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Students advised on bank accounts
05 August 2008
University students need to be aware of the benefits and drawbacks of opening a student bank account, according to a price comparison website.
Banks are likely to entice students with special offers and gimmicks as over a quarter of people stick with the one bank throughout their working life but they need to look beyond the flashy giveaways, according to moneysupermarket.com.
Kevin Mountford, head of current accounts at moneysupermarket.com, said: "The industry uses teasers to draw in students, however these can often detract from the core features. In a lot of cases, the overdraft element will prove to be far more relevant for students."
While some bank accounts can offer large overdrafts students should not be tempted into spending it all at once and getting into debt, claims Mr Mountford.
"Students need to remember the golden rule though – that overdrafts will need to be paid back at some stage," he added.
Research by the National Union of Students revealed that the average person leaves university with around £20,000 of debt.
