Ask Andy #25: 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 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 this week with even more!

Watch the latest Q&A

Watch my answers to questions in the weekly Q&A on YouTube, including

• Are there any good regular savings accounts?
• How often should you switch bank?
• and much more.

Can I get two switching bonuses from Nationwide?

I have a FlexDirect account & a joint FlexDirect account, will I qualify for more than one switching bonus?

Josie, via the Facebook group

I got in touch with Nationwide to confirm this.

From Nationwide: “So, essentially a customer can potentially benefit from up to 2 x payments, they can switch one sole and one joint account over to Nationwide (whether new or existing). And just on joint accounts switched over, only one cash reward payment is made into the account for that switch.”

This means you can get one switching bonus per person for invidual accounts, and another one for a joint account – though that is also limited to one payment for the account. So a couple could potentially get three £125 bonuses!

Here’s more on the new Nationwide switching bonus.

Can I set the date for my bank switch?

Does anyone know if it’s possible to select the date that you want your current account to switch using the bank switching service? Thanks in advance.

Elinor, via the Facebook group

Yes! It’s a minimum of seven days. You can set it for up to 60 days from the date you start the process. But check individual bank switch offer terms. For example, the new one from Nationwide says it has to be within 30 days of starting the switch in order to get the bonus. Here’s more on bank switching.

Will opening an account hurt my credit rating?

Will opening servers different current accounts, will this have an impact on my credit rating?

Rochelle, via Instagram

Hi Rochelle. So not massively, though every time you make an application (except Monzo and Starling) you’ll be credit checked. And each check will be marked on your report. So in the short term it will see a little dip on your score, but it’ll sort itself over time. I’ve written more about it here.

Can I get a new Sky Sports deal on NOW?

Hi, i have Now for sport and my 6mth at £25 is due to end 10 October. If i cancel, can i then subscribe using the new 10 months at £25?? Im guessing not but wondered if you knew. Thanks

Victoria, via Instagram

Hi Victoria. Yes that should work! The deal is usually only available to someone in the last month of a deal. Which means if you cancel you’ll be in the last month too.

However, NOW TV can be a bit glitchy on things like this so you might need to get onto the live chat feature if it doesn’t work – and that can be a nightmare. I’d say it’s worth a go though. Here are more NOW TV deals.

Is the Interbank exchange rate better than Visa or Mastercard?

This is my main card when aboard and I am thinking of getting the Barclays rewards card. While on the Revolut app I can see the exchange rate when changing currency. how would I know if I am getting a better or worse rate through the Barclays card.

MN, via YouTube

So the Barclaycard rate will be the Visa exchange rate will be a little different to the interbank rate (though I think Revolut has its own mark up at weekends).

Rather than follow the interbank rate in real-time, it sets it at certain times of the day. This means there’s a chance the rate you are charged is higher or lower than what it was when you made your purchase.

There’s also a chance your exchange will be delayed by a day or two until it’s processed, so the rate could change then too.

But there’s actually not much in it – you’re still be getting close to the real exchange rate as possible without any extra fees on top. Here’s my pick of the top fee-free cards for overseas spending.

Should I use PayPal credit?

What do you think about PayPal credit? I already have it, but would like to know your thoughts. I use it to split purchases over £99 over 4 months with 0% interest rate

Frances, via YouTube

Hi Frances,

So I’m not a fan of Buy Now Pay Later services like this and Klarna as they make it too easy to borrow when you probably don’t need to.

It’s better to only buy what you can afford, or save up for other things, than use these.

I know the argument is that you can return items you don’t want before you are charged – I get this. But I’d still avoid it unless you really have to.

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 Wednesday (which is 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.