Friday, December 2, 2022
HomeMoney SavingAsk Andy #42: Your cash questions answered

Ask Andy #42: Your cash questions answered

My common round-up of your private finance questions.

I really 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 at all times 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 most effective questions into common articles right here on the weblog.

Preserve studying for among the questions I’ve been requested, plus the video reside from this week with much more!

Watch the newest reside Q&A

Most Tuesday evenings you’ll discover me reside on YouTube and Instagram answering your questions. It’s in all probability the most effective place to ask!

Right here’s the newest video:

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

Can I exploit Revolut for financial institution switching provides?

Has anybody used a Revolut account as a brand new account to then change to get one of many present account bonus provides 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 For the switching offers the brand new and outdated financial institution have to be a part of the Present Account Switching Service. Since Revolut aren’t a completely licensed financial institution they aren’t signed as much as this, so you may’t change a Revolut account to a brand new financial institution.

Nonetheless, in the event you’re on the lookout for a brand new account to change, you could possibly open an additional one together with your current financial institution and change that.

Ought to I change or repair my vitality?

 A couple of months in the past I used to be moved throughout from Social Vitality to British Gasoline. The tariff is now going to alter and I’m unsure what to do. I do know there will probably 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 will probably be broadly the identical. And fixes are presently massively larger than the worth cap. So it’s a case of sticking with British Gasoline in the meanwhile.

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

Is Chase Financial institution an moral financial institution?

Hello Andy. Are you aware how moral Chase Financial institution is? I assume, being from JP Morgan may 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 huge, and the guardian financial institution is among 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 may’t pay into one other Money ISA on the identical time (some suppliers did supply a “break up” ISA so it’s value seeing if yours is considered one of these), You possibly can pay right into a Shares and Shares ISA or Lifetimes ISA in the identical monetary 12 months although, as much as an annual complete restrict of £20,000 throughout all of your ISAs.

Nonetheless, I’d additionally say you in all probability don’t want one other Money ISA as the most effective 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 (in the event you’re a primary fee 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 12 months. On their web site, it’s so obscure. Thought you would possibly know

Abdul, through e-mail

Hello Jack, glad to have helped! The large distinction is the welcome bonus (it’s a lot bigger on the paid card). You additionally get totally different “companion” vouchers in the event you spend a specific amount in a 12 months. The paid one can be utilized on all lessons of flights, however the free one is only for economic system flights. Nonetheless, these vouchers can really be fairly costly to make use of as you want hundreds and hundreds of Avios factors after which have to prime it up with the taxes and a few additional charges.

Do I would like Starling if my card is already payment 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 payment on them aboard. Would you continue to get a Starling account for instance?

Pete, through YouTube

Hey Pete. Nope, in case you have a card which doesn’t cost you in any respect then you definitely don’t want as new one from a distinct financial institution UNLESS you fancy giving a kind of accounts a attempt. For anybody who doesn’t have already got a good card, listed here are my prime picks.

Methods to ask me questions

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

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

You too can 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 inclined to look as soon as every week in any respect the messages, however it could take longer – so that you might need to bear with me for a reply.



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