Banks commonly use a number of special offers to gain new customers and to keep them for as long as possible - such as the free gifts made available to prospective students when they sign up for their accounts.
While this could prove useful - with HSBC now offering students an interest-free overdraft and money off CDs and computer equipment - there may be benefits to moving to a different provider.
Following an increase in the interest rate of 1.25 per cent since July 2006, a number of banks have increased the amount they pay in accordance. But the ever-changing array of conditions and penalties can prove bewildering.
It is worth remembering that most major financial services providers will subscribe to the voluntary Banking Code - and should provide you with a leaflet telling you what your rights are on request.
This includes protection should you choose to switch to another provider to ensure the process is made as easy as possible for the consumer.
And at the other end of the process, the code ensures a sufficient amount of information is passed to the consumer to keep them aware of how their application is progressing.
