Thinkbanking

jgtk1559

Has anyone heard of/come across 'Thinkbanking'? I have received an e-mail offering a guaranteed acceptance for a new bank account, with "no overdraft fees or charges for bounced payments".

Consumerist

jgtk1559 wrote: »

Has anyone heard of/come across 'Thinkbanking'?

A Google for Thinkbanking yields

Account opening and monthly management fee payable. Personal bank accounts only. Proof of identity will be required. 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.

thinkbanking, Pennington House, Carolina Way, South Langworthy Road, Salford Quays, M50 2ZY
Company registration number: 05530040. Registered in England and Wales.

The thinkbanking card is issued by Newcastle Building Society pursuant to licence by MasterCard International Incorporated or its affiliates. Newcastle Building Society is authorised and regulated by the Financial Services Authority and is entered in the Financial Services Authority Register under Registration No. 156058.

Don't know anything more than the above but I would exercise caution if an unknown bank touts for business by email,

Edit
Just looked at their Q&A page. In my opinion, this one should be avoided like the plague. Just my opinion, though.

thatsean

How much are you currently paying in charges? They offer an account linked to a prepaid mastercard - and they charge a bloody fortune!

Mikeyorks

jgtk1559 wrote: »

Has anyone heard of/come across 'Thinkbanking'? .

At least half a dozen earlier threads asking exactly the same. If you use the Search facility (top right of this forum) you'll unearth them all.

One of the latest here :-

https://forums.moneysavingexpert.com/discussion/2510623

..................... read post #11 for a rationale of the account?

Consumerist

Mikeyorks wrote: »

At least half a dozen earlier threads asking exactly the same.

Yes, I should have checked too, before jumping in with a response. Interesting how MSKitten found them useful even though they are generally thought to be expensive.

Consumerist

Well, I'm not too sure about this but it seems to me that although the RBS bank account and the Thinkbanking card issued by Newcastle BS are both separately regulated by the FSA, the management company Think Banking Ltd. are not. There is a company called Think Money Ltd., of the same address, who are on the FSA Register and are, presumably, regulated by the FSA.

I am inclined to think that the management company itself (i.e. Think Banking Ltd.) is not regulated by the FSA and would probably mean it is not covered by the Financial Services Compensation Scheme if the company runs to trouble.

Any thoughts, anyone ?

Edit
WebOfTrust (Firefox security add-on) rates their site as untrustworthy.

speedo2491

This is a company that prey's on people on low income or who have been turned down for a bank account.

They charge £25.00p for a single person to open an account or £30.00p joint account also a management charge of £14.50p a month.

If you live in England it is through the newcastle building society and for Scotland it is through the royal bank of Scotland.

Now both these institutions offer basic accounts so there is no need to be sucked in by these vultures.

DrSyn

1. A very good safety rule of thumb which has served me well over the years is "Never buy anything from anyone who knocks at the door".


2. With computers I use the safety rule:

"Never buy from anyone you do not know who sends you an e-mail".

Better safe then sorry!

pmduk

I've said before, but Thinkbanking doesn't belong on a money-saving site. It offers nothing that can't be done with a pen and pencil. Even if you make an occasional mistake, the bank charges will be cheaper than thinkbanking.

chambta

They are only contactable by an expensive 0870 number I believe and offer no sort of internet banking.

Surely anyone prepared to go to these lengths to avoid charges can make the effort to keep an eye on a 'normal' bank account?

pmduk

With RBS you'd have to bounce 2 direct debits a month for this bunch to save any money