Basic bank account FAQ
How can I find the best basic bank account?
There is a choice of basic bank accounts on the market. To find the best for you, check that the features of the account meet your needs.
Your basic bank account should give you the ability to pay in a range of different incomes, from salaries and tax credits to benefits or a pension. Most basic bank accounts offer debit cards, but not all. Usually there will be no overdraft, although some provide a 'buffer zone' of £10 or so.
If you need an account that lets you withdraw cash, helps you live to a budget and is easy to apply for, then choose the thinkbanking account.
You'll need ID to prove you're at least 18 years old and a resident in the UK - and we'll help you to budget for the bills you need to pay.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
How much does the thinkbanking account cost?
There is an initial fee of £25 to open the account and a monthly charge of £14.50. Joint accounts cost slightly more at £30, then a subsequent charge of £21.25 per month.
The account is managed and there is no overdraft, so we'll help you to avoid missing payments and the associated bounced payment fees.
If you would prefer to make one monthly payment and know where you stand, this could be the best basic bank account for you.
How does the thinkbanking account work?
It's simple! You have a Salaries Account and a Card Account - one is for bills, the other for spending. The really special thing about this account is the help from the Money Managers.
You tell us what you need to pay and when and let us create a budget for you! To help you keep up to date with how much money you have left to spend, you can check your balance online, with SMS updates to your mobile or call a Money Manager week days, weekday evenings or Saturdays.
What are the benefits of this account?
- Real people managing your money for you
- Help to stick to a budget
- Help to pay bills on time
- We don't charge for missing payments
- Peace of mind knowing bills are taken care of
- Worldwide access to your cash
- Telephone, Internet and SMS text banking
- No need to pass a credit check