Monday, December 5, 2022
HomeMoney SavingAsk Andy #47: Your cash questions answered

Ask Andy #47: 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 electronic 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.

Maintain studying for a number of 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 may discover the reply under!

Will fixed-interest financial savings charges get increased?

The 1 yr fastened accounts are slowly creeping up, two or three weeks in the past they have been hovering over 2% now they’re 2.25%. Is it going to creep as much as 3% this yr or when is the Financial institution of England going to place charges up once more this yr?

Will, by way of electronic mail

It’s inconceivable to say for positive! Nonetheless, it’s extensively anticipated that there can be extra rate of interest will increase from the Financial institution of England this yr, which ought to imply these fastened charges will enhance, doubtlessly to three%. You’ll be able to learn extra about the following Financial institution of England Financial Committee conferences and extra about price rises right here.

Is it a foul time to begin saving?

I’m 18 and I’m about to go to uni, I’ve a sum of cash in my account (previous to getting my pupil upkeep mortgage) and was questioning what I ought to do with it as a substitute of leaving it sitting in an account and never incomes a lot curiosity.

Ought to I put a sum apart right into a financial savings account and depart it for an extended period of time (2+ years) or is it a foul time to do that (post-covid and so forth). Or, are there any options I can put a sum of cash into? 

Zac, by way of electronic mail

Hello Zac, it’s by no means a foul time to save lots of! What it’s good to take into consideration is when may you want the cash. Typically, it’s good apply to have emergency money obtainable to you within the occasion you don’t have sufficient obtainable to pay the lease and so forth – often about three to 6 months of bills. Search for the finest rate of interest in an easy-access account, which proper now’s 1.5% from Chase Financial institution. If you happen to don’t assume you’ll want the cash in any respect you might lock it away in a repair.

It’s additionally price noting that while you get to Uni you’ll have the ability to open a pupil checking account and get a good 0% overdraft. So you might use this for spending and earn curiosity elsewhere in your financial savings for so long as doable, then when you begin to get charged curiosity on this overdraft after graduating, you should utilize these financial savings to pay it off.

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

Ought to I take advantage of Virgin Pink when purchasing?

I’m unsure for those who’ve perhaps lined this on the pod earlier than however I do know you’re a huge fan of Quidco and TopCashback – I simply puzzled when you’ve got any expertise with Virgin Pink and the way it compares to the cashback websites. I.E. are you able to stack up factors faster or extra of them by going by Virgin Pink versus the cashback websites?

Calum, by way of electronic mail

Hello Callum. So there are a number of key factors. 1) What website provides the very best price? and a couple of) How straightforward is it to redeem the factors/cashback?. More often than not cashback wins as you may spend it how you want. But when there are Virgin factors you need to accumulate and the return is increased (for the services or products you’re shopping for), it is likely to be price contemplating. Personally I’d follow TCB and Quidco.

Does being a Halifax buyer cease me switching to Lloyds?

I’m overseas atm and have tried to seek out the reply to my query by way of the chat facility on the Lloyds app as I’ve a bank card with the financial institution in regards to the change supply they’re providing atm. I already have the switching incentive from Halifax for his or her Reward Account. So I used to be questioning if I did change an outdoor checking account to Lloyds would I be eligible for his or her incentive?

Will, by way of Instagram

Sure, so long as you meet all the standards you’ll be high-quality! There’s no rule that blocks Halifax clients, whether or not they’ve had switching money from them or not. Right here’s extra on the newest Lloyds Financial institution switching deal.

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

How ought to I alternate my cash into Euros?

Andy do you’ve any suggestions for exchanging euros? Corporations to make use of/keep away from/search for? Needing 6500€ out for our wedding ceremony suppliers needing money. Thanks as at all times!

Heidi, by way of Instagram

I’d use the comparability website Journey Cash Max (a part of Moneysavingexpert) to get the most effective alternate price. Don’t use bank cards for the swap as further charges can be added, and be cautious of “0% fee” Bureau De Adjustments – they’ll add prices in elsewhere.

After all, that’s if it’s good to change cash within the UK. If you happen to can take cash out of an ATM abroad with a fee-free card you’ll get a significantly better price, although there may very well be some native ATM prices (see for those who can analysis this earlier than you go).

However you’ll even have to remember that there’s usually a every day, weekly or month-to-month cap on withdrawals. That’s some huge cash it’s good to get so it may very well be it’s good to use a number of playing cards over a variety of days. Listed below are my picks of the most effective ones.

How one can ask me questions

The easiest way to get in contact is within the Andy Intelligent Money Fb neighborhood

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

You can too touch upon particular person blogposts and movies or ask me questions by way of these channels:

I can’t promise I’ll have the ability to reply all questions however I’ll do my finest. I are inclined to look as soon as every week in any respect the messages, however it will probably take longer – so that you may need to bear with me for a reply.

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