Think Money app relaunch leaves thousands unable to access their cash – here's what's happening

Think Money relaunched its app in November, leaving thousands locked out of their accounts

Think Money is a current account provider costing £10.95 a month that some use because they can't access accounts from traditional banks (for more on this, see our Basic bank accounts guide). Others may use it because of its budgeting tools.

Think Money doesn't have any physical branches, so the only way for customers to manage their money is via its app or its phone lines. While you can log in to your Think Money account from a desktop or mobile browser, doing this only lets you view your balance and transactions, or block your card – you can't make or amend payments or withdraw funds.  

The provider launched a new banking app on 17 November 2023, removing access to its old one. But Think Money says this left a small proportion of its users – around 2,000 people – unable to log in to their accounts, which means they can't manage or access their money via the app. When customers then call the phone line, some say they are on hold for up to two hours at a time. 

Others who can log in to the new app say the layout is confusing and has left them unsure about how to withdraw money or manage their bills, while some added that new debit cards issued alongside the new app aren't working.

Think Money says any problems should be resolved by next weekend

Think Money blamed problems accessing the new app on customers not updating their contact information or forgetting their passwords.

It said it's in the process of contacting affected customers to resolve this issue by Saturday 16 December. It has also now opened a dedicated phone line if you are unable to access the app on 0161 779 5000. Once you're through, press 1 on your phone's keypad.

For customers who are struggling to understand the app, Think Money has created a tutorial that it says will be live in the app by the end of the week. It also recommends that you visit its Budgeting FAQs. If you're still unhappy with the new app, you might want to consider switching bank account, if you can – see below for more on this.

Think Money added that issues with debit cards not working should now be resolved. 

If you're unhappy with Think Money's service, you can complain

Think Money is yet to confirm if affected customers will receive a refund of their monthly account fee. It said all affected customers will be contacted once a decision has been made. It also hasn't confirmed if it will cover the cost of any related fees incurred, for example if you've been charged late payment fees due to being unable to access your funds to pay bills. 

In the meantime, if you're unhappy with the service, you should complain to Think Money. You can do this by phone, email or letter – see Think Money's complaints page for full information. You'll need to provide your account number, so make sure you have this handy.

Think Money says it aims to resolve complaints within three working days. If you haven't heard back within 15 days, or your complaint's been rejected, you can escalate it to the free Financial Ombudsman Service.

You can contact the Ombudsman by filling in its online form. Include any evidence you have – this could include correspondence with Think Money or statements detailing any related fees incurred, for example. You can also call the Ombudsman's helpline on 0800 023 4567 (open 8am to 5pm on Monday to Friday). For more information, see our Financial Ombudsman guide.

No longer want to stay with Think Money? Move elsewhere if you can

If you no longer want to stay with Think Money, check if you're able to open an account elsewhere. Many customers with Think Money may be unable to access traditional banking services, in which case you might want to consider a specialist basic bank account. See our Basic bank accounts guide for more on how these work, plus our best buys. 

If you are able to access traditional banking services, check if you can switch using the Current Account Switching Service – you may be able to get up to £200 for doing so. See our Best bank accounts guide for the top options.