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Opening a bank account

There are lots of reasons why it is a good idea to open a bank or building society account, even if you don't have much cash at the moment: 

 

  • It gives you a safe place to keep your money and stops it getting lost or stolen.
  • It also helps you to keep track of how much money you have - ideal if you are saving up for something over a long period of time.
  • Most bank and building society accounts will pay you interest, where you earn a small amount of extra money for every £ you put into your account. It may not be much to start with, but even small amounts grow over time.

 

There are lots of different accounts on offer so it is a good idea to find out about the sorts of accounts you could open. You can do this by picking up leaflets in local branches or searching on the internet. Most bank and building society accounts for young people offer a cash card which allows you to take your money out at a bank or cash machine. 

If you are under 16 it is usual for a parent/carer to open the account for you. Once you are 16 or over, you can open something called a 'current account' to manage your own money.

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