Jason Clarke, a spokesperson for the high street bank, said that because young people were more clued up about the intricacies of financial issues, their student products reflected this.

“We don’t do gimmicks,” he said, “we are a value proposition. In each of the three years [at university] we provide the most generous overdraft [and] in terms of the added cost of borrowing, our account is worth up to £200 more.”

Mr Clarke claimed that young people were more likely to opt for the financial stability offered by Halifax than the gimmick-laden loans and overdraft facilities offered by its competitors.

He said that students were “beginning to get wise” to these ploys and taking “a different approach to student financing” and generally becoming more responsible.

“Young people now are probably more aware of debt issues,” Mr Clarke concluded, noting that contemporary students were paying greater attention to loan APRs and interest-free overdraft offerings than they ever had previously.

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