Graduate Bank Accounts
Most major banks offer graduate bank accounts and other financial services specifically tailored for graduates. These accounts can help you to manage your money and student debt effectively. You have to apply for these accounts within so many years of graduating.
Graduate accounts offer a range of different facilities such as preferential overdraft and loans rates and commission free currency and travellers’ cheques.
Most accounts also offer a Graduate Manager who will help you to sort your finances and offer financial advice. Some banks also offer specific mortgage for graduates if you hold a graduate or current account with them.
Graduate bank accounts are traditionally used for day-to-day banking activities and as such often pay rates of interest a lot poorer than savings accounts.
These accounts can often be operated by various means including the internet, branch, telephone, post, WAP phone and digital TV. Newer forms of access such as internet and TV allow you to check your balances, review transactions, transfer money and set up standing orders. Form of access can be particularly important if your bank does not have a branch close to you or if you do not have the time to visit one.
Graduate bank accounts offer overdrafts and limits on these will vary between banks. Many banks offer different limits on these overdrafts over the successive years. If you have arranged for an overdraft facility on your account, you will be charged an authorised overdraft rate - the rate of interest that you will pay on your overdrawn balance if you remain within your authorised limit.
If you have not arranged an overdraft facility or exceed your authorised limit, you will be charged interest at the unauthorised overdraft rate. This rate will be much higher than the authorised rate. You may also be charged a fee for being overdrawn. Any fee charged would depend on whether the overdraft is authorised or unauthorised.
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