Under 18’s Bank Account

Published on 11 July 2012 by Raffick Marday

What Do You Need To Open a Basic Bank Account? Have A Look On The Topic

No matter how much you make per month, it is always advisable to save some money for the rainy days. It seems that currently it is on everyone’s mind to save money at an age of slow economy. But when you have money, you are always gripped by this never detachable feeling of spending them away. To avoid it, the best thing is to go by the old say, “out of sight out of mind”.

So, open a basic bank account where the money is kept safely out of your sight. Over the years, banking industry has modified itself, thus leaving you with wider choices. But basically the procedure of opening a bank account remains the same.

Now, let’s check out the ways how to open a basic bank account:

  1. Firstly, if you want to open a basic bank account, then for the initial deposit you need to have either a check or cash. Then, go to a bank, get necessary details and tell the banker that you want to open a basic bank account. Once done, handle the banker your valid identification which is required to check your eligibility to open an account.
  2. Secondly, once you are done with basic formalities, and then tell the banker whether you want to deposit your check manually or electronically. If you favor direct deposit, then provide the banker with your employment details. The banker will give you a form which you need to submit to your employer. Then you check the type of check design.
  3. Then it is time to deposit your money. Sign a membership card and choose your PIN number for your debit card. You can get the debit card instantly, or the bank might send it to your residence. Then the banker will give you a folder containing bank rules and temporary cheques. Before leaving you must ask the banker about the minimum balance required to keep the account open.
  4. Finally, ask the banker about precautions they take for identity theft protection. Also ask the monthly fees that will be deducted for maintaining your account and also the day when it will be deducted. Now, once your basic bank account is opened, make sure you keep a proper track of your spending.

So, these were the following steps one needs to follow before opening a basic bank account. So, open your bank account and enjoy the same.

The advantage of opening a Basic Bank Account for under 18 ‘s

Teenagers’ shopping habits and powers have changed considerably after the years as they have become more independent wanting to manage their own money with a debit card facility attached to their bank accounts.

Teenagers will tend to use the internet more to see who is offering the best deal, if this is your first time searching to open bank account with a debit card, which is an everyday account, you should consider comparing the various bank account with debit cards that are sold in the market. As a matter of fact, each bank account card has its own terms and conditions and one should pick the one that meets his need the best. One can take the help of Compare Prepaid comparison website as we carry out reviews of the various bank accounts with a free debit card available.

Compare bank accounts for under 18 ‘s

There are several new basic bank accounts for under 18’s on the market like HSBC and Barclays are some of the most popular as well as Abbey. The Abbey Esavers basic bank account is ideal for anyone over the age of 16 years and can be opened with a minimum £1.00 deposit. With full online banking and you can visit your local Santander branch.

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