Banks offer loads of options to young people and can help you make the most of your cash. Here’s some advice to get you started.
Your account
If you’ve got money coming in, you’ll need somewhere to keep it. A current account lets you keep track of your money, and makes it easier to pay for things.
Most banks offer accounts for young people of all ages, with different options, including:
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24 hour access to your cash
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Paying for things by card
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A cheque book
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An overdraft
- Online banking
To open an account, you will need some official identification, like a passport. Banks have advisers who can explain what to do, and what they offer. But before you sign anything, shop around. It’s your money, so make sure the bank you choose will take good care of it.
Credit Cards
Once you’re 18 you might consider applying for a credit card. They are one way of paying for things over a longer period of time. Paying for things in this way means you end up paying more for what you buy – this is called ‘interest’.
Most companies will offer you deals on how much interest you have to pay on your purchases – so, again, it helps to shop around.
You will have to pay back a minimum amount every month. If you don’t keep up your payments, you may end up dealing with debt. If you think you may be getting into debt, don’t ignore it. Connexions can put you in touch with local services and help you deal with your debts properly.
LET US HELP
Our Personal Advisers are here help you with things like application forms, and understanding your statements. You don’t need to make an appointment – just drop into your local Connexions or give us a call today.