Everyone should have a bank account. It's a much more secure way of looking after your money than stuffing your cash into a mattress, and you can earn interest on your money. However, there are still many people who don't have a bank account, as this quote from the Financial Services Authority shows:

'Fear of banks and of being seduced by easy access to credit are some of the main reasons why more than a sixth of the adult population does not have a bank account ..... Other reasons include a misunderstanding about the documentation needed to open an account and the idea that you have to be employed before you can have one.' (Source: www.fsa.gov.uk )

In this article, I will provide information that hopefully will help overcome any fears about opening a bank account and answer some of the questions that you may have.

For someone approaching a bank for the first time, it's useful to know what types of account you should open. Your first priority should be to open a checking/current account, as a means of having money paid to you and withdrawing money. Some of the key features of current accounts are:

- you will be paid a little interest on any positive balances that you have.
- you will normally get either a cash card or a debit card to enable you to withdraw money from a cash machine. (With a debit card, you can also make payments in shops)
- You may be able to open an overdraft facility, which will enable you to benefit from short term borrowing although you will be charged interest on the amount borrowed.
- And you may get a chequebook, meaning that you can pay for items by cheque.
- Charges will apply if you exceed your balance limit. And some accounts charge a monthly subscription fee for having the account, especially in the US.

For those who are concerned about succumbing to the temptation of credit, there are basic banking accounts that don't allow you to become overdrawn.

The other type of account that you should have is a savings account. Usually an instant access account is desirable so that you can get immediate access to your cash if and when you need it. The benefit of a savings account is that you will get a much higher interest rate than you would on your current account. Savings accounts are very straightforward with no overdraft facility.

If you're a student, graduate, or are under 18, then you may find that banks offer specialist accounts aimed at your customer segments. These may include benefits tailored to

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