Ask Andy #54: 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

Every couple of weeks (usually on a Tuesday evening at 7pm) 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 switch from Chase Bank?

If I want to switch bank accounts, do both banks have to be signed up to the Current Account Switch Service or just the bank I am switching to? I want to move from Chase to another bank but Chase isn’t signed up to the Switch Service.

Anon, via the Facebook community

Yes, sadly they do both need to be part of CASS, which rules out Chase, as well as Monese and Revolut. However, digital banks Monzo and Starling are part of CASS. Here’s more on how to switch.

Will I pay tax on Sharia “expected profit”

Do I pay income tax or still consider within the personal saving allowance for Islamic banks “expected profit”?

SLS, via Twitter

Yep, though Sharia accounts don’t pay interest, the money you earn is treated in the same way. So you’ll have the PSA and be taxed on any beyond this. Here’s more on how tax on savings works.

Andy’s YouTube

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

Can I pay into an ISA after transferring?

I currently have 2 ISAs:

* One has £85k in it (and I won’t add any more funds due to general FSCS advice) — I transferred to a new rate with Provider X before the end of the 20/21 tax year.

* The other has £20k in it, which I opened with Provider Y at the start of the 22/23 tax year.

I’m expecting the rates on both these ISAs to reduce to something absolutely terrible when this tax year concludes, as is typically the case — so my question relates to what I can do following the start of the new tax year in April ‘23…

Am I permitted to transfer the ISA with Provider X to a better rate, possibly through another provider AND also transfer the ISA with Provider Y to a better rate (again possibly through another provider) AND THEN also pay £20k into it?

I can’t work out if that’s permissible under ISA subscription rules of not — most of the advice on the internet always seems to assume you’re transferring funds and then paying into one ISA with one provider…

Sean, via email

Yep, you’ll be able to transfer the old ISAs without impacting your new allowance for 23/24. And you can pay into either an existing or new ISA with the new money – whether that’s ones you’ve transferred into/from or another.

Just remember that the £20k allowance is across all the different types of ISA. And it’s worth considering if you need to have £125k in Cash ISAs. If you don’t need it in the short term it could be better off going to your mortgage, investments or pension.

How do you get NOW TV deals?

Could you explain how you only paid £108 for 12 months of those channels? I paid £15 for just 1 month of entertainment and cinema. You managed to get 8 months of entertainment for £8? That is amazing.

Simon, via the blog

It’s thanks to loads of offers, which sadly I can’t promise will be repeated. Often they come via email as a previous customer. Most recently they gave me six months of free entertainment. Though I had to pay for NOW Boost I used the cancellation trick listed here to make it cheaper.

I used to get passes via reduced smart sticks and sell the sticks (though these have been discontinued). And of course I’ve cancelled for months I’ve not used it, mixing it up with other streaming services rather than have too many at once.

So though you might not be able to get the same deals as me, I do think the email offers and cancellation trick should save you at least 50% on full price.

Andy’s podcast

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

Will cashback site offers replace Amex welcome bonuses?

Does going the cashback route via a cashback site for an Amex card preclude you from stacking any referral bonuses? Looking to get the Platinum in the next week or so for both me and my partner

Friggo, via YouTube

You’ll only be able to get either the cashback from the likes of Quidco and TopCashback or the referral offer.

However, you’ll still get the welcome offer. It’s worth checking when you click through to apply that the welcome offer is still listed. It always has been for me.

Also, if you are getting a card each (rather than a supplementary card for your partner), you can refer them for their card so you both get that extra bonus. Here’s more on getting the extra bonus on Amex when applying.

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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