Ask Andy #52: 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 get a bonus with a partial switch?

Hope you can offer some advice. I bank with First Direct I am thinking of switching to Santander 123 lite to get the bonus. But it will be a partial switch. How do I start?

Barbara, via email

So the bad news is the switching cash is only available if you complete a full switch. You probably have time to set up a “dummy” account just for switching first. More on that here

Is a notice savings account a good idea?

What is your view on 90 day Notice Accounts paying around 2% versus easy access ones at around 1.5-1.6% where large sums are involved due to a house sale?

Is it better to have the lower interest rate and be able to switch to a better rate without having to give notice especially as savings interest rates are going up quite frequently or take the higher rate whilst it’s available and lock it in for 90 days?

The money needs to stay as either easy access or notice up to 3 months so that it can be used to buy a new house (when we find one we like).  We’re renting in the meantime.

Helen, via email

Hi Helen, there’s no correct answer! If easy access rates do move up quickly you could miss out if all the money is in a notice account. But the same goes the other way.

Obviously the longer the notice period, the longer it’ll take to get your money to move it if rates improve elsewhere. But in exchange for that you’re getting a higher rate.

One option would be to split the money across easy-access and a couple of different notice accounts. Maybe a third at 90-days, a third at 30-days and a third at easy access.

You could also offer notice a few days after opening the account, so the cash will be available to move sooner if rates to change. And if not, you could then save again in a new notice account. I’ve listed the best rates here.

Andy’s YouTube

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

What happens to my debit card when I switch?

Hey Andy, I’m new to bank switching and wanted to know, if I switched would my bank card from the previous bank become void? Even if I choose to switch back to that bank in the future? Many thanks. =)

Gremoth, via YouTube

Hi Gremoth, yes your debit card will stop working. If you go back to that bank in the future you’ll be issued with a new debit card with new details (and you’ll also get a new account number too).

Can I get Paramount+ with NOW?

Can you tell me how to get Paramount + on Now Tv or where can I get it? I have cancelled Sky due to expenses. I am getting Freesat because there are certain things I want to record on satellite.

TheDoctor, via YouTube

It’s an unusual one. Paramount+ is only free to Sky Cinema subscribers who pay directly with Sky. Since you don’t have this (and I’d say you’ve done the right thing cutting back) then you need to subscribe separately to Paramount+. I’ve listed a few deals here

Andy’s podcast

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

Will other accounts close if I switch?

Bank switching question. Just want to confirm if I switch one account away from a bank, only that account will be closed and any other accounts with that bank will remain?

Michael, via the Facebook group

Most of the time that’s correct EXCEPT if you have any products or accounts that require a current account (e.g. a linked regular saver might). Some products (e.g. a credit card) might have a fee if you don’t have the account. It’s rare, but it’s worth checking. Here’s more on what happens when you switch bank.

How to ask me questions

The best way to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me in my live fortnightly Q&A every other Tuesday (which is on Instagram and YouTube).

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

If you want to contact me via other channels 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.

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

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