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 Sunday or 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!
Should I move my Virgin Money savings?
With the increased rates is it worth still keeping the Virgin Money M Plus current account as that only earns 2.02%.
Andrew, via the Facebook community
Yes, I’d certainly look to move this money. You can get up to 2.81% in an easy-access account, more in an account with limitations (e.g. number of withdrawals, amount you can save). Here are my best buys.
Do cashback and switching bonuses count toward my personal savings allowance?
My name is Zoltán, and I have a question about my savings interest allowance. As far as I know, because I am a low wage earner (paying 20% tax), I am allowed to make 1000 GBP in savings interest. My question is, do the cashbacks from credit cards and switching bonuses from switching my current accounts over to different banks count into my 1,000 GBP savings interest allowance?
Or should I not worry about this, because only the actual interest counts into my savings interest allowance?
Zoltan, via email
Hey Zoltan. So these extras don’t count towards the PSA. It’s only interest payments that do. You also don’t need to worry about paying tax on these earnings. However some rewards are due tax, but you’ll probably find this has already been deducted by the bank before you get it. For example the Halifax Reward is actually £6.25 and you get that minus 20%, so £5.
Watch new videos every week on our channel, plus a regular live Q&A
When will I need to complete my switch by?
I understand that one criteria for the Halifax switch is you must start the switch by 19/12/2022. My question is, how long after 19/12/2022 do I have to complete the switch?
Richard, via email
As you say with the Halifax offer you need to start the switch before the 19 December. There’s no published completion date, but I expect when you start the switch you’ll only be given a certain number of dates to choose from.
What should I do with my Help to Buy ISA
I currently have a help to buy ISA with around 7k in and £200 going in each month.Due to cost of living etc I won’t be buying a house any time soon.Am I still right to continue this account or look to put my money elsewhere? I have seen lifetime ISA but I’m 40 and I think the cut off for this is 39?
Anon, via the Facebook community
Sadly you’re right you can’t get a Lifetime ISA now you’re 40. But you can keep the Help to Buy ISA as it can be used for a property up until 30 November 2029. It’s worth looking to see if you can beat your existing interest rate. Some providers will allow you to open one and transfer your money over (HSBC offers 2.5% for example, though you need a current account or savings account with them to access the Help to Buy ISA).
Listen to Cash Chats, Andy’s award-winning podcast. Episodes every Tuesday.
Should I shift my credit card debts?
So I got a balance transfer card back in July and stupidly ended up spending money on it after the interest free period. My debt is sitting just under 2500 and I’m wondering if it’s worthwhile transferring this to another balance transfer credit card? Reason I’m asking is to try avoid hurting my credit score by applying for another card.
Making just above the minimum payments now and nearly have of that is on interest which is why I want to move it again but just need some advice if you can help out at all.
Thomas, via Instagram
First up it’s worth using any savings you have to clear as much of the debt as you can – that’s if you have any. If not then I’d definitely look at a comparison site to see your chances of getting a new 0% BT card. If you can then it’ll help you clear the debt much faster – and that will help your credit score more than not applying for a card.
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: