Account FAQs
With so much on offer from thinkbanking, you're bound to have some questions - and that's why we've put this FAQ page together.
We've covered everything our customers frequently ask us, so you should find the answers you need in one convenient place.
The thinkbanking account
- How does the account work?
- How much does the account cost?
- What do I get with the account?
- How can I manage my account?
- Is there a thinkbanking joint account?
- Can I pay cash/cheques into the account?
- Are you a member of the Financial Services Compensation Scheme?
Applying
- Why should I apply for a thinkbanking account?
- How do you apply?
- I've got a bad credit history - will this affect my chances of getting an account?
- When I apply, how long will it take to approve my application?
Switching to us
The thinkbanking Debit MasterCard®
- Where can I use the card?
- Can I withdraw cash using the card?
- Can I use the card abroad?
- Is my money safe when I use my thinkbanking card?
Need some more information?
If you can't find the answers you're looking for on here, just give one of our advisers a call on 0800 074 7772 and they'll be happy to help you.
The thinkbanking account
How does the account work?
The thinkbanking account works by running two accounts alongside each other - your 'Salaries Account' and your 'Card Account'. Your monthly income will be paid into your Salaries Account, and one of our Money Managers will set aside the money needed to cover all the commitments you've told us about. All the money that's left after doing this will be moved to your Card Account - so you know the money you're spending isn't meant to be going towards your essential costs.
How much does the account cost?
The thinkbanking account costs £25 to set up (£30 for a joint account). After that, you'll pay a monthly operation fee of just £14.50 (£19.50 for a joint account).
Learn more here about what the operation fee pays for.
What do I get with the account?
With thinkbanking, you get a real alternative to high street banking. The account offers a whole host of useful features - including personalised support from our dedicated Money Managers, a thinkbanking Debit MasterCard card and access to online, SMS and automated banking.
Read about our thinkbanking account and what it offers.
Or find out about our Money Manager service.
How can I manage my account?
We understand the importance of convenience. That's why we've made it easy to manage your account:
- On the internet
- Via automated banking
- With our SMS banking service
- Through our dedicated Money Managers
Find out more about managing your account online
Or read about how our phone/SMS banking service works.
Is there a thinkbanking joint account?
Yes. As well as offering accounts to individuals, we offer accounts to couples. A joint account costs just £5 more to set up and £5 more per month to operate than an individual account. You also get a thinkbanking card each.
Find out more about the thinkbanking joint account.
Can I pay cash/cheques into the account?
Yes. You can pay cash or cheques into your thinkbanking account at any Royal Bank of Scotland or Natwest branch.
You can also post cheques to us at this address:
thinkbanking Limited
Pennington House
Carolina Way
South Langworthy Road
Salford Quays
M50 2ZY
More information on paying money into your thinkbanking account.
Are you a member of the Financial Services Compensation Scheme?
Your thinkbanking account is held with The Royal Bank of Scotland (RBS) who are members of the Financial Services Compensation Scheme. The Scheme would pay compensation if the RBS were ever unable to meet its liabilities. As long as you're eligible you could claim, through us, for deposits of up to £85,000 held in your thinkbanking account or any other accounts you hold with RBS. You can get more information by visiting www.fscs.org.uk.
Applying
Why should I apply for a thinkbanking account?
The thinkbanking account offers you a real alternative to high street banking.
Do you want...
- to live life without an overdraft?
- personalised help from a team of dedicated Money Managers?
- complete peace of mind that we're managing your account and payments?
If you've answered 'yes' to any of these questions, a thinkbanking account could be exactly what you're looking for.
Read more about what the thinkbanking account can offer you.
How do you apply?
Applying for a thinkbanking account couldn't be easier - just call the number at the top of this page to speak to one of our advisers. Alternatively, you can fill in the form and one of our advisers will call you back.
I've got a bad credit history - will this affect my chances of getting an account?
Having a bad credit history won't hold you back at thinkbanking. Our account is open to everyone.
Find out why you should apply for a thinkbanking account if you have bad credit.
When I apply, how long will it take to approve my application?
Since we don't need to carry out a credit check, we can process your application as soon as you've proved your identity and address. Once we've confirmed those details we can normally approve an application in a matter of minutes.
Switching to us
How can I switch to thinkbanking?
It's easy to switch to thinkbanking. The approval process is quick and hassle-free, so we can open your thinkbanking account as soon as you've proved your ID and address and returned your signed application form.
If you want to switch bank accounts, just talk to one of our advisers. We'll send you a Welcome Pack containing everything you need to change your account to thinkbanking.
Read more about switching bank accounts with thinkbanking.
The thinkbanking Debit MasterCard
Where can I use the card?
The thinkbanking card can be used in shops and at cash machines all over the world.
Read more about the thinkbanking Debit MasterCard®.
Can I withdraw cash using the card?
Yes - providing you have sufficient funds in your Card Account. The maximum amount you can withdraw in one day is £450 per card (so £900 for a joint account).
Please note: We don't charge you for withdrawing money from your account, but some cash machines will.
Can I use the card abroad?
Yes. You can use the thinkbanking card just about anywhere you see the MasterCard® Acceptance Mark.
Please note: there is a charge of 2% of the transaction amount (including cash withdrawals) when using your card abroad.
Is my money safe when I use my thinkbanking card?
We use the very latest security measures to keep your money and personal details safe when you use your thinkbanking card.
When you're spending online, for example, you can enjoy all the protection offered by the MasterCard® SecureCode™ programme - which allows you to create a password that retailers will ask for when you are completing a transaction. This password acts like a 'digital signature' for purchases you make online.
Read more about the MasterCard® SecureCode™ programme.
It's easy to qualify for a thinkbanking account and we can usually complete an application within minutes!