Moneynet.co.uk issues tips on how to use best student bank account

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Moneynet.co.uk issues tips on how to use best student bank account

Britain's students are able to take advantage of a range of top offers as the main high street banks look to sign them up during their university years.

While many institutions are still wary of offering credit, according to the financial advice website, they are also keen to "grab a decent slice of the student banking market", spelling good news for those set to start university in the next few weeks.

However, the site has advised people to do their research first before signing up to a student bank account, with the differences between products often quite remarkable.

In particular, students have been advised to keep an eye on their accounts so as to avoid being stung by unauthorised overdraft charges and to transfer any spare money they do have from a current account to a savings account.

In addition, the website has also advised against signing up to a student credit card, as some banks charge APR rates of up to 20 per cent.

At the same time, Moneyfacts.co.uk has told new graduates to try and pay off credit card debts first, since these are often the most costly.

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