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Moneyfacts issues graduate advice

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Searching for the best current account provider may be the last thing on many graduates’ minds when leaving university, but shopping around could save money according to Moneyfacts.

Michelle Slade, analyst at Moneyfacts, said: “There are only six UK providers of graduate finance, so choice is limited to the major players.

“Graduates will often remain loyal to their student account provider. However, as long as you have proof of qualification and have managed your account within your agreed overdraft limit, there is no reason why you shouldn’t switch to a better deal.

“Debt is likely to be spread between the Student Loans Company, bank overdraft, credit card and parents.”

Moneyfacts’ top tips include devising a monthly budget, working out a debt repayment plan and checking how much you can borrow interest free on a graduate overdraft. It also advises against rushing to pay off student loans as these are usually at a low rate of interest.

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