Opening a bank account

Why have a bank account?

If you haven't already got a bank account then opening one is fairly simple and they're a great way to manage your money on a daily basis.

They're also really important if you're applying for EMA or about to start work, as it is unlikely that you'll be able to receive your payments without a bank account.

What sort of account should you get?

You've probably noticed that there are a lot of different banks out there, offering a whole range of accounts and services to new customers.  

But don't worry too much, because applying for a bank account as a young person can be fairly easy. What you'll need to decide is what you want from the bank account.  

Start by asking yourself the following questions:

• Do you want easy access to your money 24 hours a day?
• Do you want to use the account to save money for the future?
• Does the bank have lots of branches and cashpoints?
• Are they easy to contact (in branch, via the phone or through internet banking)?
• Do you want to be able to pay for your shopping on a card?

The options available to you might not be that great and a lot will depend on your age. For example, it is unlikely that you'll get an overdraft or high interest on your savings, but you should be able to negotiate things like debit cards and online banking.

Banks really want your custom and will often offer incentives like gift vouchers or free cash to join them.

How to open an account?

When opening a new bank account, you usually need to complete an application form and bring some important documentation with you so that the bank knows exactly who you are.

This usually consists of one or two documents from each of the following categories, but check with the bank about what exactly they need to see:

• Proof of identity (passport, birth certificate)
• Proof of address

After that's all done then it usually takes a couple of weeks before everything is set up but if you do have any problems with the application process then the banks will be only too pleased to help.

This page was last updated on 3 October 2009