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    • bagpuss38
    • By bagpuss38 5th Oct 13, 9:07 AM
    • 604 Posts
    • 3,540 Thanks
    bagpuss38
    I ve had a think money account for last 3 years.
    its the best thing I ever did.
    Sure I have to pay fee but compared to the £40-50 in charges santander were dishing out as well as missing payments it brilliant.
    if you are disciplined enough to use a free bank account then go for it.
    I like the fact that I can see everything on line its all worked out up to 3 months in advance.
    customer service is brilliant and you can move money anytime you like by text.
    SIMPLY BE-££577.11
    Very BNPL - £353.00
    • frankie
    • By frankie 1st Jan 14, 12:50 PM
    • 577 Posts
    • 212 Thanks
    frankie
    My sister in law passed away early last November. I have been trying to clase her think money account since then. They still haven't done it despite promising to do so. Have filled in all the required forms etc, have phoned them on their very expensive phone line and still getting nowhere.

    They are a disgrace.
    • MSE Andrea
    • By MSE Andrea 3rd Jan 14, 10:07 AM
    • 8,431 Posts
    • 20,646 Thanks
    MSE Andrea
    Hi

    Think Money has asked to reply to you frankie. MSE doesn't endorse anything a company says on the forum.

    Dear Frankie,

    Thank you for your post, I am part of the team at thinkmoney. We are sorry for your recent loss. Based on the information in your post we believe we have identified you and our records show that we closed your late sister in law's account in early December and posted the cheque to you on the 11th. The cheque has not yet been cashed. We have called you today (Thursday) (but been unable to reach you) to establish if you would like us to cancel the cheque and re-issue it. Please do get in touch. Many thanks, Sarah.

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    • JuicyJesus
    • By JuicyJesus 3rd Jan 14, 4:20 PM
    • 2,928 Posts
    • 3,009 Thanks
    JuicyJesus
    Posting personal information on a forum about a customer who they "believe" they have identified?

    So much fail.
    urs sinserly,
    ~~joosy jeezus~~
    • pmduk
    • By pmduk 10th Jan 14, 1:12 PM
    • 7,460 Posts
    • 5,377 Thanks
    pmduk
    I'd like to believe it's because they've so few customers.
  • michael1983l
    I used think Money for a while, first of all I would say do not bother.

    You can only withdraw money from your account up to a maximum of 3 times in any one day between 0000 and 2359 hours. You can get cash back but up to a maximum of £50. You cannot use certain cash machines like that of Co-op ones. And they only support your account during office hours.

    I had my card blocked for no reason on a Friday evening, I had just bought a round of drinks, I could not pay because my card transaction declined even though funds were available and I had already made 3 withdrawals that day so could not obtain any more cash.

    Their internet banking facilities are basic and poor.

    You need to give about 2 weeks notice to ammend or change standing orders or Direct Debits before they lock them out.

    And when you get paid on payday the money goes in at around 7 am rather than at 2am like every other bank.

    Also whenever there is a bank holiday your payments inexpliciably take longer to send, even if it is sent on the Friday before the BH monday.

    I must state here, that they normally go same working day via faster payment on a working day, but don't around bank holidays for some unknown reason even if it isn't actually sent on the BH.

    Payments sometimes go missing too and you have to chase them up.


    Overall. Don't bother.
    Last edited by michael1983l; 10-01-2014 at 1:39 PM.
    • George2014
    • By George2014 13th Nov 15, 4:17 PM
    • 1 Posts
    • 0 Thanks
    George2014
    ThinkMoney is expensive, but the accounts work well and the staff are really helpful. However, considering the monthly charged paid, you should expect to be able to get hold of someone reasonably quickly on the phone. Unfortunately this was the case a few years ago, but no longer. It's like calling up the worst mobile phone helpline - sometimes taking over an hour to get through to someone. Not good enough for the monthly cost - I'll be leaving soon.
    • cybertortoise
    • By cybertortoise 14th Nov 15, 12:55 PM
    • 101 Posts
    • 716 Thanks
    cybertortoise
    I am with them and happy with the account. There's no set up fee and the monthly charge is rising to £17.50 per month. Despite this it is less than I was paying Lloyds in missed direct debits, yes my own fault but I am happy to pay the fee for the excellent customer service and peace of mind of having my bills covered and no charges for missed payments to worry about ever.
    Starting fresh as it's my birthday! DFD: 28th August 2020, the day before my 40th birthday.
    Owed: £17504.03.
    Targets: £130.97/£3210.00 by end 2017.

    • LadyJ2308
    • By LadyJ2308 1st Apr 16, 1:00 PM
    • 7 Posts
    • 3 Thanks
    LadyJ2308
    I have
    Think Money are not just a bank. They're a service provider too. They manage your account and the fees are management fees. They co-ordinate and liaise with your creditors to help negotiate reduced payments, they deal with any debt demands and take all the stress away. I paid off over £12k of debt in 8 years using their service and now that I'm virtually debt free I plan to stick with them despite the fee (now £17.50) because it gives me complete peace of mind knowing that it isn't physically possible for me to overspend. Yes, high street banks give you online banking (so does TM AND they also have a text message service too) but having no access to the money reserved for bills is what people with uncontrollable spending habits need. I was a shopaholic. I have a friend who is bi-polar and he spent the same amount on an engagement ring as he did on the wedding.... now that he's being treated, he see's how ridiculous that is. Anyway, it's people who have trouble controlling their impulses (my daughter is ADHD and will probably need something similar when she's old enough) who are better off with this type of account just to give them peace of mind. Believe me, the stress that constant debt phonecalls and letters causes.... it's well worth the money.
    • fuzzyfangle
    • By fuzzyfangle 24th Feb 17, 10:10 AM
    • 1 Posts
    • 0 Thanks
    fuzzyfangle
    Although I'm replying to what seems like a fairly old thread, I thought it was important to tell you about my experiences to hopefully persuade everyone NOT to go for a thinkmoney bank account.

    This is the worst bank account I've ever had.

    Whilst when we got it at first it was helpful when we had an IVA, since the company has moved to being an independent bank instead of being part of the RBS group as it was previously, there have just been too many mistakes and unacceptable issues. Firstly, their mobile app often fails or 'can't connect' which means you have to log in online, or more often than not phone up to speak to someone. When you phone as an existing customer the wait times to speak to someone are never less than 25 minutes in my experience, but truthfully the more realistic wait time (that I've experienced in the last 3 months) has been 40 MINUTES! To understand the next problem we've had you've got to know a bit about how the current account works - it works by compartmentalising your account into 2 sections; one which is called your 'salaries account' and another called your 'card account'. Although this feels like two separate accounts it's not because they have the same account number. The reason for this is (or was in our case) very practical, because you give them all the details of your direct debits and they keep the income from your salary aside in that 'salaries account' to make sure you have enough money to pay for bills. The surplus or 'disposable income' is then put onto your 'card account' for you to spend on everyday things like food etc. Sounds great yeah? Well it is until they mix up the names of your direct debits and make duplicates, which result in you getting text messages that tell you you don't have enough money to pay your bills. For example, I had one text message yesterday that was for an amount over £200 and they labelled it as the water rates (when they have it on file that it's only £35 a month). They have 'Money Manager's that are supposed to make sure that everything runs smoothly on the account. You pay £27 per month as a fee for this privilege. Our experience has been that we have had to keep a very close eye on things because of their mistakes. As a result, we're in the process of changing our bank!
    • the_pottages
    • By the_pottages 11th Apr 17, 9:20 AM
    • 10 Posts
    • 1 Thanks
    the_pottages
    Don't
    Hope I'm not to late replying ....please please please do not touch this bank I've been with them for many years and over the last 3 it's been awful I pay them to pay my bills mine is a joint account so not cheap I've had bills unpaid standing orders stopped allsorts go wrong at the min my account is frozen as I'm going though a desperation and because my ex won't speak to them I can't get a penny no way round it my rent won't be paid they won't honour existing direct debits or anything my wage goes in today and I can't get it resulting in 4 kids on school holiday with out a penny ....all I need now is to no how to claim every penny I've paid them back

    Do yourself a favour try Yorkshire bank b yourself account it's very much like think but FREE
    • EssexHebridean
    • By EssexHebridean 11th Apr 17, 10:27 AM
    • 7,737 Posts
    • 40,110 Thanks
    EssexHebridean
    Anyone remember seeing the "Eat Well for Less" where they explained to the unwary family just precisely how much they were paying each year to have someone grate their cheese for them because they were too lazy to do it for themselves? This rather strikes me as the bank account equivalent, In the same way that (to me, at least) someone telling me that they're "too lazy" to current carrots into batons, or grate a bit of cheddar, just sounds utterly ridiculous - my answer to those who proudly say that they're "not very good at budgeting" is - LEARN to do it! An awful lot of us on here back in our former lives used to cheerfully waste money while using "Oh I'm rubbish with money!" as an excuse - trust me though, when you see the light, and realise quite how stupid you sounded to anyone with a degree more common sense, once you've stopped cringing you will curse all that lost cash.

    One of the best feelings EVER for me was the moment when I realised that actually, I AM good with money - it's just about having enough respect for my own situation to learn to be that way.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • sourcrates
    • By sourcrates 11th Apr 17, 10:30 AM
    • 11,882 Posts
    • 11,390 Thanks
    sourcrates
    Hope I'm not to late replying ....please please please do not touch this bank I've been with them for many years and over the last 3 it's been awful I pay them to pay my bills mine is a joint account so not cheap I've had bills unpaid standing orders stopped allsorts go wrong at the min my account is frozen as I'm going though a desperation and because my ex won't speak to them I can't get a penny no way round it my rent won't be paid they won't honour existing direct debits or anything my wage goes in today and I can't get it resulting in 4 kids on school holiday with out a penny ....all I need now is to no how to claim every penny I've paid them back

    Do yourself a favour try Yorkshire bank b yourself account it's very much like think but FREE
    Originally posted by the_pottages
    Why would you pay an organisation to pay your bills for you, I'm curious to know ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • EssexHebridean
    • By EssexHebridean 11th Apr 17, 5:00 PM
    • 7,737 Posts
    • 40,110 Thanks
    EssexHebridean
    Why would you pay an organisation to pay your bills for you, I'm curious to know ?
    Originally posted by sourcrates
    It's addressed earlier in the thread - for people who "are no good at budgeting". My bank lets me set everything up by Direct Debit so things go out automatically so I CAN'T forget - and I deal with ensuring that there is enough money to cover them by moving spending money to a different account...it doesn't cost me a penny
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • StopIt
    • By StopIt 18th Apr 17, 3:51 PM
    • 856 Posts
    • 786 Thanks
    StopIt
    Why would you pay an organisation to pay your bills for you, I'm curious to know ?
    Originally posted by sourcrates

    It's a question I've been pondering since I saw this thread and people actually saying that this service is actually worth it!


    Paying upwards of £160 a year for a bank account is mad to begin with but this is nuts. Saying "Well it helps me with managing my money" is possibly the most ludicrous thing I have read on this forum also. It's not helping, it's literally enabling a continuation of bad financial management and charging a good chunk to do it.


    If these people have enough money to pay their bills at some point but lack the self control not to spend the money before they're due, they need to learn financial restraint and money management, not to pay someone to take care of things for them. It's harder, sure, but far more empowering.


    As EH said, people need to stop saying "Oh I'm just terrible with money" and actually realise that frankly, it's maths and most people aren't that bad at it if they actually try.
    • itsallabitmuch
    • By itsallabitmuch 19th Apr 17, 10:45 AM
    • 51 Posts
    • 83 Thanks
    itsallabitmuch
    The majority of HS banks have basic cash card accounts, so go with one of those.

    To keep on top of things, you could use YNAB (paid) or Wally (free - and my personal preference).

    These allow you to budget. No offense intended, but paying someone to do it all for you won't help you in the long-term. You need to learn to budget your own money - if you can't, why doesn't someone have PoA for you?

    As I say, no offense intended. I've got Bipolar Disorder and Borderline Personality Disorder - I know how mental health can make you wild and free with your cash.

    However, as I said, you either need to learn to budget yourself, or someone should have PoA if you're out of control for medical reasons and can't learn to budget.

    Either way, you shouldn't be paying for something that so many places offer for free!
    • nkkingston
    • By nkkingston 19th Apr 17, 10:59 AM
    • 421 Posts
    • 464 Thanks
    nkkingston
    I think it can be useful if you suffer from a disability or mental illness that significantly impacts on your ability to manage money (severe dyscalcula, for example, means parsing numbers is very difficult - you might think you've got £100 in your account when you've actually got £0.10 because you're reading the digits in the wrong order). Like a lot of things relating to disability, it costs more to be disabled than it does to be able bodied / neurotypical. Your choices are either to pay for things other people can manage themselves for free, or relinquish your independence and let other people do them for you. It's like those pre-peeled oranges that got so much flack. If you're disabled, the pre-peeled orange means you actually get to eat fresh fruit without having to ask someone else to peel it for you, but that's not a big market so it's also sold to people under the guise of being a 'lazy solution'. The managed bank account can be vital if you're disabled, but it's sold as a 'lazy solution' for the able bodied / neurotypical. However, with bank accounts it's pretty predatory - they don't need to build up the market because they're already charging for the service, and you can bet that price won't come down no matter how many people sign up.
    Mortgage
    June 2016: £93,295
    September 2017: £80,848.24
    • StopIt
    • By StopIt 19th Apr 17, 11:09 AM
    • 856 Posts
    • 786 Thanks
    StopIt
    I think it can be useful if you suffer from a disability or mental illness that significantly impacts on your ability to manage money (severe dyscalcula, for example, means parsing numbers is very difficult - you might think you've got £100 in your account when you've actually got £0.10 because you're reading the digits in the wrong order). Like a lot of things relating to disability, it costs more to be disabled than it does to be able bodied / neurotypical. Your choices are either to pay for things other people can manage themselves for free, or relinquish your independence and let other people do them for you. It's like those pre-peeled oranges that got so much flack. If you're disabled, the pre-peeled orange means you actually get to eat fresh fruit without having to ask someone else to peel it for you, but that's not a big market so it's also sold to people under the guise of being a 'lazy solution'. The managed bank account can be vital if you're disabled, but it's sold as a 'lazy solution' for the able bodied / neurotypical. However, with bank accounts it's pretty predatory - they don't need to build up the market because they're already charging for the service, and you can bet that price won't come down no matter how many people sign up.
    Originally posted by nkkingston

    But the choices have the same outcome. You're still relinquishing control (As of course, the account manages your finances, not you), AND paying for it. For people who truly need this sort of help, they should be getting it, not having to pay for it.
    • GothicStirling
    • By GothicStirling 19th Apr 17, 11:19 AM
    • 936 Posts
    • 695 Thanks
    GothicStirling
    I have one. If you have a history of bank charges for going over your overdraft, or bounced direct debits then I recommend it. I'm quite happy to pay the admin fee, as they not only 'hold' my DD money, but because they tell me by text message whenever money is paid in, how much is available, and if there is a shortfall how much it is and when it needs to be paid in by.

    As for the admin charge, I think the days of free banking nearing the end anyway.
    • EssexHebridean
    • By EssexHebridean 19th Apr 17, 4:34 PM
    • 7,737 Posts
    • 40,110 Thanks
    EssexHebridean
    I have one. If you have a history of bank charges for going over your overdraft, or bounced direct debits then I recommend it. I'm quite happy to pay the admin fee, as they not only 'hold' my DD money, but because they tell me by text message whenever money is paid in, how much is available, and if there is a shortfall how much it is and when it needs to be paid in by.

    As for the admin charge, I think the days of free banking nearing the end anyway.
    Originally posted by GothicStirling
    Honest, straight question. If they go under tomorrow, how will you manage your money then?

    Better by far to use the expertise and help available on this forum and elsewhere to actually learn to budget and keep track of things yourself. You can do it, you just need to want to bother. Having someone tell you when money goes in, what your available balance is, and how much you need to leave aside for your essential bills is NOT money management, and paying for such a service certainly isn't!

    nkkingston makes a fair point about disability, but as far as dyscalcula goes, you simply learn to check, check and check again EVERYTHING you look at. Many people had no choice as up until relatively recently it was just called "being rubbish at maths" at school, and no allowances were made - so you learned to cope, largely because you had no choice!

    Generally speaking, ultimately - it's YOUR money, YOU work for it, so learn to make it start working for you too!
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
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