If you had a dollar for every time you thought about bank accounts, you’d have…no dollars, right? We get it – between school, lessons, unlocking secret Snapchat filters and handling friendship drama, money management is the least of your worries.
But maybe you’re fed up of your allowance running out before the end of the week, or you want to save up for something special, like Decibel tickets or a trip to Tobago after exams. The time might be right for you to start saving in a proper account.
But I Already Save!
That’s fantastic! Respect to the little jam jar or piggybank that’s been holding your loose change. They served you well, but think about this – when you put that same loose change into a RightStart account at Republic Bank, you’ll actually earn interest on your deposit! That means the money left in your account at the end of the month ($20, minimum) will increase by 0.15%! We know that little glass jar didn’t do that for you! Not only can you earn more money just by saving with a RightStart account, you can also save money with special discounts at merchants all over the country!
Actually having to go to a bank…you’d rather practise 100 Spanish vocab drills than deal with it, right? Who can blame you – teenagers are busy people! That’s why we’re bringing the bank to where you live with our RepublicMobile App! Aside from opening an account, almost everything you’d ever need to visit a bank for can be done right on your phone!
Tell Me More…
Opening an account is dead simple. First, talk to your mom and dad about your intentions, since you’ll need them for this part. Here’s the checklist of the paperwork your parents will need to open the account for you: (You can skip this boring part, but make sure they see it!)
- 2 Forms of ID (e.g. National Identification Card, Passport or Driver’s Licence)
- Utility Bill; Authorisation Letter if Bill is not in your name
- Job Letter
- Pay slip
- Reference Letter (In some cases)
- Required Deposit for opening minimum- $20
By now you should be a brand-new RSTeen accountholder – welcome to a whole new world! Next up, we’re revealing 3 hacks to make your weekly allowance last longer. Watch this space!