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Few Stoozing Questions

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

Replies

  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    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.
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