More than 233,000 students are scheduled to leave university this summer with many looking to sort out their finances before starting a new job or taking a gap year.

Most banks have kept their graduate accounts the same this year although HSBC has withdrawn its premier account, which had three years interest-free overdraft rather than the two on its standard product.

There have also been wide-ranging changes to the way graduates have to pay off their student debt. Under the current system, graduates who start work will have to pay 9% on anything they earn over £15,000. This is taken directly through the PAYE system.

Payments may continue for a full 12 months after the money is repaid as the Student Loans Company (SLC), which administers the debt, only receives confirmation from the Revenue of how much is paid once a year.

Though any overpayments are paid back with interest, there have been many complaints from graduates having overpaid hundreds of pounds.

Changes in the autumn will allow students to stop making repayments a year before they settle the debt. They can then make the remaining payments through monthly direct debits.

Ian McLaren Thomson of the SLC said: “We are aware that it is irksome for graduates who continue to pay even though they’ve cleared their debt. Hopefully, these changes will mean this no longer happens.”

It is also getting easier to settle student debts after graduation. More than £800,000 worth of student loans have been repaid through a website, studentloanrepayment.co.uk , which launched this month.

The SLC says the site allows graduates to work out how much they owe and make payments with a credit or debit card. However, paying off a student loan is not necessarily the best option since the interest is charged at the rate of inflation, in effect making it interest free.

You would be better off placing any lump sum in a top-paying savings account.

Make sure you use your £3,600 cash Isa allowance first to benefit from tax-free savings. Anything over this can be placed in a high-interest savings account.

There are currently 11 graduate accounts available from nine different providers. We offer our tips on the best ones.