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Egg exploitation underway! - advice please

Options
I'm in the lucky position of being debt free and i've just recently decided to the CC companies a bit, I have been provisionaly accepted for a Egg card with a limit of £6k, I'll do a Super BT for the full amount then put £3k in a suitable ISA and re-pay £350 a month so that its cleared at the end of the 0% interest peiod. But then whats the best thing to do with the other £3k? I could chuck it into my cahoot savings acoount but then am i liable for 40% tax on that interest? If it sat with cahoot for the 9 months it would earn about £135 but if i am liable for 40% tax on that then is there a better option?

Comments

  • johnllew
    johnllew Posts: 1,928 Forumite
    Do you have a partner whose tax rate is lower than yours? If so, put the money in an account in their name. Don't forget from the 6th April 05, you can put another £3000 into a MiniCash ISA.

    You could always put the money into premium bonds in the hope you win something. The wins are tax-free but of course you run the risk you may not win anything.
  • CarpyQS
    CarpyQS Posts: 24 Forumite
    thats a very good point, the other £3k could quite happily sit in permium bonds for 9 months at no cost to myself.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Theres also capital gains instruments such as zeros (they are bonds that appreciate in value rather than pay interest) available and the tax free National Savings products
  • I've just recently decided to the CC companies a bit
    Carpy,

    I'm struggling to understand. Can you explain please?

    MLC.
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    He  means stoozing ;)
  • yes read - take advantage of

    it get real enjoyment from throught of getting something from these companies that ruin peoples lives OK i am a not that far right and i know they are only providing a service bla bla bla... but i enjoy deeply enjoy the fact i'm having fun at thier expense!

    If i cream a million off the premium bonds and pull a couple of hundred quid from Mr Egg's retiremnt fund then i'll have done at least 1 useful thing in 9 months!
  • ;D ;D ;D
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
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