It's an arrangement you have with a bank where the bank agrees to look after your money.

If you are under 15, you can open a savings account and you may get a cash card to withdraw money. You may get interest on the money you have in your account.

If you are 16 and over, you may be offered a young person's account, but not necessarily a chequebook and certainly not a credit card. You will get a cash card to withdraw money and you may get interest on the money you have in your account.

If you are 18 and over, you may be offered current account (with a chequebook), and a switch card (plastic card that can be used to draw money from your account).

Can anyone open a bank account?

Anyone can apply - but not everyone is accepted (see below for reasons and how to deal with a refusal). The final decision rests with the branch manager.

How do I open a bank account?

To open an account you need:

• proof of your identity:

  a current valid UK driving licence
  a current valid passport
  an employer's identity card, with a signature and photograph,
  an armed forces identity card

• proof of your address

Can a bank refuse to open an account?

Yes. They may refuse you if you have had serious money problems, such as being taken to court for non-payment of debts, or if you have been declared a bankrupt - even if the reasons for your debt weren't your fault.

If you find yourself in this situation, then make an appointment with a senior member of the branch staff and be completely honest about the past. This is the best way to allow the bank to make a decision based on all the facts.

If you feel that the bank has refused to open an account for you because it has wrong information about you, then go back to the branch and ask to explain the error to someone in a position of authority in the branch.

Banks and Banking Information

British Bankers Association
Facts about Banking and Accounts http://WWW.BANKFACTS.ORG.UK/

Choosing a bank

This is a personal decision. Consider:

• asking a trusted friend or relative to recommend one.
• finding a bank with a branch that you can get to easily to deposit or withdraw money.
• choosing a bank with the right type of account - most banks have accounts that cater for different age groups and different needs, but they are not alike, so it pays to ask some questions.

Does the bank have an account specifically designed for young people?

How does the account work? (The bank is bound by law to tell you how your account operates)

Are there any special offers with the account, (e.g. money-off vouchers, cash back, etc)?

Do you have to pay bank charges for having the account and how much are they? (The bank is bound by law to tell you the charges it makes.)

What can I do if you I'm not happy with the account?

Can I have more than one account, (e.g. a spending account and a savings account)?

How easy is it to arrange an overdraft/ loan if I need it?

Links

Larger branches of most banks can be found in towns, cities and large shopping centres. There may be smaller branches of some banks in the suburbs or in outlying districts of towns and cities. Many banks also offer telephone banking services and Internet banking services - although they may charge you extra for this.

Lloyds Bank
http://www.lloydsbank.co.uk/

TSB
http://www.tsb.co.uk/

NatWest
http://www.natwest.co.uk/

Midland Bank
http://www.midlandbank.co.uk/

First Direct
A telephone bank with no high street branches. Money can be withdrawn from nominated cash points (including those of the Midland Bank).
http://www.firstdirect.co.uk/Pages/home.html

Nationwide
http://www.nationwide.co.uk/

Abbey National
http://www.abbeynational.co.uk/

The Coop Bank
http://WWW.COOPBANK.CO.UK/

Bank of Scotland
http://www.bankofscotland.co.uk/home.html

Citibank
http://www.citibank.com/uk/

Want to compare the interest rates and account fees charged by the different banks? Then check out: Student, Young People's & Graduate Bank Accounts & Overdrafts
http://www.namss.org.uk/banks.htm

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