Having a bank account is a necessity in the modern world and one most adults take for granted. It is a different story for the young, whose age makes it complicated, if not downright impossible, to enter into a contractual arrangement such as with a bank.
This is a major drawback for a minor, particularly as they head into their teenage years and develop their own online presence, because shopping in the virtual world is all but impossible without access to a bank account.
Also, it is never too early to start saving and learning to manage money. Banks are in the business of keeping customers’ money safe and will hold a record of their transactions, doing away with the need to make a note of payments into and out of the account on pieces of paper it is all too easy to lose.