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Following HSBC's recent announcement to charge almost ten per cent on graduate overdrafts, students are being urged to challenge high street banking giants and consider looking elsewhere.
Defending its actions, HSBC recently said the interest hike would benefit graduates, as it would help them realise there "is a cost to borrowing" and let them "know where they stand".
In response to HSBC's actions, a spokesman for the National Union of Students (NUS) said: "The period after graduating is tough for a lot of graduates - and given the debt students are now saddled with, it's pretty alarming to think students are going to be hit with a big charge."
Several experts have since highlighted the fact that dissatisfied students do have the option of taking their business elsewhere.
As reported by MSN.com, Andrew Hagger from Moneyfacts emphasised: "Searching for the best current account provider may be the last thing on many graduates' minds, but by taking the time to shop around, they could find an account that suits their circumstances and also save some money into the bargain.
"As long as you have proof of qualification and have managed your account within your agreed overdraft limit(s), then there is no reason why you shouldn't switch to a better deal."
Data from the Independent Banking Advisory Service, suggests that many people don't swap accounts because they can't be bothered with the hassle and they're worried they'll lose out on loyality benefits.
However, its evidence also suggests that most people who do go ahead with a switch actually find the process easy.
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