Tuesday, December 6, 2022
HomeBusinessMoney SavingAsk Andy #42: Your cash questions answered

Ask Andy #42: Your cash questions answered

My common round-up of your private finance questions.

I like listening to from you, whether or not it’s on the weblog, social media, YouTube or e-mail. Typically you’re asking me questions on your funds, and I’m all the time glad to assist if I’ve the time.

However I realised that my solutions is also helpful to different followers. So I’ll be placing my responses to the very best questions into common articles right here on the weblog.

Preserve studying for a few of the questions I’ve been requested, plus the video dwell from this week with much more!

Watch the most recent dwell Q&A

Most Tuesday evenings you’ll discover me dwell on YouTube and Instagram answering your questions. It’s most likely the very best place to ask!

Right here’s the most recent video:

Should you’ve requested me a query elsewhere, you would possibly discover the reply under!

Can I take advantage of Revolut for financial institution switching gives?

Has anybody used a Revolut account as a brand new account to then change to get one of many present account bonus gives from the bigger banks?

Most switches appear to require a debit card quantity for use, so questioning if a bodily Revolut card is required, or if the quantity from an instantaneous ‘digital’ debit card they provide would work?

Stuart, through the Fb neighborhood

Sadly not. For the switching offers the brand new and previous financial institution must be a part of the Present Account Switching Service. Since Revolut aren’t a totally licensed financial institution they aren’t signed as much as this, so you’ll be able to’t change a Revolut account to a brand new financial institution.

Nevertheless, should you’re in search of a brand new account to change, you can open an additional one along with your present financial institution and change that.

Ought to I change or repair my power?

 A couple of months in the past I used to be moved throughout from Social Power to British Fuel. The tariff is now going to alter and I’m unsure what to do. I do know there shall be one other rise in October. Is there a greater firm to maneuver to? Do I repair? Actually unsure. 

Jeanette, through the Fb neighborhood

Sadly you don’t actually have many choices proper now. Few firms are accepting new prospects and even then costs shall be broadly the identical. And fixes are at the moment massively increased than the value cap. So it’s a case of sticking with British Fuel in the interim.

Watch new movies each week on the Andy Intelligent Money channel, plus a daily dwell Q&A

Is Chase Financial institution an moral financial institution?

Hello Andy. Have you learnt how moral Chase Financial institution is? I assume, being from JP Morgan could have a toll on it?

Yacudno, through feedback

Your instincts are proper about Chase. Although a small financial institution within the UK, worldwide it’s large, and the father or mother financial institution is likely one of the worst ones when it comes moral finance.

Can I pay right into a Assist to Purchase and regular ISA?

I’ve a assist to purchase isa, and put the total quantity in month-to-month, can I open one other isa aswell?

Tezza, through Instagram

Hello Tezza, more often than not you’ll be able to’t pay into one other Money ISA on the similar time (some suppliers did supply a “break up” ISA so it’s value seeing if yours is one among these), You may pay right into a Shares and Shares ISA or Lifetimes ISA in the identical monetary yr although, as much as an annual complete restrict of £20,000 throughout all of your ISAs.

Nevertheless, I’d additionally say you most likely don’t want one other Money ISA as the very best financial savings charges are in regular financial savings accounts, and also you’ll be capable to earn £1,000 in curiosity earlier than tax is due (should you’re a primary charge tax payer).

Take heed to Money Chats, Andy’s twice-weekly podcast. Episodes each Tuesday and Friday.

What’s the distinction between the free and paid BA Amex playing cards?

Hi there mate, I’ve lately began following you and subscribed to you Youtube. I cancelled sky due to you video. Fast query. What’s the distinction between the Amex BA free one and the one the place you pay £240 a yr. On their web site, it’s so obscure. Thought you would possibly know

Abdul, through e-mail

Hello Jack, glad to have helped! The massive distinction is the welcome bonus (it’s a lot bigger on the paid card). You additionally get totally different “companion” vouchers should you spend a certain quantity in a yr. The paid one can be utilized on all courses of flights, however the free one is only for financial system flights. Nevertheless, these vouchers can truly be fairly costly to make use of as you want hundreds and hundreds of Avios factors after which must prime it up with the taxes and a few further charges.

Do I would like Starling if my card is already price free?

Hey Andy, your movies are nice. I’ve simply regarded up my charges with my debit and bank card (each nationwide) and there isn’t a price on them aboard. Would you continue to get a Starling account for instance?

Pete, through YouTube

Hey Pete. Nope, when you’ve got a card which doesn’t cost you in any respect then you definately don’t want as new one from a special financial institution UNLESS you fancy giving a type of accounts a strive. For anybody who doesn’t have already got a good card, listed below are my prime picks.

The right way to ask me questions

The very best methods to get in contact is within the Andy Intelligent Money Fb neighborhood

Simply put up your query any time, or ask me dwell in my weekly Q&A every Tuesday (which is on Instagram and YouTube).

It’s also possible to touch upon particular person blogposts and movies or ask me questions through these channels:

I can’t promise I’ll be capable to reply all questions however I’ll do my greatest. I are likely to look as soon as every week in any respect the messages, however it could actually take longer – so that you might need to bear with me for a reply.

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