Legally you can:

• Open a bank account with parent's signature at any age
• Open a savings account with parent's permission at age 7
• Open a current account, get a debit card at age 16

As you get older you will need an account to pay in your wages and other money. There are many different kinds of accounts available but they basically fall into two types: current and savings.

Current Accounts

Current accounts make it easy to put money into the bank for safe-keeping and then take it out whenever you want it (subject to daily withdrawal limits). All banks are not alike, so shop around. Things to look at:

• Minimum opening balance
• Interest paid on balance
• Charges
• Cashpoint services: locations, charges etc.
• Convenience: Saturday opening, internet, telephone banking

Beware of banks that try to lure you into opening accounts with offers of free gifts and cash. Stick to the criteria above to determine where you'll get the long-term service you want at the best price.

Savings accounts

Banks and building societies offer savings accounts for young people under 18, often called 'children's accounts'. This may sound demeaning but they often offer higher rates of interest than other types of savings accounts.
Building societies differ from banks because they have no external shareholders. This makes it possible for them to offer better rates of interest on savings, but this isn't always the case. Again, it's important to shop around for the best interest rates, the lowest charges, and the most convenience and service.