Ask Andy #16: Your money questions answered

My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or on email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from last week with even more!

Watch the latest Q&A

Watch my answers to questions in the weekly Q&A on YouTube, including chat about spending abroad, applying for new credit cards and more.

Is Quidco Premium worth it?

Just wondering with Quidco, do you use the premium or basic account?

 Jordon via Instagram

Hi Jordon, so Quidco Premium can be well worth it for the top ups. You’ll get up to 10% exrea on cashback rates and up to 20% more on payouts.

But you need to be careful with it too. You’ll get charged £1 every month you use Quidco, and if you aren’t spending much that could wipe out the cashback you earn. So it’s good for occasional shopping but expensive for regular use. TopCashback’s premium membership is s fixed £5 for a year. Here’s my comparison of the two.

How does the Natwest Digital Regular Saver work?

Andy,

With the NatWest one, I am a little confused.. it says that I will earn less interest if I have more than 1000 in, and more if I have less than 1000, is this correct?

Ruben via YouTube

So this is the Natwest Digital Regular Saver which pays 3.04% interest. There’s the same account available from RBS too, as long as you have the Reward account with either (or both) of the banks.

The interest is only paid on balances up to £1,000. After the amount you’ll earn 0.01% – so practically nothing.

But since this is a regular saver you can only put money in on a monthly basis, and it’s limited at £50 each month. If you put the full amount in every time, it’ll take you 20 months to reach the £1,000 limit to earn the high interest. Here’s more on the account.

What happens to my LISA if I move abroad?

Hi Andy,

Don’t think a Lifetime ISA will be for me since I plan on working abroad on a visa but could or would a LISA account still work if I was to work and possibly live abroad in the future or would my account be liquidated as I am would no longer be living in the UK? any help would be greatly appreciated, thanks.

Finlay, via YouTube

Hi Finlay, so you will be able to open one while you live in the UK, but once you move away you can’t pay into it. If you then move back you can start paying back into it.

As with any ISA, and gains will remain tax-free even if you’re not living here. Here’s my video on Lifetime ISAs.

How long should I keep my first credit card?

How long should one maintain a beginner credit card? How many months on a beginner credit credit card will demonstrate to credit companies that you are a good person to lend to?

Sammy, via YouTube

Thanks Sammy! So it’s an ongoing process. You won’t see the effects of using and paying off your first card for around three to six months. And if you continue with this pattern of only buying what you need and clearing the balance it could help further strengthen your credit report.

You can use your credit score to identify the progress you’re making. More here on how credit reports and scores work.

How does my current account affect my credit score?

Hi Andy, on clearscore there is a payments made screen for various accounts. On current accounts what would this qualify as? Eg I’ve got a new starling account with a payment made in June but all I’ve done is transfer money to and from it.Does it affect Credit Rating when doing a full switch? Or a partial switch?

Rydia, via YouTube

Hi Rydia, so the only current account data on your credit report that will be used by lenders is the size of an overdraft and how much of it you are using. Other spending and transfers won’t be seen.Yes it can. You’ll be credit checked when you apply for the new account for a start. And if you do a full switch and close the old account you’ll be ending a longer relationship with that bank, which could have an impact. Neither should be too drastic though. Here’s more.

How to ask me questions

The best ways to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me live in my weekly Q&A each Thursday (which is also on Instagram and YouTube).

You can also comment on individual blogposts and videos or ask me questions via these channels:

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash
• Email Andy[at]BeCleverWithYourCash.com

I can’t promise I’ll be able to answer all questions but I’ll do my best.