers' advice and expertise.

What's more, you'll never be charged for bounced payments or unauthorised overdrafts for as long as you stay with us. There's a set-up fee of 25 and a monthly management fee of 14.50, so you'd need to think about how much you've been charged in unexpected fees in the past - and whether you might be better off with an account that helps you stay on top of your finances and avoid 'hidden' charges.

Apply for your thinkmoney Personal Account now

Answer a few simple questions to apply for your thinkmoney Personal Account today.

Choose your account

Tell us your details

Your privacy is important to us. All correspondence is held in strictest confidence and we will never pass your details on to any company outside of the Think Money Group.


Tags: bank, banks, banking, high street bank, thinkbanking, think banking, bank accounts, basic bank account, credit rating, bank charges, overdraft

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.