Ask Andy #35: 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 question elsewhere, you might find the answer below!

Does this savings account compound interest?

I opened a Cynergy easy access account getting 0.7% but you don’t get the interest paid every month it rolls over and you get it in a years time I think if you close the account you would get the interest earned but it’s not compound as far as I can tell.

Matt, via YouTube

Hi Matt. When you see the AER (Annual Equivalent Rate) listed by an account, it’s the total you’d make if it was saved for a year. It ​takes into account any compounding on the interest. 

So an account that pays daily and does offer compound interest would also publish a slightly lower gross interest rate alongside the AER rate.

This account from Cynergy is just 0.7% AER, but it pays the same amount as any other account with 0.7% AER. Here’s the latest list of the best savings accounts.

Can I have a Lifetime ISA, cash ISA and Stocks & Shares ISA?

I am after a little bit of help. I have a cash lsa with my bank and also a lifetime isa with Moneybox I am I still be able to open a stock & shares Isa?

Ashley, via Instagram

Yes! You can open up and pay into one of each type of ISA in a financial year. However you can’t deposit more than £20,000 in that same year across all of those ISAs. Here’s more on ISAs.

How do I manage my Amex Gold credit card?

I’ve just ordered the Amex gold preferred rewards card and I just want to understand how to manage it while make the most out of it in a secure way… any tips around this (or this type) of card and are there any hidden fees that I might have missed from the information on the website and on the paperwork?

Ronan, via Instagram

Hi Ronan. So the main rule with credit cards, especially cashback ones, is to clear the full balance every month once you get your statement. You can set up a direct debit to pay this so you don’t forget. Make sure you keep track of your spending through the month though so there’s still enough in your current account to do this.

Also, with the welcome bonus, make sure you do reach that £3,000 spend within the first three months or you won’t get any of those extra points. But also don’t spend money on things you wouldn’t normally buy just to get those points.

Finally, there is a £140 fee that starts after 12 months. So put a note in your diary to cancel the card then, and perhaps apply for a cheaper or free Amex instead. Here’s my full review of the Preferred Rewards Gold Amex.

Can I use Shop Small on more than one card?

I’ve got 2 additional Amex cards. I’ve activated Shop Small, will that mean it’s active on them too. So we can technically use it 3 times in the same shop.

Anon, via Instagram

Yes! Make sure you activate it on each card though, so three times. Here’s more on how to get the most from the offer.

Why can’t I swap my Avios to Nectar points

 I’ve recently collected my 30k bonus Amex points and wanted to convert them into nectar points for Christmas food and drink shopping! I’ve looked at your guides but am receiving a message when I try and convert online saying it’s not available. Do you know if I can still convert. Many thanks for any help on this

Jane, via Instagram

Hi Jane, yes I’ve looked into this and it seems there have been technical issues preventing the swap. But looking at the site now it seems manual swaps are back live on the BA site. Here’s more on how to do it.

Can I get Halifax’s bank switch bonus twice?

Can you get the Halifax £125 switch incentive twice? For example by switching firstly into the Reward Current Account and also switching to the Ultimate reward current account later on?

Sean, via YouTube

Sadly you can only get this switching incentive once. Maybe in the future you will be eligible again, but not this time. It’s also worth noting that you need to switch from a different bank. Here’s more on the Halifax switch offer.

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:

• 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. I tend to look once a week at all the messages, so you might have to bear with me for a reply!