Money Matters

If you've grown out of putting money in a piggy bank, it's likely that you're ready to open a current account.  Current accounts allow you to withdraw money from a cash machine, transfer money to other accounts and earn interest on your cash.

Although you may already have a savings account set up in your name, current accounts allow you to control what goes in and out of your account more closely.

You should be allowed to open an account from the age of 11, but you may not get certain benefits like a cheque book until you're older.

Banks also offer free gifts and discounts to make their accounts sound the most appealing.  Although the idea of a new MP3 player or money off vouchers at high street stores can seem like a great idea, you shouldn't choose an account on the amount of freebies you get.  Make sure that the account is convenient for you.

To apply for a current account, you'll need to go to your local branch and speak to a customer adviser.  As you are under 16, you may need parental permission, so go with one of your parents.  You may also need some form of identification, so remember to take your passport, birth certificate or proof of address with you.  If you don't have any of these, you may be able to use your parents' details - as long as they go with you.

There are hundreds of accounts to choose from and it’s important you get help to get the most from your money.  Get advice from your parents or speak with a Connexions Personal Adviser. 

Helpful link:
Managing your money