Graduate Accounts

When you leave university as a graduate the chances are that you will be looking to open a more suitable bank account. Even if you already have a student bank account you should bear in mind that there are some very good graduate bank accounts out there that offer a range of benefits specifically for graduates, and these could really benefit you as your start out in the ‘real world’.

Firstly, it is important to remember that if you have decent credit you will have many banks vying for your business – as a university graduate they expect you to fall into a well paid job at some point and each bank will want you investing and savings your money with them.

In order to tempt you to open an account with them many banks will therefore offer a variety of seemingly tempting incentives and bonuses. However, you need to be able to look beyond the freebies and goodies on offer to ensure that the graduate account that you opt for really does offer good value and suitable benefits for your needs.

Many banks offer interest free overdraft facilities for graduates, which is ideal for those that are just finding their feet and trying to secure a suitable job. It means that you have the flexibility to spend, such as purchasing new clothes for interviews and paying for travel, without incurring any interest charges.

Make sure that you compare the overdraft facility and the interest free periods that are offered on graduate accounts from different banks, as these can vary. You should also bear in mind that some banks charge an annual fee for this type of account, much like some credit cards, so keep your eyes peel and make sure that you don’t end up signing up for a graduate account that you will have to pay annual fees on.

The interest free periods offered by banks can vary and some will offer up to five years. However, do bear in mind that there may be terms and conditions attached with some of these accounts, such as you may need to have been a customer with the bank as a student and the amount of the overdraft may fall on a year by year basis.

You need to compare a number of graduate accounts to determine which will best suit your needs, and you will find that both the benefits and the criteria with these accounts can vary from one bank to another.

It is important that as a student you maintain a good credit rating, which means that if you have a student credit card or a student bank account you operate it responsibly and efficiently. Your credit rating will determine your accessibility to graduate accounts, and obviously the better your credit rating the more choice you will have when it comes to selecting a graduate account.

The better your credit rating the better your accessibility will be to graduate accounts, and the better your chances of getting an account that offers a range of valuable benefits.

You can compare a range of graduate accounts with ease and convenience online, which means that even before you leave university you can start researching the different accounts available to you in order to find one that will suit you in terms of the benefits offered.

Once you have opened a suitable graduate account, and providing you run the account sensibly and responsibly, you can look forward to building a long and fruitful relationship with your chosen bank.