Is today the day stoozing died?

geet

Hey thats great, thanks for confirming sicker - only I too sent them an email enquiring - wonder if all this will alert them to change their rate!!!

I feel terrible for not having seen this before because I started a egg savings and put 3K in it a few months back waiting for April to come, which probably is fetching me 1% or even less! Seriously, is 4% taxable better than 3.1 taxfree isa which seems to the best transferable isa I can see?

cash-magnet

I have just transfered funds onto my egg money card to take advantage of the 4% interest rate but cannot find any information on how often they pay the interest to you. I am assuming it will just be added to your positive balance, but is it calculated daily, and is it paid monthly or yearly?

sicker

Your 1% cash back is paid yearly in March?? (maybe April) and the 4% interest is paid monthly and added to your positive balance.

cash-magnet

That's great information. So glad they credit it monthly. Makes it easier to keep a check on for me.
Your fast responce is worthy of a "Thanks" click. :T

Just checked my account and they credited the account with the interest on my statement date.

JimmyTheWig

geet wrote: »

is 4% taxable better than 3.1 taxfree isa which seems to the best transferable isa I can see?

Depends what rate you pay tax at.
If you don't pay income tax then 4% will get you 4% net, which is better than 3.1%.
If you happen to fall into the small bracket where you pay 10% tax on your savings interest then 4% will get you 3.6% net, which is better than 3.1%.
If you pay basic rate income tax then 4% will get you 3.2% net, which is very similar to 3.1%.
If you pay higher rate income tax then 4% will get you 2.6% net, which is worse than 4%.

For a standard rate tax payer you'd get about an extra £3 a year with £3k in Egg Money rather than a 3.1% ISA.
But remember that if you don't use your ISA allowance in a year you lose it. If you can afford to keep the money in there (i.e. repay the Stoozed card from elsewhere) then this may well, in the long run, be worth more than £3 to you.

Anon

Later this month Egg Money loses its 4% positive interest rate, so no longer viable.

Anon

Paul_Herring

Anon wrote: »

Later this month Egg Money loses its 4% positive interest rate, so no longer viable.

Why? It looks to be still available to use as a mule.

JimmyTheWig

Paul_Herring wrote: »

Why? It looks to be still available to use as a mule.

The recent discussion on this thread has been about using Egg Money as a savings account for a stooz pot to benefit from the high 4% interest.
This will no longer be viable.

JimmyTheWig

As it happens, _today_ is the day that stoozing has died for me.
Just had my Abbey card statement through the post confirming that my balance has been paid off in full with no interest added (I know that's what I was expecting, but I do love to see it in black and white) which ends the last (and my biggest ever) stooz I had going.

My only question is to confirm that, for people living in England, there are no fees-free 0% deals out there? We can still get good interest on my wife's Egg savings account until August, so a short-term fee-free 0% deal would round things off nicely.
But it looks like the only one on offer is from Northern Ireland branches only. Unless anyone knows any different?

JimmyTheWig

JimmyTheWig wrote: »

As it happens, _today_ is the day that stoozing has died for me.

Oh, that's only if you ignore my interest free A&L current account overdraft...