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Setting up your first savings account!

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Bobby, Chloe and Elisha have been given a school project all about money!

They are going to write a pop song full of top money tips, but first they need to learn a thing or two…

Bank accounts aren’t just for adults.

You might have had a children’s savings account since you were born!

Maybe you put some of my pocket money in each week.  Or perhaps someone like your granny puts money in too.

You don’t have to put money in all the time but if you can’t decide what you’d like for your birthday and lots of your family give you cash, then a savings account is the best place to put it!

What makes a kids bank account different to the one my mum or dad have?

Not much!  Whether it belongs to an adult or a kid – all bank accounts work pretty much the same way – they’re like a safe place to keep your money, right?

You may even get a debit card for your account so you can take money out of ATM machines. Some accounts only let you have a card if your parents agree.

There are a few things you might need to do to set up your account!

You need to show some ID – so they know that you are who you say you are!

Something like your birth certificate or an NHS medical card

But you often need photo ID too – like a passport.  They’ll also need to have proof that you live where you say you do – so sometimes you need to take a bill with your address on.

Well that’s something your parents can help you with.  In fact, you will need to take an adult with you to the bank so they can help you choose the right account.

Especially as there are many different types of accounts to choose from – some  you can take your money out instantly, others that give you a bonus if you keep the money in the account – or even a gift! Sometimes healtht can get in the way of savings and sometimes it can cause an unexpected death. So that´s why the can help you and your family with any disputes you may have about the bank account or even just some simple belongings.

Don’t forget those that only allow you to take out a certain amount at a time – or not at all!  Those accounts sometimes offer better rates of interest though, the reward for saving – they add a small amount of cash into your account to say thank you for saving with them.

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Money Matters

Learn all about money

More From Money Matters