Think Banking - Have you heard of it?

cccaig

Hi guys - this is my first post Just signed up when looking around re: Debt Management Plans as hopefully taking one out soon.

My question is as we're going to need to change banks to take out the DMP a friend of mine suggested Think Banking. You pay £12.50 (plus £5 for an extra debit mastercard) a month and your wages are paid into a Salary Account that they then hold back the money for your direct debits/standing orders and move your remaining money into your cash account that you use your debit card from. Do you think there is much point to this (also £25 initial set up fee!) or think it sounds a good idea. Any experiences?

samjef11_2

cccaig wrote: »

Hi guys - this is my first post Just signed up when looking around re: Debt Management Plans as hopefully taking one out soon.

My question is as we're going to need to change banks to take out the DMP a friend of mine suggested Think Banking. You pay £12.50 (plus £5 for an extra debit mastercard) a month and your wages are paid into a Salary Account that they then hold back the money for your direct debits/standing orders and move your remaining money into your cash account that you use your debit card from. Do you think there is much point to this (also £25 initial set up fee!) or think it sounds a good idea. Any experiences?

Well it does have some part of rbs bank in the text below.

The thinkbanking account is a managed bank account service held with the Royal Bank of Scotland Group but managed and provided by Think Banking Ltd. thinkbanking is an independent company and is not part of The Royal Bank of Scotland Group.


I just had a quick look at it and it seems good to me.

zppp

cccaig wrote: »

Hi guys - this is my first post Just signed up when looking around re: Debt Management Plans as hopefully taking one out soon.

My question is as we're going to need to change banks to take out the DMP a friend of mine suggested Think Banking. You pay £12.50 (plus £5 for an extra debit mastercard) a month and your wages are paid into a Salary Account that they then hold back the money for your direct debits/standing orders and move your remaining money into your cash account that you use your debit card from. Do you think there is much point to this (also £25 initial set up fee!) or think it sounds a good idea. Any experiences?

Yes, fully legit company - backed by RBS.
I have seen that they do offer a monthly fee system, however they do boast no other account charges etc. Also looks like you get your own relationship manager too, which may or may not appeal!

samjef11_2

Also have a look at this person review of think banking click here

chambta

They do nothing you cannot do for yourself if you have any desire to manage your money appropriately.

samjef11_2

chambta wrote: »

They do nothing you cannot do for yourself if you have any desire to manage your money appropriately.

Also they are a bit like accountants i don't want someone who try to force me to save or looks at my spending.

pmduk

If you're having problems managing now, why spend £150 a year on something you can do yourself with a pen and paper for nothing? The monthly fee can then go towards paying off your debts.

samjef11_2

Or open a instant access savings account that accept direct debits or standing orders and one with a cashpoint card that way you can't go overdrawn.

cbassno3

I would perhaps get a basic bank account with barclays or the co-op bank? Both are more understanding then other high street banks. Also the fee of 12.50 is a lot of extra money per month and per year. The idea is good with one account for your outgoings and dd e.t.c and the other for general use but you can get this with any other bank for free with almost 24-7 contact via the phone or the web. Good luck!

samjef11_2

cbassno3 wrote: »

I would perhaps get a basic bank account with barclays or the co-op bank? Both are more understanding then other high street banks. Also the fee of 12.50 is a lot of extra money per month and per year. The idea is good with one account for your outgoings and dd e.t.c and the other for general use but you can get this with any other bank for free with almost 24-7 contact via the phone or the web. Good luck!

That the best reply i have seen for a while that some good points you listed I will thank you now.

MS_Kitten

I tried an account with the Co-Op, did not work for me. They let me go overdrawn so easily. In the end the account became yet another overdraft to add to the pile.

A friend reccomended Yorkshire Bank. I tried but slip 1p overdrawn and enjoy £35 per transaction in fees (Max £210 per month). I tried to reason with them but in the end it wasnt working out.

I joined thinkbanking in March. I have an account manager called Rachel. She personally texts me to let me know when my wages have gone in, how much she has automatically held back, how much is available on my card and if i would like that balance to become gradually available for example £100 per week. Since joining i have not paid one bank charge or missed a direct debit.

It sucks that Rachel is going on holiday for two weeks in August and i wont be able to text her about my money but she is trusting me not to make a mess of it all lol.

I cannot reccomed them highly enough. For me its worth £150 per year for someone to help me break the cycle of financial reoffending i was in.

Hope this helps. xx