Bank Accounts

Let’s focus on ‘Bank Accounts’

I know it’s not the most exciting of things but the first step to managing your money is to open up an account with a Bank or Building Society. Banks offer services like current accounts, savings accounts and loans.

- Current – an account you would use everyday to pay in and take out money;

- Saving – a place to save your money for a rainy day;

- Loan – borrowing money.

When you start work then you will more than likely be paid into your Bank or Building Society account. And if you go to University then your loan payments will be paid into your back account too. So basically it’s a really good idea to set one up.

Before you do open your account it’s wise to do some research on the accounts that are available, and the banks that are offering them. Different banks offer different services with different benefits. Go for the one that suits you and your needs the best. Once you’ve done your research it can also be a good idea to go and talk to somebody that works at the bank and see how comfortable they make you feel.

You can compare current accounts using the Moneysupermarket site on the right:

Whatever you get – pocket money, benefits, wages – it’s important to make the most of it. Even if you have a lot of money, it’s easy to waste it, and when you only have a little, managing it is even more important.

Remember,

Keep it safe
Budget carefully
Spend it wisely!

Check out the Royal Bank of Scotland’s ‘youth page’ for more ideas about managing money.