'Make the most of being courted', students told

07 July 2006
Financial comparison website Moneysupermarket.com has told students to be aware of the value of their own custom when it comes to selecting their bank for their university years.

Stuart Glendinning, managing director at Moneysupermarket.com, said that students should be made fully aware of the importance banks place upon securing their business for the long-term and students should view the process in the same way.

Mr Glendinning warned that the likelihood is that students will be enticed by the headline-grabbing freebies, such as iPods and CDs, rather than what services each account has to offer.

"When it comes to the banks beating a path to your door, students should know why they are so valued," he said.

"The banks are keen to secure students' business because the start of university is one of the key life stages at which people might open a new current account and they are a viewed as a lucrative long-term customer.

"Students should make the most of being courted by the banks but recognise that, though little profit may be made out of them while they are studying, payback will commence after they graduate," Mr Glendinning added.

Three of the main considerations for students when it comes to choosing a bank should be how much interest-free overdraft is on offer, what charges are attached to the account and how convenient is the nearest branch to your location of study.

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