Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Graduate Finance, Bank Accounts Overdraft and Fees Analysis

Personal_Finance / UK Banking Jul 16, 2009 - 08:53 AM GMT

By: MoneyFacts

Personal_Finance

Best Financial Markets Analysis ArticleAs another academic year draws to a close, many graduates are leaving university to enter very challenging times. The recession is having a detrimental effect on the number of jobs available, so it is important that students take their finances seriously.


Louis Kaszczak, Head of Moneyfacts.co.uk, comments:

“After years of studying, it is unlikely that sorting out their finances is the first thing on graduates’ minds, but with many leaving university owing a five figure sum, finding the best graduate account for their circumstances could help save them money.

“Many graduates will inevitably remain loyal to their student account provider, but there is no reason why they can’t switch to get a better deal.

“In the first year, the level of interest-free overdraft on a graduate account ranges from £1,000 up to £3,000. Additional authorised borrowing is typically charged at between 9.9% EAR and 19.9%. Shopping around is key to ensure you don’t end up paying more interest than you need to.        

“Many may discount the Barclays Bank Graduate Additions account because of the £5pm fee, but with an additional £1,000 interest-free overdraft in the first year compared to other non fee paying accounts it is worth considering.

“Many accounts offer incentives in order to attract your business, but they should be a bonus and not the reason for selecting the account.

“In order to get your student debt paid off, the first thing you need to do is to work out exactly how much you owe. Then you can work out a monthly budget and decide how much you can afford to repay towards your debts.

“As with any debt, paying off those charging the highest rates of interest first is key. The average rate payable on a credit card is 18.1%, while the interest payable on your student loan is much lower (in line with inflation).

“Graduates are key targets for banks, as many will go on to well paid jobs and will likely buy other financial products such as mortgages from them in future. If you do start struggling with your debt, don’t bury your head in the sand. Instead, head into your local branch where advisers will help you get your finances in order.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in