How To Choose A Graduate Account

University is one of the most exciting and liberating times of your life, however if you’re just starting to come to terms with the debt, you’re going to want to see all of your available financial options. Let’s start with the good points of student finance: not all of the financial perks associated with your student status are going to stop. Many banks that provide student accounts also recommend graduate accounts too, so it’s best to find out your current bank’s graduate offers before you make any decisions.

In order to help you manage your student overdraft, we’ve researched some of the best graduate accounts on the high street. If you’ve already got a graduate account, you may find that it’s not the best deal on the market, so as well as taking our advice, why not do a little research of your own, and see what account is best for you. Graduates may also want to consult IVA Expert, a company that can assess your debts with a debt calculator. Allowing you to tackle your post-university debts head on.

HSBC Graduate Account

This account is available for around two years after you graduate, and is only open to students based in the UK. This account is a good choice if you haven’t found a full time job, as there is no minimum monthly payment required.

Students in their first year of graduation can apply for a £1,500 overdraft that’s interest free, and this falls to £1,000 or less during your second year of graduation. Graduate account holders also have the option of applying for loans with low annual interest rates, for amounts between £7,000 and £15,000.

There are also some perks to this graduate account. If your mobile phone contract is with T-Mobile, Tesco Mobile or O2, you receive free mobile banking, and your account also comes with free credit reports and theft assistance.

Barclays Graduate Additions Account

This account is available for three years after graduation, costs £7 per month, and you’ll also have to have a job or firm job offer in place in order to qualify. When it comes to the overdraft, graduates will be able to get £200 straight away, and then apply for up to £3,000 interest free – however this does depend on when you graduated.

As you’re paying for this account, the extras aren’t really freebies, but you will have access to mobile phone insurance and breakdown cover.

Lloyds TSB Graduate Account

This account is available for up to three years after you finish university, however you will have to fork out a minimum of £500 into the account every month as well as paying your wages into it. This graduate account offers a variety of overdrafts depending on how long you have been graduated, and you will be able to apply for 9.9 per cent APR loans between £5,000 and £10,000.

RBS Graduate Royalties Account

This account is also available for three years after you graduate, however you don’t need any monthly wages or payments going into the account to be eligible for the overdraft. Again, this graduate account offers a selection of overdrafts depending on how long you have been graduated, and this account offers the best variable APR rate of 3.8 per cent on loans up to £15,000. Perks include saving 25 per cent off tickets, and 10 per cent off flights.

This article was contributed by Lloyd on behalf of IVA Expert.