Ask Andy #27: 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:

Which bank would you recommend as a joint account?

Hi Andy. Have been on mailing list for a while now, great stuff. I’d like to open a joint account with my partner to pay bills etc from. Do you have any recommendations currently? I don’t want to switch so it would be as a new customer.

Lee, via Instagram

Hi Lee, so I think the best account for paying bills – whether on your own or as a couple is Santander’s 123 Lite. You’ll earn money back on most of those expenses which will earn you £40 to £60 a year after the fee. Here’s my full review.

Though you don’t fancy switching, there is currently a £130 offer for this account.

How does Quidco work?

Hi Andy, I received your email link for Quidco to earn £17 and have opened an account – how does it work now?

Zoe, via Twitter

Hi Zoe! So find a retailer you want to use listed on Quidco (eg H&M, Expedia, Three), then click through from Quidco to their website and shop as normal. As long as you spend at least £10 (often before delivery), you’ll get the bonus from Quidco plus the cashback rate is listed. This can take a while though.

When it finally does become payable you can either withdraw it as cash to your bank or get a slight top up if you choose a gift card payout.

Can I get another Balance Transfer card?

Hi Mate just a quick question, I cant seem to get an answer for this anywhere. I have a Barclaycard atm with 2.5k debt and have been paying the minimum, the interest free period finishes in July 2022, would I be able to transfer the balance to another long period interest free card  at the time? And if so how would it work.

Sachyn, via YouTube

Hi Sachyn. So yes, in theory you will be able to apply for another balance transfer credit card when this 0% deal ends and move any remaining debt to that card.

The risk is there’s no guarantee you’ll get accepted for a new Balance Transfer card when this comes around. 

I’d recommend paying off as much of the debt as you can each month to really reduce what you owe – unless you’re using the 0% period to clear more expensive debts elsewhere of course. Here’s more on how Balance Transfer cards work.

What’s the best way to use Nectar points?

I’ve just looked at my Sainsbury’s till receipt and got over £305 of Nectar Points!  Should I just redeem them in Sainsbury’s and Argos or is there better options that get you a higher value redemption?

Giles, via YouTube

Sadly there are very few ways to boost your Nectar points. Whereas Tesco offers triple value on Clubcard points, the deals for Nectar are nowhere near as good.

For most people I’d say as many as you can on the annual Double Up offer (though that in itself is massively flawed). This will give you twice the value but only on selected Sainsbury’s departments. Seeing as you’ve got so many you’re probably better off just spending them on things you’d normally buy from the supermarket, Argos or eBay.

Here’s my guide to the best ways to spend and earn Nectar points.

Is it too early to switch away?

I’ve been with Virgin Money for four months. Getting through to their customer service is a complete mare. So I want to ditch the account and swap to Nationwide as they have a £125 switching offer at the mo. I had the 12 bottles of wine from Virgin for switching to them in April. Is it too soon to switch from them? I know some banks have rules about that. TIA.

Anon, via YouTube

You’ll be fine! As long as you’ve received the wine you don’t even need the direct debits or £1k saved in the account. So you can switch away to get the free cash from Nationwide

Will I lose access to my money if I switch?

Is the switch over seamless, or will there be a period when I can’t access my money in the bank at all?

Sinead, via YouTube

Hi Sinead. It’ll be seamless. You’ll get your new account ready to use and then the switch will move over everything to that new account. The old account won’t close until this happens. Here’s more on how switchiing works.

If you’re worried about receiving the new debit card and online banking details (which sometimes come in the post) then you can always set a date more than a week away – just check the terms and conditions of the switching offer as some require a switch in 30 days.

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.