every month ?nancial guru Les Conway answers your money related questions.
welcome to my monthly Q&A and here are some topical questions people ask.
Finance Guru Les CoNwAY
Q
I would like to switch my bank account but I’m worried about the hassle of moving all of my direct debits and standing orders. Can you guide me please?
A
The good news is that most banks have a dedicated switching service which will move all of your direct debits and standing orders over for you. The ?rst thing to do is to decide what type of bank account you want. Examples are those that are paid-for accounts with lots of extras, those with a free overdraft bu?er, or those that pay interest when you’re in credit. There are places for all but to have one where you pay a premium to gain the bene?t of concessions and add-ons is only worthwhile if you’re going to use them. Once you’ve made your choice, contact the bank concerned and they should do the rest. However, do request a list of your existing direct debits and standing orders so you can cross check that they all have been moved over correctly. If you’re a student, also see what speci?c bene?ts you might be able to get. I am thinking of emigrating to Canada when I retire next year, but a friend told me if that I do, my state pension will be frozen for as long as I live there. Is this true? Unfortunately, it is. Canada has no reciprocal agreement with the UK, which means that pensioners see their payments frozen at the level they were when they arrived in their new home country. While this rule applies in 150 countries, 90 per cent of a?ected pensioners live in Australia, Canada, New Zealand or South Africa. Pensioners who move to a European Economic Area state or one of 16 other countries with longstanding reciprocal agreements including Jamaica, Turkey and the USA, get their pension increased each year along with those still in the UK. Successive governments have refused to look at the issue and sign or update reciprocal arrangements as they believe the cost to be too high.
Q A
To ?nd out more or enquire about any other ?nancial planning or advice issue feel free to contact us.
To advertise [?\??\?[?\???[
??H
MML ??? ??