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Students should not be fooled by incentives offered by high street banks, a financial analyst has advised.
Lisa Taylor, an analyst with Moneyfacts.co.uk, has warned students not to choose a bank account based on the short-term incentives it offers, many of which "will only last five minutes".
She explained: "For most students your overdraft will be your lifeline, so make sure you get the best deal to help you survive, rather than some shiny new gadget.
"While free cinema tickets or discounted CDs may sound great, the offer of a rail card (NatWest) could save you a fortune if you intend using the train to get to and from college.
She continued: "Discount offers or incentives such as cinema tickets will last only five minutes or will only give you any benefit if you buy another one of the bank's products."
Once students have their National Union of Students (NUS) cards, they become able to access numerous discounts and free gifts without having to commit to a particular bank.
Ms Taylor explained that for most students, a bank's overdraft facility will turn out to be the most important factor determining their choice of account.
In this respect, she acknowledged, "Halifax offers by far the highest overdraft facility, with up to £2,750 available from year one".
A recent Moneyfacts.co.uk survey revealed that the majority of students put themselves at financial risk by insufficiently protecting their identity.
Worryingly, around half of respondents said they allowed other people to use their card and pin.
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