- Money management: A bank account teaches you how to manage your money, track your spending, and start budgeting. Learning these skills early helps you develop good financial habits that will benefit you for life.
- Understanding banking: You'll get familiar with basic banking operations, like depositing and withdrawing money, understanding account statements, and using online banking.
Here are just some of the reasons why opening a bank account is a good idea:
Learning financial responsibility
- Money management: A bank account teaches you how to manage your money, track your spending, and start budgeting. Learning these skills early helps you develop good financial habits that will benefit you for life.
- Understanding banking: You'll get familiar with basic banking operations, like depositing and withdrawing money, understanding account statements, and using online banking.
Building independence
- Control over your finances: Having your own bank account gives you control over your money, making you more independent. You won’t have to rely on your parents for every financial transaction.
- Earning your own money: If you have a part-time job, you can have your wages paid directly into your account.
Saving for the future
- Start saving early: Opening a savings account allows you to start saving for future goals, like university, a car, or even a trip. You can set savings goals and track your progress.
- Interest earnings: Some savings accounts offer interest, meaning your money can grow over time, even if it’s just a little bit.
Developing good credit habits
- Foundation for credit: While you may not be ready for a credit card or loan yet (you need to be 18 years of age for any credit agreement), having a bank account helps you establish a financial history. This can be important when you’re older and ready to apply for credit.
Convenience and security
- Safe storage: Your money is safer in a bank account than in your wallet or at home. Plus, in the unlikely event that your bank failed, your money is protected up to certain amounts with depositor protection schemes.
- Debit card access: With a debit card linked to your account, you can make purchases online or in stores without needing to carry cash. It’s also easier to track your spending with a debit card.
Learning to use financial tools
- Online banking: You’ll learn how to use online banking, which is an essential skill in today’s digital world. You can check your balance, transfer money, and even pay bills online.
- Mobile banking: Manage your account from your phone, giving you instant access to your finances wherever you are.
Preparing for adulthood
- University and beyond: When you go to uni or start working full-time, you’ll need a bank account to manage expenses, pay bills, and save money. Starting now gives you a head start.
- Job requirements: Many jobs require a bank account for direct deposit of your wages. Having an account ready makes it easier to start working when you get a job.
What bank accounts can I open with Santander International?
The minimum age to open any of our current and savings accounts is 16. Once you turn 18 then you are eligible to apply for a mortgage or a Charge Card.
Please see our Products page which has details of all of our current account and savings accounts. If you’re not sure please speak to one of our team who can help explain the features and benefits of each account.
If you live in Jersey or the Isle of Man please visit the Santander Work Café and speak to one of our friendly team. You can pre-book an appointment in Jersey and the Isle of Man.
What do you need to open a bank account?
To open a bank account you will need to provide us with certain identification documents so that we can check that you are who you say you are. This is because, like all banks, we have to comply with anti-money laundering legal and regulatory requirements.
The identification documents that we require from you are outlined in our Documents you will need to provide form.
If you are under 18 and living at home with your parents/guardian, we appreciate that you may not have any of the documents we require for proof of address. If this is the case, then we can accept a letter from your local government addressed to you, for example from Jersey's social security office or from the Isle of Man tax office.
If you do not have such a letter then we can accept an attestation from your parent/guardian using our Parent/Guardian Attestation form together with a suitable proof of address in their name. If your parent/guardian is an existing customer with us then they only need to complete the attestation form.
What information will I be given when I open a bank account?
Account number: This is unique to you and your account and will identify you as the owner of that particular account.
Sort code: This is a unique identifier used in the UK to route payments between banks. It consists of 6 digits and is formatted as three pairs of numbers, e.g. 12–34-56. To make a payment you will usually need both the sort code and the account number of the recipient. The sort code directs the payment to the correct bank and branch, while the account number identifies the specific account within that branch.
You will need to provide your account number and sort code to your employer so that they can arrange for your wages to be paid into your account.
Customer reference: This is a 9 digit number that helps us identify your relationship with us, including all of your accounts held with us and your personal details held on our system records.
International Bank Account Number (IBAN): This is used by banks around the world to identify bank accounts. It starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. It is used to provide additional information when identifying overseas payments.
Situs: The situs of your bank account refers to the legal jurisdiction or location where your bank account is considered to be held or maintained. When you open an account with Santander International if you live in Jersey you will be given a Jersey situs account and if you live in the Isle of Man you will be given an Isle of Man situs account. If you live outside of Jersey or the Isle of Man you account will be Isle of Man situs.
What else do I need to know?
What is the difference between a BACS and a SWIFT payment?
BACS and SWIFT are both payment systems but they are used for different types of transfers.
BACS payments are ordinary transfers between UK bank accounts they are fee free and usually take up to 3 business days to clear.
SWIFT payments are specially designed for international transfers and usually have a fee charged by your bank.
What is the difference between a debit and a credit card?
A debit card is linked directly to your account. When you spend money, it's taken straight from your account balance.
A credit card allows you to borrow money from the card provider to make purchases. You'll need to pay it back later either in full or in installments, often with interest.
What is Foreign Exchange?
Foreign exchange is swapping one currency for another, like exchanging pounds for euros when you travel.
Currency values change based on supply and demand, so the amount you get can vary.
Are there any charges and fees?
There are no monthly fees for your account however some transfers/payments may incur a fee.
For full details of other charges that may be applied to your account please refer to our charges leaflet.
Is my money safe?
Accounts held with Santander International are covered by the depositor compensation scheme for the jurisdiction in which the account is held.
A depositor compensation scheme is a safety net that protects your money if a bank goes out of business.
Click here for more details of the Jersey and Isle of Man Depositor Compensation Schemes.
What do you do with my personal information?
We use your personal information to handle your account, protect your money and meet legal requirements.
We also use it to provide you with the right services, while ensuring your data stays secure and private.
For more information about how we use your personal data, together with details of your personal data rights please refer to our using my personal data leaflet.
Ways to apply
In branch
Jersey
Santander International
13-15 Charing Cross
St Helier,
Jersey
JE2 3RP
Channel Islands
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Isle of Man
Santander Work Café
Market Hall,
North Quay
Douglas,
Isle of Man,
IM1 2BQ
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Phone
Call us on 08000 84 28 88, if calling from a UK landline or mobile, or +44 (0) 1624 641 888, if calling from overseas
Lines are open 9am – 5pm UK time, Monday to Friday (except Wednesday when we open at 9.30am)