UK Money News
4th August 2008
Students urged to look beyond account incentives
Students looking for a tailored bank account should ignore flashy gimmicks and pay close attention to interest rates and overdraft terms offered by providers, a price comparison site has advised.
Kevin Mountford, head of current accounts at moneysupermarket.com, said that teasers such as "gizmos and gadgets" being offered by some lenders should not distract students from the more important features of the accounts, which could help them manage their money more effectively.
He commented: "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.
"In general, overdraft limits are increased year by year, although the latest Halifax/Bank of Scotland account can offer up to £3,000 from day one."
Accounts recommended by the site include Abbey's new offering as well as HSBC's deal, which offers an interest-free overdraft of up to £2,000.
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