Banks

What are Banks?

Banks are a place where you can keep your money.

Banks keep your money safe.

To join a bank you need to open a bank account.

People in the bank should be able to help you open an account.

Sometimes it costs money to have an account. Banks can charge fees.

How do Banks work?

Banks are organisations that look after your money. They make profits from bank charges, lending money, and the overnight money market.

There are rules for how Banks should look after your money. There is an organisation called the Financial Services Authority (FSA) that sets rules for the banks to follow.

The aim of a Bank is to make profit so they will probably charge you fees.

There are Building Societies that do a similar job to Banks.

You don't have to stay with the same Bank. Try to get the best deal by looking at what other Banks offer.

Opening a Bank Account

To open a Bank Account you will need to go to a Bank.

You need to have some money to put into an account.

You will need identification, usually with your signature or a photo on it.

You can have someone else helping you to look after your account.

What should Banks offer?

Banks should be able to offer different services, here is a list of just a few...