Banks and Building Societies

It's a good idea to begin managing your money once you start earning or paying for a place of your own. Opening a bank account is a good starting point if you haven't already got one. Banks and building societies offer a really good and safe place to keep your money. It's also a great way for you to try and save your money.

ATMs (Automated Teller Machines) are great for accessing cash, but you can only withdraw money in multiples of £10. Cheques usually take 3 working days to clear, for some Building Societies it can take 5 days for a cheque to clear.

Banks are not a public services, they can refuse their custom to anyone. However they do tend to welcome young people, as on the whole, customers stay with the same bank for most of their lives and banks want to attract new customers.

There are a lot of different accounts on offer these days and hopefully after a little bit of shopping around you will find one to suit you.

Youth Accounts

You may have to ask your parent or carer to open the account on your behalf. You will either get a passbook and/or cash card to access your money.

Current Accounts

You have to be 16 or over to open a current account. Most people have a current account to manage their day to day finance. With a current account you usually get a cash card or debit card and/or chequebook. You will also be able to set up Direct Debit and standing orders and possibly arrange an overdraft.

Savings accounts

There is a huge range of savings accounts available to suit your needs. If you are trying to save, you would be best to choose an account with a high interest rate. However, a general rule is the higher the interest rate, the less often you can take money out of your account.

Student accounts

Many banks and building societies offer student accounts, with special overdraft rates while you are studying.