Bored waiting for a new 0% deal

Leia_Stephens

Mind you today Lloyds paid a credit of £1797.00 into our account from 'SA'. We've no idea where it has come from and neither has the bank.. Could it be compensation??  :P

In a just world it would be, but in this world it probably isn't.

Martinslovechild

It's a tax rebate (Self-Assessment).

smartsaver

Thanks MLC.... I want :-* you

Martinslovechild

Thanks MLC.... I want  :-* you  ;)

Anytime anywhere Baby

Smitty

With all the financial brains posting here we must be able to come up with something...  ::)

I hope so! There must be something... put your thinking cap on and I will too ::)

frequent

Smitty

Inflation/ deflation. I don't put them into the calculation, nor do I worry about the stooze pot decreasing monthly to make the payments with.

I'm getting free money paid monthly in cash, what ever I get goes into account C, so interest paid generates more interest so even if the entire stooze pot is paid off tommorow then account C is still generating free money.

Walked past HSBC today and couldn't resist taking a peak at the new gold card Martin pointed out.

The staff are so nice, explained all the details and approved a new card on the spot.

Wonder how muh they want to contribute to the "frequent stooze fund" 8).

As for advanced stoozing, I'm wondering if we will see some competition in the 0% over draught market as the 0% credit card deals dry up ?

Any thoughts anyone ?

smartsaver

As for advanced stoozing, I'm wondering if we will see some competition in the 0% over draught market as the 0% credit card deals dry up ?

Any thoughts anyone ?

I think we will see more but may mean switiching current a/c's which is more hassle than changing credit cards and I doubt they would give a 15 or even 10k overdraft so the spoils would be smaller.

Another product is the 0% loan... I think this is the ONE to watch.. 8)

deemy2004

I can't see 0% loan offers taking off, the interest charged is the only means of revenue. whereas with credit cards they earn on spending.

frequent

Not so Demy

I'll give you an abc example

If you (Mr A) deposit £100 with me (Mr , i agree to pay you 5% per annum and act pay you net 4.89% having collecting 0.11 % for our mate gordon

So my outlay on your £100 is £5

I can then lend to Demmies mate (Mr C) at least 10 times that amount at 6.9%.

So while I pay you Mr A a mere £5 a year interest i am charging Mr C 6.9% on £1000 + £69 per yer minus your fiver still leaves me (Mr with a £64 profit.

Now scale that up into 100 million pounds worth of savings !! I believe that some banks can lend 20 times the amount they have on depsosit so effectivley have a license to print money.

Last example. If MSE stoozers has £1,000,000 (1 Million £) @ 5% they would get pre tax £5000 interest.

If said stooze bank lent 20 times their deposit (20 Million @ 6.9% the interest payable to that bank in 1 year is £1,380,000..yes 1 million, three hundred 80 thousand pounds in one year..if you want to work out on your cal try this..a guy takes a 50k loan over 5 years @ 6.9%, how much does the bank make and what is their ROI given a 20;! loan to deposit ratio ?

frequent

"Last example. If MSE stoozers has £1,000,000 (1 Million £) @ 5% they would get pre tax £5000 interest."

Math typo there and i'll blame it on late night boozing and stoozing

5% on 1 mill is of course £50,000

Ok now i'm thinking is it poss to stooze 1 mill coz i reckon i could probably just about survive on 1k a week give or take coppers and loose fivers 8)