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NatWest voted number one for student accounts

09 September 2009 / by Andy Davies

NatWest has been voted the number one bank for students by Your Money for the fifth year in a row.

Through its Student Account, NatWest offers students benefits such as a free five year 16-25 Railcard worth £130, to help reduce the cost of travelling to and from university, hundreds of discounts at high street stores, as well as a credit interest rate of 0.10 per cent.

In addition, as most students do get in to debt whilst at university, NatWest is also offering an interest free overdraft up to £1,250 for first year students rising to £1,600 when most students enter their third year.

Phil Cook, head of NatWest Student and Graduate Banking, says the bank wants to, "continue delivering financial advantages, such as the exceptional interest-free overdraft facility and practical benefits such as the Railcard".

"Never has it been more important to manage your money with a bank that really understands students’ core needs," he said.

He added: "NatWest also offers genuine student expertise allowing us to give each of our student customers the additional support they may need at this new and exciting time in their lives."

Michelle Slade, spokesperson for Moneyfacts.co.uk, believes finding an account with an interest free overdraft is important, she said: "As most students spend their university life living in their overdraft, it is worth finding an account that offers a good level interest free.

"Inevitably, many will require more than this limit, so it is also important to check the authorised overdraft that will be payable on any additional borrowing."

She advised students who do get in to financial difficult not to ignore their problems saying, "Unauthorised borrowing can be very expensive and soon mount up. If you tackle any issue head on, the bank will be more lenient and willing to help."

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