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Fee-free banking should be student priority, expert advises

Thu, 06 Jul 2006

Students should look for fee-free banking and interest-free overdrafts, an expert advises.

Although iPods and free CDs are often a powerful draw, students should focus on the best banking option for them, claims moneysupermarket.

Students are also advised to shop around carefully to find the right banking option before they head to university.

Stuart Glendinning, managing director at moneysupermarket, said: "When it comes to the banks beating a path to your door, students should know why they are so valued.

"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."

moneysupermarket claims that the most important features when choosing a student banking option are fee and interest-free overdraft, any other charges, easy access to cash and banking services and then the "freebie".

In addition to banking advice, moneysupermarket offers its users advice on credit cards, personal loans, mortgages, savings accounts and a range of insurance products.

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