Stoozing to the One Account

Alligator1

Hi Stoozers!

This is my first post on here so be gentle with me!!

I'm just finishing a fixed rate mortgage and am taking out a One Account current account mortgage for the overpayment flexibility.

The mortgage will be for £60k over a 20 yr term with a view to overpaying and finishing it asap.

What I can't work out is how much interest stoozing will save me and I don't know how to work it out.

I understand how it works to a savings account but can anyone tell me how to work out how much interest I would save if I put for example £10k for a yr in to the One Account?

Hope that makes sense?!

Clariman

Hi. You can use this calculator to work it out. Enter your stoozing card details, enter your One Account interest rate under "Savings AER" and set the tax band to "Offset (no tax)" and it will work it out for you.

Clariman

Alligator1

Hi, brilliant, thanks very much, I'll have a look at that.

stevemcol

If you stooze against your One Account you need to be particularly fastidious keeping track of things. You're essentially mixing your stooze with day to day spending and it's easy to lose track.
I stoozed against my One Account for a while but in the end I've accepted a smaller profit, switching my stooze to a savings account. Personally I like my stoozing to be a low effort activity.
If you've a better attention span than me then go for the One Account stooze. It certainly is more profitable.

Alligator1

Thanks, I'm quite good at keeping track or everything so shouldn be a problem!

I thought it must be more profitable than straightforward stoozing to a savings account. Have you any idea what kind of amounts you saved with the stoozing to your one account that you did?

andyboyo

stevemcol wrote: »

If you stooze against your One Account you need to be particularly fastidious keeping track of things. You're essentially mixing your stooze with day to day spending and it's easy to lose track.
I stoozed against my One Account for a while but in the end I've accepted a smaller profit, switching my stooze to a savings account. Personally I like my stoozing to be a low effort activity.
If you've a better attention span than me then go for the One Account stooze. It certainly is more profitable.

I've never found this particularly hard - you can set up an e-savings pot within the One Account to keep it separate

stevemcol

andyboyo wrote: »

I've never found this particularly hard - you can set up an e-savings pot within the One Account to keep it separate

Interesting. I'll have a play with that. If it's quick to setup and doesn't require much monitoring I'll give it a go.

stevemcol

Alligator1 wrote: »

. Have you any idea what kind of amounts you saved with the stoozing to your one account that you did?

Well it would be comparing apples with pears because I was using my One Account before the days of BT fees. However, I would say your returns would be around 15% higher comparing the One Account method with a high interest non ISA account.

I aimed to make £1000 per year then though I know lots of Stoozers were making much more. I look for £700 to £800 per year currently using ICICI.

Alligator1

Thanks for that info. Roll on the stoozing cards!!

stevemcol

Andyboyo

Following your tip, I've set up a saving partition in my OneAccount as a Stooze pot. Will the 'apparent' interest earned show up in the stoozing partition or will the headline mortgage interest just be reduced with no illustrated breakdown?

BertyUK

The amount of interest you pay will reduce. I'm still having trouble trying to work this out on a month per month basis in order to calculate the amount of profit im making. if anyone has any formulas or suggestions I'd love to hear them.

I have also setup an e-savings for each card so i know where im at with each one.

I'm Currently stoozing against MBNA £5,550 credit limit £6,000
Abbey Zero awaiting £5,000 BT and since ive had the card slow stoozed £650 Credit Limit 6000


Rob