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Bank Account News
NUS: Ignore current account gimmicks - 20/09/2007
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Interest rates on current accounts are more important than gimmicks, a National Union of Students (NUS) spokeswoman has advised.
According to the union member, banks can be aggressive in their promotion of deals and add-ons, but students should keep a clear head and resist being lured by savvy marketing.
"The advice we give is that students shouldn't look at the gimmicks and they should compare like with like, with interest rates in particular," the spokeswoman commented.
She gave the example of HSBC's intention of withdrawing their interest-free overdraft for recent graduates as representative of the way in which banks lure students in with eye-catching deals "then attack you quite viciously".
High-profile protests against the HSBC plans - notably on social networking website Facebook - led to their withdrawal.
However, the NUS member claimed that people in higher education do not receive enough financial advice to help them navigate the world of bills, credit cards and overdrafts.
"Given all of those things are open to them, we'd hope they'd be given better advice financially," she said, pointing out that many students deal with such issues for the first time upon reaching university.
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