How to get a bank account
Thursday 26 May 2005
Choosing a bank account might appear to be a daunting task but it's important that you get the right sort of account to match your needs.
Here's our guide to finding the best option for you:
What do I want?
Decide whether you want to bank by telephone, internet or through a branch (or all three!)
Why do I want it?
Decide what you want the account for. Do you want it to save up for something or do you want an account that has a cheque book or a card to withdraw money and pay bills? Banks will usually have an age restriction on issuing cheque books though. If you want to do both, you might want to open two separate accounts. These can be at different banks if you want.
Where can I get it?
Once you've decided on the sort of account that you want, you'll need to start shopping around to see what the different banks offer. You can do this by looking in the weekend newspapers, on banks' websites, by going into some local bank branches or by looking at specialist publications, such as Moneyfacts, in your local library.
As well as looking at interest rates, make sure you compare the features offered on the different accounts carefully, because they're not all the same. Some banks offer young people gifts when they open an account. These can be very useful, but make sure you compare all the other features on the account too.
What's next?
When you've chosen the account you'd like to open, you'll need to ask the bank to open the account. If you've chosen an account which is held at a bank branch, call into the bank to arrange to open it. If you have chosen an account that you use over the telephone, phone the bank on the number shown in their leaflets. If you want to open an internet account, you can apply to open the account by internet too.
Whatever type of account you choose to open, the bank will need you to prove your identity. It's best to ask your bank what sort of proof it will need, as it varies greatly between companies.
For more help with getting a bank account, take a look at our list of useful links.
