How does thinkbanking`s two-account system work?

15 March2011

How does the thinkmoney two-account system work? Why does it actually take two accounts to manage your money?

It`s a novel concept - and it can be an excellent way to make sure your bills get paid on time. When your income comes in, one of thinkmoney`s Money Managers will make sure enough of it stays in your Salaries Account to cover all your regular expenses (things like your mortgage / rent and utility bills).

They`ll then transfer the rest of your money into your Card Account. In other words, you know you can spend anything in your Card Account without worrying about using funds that you really need to keep for essential bills.

This can really reduce the risk of running out of money before the end of the month comes around.

Do I need that kind of help?

That`s up to you. There`s a monthly fee for the thinkmoney Personal Account - 14.50 for a single account and 21.25 for a joint account - which is taken out of the first income to go into your account on a monthly basis.

For some people, it`s good value for money, since the two-account system - along with the Money Managers` assistance - helps them steer clear of the problems that arise when essential bills don`t get paid.

Others might not see it as worthwhile. People who`ve never had a problem organising their finances might decide they`d rather stay on top of their bills themselves than pay someone to do it for them.

What else does thinkmoney offer?

Apart from the two-account system and access to advice from Money Managers, the thinkmoney Personal Account also comes with a Debit MasterCard, which you can use to withdraw cash and pay for things in shops and restaurants as well as online.

Then there`s the online account management service, which lets you manage your money via your PC. Or you might prefer to use the SMS services, which let you do things like check your balances and recent transactions, or request changes to your account, on your mobile.

Can I open an account?

As long as you`re a resident of the UK and you`re over 18, you can open an account as soon as you`ve proved your identity and your address. It`s open to people with bad credit, and even to undischarged bankrupts.

Apply for your thinkmoney Personal Account now

Answer a few simple questions to apply for your thinkmoney Personal Account today.

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Tags: banking, bank account, bank accounts, think banking, thinkbanking, two account, two account system

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