where can I put it and is it worth it?

st999

I have just finished paying off my 0% balance transfer on my Virgin credit card using savings that were getting 3% interest.

So I now have a £0 balance on it:j.

I have now been offered a 0% balance transfer to a current account at 4% cost until Aug 2010 or a 0% balance transfer to another credit card at 2.98%.

The thing is the only debt I have now is my mortgage at 1.15%.

So I can get £3648 at a cost of £146 but what can I do with it for 10 months?

Stan

withnell

Nothing that will make more than it will cost you - except if you have an HSBC plus account and use the regular saver along with a decent savings account

YorkshireBoy

Applying some basic* maths, 4% for 10 months equates to (4 / 10 x 12 4.8% per annum...and that's without factoring in the (albeit very low) 1% minimum payments and start up/shut down delays depending on how quick they action the SBT and when, in August 2010, your statement date falls.


* Applying a little more analysis here, as a basic rate taxpayer you'll need at least 6.4% AER in a savings account just to break even!

DiggerUK

st999 wrote: »

The thing is the only debt I have now is my mortgage at 1.15%.
Stan

Stan,
So, you are going to go through all that hassle to get enough for a couple of free "Happy Meals"
Got to suggest to you that you get rid of debt number two, aka your mortgage.
Debt, is debt, is debt.
Bury the mortgage, you've buried your credit card debt and you know deep down you have to pay the mortgage.

Best of fortune.