Students will struggle to find current account incentives
September 22, 2008
The world of current accounts has become increasingly competitive over the years, and most banks like to try and entice customers through the doors as soon as they start earning money – or in some cases even before they start to earn a proper wage. Many banks have put a lot of effort into trying to attract the custom of university and college student, who could be looking at a bright future and an impressive income in the future, and the prospect of building a relationship with these students in preparation for when the money starts coming in has resulted in many banks offering a range of tempting incentives for students who open current accounts with them.
In the past banks have offered a wide range of incentives ranging from discounts at selected retailers, free entertainment passes, and tickets to events right through to free cash that is deposited into the account. However, according to a recent report an increasing number of students will now struggle to find bank accounts that offer such incentives, as many banks have now stopped offering these freebies, as the global credit crunch continues to bite and many banks continue to struggle financially.
Reports show that whilst last year students could pick up gadgets such as iPods when they signed up to a bank account with certain banks, this year banks are offering incentives such as 25% off AA cover, which is not much a an incentive for the average student, especially if they do not even drive or have a car.
One industry official said that students should forget about these worthless freebies and instead look for other benefits such as a free overdraft facility. He said: ‘A few free cinema tickets might seem nice, but don’t forget you’ve got the rest of your student life in front of you.’
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