Bank Accounts

If you're earning a wage or claiming benefits, you'll probably need a bank account. There's a range of current accounts available, but which one suits you best?

There are hundreds of accounts to choose from, but to find out which is the best for you, think about the things you'll be using the account for:

• do you want easy access to your money 24 hours a day?
• do you want to save money for the future?
• do you want to be able to pay for your shopping by using a card?

Whatever you want to do, the first thing you should check is how old you have to be to open the account. You should be allowed to open an account from the age of 11, but you may not get certain benefits, like a cheque book, until you're older.

Banks also offer free gifts and discounts to make their accounts sound the most appealing. Although the idea of a new MP3 player or money off vouchers at high street stores can seem like a great idea, you shouldn't choose an account on the amount of freebies you get. Make sure that the account is convenient for you.

You should also check whether your account can be managed on the telephone and whether it has a 24 hour customer service line.

Current accounts

Current accounts are a simple bank account, and allow you to withdraw money from a cash machine, transfer money to other accounts and earn interest on your cash.  You may already have a savings account set up in your name, current accounts allow you to control what goes in and out of your own account more closely.

What you'll get from your bank

It all depends on how old you are. Most accounts will give you a card that you can use to withdraw money through a cash machine, but you may not receive a debit card or a cheque book that you can use to pay for goods until you reach 16.

Certain internet banks don't allow under-18s to open an account through them, and you won't be able to get an overdraft until you're 18.

You'll also be paid interest on your money, depending on how much money you put into your account and how long it stays there. When you're choosing your account, the rate of interest is an important factor to consider, but if you do want to save your money, you'd be better off looking at savings accounts instead of current accounts.