As you get older you become more and more responsible for looking after your own money. It is no longer simply a case of going to your parents or carers and asking them to buy you something; you have to take responsibility for your own finances.

As you go through life there will be times when you have to budget your money in order to make it go further, there will be times when you have to prioritise what you spend your money on and more often than not it will be spent on something you don’t really want to spend it on for example a gas bill or rent but really you want to spend it on the latest CD or pair of trainers!

Getting to grips with money from an early age is important and the sooner you can open your own bank account the more experience you will get in managing your finances.

Current accounts are a simple bank account they allow you to withdraw money from a cash machine, transfer money to other accounts and earn interest on your cash ( interest is what the banks pay you for keeping money with them. It is often a percentage rate so the more money you save, the more interest you accumulate.) As well as earning interest you can pay interest, for example if you go overdrawn on your account (spend more money than you have in there) the bank will charge you interest for using what is in effect their money.

Although you may already have a savings account set up in your name, current accounts allow you to control what goes in and out of your own account more closely and access your money when you need it through a cash machine.

You should be allowed to open an account from the age of 11, and there are all sorts of incentives and offers of free gifts and discounts to make their accounts more attractive. Speak to a number of banks to see which is offering the best deal for you, do not base your decision on who is offering the best gift because in the long term, this may not be the most suitable account for you.

To apply for a current account, you’ll need to go to your local branch and speak to a member of staff. As you are under 16, you may need parental permission, so go with one of your parents. You may also need some form of identification, so remember to take your passport, birth certificate or proof of address with you. If you don’t have any of these, you may be able to use your parents’ details, check with the local banks in you area.Contact a Personal Adviser on 01384 811400 for more help and advice in setting up a bank account.