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PPI: Students should be 'wary' of account freebies

Students applying for a new bank account should be wary of accounts which offer free gifts and discounts, according to an expert.

Many banks try and make their accounts more attractive to students by including offers such as a free iPod or a young person's railcard.

Michelle Slade, of comparison site, advised this year's freshers to consider accounts with interest-free overdrafts.

She said: "Interest-free overdrafts are the most important feature of student accounts. Discounts and cinema tickets are tempting, but you may pay for them twice over, with a higher overdraft rate."

Halifax currently offers its customers the largest interest-free overdraft at £3,000 from the first year, while most high street banks operate a tiered system which gradually increases the interest-free overdraft.

Ms Slade added that some overdraft limits are subject to previous credit history, with a lower limit offered to those who do not fulfil the bank's lending criteria.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800057777-ADNFCR

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