Switch to the best graduate current account - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Switch to the best graduate current account

Switch to the best graduate current account

Category: Money

Updated: 31/10/2008
First Published: 16/09/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Forget loyalty - switch to the best graduate current account

After the first euphoria of graduation and the heavy partying is over, it is time for recent graduates to come back down to earth and think about the future, including getting their finances sorted.

More than 230,000 students graduated this summer, and most of them will have accumulated some kind of student debt while at university. While graduates will hardly be able to do much about their debt immediately while still looking for their first job, the least they can do is not let it grow any further.

First of all, new graduates should find the best current accounts for their particular situation. Most of them will have been on a student bank account with beneficial rates and terms such as an interest-free overdraft for the duration of their studies.

However, after graduation the bank might withdraw these benefits and the new graduates may suddenly face soaring overdraft charges if they do not keep an eye on their spending and the balance of their current accounts - and consider switching to one of the deals available for new graduates.

Many Britons hardly ever think about their current accounts, and even less about switching to another bank. According to the Office of Fair Trading just six per cent of bank customers' switched current accounts in the past twelve months.

However, the interest rates, benefits and extras offered differ considerably from provider to provider and customers could potentially save themselves hundreds of pounds looking for a better deal.

All major banks including Abbey, Barclays, HSBC, Lloyds TSB, RBS and NatWest offer graduate current account packages with free overdraft facilities which decreases over two to five years.

Related Links:


Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?
 
Close