Think Banking Managed Account Review

Overall Rating

Think banking is a bit of a mixed bag.

The system work thus; 1.Money is paid in to your account 2. Money is split between two sub-accounts A)called saleries and B)called card account. The theory is that you set up direct debits with Think banking and they hold back the total amount due. They release this to the various creditors as and when they apply for it. The remaineder of you money is transfered onto your account to spend at the end of the month you get a bank statement from RBS, but there are issues, read on!

On one hand it is a very good system for people like myself who are either disorganised with their money or seem to spend it until there is none left. After a heavy spend up the next thing you know you've over spent and the money has all gone with bills to pay. With the bill already taken care of at least you know the house wont be repossessed!

On the other hand it can be quite annoying phoning up the credit draining 0845 number in order to sort out problems or to check the status of cheques paid in etc. There are however various other services they offer including free online banking. This is quite easy to operate and allows some flexability, but not a great deal. They also send you a text message when funds enter you account and you can get a balance by sending a text back. This is at extra cost however.

The MEASTRO card is quite stylish, sleak, black and discreet however you cant use it on the internet easily and some shops wont take it so cheque before you order food or other etc. BE AWARE that you cannot get a balance from the hole in the wall, for some reason it rejects your card even a RBS machine.

On one occaision i did go into a branch of RBS and presented my card thinking that they were the same compnay they would be able to give me a balance. I couldn't have been more wrong. I spoke to a young sprog behind a very thick panel of glass(lucky for him) and asked for a mini statement or such like. He took one look at the card and immediately looked down his nose at me saying "We dont offer services for that company here" as if RBS was a private banking institution of the highest order. I did educate the young male and he quicly saw the error of his ways and low and behold he was able to phone the company and obtian my balance for me.

*******Oh and the card WILL NOT work at PAY @ PUMP machines******

I also had an occasion where i recieved a message stating i had been paid only to find that they had held on to all but £1.97 which was placed on my card. Smelling a rat I called up and discovered that they had made an error and i should have had a further £500 transfered over. This did take me 20 minutes to do so.

On another occaision i tried to pay both my phone bills manually having not set up direct debits. Niether companies accepted the handling/payment system on the card so niether bills were paid. There was no other way of making payment. In order to set up a direct debit both companies required an initial payment and thus i have had both lines cut off.

There are mitigating factors however, firstly and most importantly no bank charges. Secondly no overdrafts, your money is your money. Thirdly at £12.50 a month it is still far cheaper than the equivilant man managed account from any other bank, plus you dont get all that other rubbish like a free record token or a travel insurance policy that you wont use anyway.

All in all i have found the staff very friendly and they are putting in steps to amend the problems. I understand that they are issuing customers with new MASTERCARD debit card which is said to be more user friendly and reliable.

I would advise anyone who like the idea of this bank and who are opening the account to place some funds on a card which can be used over the phone. Get all yor direct debits sorted before moeny is paid in.


Enoy Butterbean