With autumn taking hold and a new intake of students beginning their studies, the reality of financial life after university is sinking in for the latest crop of graduates.

More than 350,000 students completed their degrees across the UK this summer and, whether they are already earning or still job hunting, they will require discipline -and knowhow - to make their money last and keep debt under control.

One way to ease the burden is to choose the right current account. For some, that will mean staying with their student account provider; others will be better off taking their custom elsewhere.

David Black, banking specialist at information provider Consumer Intelligence, said: "You don't have to have your graduate account with the same bank as you had your student account, and it is important to shop around if possible.

"That applies to people who have graduated in the past two years, as banks really want graduates' business so there are plenty of deals available."

For the majority of former students, the key will be to look for the best interest-free overdraft terms. However, these are always subject to individual status and operating the account within the agreed terms.

At Santander, Bank of Scotland, Lloyds and TSB, the free period on graduate accounts lasts for three years.

Santander's 123 Graduate Current Account comes with an interest-free overdraft of up to £2,000 for the whole three years, while Bank of Scotland, Lloyds and TSB allow up to £2,000 in the first year, £1,500 in the second and £1,000 in the third.

The Royal Bank of Scotland, HSBC and Barclays offer interest-free borrowing for only two years. RBS gives up to £2,000 in year one and £1,000 in year two. HSBC goes up to £1,500 in year one and £1,000 in year two.

Barclays Graduate Additions allows up to £3,000 of interest-free borrowing in year one and £2,000 in year two and comes with mobile phone insurance and RAC cover, but there is a monthly charge of £7.

Those who need to borrow more than the interest-free amount, should avoid going into an unauthorised overdraft at all costs, as it is punitively expensive.

Bank of Scotland, for example, charges 19.94 per cent annual interest on unauthorised borrowing. It also applies a fee of £6 in any month this occurs, plus an additional daily fee of up to £10, depending on the amount borrowed, with a combined monthly fee maximum of £86.

Anyone who wants to borrow a higher amount should look for a bank that offers further agreed low-cost borrowing or loans to graduate customers.

RBS charges 9.9 per cent interest on additional agreed borrowing, while HSBC will consider graduate customers for loans of between £5,000 and £25,000 at 3.9 per cent per year, subject to status.

Lloyds offers graduate loans of between £1,000 and £10,000 but the costs depend on individual circumstances. It quotes a representative rate of 12 per cent to borrow £6,000 over four years.

Meanwhile at TSB, additional borrowing is even more expensive with an annual overdraft rate of 16.77 per cent and a representative interest charge of 16.7 per cent for a similar graduate loan.

Those who fail to clear the interest-free portion of their debt before this period ends will pay for this too - and the rates can be steep. For example, HSBC charges 19.9 per cent interest on continuing overdrafts.

Graduates fortunate enough to be without debt should focus on banks paying credit interest or offering ­particularly good customer service.

Santander's 123 Graduate account pays 3 per cent on balances between £300 and £2,000.

For an even better return, TSB's non-graduate Classic Plus Account pays 5 per cent on up to £2,000 but it has a minimum monthly funding requirement of £500.

Most graduates have student loan debt. They don't have to start repaying this until they are earning at least £16,910 a year and the earliest payments can begin is in the April after they finish studying. Once they have sufficient earnings, employees will have 9 per cent of their income taken directly from their wages every month. For the self-employed, deductions are via the self-assessment system.