Bank accounts help you manage your money everyday. As a young teenager, banks will give you great deals because they hope that by looking after you now, they will keep you as a customer of theirs when you are older.
So why have a Bank Account?
Bank Accounts are extremely handy because they help you manage your money so that you can pay your bills, receive money from future employers and others. And of course the most important of all, bank accounts offer you a safe place to help you save your money for your future.
Banks will offer you teens basic savings accounts that then throughout time will change into more advanced accounts when you become 16 or 18. As a teenager, the best account you need now is a Current Account. Current accounts will provide you with daily banking and should offer you all the following:
- a secure place to store your money until the time comes when you wish to spend it
- a detailed summary of all your day-to-day financial transactions
- an easy way to pay your bills
- access to your money through a number of branches and cash machines
Did you Know the British Sterling Pound Coin weighs 9.5 grams, consisting of 70% copper, 24.5% zinc and 5.5% nickel
Puting money into your account
You can pay money into your account through a various number of ways, including:
- Making a trip to your local bank and pay it in 'over the counter'.
- You could post a cheque. But always remember Never post cash as it can always go missing (and you will never see it again).
- Most bank branches will have a special post box where you can simply put your money into an envelope (which your bank will supply you with) and then you can post it into their special box.
- Other people, such as employers may want your account details to be able to make a direct transfer from their account into yours.
When paying money into your account, it is called a 'deposit' and sometimes you will have to fill in a special form when you make a deposit. Always ask your bank for help if you are not sure on anything. Remember they are there to help you manage your money properly.