Thinkmoney chat

UK Financial Chat Fintech Chat
1

Bringing the topic of thinkmoney over here to keep us on topic

Zopa Bank Chat
2

I think I agree with Carl in that 100% fees for Faster Payments are preying on the vulnerable… I also don’t know how they’d make any money without account fees or charging for what they are doing though.

Obviously, seems like something that could be defeated in a few ways:

  1. The government opens their own bank, NS&I becomes National Bank and offers current accounts as well as everything else.
  2. eWallets like PayPal start catering to the unbanked and offering on-ramps (pay salary into PayPal) and then make money off that non-credit relationship by virtue of not being subject to the same regulation as banks.
  3. We ban them from charging the fees and make them work out other ways to monetise the platform.
3

PayPal isn’t even a member of CIFAS / National Hunter so literally anyone could sign up with any details.

4

That’s the one that annoys me the most “yeah we offer free debit card payments”

I personally wouldn’t use that as a selling point as that should be a given! Espically in 2026

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5

The Government used to have its own bank, Girobank, but they flogged it off to Alliance & Leicester, which was taken over by Santander. It was operated through post offices.

6

I loved my Girobank Account, to pay a bill you entered your account number on the giro slip and posted it to Bootle.

Difficult to see what a National Bank would offer

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7

NS&I used to issue a cash card. Always thought I’d plonk the first million from my lottery win in it for safety but they closed it down some years ago.

Mysteriously, that big lottery win still hasn’t turned up :frowning:

8

I’m still waiting for my £1m from NS&I. In theory it’s possible as every £1 has the same chance of winning. I’m certainly not banking on winning it though!

9

I think my £1m is lost in the post. I’m still waiting for my Santander Credit Card which was posted over a week ago, we seem to get 1 delivery a week now on a Saturday tons of letters all together, so maybe the Premium Bond cheque is in there

10

Yes, but some people have £50,000 and some have £25. The relativeness is very different

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