Ask Andy #32: 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 live Q&A

Most Tuesday evenings you’ll find me live on YouTube and Instagram answering your questions. It’s probably the best place to ask!

Here’s the latest video:

This week’s extra questions

If you’ve asked me a questions elsewhere, you might find the answer below!

Should I move to a variable energy tariff?

Question; does it make sound economic sense to jump on a variable tariff when my current term is up and take a fixed tariff closer to April when we, the consumer will have a better idea of the direction of the cap the following October? Is this sound logic and what are the pitfalls?

Paul, via email

Yes I think you’re right. Variable rates for now, and keep an eye on headlines/ news to see what’s going to change at the next price cap. It still looks like it’ll be a lot more again, but it might still be better than fixes (they are massive right now).

Should I end my five year mortgage fix early?

We have 2 years left on our 5 years fixed. I’m keen to lock in a low rate.
Is it just a case of working out if it works out best taking the early repayment fee into account?

Andrew, via Instagram

Yeah, that’s right. Make sure you factor in the early repayment charge and any new arrangement fees for the overall cost to see if you’ll be better off, or how much more it’ll be.

It’s hard to guarantee it’ll save you money as we don’t know how much rates will rise, but if you’re keen to lock in for security this will let you know exactly how much you’ll shell out in your next fix.

Andy’s YouTube

Watch new videos every week on the Andy Clever Cash channel, plus a regular live Q&A

What should I do when my Regular Saver matures?

I have a series of fixed-term, regular savings accounts due to mature over the coming months; what sort of account would you recommend that I deposit the monies from the matured accounts into that can then drip feed into new regular savings accounts that I set up? Ideally, I think I need an account that has unlimited withdrawals and pays some sort of fixed (preferably) rate of interest no matter how small!

Thanks for taking the time to consider this as I am sure there are several others like me trying to make our money work harder…

Stuart, via the blog

Hi Stuart. So you could look to split the cash up. Put some in an easy-access account with the best rate, and some in a short-term fix (six months maybe) which might pay a little more. This’ll get you the better rate on the cash you won’t need straight away.

However, there aren’t many regular savers paying more than 1% right now, so you might want to just chance it all in Premium Bonds or an easy-access account and see if rates improve. Check out my Best Savings Accounts guide for the best ones right now.

What app is best for savings roundups?

Hi Andy. Is there an app you recommend to analyze my monthly spending and move money “round ups” as an easy way to save? I love your channel and would appreciate your support.

Natalie, via Instagram

Hi Natalie! Yeah, I like Money Dashboard for analysing spending across lots of different accounts, though if you only use one main account for spending then Monzo is great.

For roundups, Plum does this and it also has a free AI algorithm that’ll help you save. Here’s my review.

And here’s how to get a £4 amazon voucher for signing up to Money Dashboard.

Andy’s podcast

Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.

When can I reopen a switched Monzo account?

I am in the process of completing the Santander cashback offer of £130 for switching to their 123 lite account after Andy talking about it on the podcast etc. I used to use Monzo as my main bank so my account will be closed as part of the process.

Do you know if I can re-open my Monzo after the switch (if so, how long do I need to leave it to still qualify for the cashback!) so I can use it as my secondary account for spending etc?

Calum, via the Facebook community

This page on the Monzo site says you need to wait 30 days to reopen Monzo – but you also won’t be able to switch into or out of it with the Current Account Switch Service.

I’d wait until you’ve got the Santander cash just in case it messes with the qualification criteria, but hopefully that won’t be long now!

Can I top-up Monzo to get the Halifax Reward?

Hi Andy. I have Monzo and Halifax account. Will bank transfer from Halifax to Monzo of £500 via the App, can be considered as a spending from the debit card and I would get £5 reward? Cheers

Rob, via the blog

No, adding money to Monzo requires a bank transfer. You need to enter the long card details from your Halifax debit card for it to be a debit card transaction. You can however use this method to top up Revolut or Monese. Then simply transfer that money back to your Halifax account. Here’s more on how to hack the Halifax Reward account.

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 Tuesday (which is on Instagram and YouTube).

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

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

5 thoughts on “Ask Andy #32: Your money questions answered

  1. Hi Andy, I notice lots of peeple talk about returns and interest rates being low.Being an mature citizen getting closer to retiring age I think lots of people with savings may have overlooked the benefits of pensions in a low interest enviroment.I know I did until I realised the government adding 20% on top of the money I put in a pension is not a bad deal especially if you can take 25% tax free a few years later. I had savings in low interest accounts and was made redundant so I used the money to max my pension,then found that even not working I could pay £2800 a year into my pension which is made up to £3600.I now work part time so I am transfering my low earning account savings into the pension (up to my maximum earnings limit.
    Although I realise this is not for everyone, maybe it could be a thought for some like me heading towards retirement… after all how long would it take to get a return of this amount at todays rates?

  2. Is nectar card offering a doubleup at sainsBury soon, please?

    1. Not this year!

  3. Best money roundup apps, what about snoop app ?

    1. It’s decent! I just prefer Money Dashboard

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