Відео

Thanks Jess - glad you found it helpful! 🙂

Hi, We update our best bank switching offers article every month - here is the latest for August -moneytothemasses.com/saving-for-your-future/best-current-account-switch-offers-and-incentives

Hi Iman, We have quite a few articles on our website, including information on how to build your credit score. I'll post links to them below. As you've been declined for a number of credit cards already, I would recommend that you use an eligibility checker because further declined applications will only exacerbate the issue. A credit card eligibility checker is a way of checking to see what credit cards you are likely to be eligible for. An online tool can show the different cards you are most likely to be accepted for, including some that you may be 'pre-approved' for, though this will still require a credit check. You will have an idea of your chances of having a successful application without having to go through the process of fully applying for the credit card. The eligibility checker will run a 'soft' search on your credit file to get information on your financial situation without leaving a mark that will show up on future checks. You can therefore use an eligibility checker as often as you like without your credit score being affected, which wouldn’t be the case if you applied for a series of different credit cards instead. I'd suggest that you take a break before applying again. Credit card providers will see the declined applications when they run the credit check and so could view it as a sign that you are desperate for credit and use that as a reason to decline. We have some articles on the Money to the Masses website that you may find helpful in relation to building your credit score and finding the right credit card for you: "How to improve your credit score quickly" - moneytothemasses.com/using-credit/credit-report-2/improve-credit-score-quickly "The best way to check your credit score for free" - moneytothemasses.com/using-credit/credit-report-2/the-best-way-to-check-your-credit-score-for-free "What is a good credit score?" -moneytothemasses.com/using-credit/credit-report-2/what-is-a-good-credit-score-and-how-to-improve-yours "Check credit card eligibility: What credit cards am I eligible for?" - moneytothemasses.com/using-credit/credit-cards/check-credit-card-eligibility-what-credit-cards-am-i-eligible-for "Credit cards for not so good credit" -moneytothemasses.com/credit-card-2/credit-cards-for-not-so-good-credit I hope you find that helpful! 😊

I’m so glad that you found the video so useful. Thanks for taking the time to give feedback ❤️

It is the associated video that you can click on. Alternatively copy and paste this link into your browser ua-cam.com/video/t5StpXPLwWI/v-deo.htmlsi=1uov4XK3Fb0LuNdd

You will need to speak to the bank as to the best way to proceed but it is likely that they will insist on a signature if that is how the account has been set up

Hi, It's for both - you need to pay £800 into your new Barclays account by 30th August. I hope that helps 😊

I’m so glad the piece resonated with you. Thank you for reaching out. I’ll keep doing my best to look out for everyone ❤️ Damien

Because it's only up to 5000

Im actually looking to switch from my Natwest flexible saver account to try and get a bit more interest on my money, not sure if its worth trying The Co-op 7% regular saver.

@@leaf3827 I have both Natwest Digital Regular Saver and Co-Op Regular Saver accounts. Once you have £5000 in the Natwest account you can not put any more money in and it will just generate ~£300 yearly interest (as long as the rates are the same). The downside being that you can only put in £150 per month - whereas the Co-op one is only for a year then you'll have to move it to a lower interest account. So the Natwest account is better long term as somewhere to gradually save/maintain an emergency fund, but the Co-op one is better short term. edit: once you have £5000 in there, you can move the interest into a different account every so often because it's only 1.75% over £5000+

Which savings account is this on NatWest?

It does vary. I’ve found that you have to experiment with the shops you go to and the days that you do it. For example this haul came from a co-op in an expensive London suburb. Even though I tend to get my TGTG bags from here the haul isn’t always as good. As a general rule I’ve found it best to avoid petrol stations or convenience stores as you tend to get more bread and sandwiches.

@@Moneytothemasses Thanks. I've seen a few local small convenience stores doing it, but there's also a fairly large Morrisons supermarket. Maybe I'll give them a go, Bread or sandwiches I could use. I just didn't want to be lumbered with a bag consisting solely of vegetables that I'm never going to be able to use. As a matter of fact I've had the app on my phone for ages, but never used it. I got inspired to give it a go watching a bunch of YT videos, and picked up my first bag from a local Costa this afternoon. I got an egg mayo sandwich, a tuna melt panini, a croissant and a couple of tart things. Be having some of that for my tea. 😃

It’s not available for those that already had any open Barclays Current Account on or before 08/07/24 or have ever received a switching offer reward for switching to any Barclays Current Account

I was looking for them on Trading 212 and it seems like they arenów available in the UK at the moment:(

Yes it is possible. You can open up multiple cash ISAs and stocks and shares ISAs and contribute to them all in the same tax year as long as you don't pay in more than £20k in total across all of them. But... some ISA providers might not let you open up multiple ISAs with them despite the official rules making it now technically possible. You can only pay into one Lifetime ISA in each tax year and the max £4k contribution each tax year counts towards your overall £20k ISA allowance. You can theoretically hold more than one Lifetime ISA however you can also only use one Lifetime ISA (per person) to buy your first home so you would need to think about consolidating them.

@@Moneytothemassesbrilliant, thanks for the clarification 👍

Great advice, much appreciated. I think the fact I sit so much is the issue, as you suggest. Damien ❤️

That is really interesting. Thanks for sharing. Damien ❤️

You’ve made me fell less silly ❤️

Hi, thank you for your support it is much appreciated and I am so glad you have made such positive first steps in planning your future. I think you will like a piece on next week's podcast on a similar theme. As for your question, it is one you need to put to the solicitor who should be able to advise you on the legal and tax side of things (perhaps with the help of a tax specialist). Some points to bear in mind are that usually any money passed from one person to another (not between spouses) is considered a gift (and a potentially exempt transfer) from an IHT perspective. That means that if the person making the gift dies within 7 years there could potentially be an IHT liability. The other thing to check with the solicitor is the Stamp duty situation because if one person buys another person's share in a property there is usually a potential stamp duty liability. Also it is possible for a person who does not want to inherit something to redirect it to someone else via a deed of variation, which effectively means that the asset never passes to them but to a person they state. In some instances there can be advantages to doing this. So I would suggest that you speak to the solicitor and a tax accountant and explain what you are trying to achieve and they can advise you best route. Best wishes Damien

Thanks

Avoid, unless you are an experienced investor who knows what they are doing.

Hi, Have a look at this article that focuses on travel credit cards. moneytothemasses.com/using-credit/credit-cards/compare-the-best-travel-credit-cards-uk I can’t make a personal recommendation obviously. But the article will give you a range of options. Interestingly there are travel credit cards that do offer cashback. Such as the Barclays Rewards Credit Card. Obviously all the cards are for UK residents only.

Generally speaking whether it's worth repaying your student loan early depends on a number of factors. But remember... You only have to start repaying the loan if you earn above a certain threshold. If your income is below this threshold, then you don't have to make repayments. Also student loans are written off if you haven't managed to repay them after a certain period of time, which for more recent graduates is 25 years. Plus, the interest rates on student loans are relatively low compared to other types of debt. So If you have high-interest debt (like credit cards) or no emergency savings, it might be better to prioritise those over paying off your student loan early. Now in terms of mortgages.... student loans don't appear on your credit report and therefore won't affect credit scoring. However, your monthly repayments are likely to be taken into account by mortgage lenders when assessing affordability during a mortgage application. This is when a lender looks at how much income you take home each month and assesses whether you can afford the mortgage you've applied for. But the reality is that your other financial commitments, your new monthly mortgage repayments and other debts repayments are going to have a more significant impact on this affordability assessment. Best wishes Damien

Thank you, that was useful. I'm just trying to get my head around this stuff.

I do sympathise too

Thanks for your support ☺️

If you put in £4,000 every year you will get a £1,000 bonus every year.

@@Moneytothemasses ah okay; thank you for confirming!

No the 25% is on the amount paid in each tax year up to a total bonus of £1,000 each tax year

@@Moneytothemasses Thank you for getting back to me; I’m not sure I understand though 😭 are you saying for example, let’s say in one tax year I put in £4000, I’d get a £1000 back for that tax year. Then if I were to put another £4000 in the tax year after, I could get another total bonus of £1000 bonus? Or is the bonus just a one off thing?

@@zinabstarit’s not a one off thing, you’d get the 25% bonus for each tax year you contribute. So with your example, you’d get an additional £1000 bonus for the next year if you saved £4000.l that year. That’s my understanding of it