Think Banking account?

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Mattybaldy

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Post by Mattybaldy » Fri Aug 20, 2010 1:07 pm
Does anyone know anything about a company called Think Banking?

I've never heard of them, but I received an email from them today claiming that they offer a 'managed' current account with Mastercard debit card, online banking etc with no credit checks.

I currently have a Halifax Easycash account, which is great but I am not supposed to use it to service my business ( I am a self employed sole trader) and have been looking for an account that will allow it.

Any good or bad experiences of Think Banking?
 
 

Maz

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Post by Maz » Fri Aug 20, 2010 1:28 pm
Yes, I have had an account with Think Banking for 3 years now. I am happy with them except when i try to call them it takes ages to get someone to answer the phone. But besides that they manage accounts very well. What I like is they put all your outgoings like DDs, standing orders monthly from your income so they are paid out, another account is then what's left to spend. No overdrafts are allowed so you have to budget and try to get through the month on what is left to spend. That is from the Mastercard Debit Card. I found that hard at the start of the account 3 years ago as i was used to my 'never ending massive overdaft' with Barclays. I am not self employed so I dont know if they have different rules for this?

The one big worry is with managed accounts like this is if you lose the Card!!! you only get one and could be stuck for couple of days not able to get any money and no other cards to fall back on. It's happend once with me and it's such a hassle trying to arrange to get to a nominated bank to get money out!
 
 

dw1983

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Post by dw1983 » Fri Aug 20, 2010 1:30 pm
Hi I was offered a think banking account too they are part of the think money group I think a few people on here have had good experiances with them i myself didnt take the account as it charges £12.50 a month and i dont see why i should pay for banking
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kallis3

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Post by kallis3 » Fri Aug 20, 2010 4:03 pm
I personally wouldn't use an account that I had to pay for.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Mattybaldy

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Post by Mattybaldy » Fri Aug 20, 2010 5:25 pm
I'm not sure I like the sound of a 'managed' account now that I know what that actually means.

Does anyone know of other banks that offer a current account to those in IVAs that I can use to run my business through? Not necessarily a business account.
 
 

herbekj

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Post by herbekj » Fri Aug 20, 2010 7:25 pm
I moved to them afte Natwest closed my step account and was a bit screwed.

There is maybe the issue of time waiting calling the centre but they have changed dramtically in that you can do an awful lot online that you used to have to do over the phone.

For me personally the £12 a month they charge for the service to ensure you can pay your pay your bills is a godsend.

Post IVA I was just not getting it right but now haven't had a bank charge in 2-3 years. For me worth the cost with the services and you get a card that works in bank machines worldwide and on the internet.

Even after completing the IVA I think I am gonna stick with this account just for the way it works to ensure you can pay your bills.
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kallis3

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Post by kallis3 » Fri Aug 20, 2010 7:36 pm
I'm afraid that good though these accounts are, I cannot justify paying a monthly fee for an account when I don't have to. I've better things to spend the money on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Skippy

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Post by Skippy » Fri Aug 20, 2010 8:01 pm
I wouldn't use one of these accounts unless it was a last resort. I was with Think for 1 whole month in 2007 and the service was appalling and I couldn't cancel quick enough!
 
 

sjbyron

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Post by sjbyron » Sat Aug 21, 2010 2:20 pm
There is news, that Royal Bank of Scotland are selling their Branches in Britain and Wales to the Santander Group, I spoke to ThinkBanking and they said that they will still continue as Thinkbanking but will be under Santander rather than RBS they may change SortCodes but would let customers know nearer the time.

Its a good account, and I would use it if I wasnt on Job Seekers but once I get a job then I will go back to them I think.
Stu J Byron
 
 

kallis3

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Post by kallis3 » Sat Aug 21, 2010 2:49 pm
I would not pay for a bank account as long as there is free banking available.

Have better things to do with the money!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

ashb

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Post by ashb » Sun Aug 22, 2010 7:46 am
mmmmmmm let me "think"about this
 
 

Skippy

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Post by Skippy » Sun Aug 22, 2010 10:17 am
Personally I don't think the so called managed accounts actually teach you to manage your own money, as you've always got someone to do it for you.

I'd rather save the £12.50 (or whatever) and have a spreadsheet!
 
 

kallis3

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Post by kallis3 » Sun Aug 22, 2010 10:37 am
Quite agree.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

angelrainbow

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Post by angelrainbow » Tue Aug 31, 2010 6:27 pm
I am considering a managed bank account. Being paid 4 weekly was one of the causes of hubby's financial problems in the first place and even now, over 2 years in, it is still incredibly difficult to manage when the amount and date of pay differs every month. We would save on bank charges, so for us, it would be worthwhile. Read various reviews though...wonder if there are any other providers?
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kallis3

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Post by kallis3 » Tue Aug 31, 2010 6:34 pm
I used to love being paid lunar monthly, especially with my 'free' month when I didn't have to pay certain things.

I found it hard to change over to calendar monthly but now manage ok.

Another managed account is Secure Trust, which Mel recommends.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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