3.1 Why open a bank account?

Banks provide a variety of very useful services to their customers. One of these services is a bank account.

Below is a list of benefits of a bank account.

Click on each number to learn more.

Debit cards

A debit card is linked with your bank account. So, when you use your debit card to make purchases, you are basically spending the money you have in your bank account.

When you are legally an adult (18+), your debit card provider may offer you an overdraft facility. An overdraft facility allows you to make small purchases when you do not have enough money in your account.

However, it is very important to note two things:

• First, you have to pay back the money that you used from the overdraft facility.

• Second, banks normally charge a very high fee and/or interest rate when customers use their overdraft facility.

So, try to avoid using an overdraft unless it is an emergency.