As the academic year draws to a close, Moneyfacts.co.uk has warned that the transition of moving from full time study to full time employment can be a difficult period.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said many graduates are finishing their studies with five figure debts, making it essential they get their priorities right when it comes to sorting out their finances going forward.
Ms Slade suggests finding the best graduate account should be one of the first steps to be taken to help save money.
“Many graduates will inevitably remain loyal to their student account provider, but there is no reason why they can’t switch to get a better deal,” she adds.
“The interest free overdraft of a graduate account is the most important element.
“By finding an account offering as much of an interest free overdraft as possible, graduates can ensure they don’t pay more interest than they need to.”