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If you're a recent graduate you may not realise it but your custom is something banks value above almost everyone else's. However alarming the state of your student debt ravaged finances may be you should be encouraged by the fact that at this early stage in your banking life all the major banks will be particularly keen to get you on board.

The reason is fairly obvious - more often than not, young individuals who open an account with a bank remain loyal for a large number of years. Banks can typically rely on the fact that their customers, whether through laziness or apathy, are unlikely to shop around for alternatives. It's a strange form of brand loyalty that often means banks can get away with offering non-competitive financial products to existing customers who will often buy into them without even checking out the competition.

The good news is that with the potential of a lifetime of lucrative custom at stake, the major banks are generally prepared to attract young account-holders with student and graduate accounts that offer substantially better terms than a regular bank account. Graduates should seize the moment and review their options - don't fall into the trap of sticking with your current bank for convenience sake, the fact is there are loads of decent graduate accounts out there so you may as well play the field.

What you should be seeking ahead of everything else is an account with a high interest-free overdraft. By going for a competitive graduate account that maintains a good interest free overdraft for the full duration, you'll potentially be saving hundreds of dollars at the same time as giving yourself an invaluable opportunity to pay off debts and manage loans.

The one thing to remember however is not to fall into the trap of staying with the same bank after your graduate account expires. It really is worth the small effort of constantly reassessing your account, comparing your deal with other options on the market (There are several comparison sites out there that have comparison tables for everything from loans to credit cards) and not being afraid to change. There really is no reason anyone should feel duty bound to stay loyal to their bank, ultimately it's in your interests to find the best deal for you.

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