thinkmoney Managed Current Account Reviews - www.thinkmoney.co.uk

★★★☆☆
3.1 / 5
56% of users recommend this
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Media Gallery for thinkmoney Managed Current Account www.thinkmoney.co.uk

thinkmoney Managed Current Account www.thinkmoney.co.uk
thinkmoney Managed Current Account www.thinkmoney.co.uk

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Latest Reviews

★☆☆☆☆

“AVOID THIS and save yourself £200 a year”

Written on: 09/07/2020 by LoneViking (1 review written)

This bank charges you £15.50 (down from £17.50) for a service that a standard account and any other bank offers you and with an interest wait I believe. Stupidly long call waits, clueless staff, all to retain their Management fee if your skint, they take it anyway!! Sure you get two accounts and you loose your power to control your own money if you fall short but it’s kind of redundant, as you have to call in to change things around.. Just don’t bother going forward Into a recession, save… Read Full Review

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★☆☆☆☆

“Blocked account”

Written on: 24/04/2020 by CantuItalianja365 (1 review written)

Blocked my account. 2 days ov waiting on phone for hours and still no idea when or if it will be unblocked. If not how do I success the money in the account. Very dodgy firm wouldn't recommend anyone to use them @… Read Full Review

Romac11's Comment

Written on: 07/07/2020

Did you ever get your money back. They have mine 12 days now and I still have no.idea why and when I'm getting it back

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★☆☆☆☆

“AVOID AVOID AVOID”

Written on: 13/08/2019 by Tommyjames (1 review written)

AVOID!!! Transferred money from my other bank account to my think money account to pay my gardener and they have frozen my account! Called customer service and very unhelpful. Told me they want proof of where the funds came from. I explained it’s from my other bank account in my name and that it was my salary. Asked a million questions and asked for proof but couldn’t tell me what they wanted as proof. Now my account is still frozen with my money in it and won’t even return the money to… Read Full Review

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★☆☆☆☆

“Avoid!!!!!”

Written on: 06/06/2019 by Hopperv (1 review written)

Have been with this bank for 6 years, never use to be a problem apart form the ridiculous call wait when you want to speak to some. The last six months have been awful, £17.50 to be paid each month for them to organise your finances????? I called on the 30/5/19 and to speak to them about my budgeting to get through to someone that clearly had no clue. Inexperience staff that rely on a computer system!!! Went to London on the 31/5 after being paid and checked my app to make sure all of my bill… Read Full Review

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★☆☆☆☆

“Think money is worst company ever £17. 50 and you get...”

Written on: 28/09/2018 by Yasmin319 (1 review written)

Think money is worst company ever £17. 50 and you get a worst service they will freeze your account and i lost £500 with them  do not bank with them … Read Full Review

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★☆☆☆☆

“think money bank”

Written on: 06/08/2018 by JOANNELEN1 (1 review written)

i would think before opening an account with this bank i have lost money some of my bills have not paidatho on my statment it says paid there is a 20 min waiting time on calls wich is costing money they take 17.50 fee i have had nothing but trouble with this bank when i have contacted them regarding my account they tell me diffrent from my bank statment sicew joining this bank my mental health went really bad trying to get to the bottom of where my money was going someone broke into my account… Read Full Review

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★★★★★

“Love having my money managed”

Written on: 26/03/2018 by Kiana250 (1 review written)

Thinkmoney is great for managing my money, i know my bills are always going to be ok when when spending on my card… Read Full Review

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★★★★★

“have had this account years”

Written on: 08/03/2018 by ezmab1 (1 review written)

i have been with this bank at least 7 years maybe more and i have not once had any problems with them,i like that i can transfer money into my daughters account and she gets it on that day or the next also they keep aside the direct debits that i have told them about so i always know how much money i have left to play with,they have also called me with courtesy calls to make sure iam happy with everything to do with my account,this morning i received a text from them about a delayed payment of… Read Full Review

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★☆☆☆☆

“Avoid!!!!”

Written on: 10/01/2018

Opened account 6 years ago, was great until around 18 months ago (when they changed from RBS to Post Office). Since then I've had numerous mistakes on account, budgeting so inaccurate. Left with out money over Xmas, regular short falls, despite me keeping all incomes and outgoings up to date. Couldn't trust what their budgeting said so would have to add it up myself (£17.50 a month to do it myself!!) On the upside I learned to budget myself (had to) and have just today closed my account and… Read Full Review

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★☆☆☆☆

“Heartless company”

Written on: 20/12/2017 by Kun4eva85 (1 review written)

It's been over 30 days and thinkmoney are still holding on to my money, i lost my job due to not been able to travel to work, my bills have gone up by £300, rent due, i've been borrowing money ever since they blocked my account claiming they're doing a check which it's been over a month now. i don't understand what check they're doing and all they're saying to me is "we'll call you once we have more information". now its few days to christmas and i live alone in london. i Can't travel to see… Read Full Review

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★☆☆☆☆

“Salary to card transfer 29/09/2017”

Written on: 29/09/2017 by Fallon16 (1 review written)

Went to withdraw money this morning from cash point. Called and informed that salary to card not working. 45 mins plus waiting on the phone and told nothing they can do. No access to money and bills to pay. Really need more people to answer the phone as such a long wait, they say call back later but the ques are equally long if you do. Currently waiting for an advisor to call back regarding a compliant. Would I recomend, defiantly not. … Read Full Review

Thinkmoney's Comment

Written on: 04/10/2017

I’m sorry this has been your recent experience. I hope that this has now been resolved and you have spoken to someone about this.

If you have any other queries or wish to discuss this further, please contact us directly via the contact us section here on Review Centre so we can look to try and put things right.

Regards

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★☆☆☆☆

“Charity case yellow cards”

Written on: 07/08/2017 by uuAlmeida222 (1 review written)

absolute joke online banking is always down 11 pence per text to get your balance £24 a month rip-off no tap and pay and the fact is the card looks like a charity case absolute awful yellow. Avoid… Read Full Review

Thinkmoney's Comment

Written on: 08/08/2017

You can retrieve your balance for free online, or using our App. If you choose to text for your balance, we offer both a long and short code number. Some mobile network providers may charge for using the short code number. However, if you have any inclusive text bundle, then the long code number should be included within your monthly allowance. We do not charge for using this service.

Our online services have a very high level of availability. For example over the past month the service was operating 100% of the time.

I’m sorry to hear you’re unhappy with the colour of the card. We changed from black a few years ago after feedback from many customers that they would prefer a brighter card. We do appreciate that everyone is different and the yellow isn’t to your taste.

thinkmoney cards will be going contactless before too long - please keep a lookout for further details.

Thank you

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★☆☆☆☆

“Only use as a last resort”

Written on: 21/06/2017 by lou1809 (2 reviews written)

This bank is beyond a joke their online banking is always down,latest one being down since about 4pm yesterday it is now 8am the following day and it is still down even worse we can not check what we have in the bank any bills will not be able to go out as incomes will not be processed until its fixed which they are saying will be around 3pm 24 hours later. The worst part is they charge us £17.50 fee a month for this joke. Oh and don't get me started on telephone calls around 45 min wait… Read Full Review

Thinkmoney's Response to lou1809's Review

Written on: 23/06/2017

Unfortunately, on 21st June we experienced a technical failure in one of our datacentres. This meant that we weren’t able to service customers either online or over the phone for a period. It also meant that we were unable to process incomes (both BACS and Faster Payments) into accounts or make payments due out of accounts.

Customers’ cards continued to work in store, online and to withdraw cash throughout the period.

Throughout the day we were able to provide customers in urgent need with access to cash. We also worked hard to keep customers up to date with progress throughout the day.

We were able to switch to our backup datacentre and all services we restored and incomes and payments were processed by 7pm.

Please accept our apologies for this issue – we do understand its effect on customers. As you were impacted by it please contact us directly via the contact us section here on Review Centre so we can log a complaint for you and try to put things right.

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★☆☆☆☆

“think money worst experience of my life they are that bad.”

Written on: 05/05/2017 by Tiac479 (1 review written)

think money are the most unprofessional company I have ever dealt with. If you want to have to phone daily be promised and played along where you have to beg for your funds then this is the bank for you. they tell you dates items will be paid when there not they argue and laugh at you as though your in the wrong then to come back and aplogise its a big joke..if I am beinmg honest if you have to resort to an online bank wouldnt use these there are others out there that are helpful and… Read Full Review

Thinkmoney's Comment

Written on: 09/05/2017

Dear Tiac479,

I am concerned to read this feedback and would like to investigate the points you’ve made, as it is certainly not indicative of the service that we provide. Please contact us directly via the details on Review Centre so we can log your complaint and respond to you formally.

Regards

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★☆☆☆☆

“AVOID AT ALL COSTS”

Written on: 18/04/2017 by CristianEmery (1 review written)

Ive had an account with these for the last 6 yrs and at first it was really good. Customer service was good and I knew I didnt have to worry about going overdrawn etc. This didnt last! Now whenever I call I am waiting at least 30-45 minutes to get through to speak to someone. They have the cheek to charge £17.50 per month for this sort of service! It takes up to 8 days for a cheque to clear. There are plenty basic bank accounts about now that you can open who charge nothing. It can also take… Read Full Review

Thinkmoney's Comment

Written on: 20/04/2017

Dear ChristianEmery,

I’m disappointed to hear that this has been your recent experience. As you say, call wait times have recently been too long – for which we apologise. We are working hard to improve in this area and I am pleased to say we are seeing improvements in call answering times.

Our single monthly fee covers the cost of our managed account service, including providing your thinkmoney Prepaid Debit MasterCard, online and phone services as well as the budgeting service. Unlike basic bank accounts the thinkmoney Managed Current Account’s unique budgeting service helps ensure that the bills you tell us about are paid each month, protects you from going overdrawn and ensures that you aren’t hit with unexpected charges or overdraft fees – so it can actually save many customers money.

Transfers (Faster Payments) into thinkmoney accounts can take up to two hours, as with other providers, although in many cases they take place within minutes.

Cheques take 7 business days to clear, starting from the business day after you pay the cheque in. Other banks may allow you to withdraw against a cheque before it has fully cleared, however your cheque could still bounce, so they’d have to take the money out of the balance you have in your account. We can’t do this, as it could place you into a negative balance – and thinkmoney accounts can’t go overdrawn.

We’d like to see how we can restore your faith in thinkmoney, especially after being a customer for so long. Please contact us, via the contact details here on Review Centre, and a Money Manager will get in touch with you.

Regards

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★☆☆☆☆

“Avoid like the plague”

Written on: 05/03/2017 by Davidson209 (1 review written)

DO NOT bank with these jokers. Its a minimum of 45-60 minutes to speak to someone. Usually they are snotty, impatient and dismissive. The salaries/card thing does not seem to work properly and money disappears without being able to resolve issues. Appointment with Virgin Money this week - finally I will be free of Think. In my opinion you are better keeping your money in a box under the bed, at least you can be your own money manager. AVOID If you've just signed up cancel it quick. There… Read Full Review

Thinkmoney's Comment

Written on: 14/03/2017

We are sorry that this is perception of thinkmoney. The thinkmoney Personal Account is a full service current account, with a unique budgeting service, an App, online and phone servicing and the ability to pay in and withdraw at over 11,000 Post Offices, as well as a debit card. Unlike many current accounts there are no overdraft charges, which is why we charge a fixed monthly management fee.

Whilst we are still aiming to improve the call wait times recently experienced we’ve made good progress this year and have seen our call handling times improve – in some weeks our average has been about five minutes, but we are still working to improve on this.

Should you wish to discuss your account further then please email us directly via the contact details here on Review Centre.

Regards

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★☆☆☆☆

“Awful service with 25-45 minute call waiting times”

Written on: 24/02/2017 by 1971McKnight (1 review written)

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… Read Full Review

Thinkmoney's Comment

Written on: 07/03/2017

Thank you for the feedback. Just to respond on a couple of the issues that you raise.

We are not and never have been part of RBS – we are an independent provider. We used to use the RBS / NatWest branch network to enable our customers to pay in money, but last year we switched to the Post Office. This was to increase convenience for customers - there are over 11,000 PO branches throughout the UK - more than all the banks added together.

I apologise for the problems you had with our online services. We did have some intermittent downtime and issues with certain transactions, but these have now been fixed.

I am also sorry to read that you had problems with your budgeting. As you say, the system should keep the money from your bills “ring fenced” from your spending money. Generally, the system does work well, I apologise that you had problems with yours.

The monthly fee for a joint account (with two debit cards) is £24:50, for a single account it is £17:50. There are no overdraft fees or charges, and no other charges for day to day use in the UK.

I am sorry to read that we have lost your custom.

Regards

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★★★★★

“service ”

Written on: 17/01/2017 by Rebelheart (1 review written)

I have been a thinkmoney custmor for 12 years over all ive had a great experience they helped me get out of a mess I was in with dept and my finances and I could sleep at night .I have always found the staff helpful friendly and will always try to help .the fact think money hold your bills in a seperate acount and you know all your bills will be paid is great relief ! I read so many people bashing thinkmoney yes the last few months have been hard with long waiting times on phone ect but they… Read Full Review

Thinkmoney's Response to Rebelheart's Review

Written on: 15/02/2017

We're pleased to hear that you have enjoyed such a positive experience with thinkmoney.

Thank you for taking the time to share this feedback.

Regards

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★☆☆☆☆

“Poor customer services and high charge for very little...”

Written on: 16/12/2016

They take between 10 and fifteen minutes to answer your call, even at off- peak times. I lodged a Euro cheque with them and was told it would takes two months to clear!!! What a joke. I am shutting the account post haste and have already opened an account with a proper high street bank. Think money also charge £17.50 per month and you get very little in return… Read Full Review

Thinkmoney's Comment

Written on: 12/01/2017

I’m sorry that this has been your recent experience. On the 18th November, we made a significant upgrade to our IT systems. This change, which had been many months in the planning, allows us to offer a number of improved services, such as real time Faster Payments, paying in cheques and cash at the Post Office, and the ability for customers to transfer money to their cards using Online Account Management and via the App. Many customers are already taking advantage of these new facilities. Despite our best efforts, for a few days following the upgrade, we experienced intermittent downtime for both Online Account Management and the App. Over the period we offered extended opening hours in our call centre, added additional call centre staff, and introduced a temporary free phone number so that we could serve as many customers as possible.

We are pleased to say that our service is now getting back to where we want it to be – our call centre is once again able to answer calls extremely quickly and our Online and App are functioning well. We’ve had good feedback from customers about the improvements to our service – specifically real time Faster Payments and the new online “transfer to card” facility. We are sorry to be losing your custom but wish you all the best with your new account provider.

Regards

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★☆☆☆☆

“Absolute disaster after upgrade, can't access online”

Written on: 30/11/2016 by Viviana131 (1 review written)

Been with TB 9 yrs now and no access to online account since 17nov! Taking over 1 hr to contact support team, even their complaints team is now unaccessible after I logged formal complaint. Next step is FSA. Was prev great with them, bills in one account, spare money in card acct; now all to pot. Am going to change account as soon as I get back from holiday. Thank heavens I don't use their travel card because I would definitely be screwed… Read Full Review

Thinkmoney's Comment

Written on: 12/01/2017

I’m sorry that this has been your recent experience. On the 18th November, we made a significant upgrade to our IT systems. This change, which had been many months in the planning, allows us to offer a number of improved services, such as real time Faster Payments, paying in cheques and cash at the Post Office, and the ability for customers to transfer money to their cards using Online Account Management and via the App. Many customers are already taking advantage of these new facilities. Despite our best efforts, for a few days following the upgrade, we experienced intermittent downtime for both Online Account Management and the App. Over the period we offered extended opening hours in our call centre, added additional call centre staff, and introduced a temporary free phone number so that we could serve as many customers as possible.

We are pleased to say that our service is now getting back to where we want it to be – our call centre is once again able to answer calls extremely quickly and our Online and App are functioning well. We’ve had good feedback from customers about the improvements to our service – specifically real time Faster Payments and the new online “transfer to card” facility.

Regards

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