Ask Andy #42: 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!

Can I use Revolut for bank switching offers?

Has anyone used a Revolut account as a new account to then switch to get one of the current account bonus offers from the larger banks?

Most switches seem to require a debit card number to be used, so wondering if a physical Revolut card is needed, or if the number from an instant ‘virtual’ debit card they offer would work?

Stuart, via the Facebook community

Sadly not. For the switching deals the new and old bank need to be part of the Current Account Switching Service. Since Revolut aren’t a fully licensed bank they aren’t signed up to this, so you can’t switch a Revolut account to a new bank.

However, if you’re looking for a new account to switch, you could open an extra one with your existing bank and switch that.

Should I switch or fix my energy?

 A few months ago I was moved across from Social Energy to British Gas. The tariff is now going to change and I’m not sure what to do. I know there will be another rise in October. Is there a better company to move to? Do I fix? Really not sure. 

Jeanette, via the Facebook community

Sadly you don’t really have many options right now. Few companies are accepting new customers and even then prices will be broadly the same. And fixes are currently massively higher than the price cap. So it’s a case of sticking with British Gas for the time being.

Andy’s YouTube

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

Is Chase Bank an ethical bank?

Hi Andy. Do you know how ethical Chase Bank is? I guess, being from JP Morgan will have a toll on it?

Yacudno, via comments

Your instincts are right about Chase. Though a small bank in the UK, worldwide it is massive, and the parent bank is one of the worst ones when it comes ethical finance.

Can I pay into a Help to Buy and normal ISA?

I have a help to buy isa, and put the full amount in monthly, can I open another isa aswell?

Tezza, via Instagram

Hi Tezza, most of the time you can’t pay into another Cash ISA at the same time (some providers did offer a “split” ISA so it’s worth seeing if yours is one of these), You can pay into a Stocks and Shares ISA or Lifetimes ISA in the same financial year though, up to an annual total limit of £20,000 across all your ISAs.

However, I’d also say you probably don’t need another Cash ISA as the best savings rates are in normal savings accounts, and you’ll be able to earn £1,000 in interest before tax is due (if you’re a basic rate tax payer).

Andy’s podcast

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

What’s the difference between the free and paid BA Amex cards?

Hello mate, I have recently started following you and subscribed to you Youtube. I cancelled sky because of you video. Quick question. What’s the difference between the Amex BA free one and the one where you pay £240 a year. On their website, it is so vague. Thought you might know

Abdul, via email

Hi Jack, glad to have helped! The big difference is the welcome bonus (it’s much larger on the paid card). You also get different “companion” vouchers if you spend a certain amount in a year. The paid one can be used on all classes of flights, but the free one is just for economy flights. However, these vouchers can actually be quite expensive to use as you need thousands and thousands of Avios points and then need to top it up with the taxes and some extra fees.

Do I need Starling if my card is already fee free?

Hey Andy, your videos are great. I’ve just looked up my rates with my debit and credit card (both nationwide) and there isn’t a fee on them aboard. Would you still get a Starling account for example?

Pete, via YouTube

Hey Pete. Nope, if you have a card which doesn’t charge you at all then you don’t need as new one from a different bank UNLESS you fancy giving one of those accounts a try. For anyone who doesn’t already have a decent card, here are my top picks.

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. I tend to look once a week at all the messages, but it can take longer – so you might have to bear with me for a reply.

One thought on “Ask Andy #42: Your money questions answered

  1. Hi Andy,
    Last day and I’m still uncertain about what’s best having read your earlier posts on savings and recent interest hikes as to whether it’s best to take out an ISA or switch to a high interest easy access bank account like Virgin Money?
    Thanks for all your excellent advice.
    Best regards,
    Pete

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