We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Few Stoozing Questions

Options
I've been thinking about trying this for a while, but have a few questions first, they're probably pretty obvious newbie questions...but I can't find a topped thread eanywhere that explains the basics so here goes.

1. Does stoozing affect your credit rating?

2. What is the average return in % after charges for balance transfers etc.

3. What length of time is the best to invest over?

4. What are the best saving accounts / ISAs to utilise?

5. Are there any tax complications that could arise from stoozing?

Thanks in advance and hope this post helps some other people too.


James

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    jamesw2000 wrote:
    1. Does stoozing affect your credit rating?
    Yes.
    2. What is the average return in % after charges for balance transfers etc.
    I've only ever paid 2 x £35 BT fees, and will have made over £3K profit in just 18 months. However, to 'try' and answer your question, a 2% uncapped BT fee, 4% net savings account, and 2% minimum payments will lose you money on any savings account stooz of less than 18 months duration - in my opinion. If you're having to pay uncapped BT fees, then you really need a long introductory period and have an offset mortgage or a non tax paying partner.
    3. What length of time is the best to invest over?
    Not sure I understand the question, but I'll take a guess and say the longest 0% introductory rate you can find.
    4. What are the best saving accounts / ISAs to utilise?
    There's a stooz pot savings table on the official stoozing website. It's been extensively researched in the last month following the recent base rate change, and is fully up to date.
    5. Are there any tax complications that could arise from stoozing?
    No, other than you may be taxed on the interest made in a savings account.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.