Budgeting and bank accounts

You will need a bank or building society account if you start work, want your own home or even want to save some money.

There is no legal age limit at which you can open a bank account but a bank manager can decide whether to allow a child or young person to open an account. There are restrictions on opening certain kinds of account, for example, as a young person you are not normally legally responsible for your debts so you are unlikely to be granted an overdraft.

Look around when opening a bank account and make sure you get an account that pays a decent interest.

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Top tip: Don’t splash the cash as soon as you have it – BUDGET!

This means keeping a record of all your income and outgoings and sticking to it.


 

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