A bank account is most likely one of those ‘lifetime’ matters that we will have to go through at some point. Other than it just making sure that your money is all kept in one central place, it also makes it easier for you and other people to send one another money and learn other beautiful and financially educational things. In summary, a bank account helps you with the following:
There are many other benefits of having a bank account, but the ones highlighted above are the most simple and easy to understand especially for someone who is about to open their first bank account. I would encourage you read up on other benefits on the bank websites. Most banks have youth accounts, and as at the time of writing this blog, these were the accounts on offer for some of the most popular banks in the country.
It is so refreshing to see how banks have shifted their focus from just being about collecting and keeping our money, to educating us as their customers about healthy and smart ways to manage money. Examples of such banks are:
To open an account you would need the following (please check with the relevant banks for the full list of documentation required):
Please note that accounts can be opened by going into the branches or online, for some banks.
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