3.3 Shop around for a bank account

Woman sitting with her laptop and browsing banks.

Bank accounts tend to be very sticky in the sense that people usually do not change their bank accounts for many years (some keep the same bank account their whole life).

At this stage, you may have to open an account in the same bank where your guardian or parent has an account. However, when you are able to open an account without your parent or guardian, then make sure that you compare the benefits of bank accounts offered by different banks.

For example, bank accounts may differ in terms of interest rate or overdraft facility (again, avoid overdraft as they could be very costly). Moreover, some banks may offer perks like shopping vouchers and a small cash bonus.

Most accounts include apps that help you with your monthly budgeting. Some apps may also offer free financial education or tips to manage your money.

Doing basic online research

Timing: 20 minutes

Spend 20–30 minutes doing your own research on the benefits of accounts offered by different banks in the UK.

Talk to your school friends or teachers about what you find interesting about bank accounts.

Use the box below (or write down in your notepad) to make notes.

To use this interactive functionality a free OU account is required. Sign in or register.
Interactive feature not available in single page view (see it in standard view).

Moving on

 

When you are ready, you can move on to Session 4: Savings account [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

 

A paper arrow travels across the sky.

3.2 Opening a bank account

Acknowledgements