Comparison site Moneyfacts has issued some helpful tips for school leavers preparing to go off to university and become financially independent for the first time.

Michelle Slade, analyst at Moneyfacts, said: “With only a few weeks to go before the long-awaited A Level results are published, some school leavers will be excitedly preparing to go off to university.

“As part of their new lifestyle, it may be the first time they have full control over their own finances, receiving lump sums and having to pay bills. So getting it right financially can be one step towards surviving those student years.

“Even before the ink has dried on their A Level certificates, students can expect to be targeted by the big banks to sign up for one of their student accounts. No wonder, really, given the earning potential that the average graduate can have – they are hot property.”

Moneyfacts warns against being fooled by account incentives such as discounted CDs and urges school leavers to try and save some money this summer. It also suggests setting a budget, checking your bank account regularly and making sure you are properly insured.

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