A bank account that helps with budgeting

Assuming you aren’t a multi-millionaire, you probably have to budget carefully for the same kinds of bills and expenses every month, like a mortgage or rent, travel costs, child care, utilities, council tax, contents and life insurance – the list goes on.

The thinkbanking bank account could help to make sure you set enough aside every month for your important expenses.

How this budgeting account works

The bank accounts from thinkbanking are a bit different to the typical high street current account, partly because you give some of the responsibility for your budget over to someone else.

The Money Managers will help you to budget for your bills – setting aside money out of your income and leaving you to spend what’s left over.

Some people may not like that, but on the other hand, it could be really helpful for people who find managing bills difficult, who overspend regularly, or who simply don’t have the time to manage their bill payments. Those people might welcome a bit of help.

thinkbanking current account or high street current account?

Unlike so many high street bank accounts, thinkbanking’s current bank accounts don’t provide an overdraft – and there are fees (£25 to set up the account and £14.50 per month).

Having said that, there are quite a few advantages, one of which is that you wouldn’t be charged fees for bounced payments – while the Money Managers could help you avoid the need for an overdraft.

Another advantage to this high-street-alternative bank account is that any UK resident aged 18 or over can apply, with any kind of credit history, even if they have been declared bankrupt in the past, or are an undischarged bankrupt at the moment.

So people who have had problems with money in the past could open this bank account and get help to manage their money more effectively in the future.