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Michelle Monck

Consumer Finance Expert
Published: 19/02/2021
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The team at and our preferred brokers and advisers have come together to answer your personal finance questions.

Can I transfer premium bonds?


Is it possible for my mum to transfer her premium bonds to myself and my brothers? Are there any tax implications in doing this? answer.
We are not aware that you can transfer premium bonds to another person. They would need to be encashed and passed on as a cash gift. This can have taxation implications, find out more in our guide to tax and cash gifts.

Can you still get tracker ISAs?

My cash tracker ISA is about to mature. This ISA tracked 0.75% above the Bank of England Base Rate. Are there any tracker ISAs still available right now? answer.
There are currently no ISAs that track the base rate. The most recent one was withdrawn last summer. You can search and compare variable rate ISAs and see all the best cash ISA rates on our charts.

Can I claim universal credit?

My husband is self-employed and his income has been reduced to nearly zero because of the Covid-19 pandemic. He has received the Self-Employed Support grant but as I cannot work due to ill health we are starting to struggle. We did use equity release before the pandemic and planned to use for a holiday, however we have now had to use this to supplement our income. I am so worried, will taking equity release affect our chances to receive Universal Credit? answer.

We are sorry to hear about your current situation. If you have less than £6,000 in savings, you can apply for Universal Credit in full, while savings of between £6,000 and £16,000 still allow you to receive Universal Credit but your payment will be reduced. We’ve included more information about Universal credit in our self-employed guide.
We would also suggest speaking with the Citizens Advice Bureau as they have members of staff that specialise in benefits advice.

How can I get the best return on the funds from my house sale?


Last year I retired, sold my house and now have a sizeable sum of money in the bank. I have no children and no financial obligations. My money is currently earning a meagre rate of interest. What can I do to see it earning more? answer.
The interest rates on cash savings accounts are low right now. The best rates are usually available from challenger banks rather than the high street banks. Our recent article about challenger banks and savings rates offers more information. It is also worth using our charts to compare savings rates; we list all the FSCS authorised savings accounts in the UK. If you are happy to accept some risk to your funds, then investing in an equity fund could achieve a greater return over the long-term.

Given you have a large sum of money you should also check your tax requirements – our guide to the Personal Savings Allowance explains more.

Finally, an independent financial adviser will be able to help you form a financial plan for your money and put in the place the investments most suitable for your needs.

Get in touch with your questions

If you want to get in touch with the team and ask a question about personal finance please contact us.

Disclaimer – the responses in this article should not be taken as financial advice. If you have any concerns about your financial position please speak to an independent financial adviser or seek help from your Citizens Advice Bureau.


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