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Bank charges: Students advised to look at overdraft facilities of accounts

In order to avoid experiencing bank charges while studying, students have been advised to look into overdraft facilities of current accounts before picking one.

Independent financial research company Defaqto revealed that students should not be enticed by incentives on offer from banks.

David Black, insight analyst for banking at Defaquto, said: "Although money management may be the last thing they want to consider, doing the homework up front and getting the right account in place could pay significant dividends.

"Student accounts typically offer a number of incentives and, although useful, it is essential that students look beyond these and focus on what would happen if they were to become overdrawn."

He added students should also look at what an overdraft facility will offer students after graduation, noting that they should remember they will have to repay any money they borrow eventually.

A-level students are set to receive their results tomorrow (August 18th).

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800702750-ADNFCR

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