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Students 'need to find best overdrafts'

By Sarah Engle, Tue 3 Aug 2010 - Published in Banking

Those heading off to university next month should start studying now to find the best bank accounts, it has been suggested.

Moneyfacts.co.uk pointed out that most people leave university saddled with a five-figure debt, so using the best financial products now will help them in later life.

Michelle Slade, a spokesperson for the organisation, commented: "As most students spend their university life living in their overdraft, it is worth finding an account that offers a good level interest free."

She added that Halifax currently offers the highest interest-free overdrafts, with students able to apply for a limit of £3,000 from their first year.

The representative also noted other accounts use a tiered approach, which gradually increases their limit over their years at university.

In addition, Ms Slade warned students not to base their decision on the perks offered by various accounts, as the most important consideration should be the overdraft rate which is applied.

Recent research by Confused.com found that 71.9 per cent of people are puzzled about how to use their money wisely.