Best way of saving the 'Stooze Pot'

wayoflife

Hello,

Just a quick discussion as to what people think is the best way to save up a stooze pot i.e. how much they have saved by doing all these weird and wonderful things...which type of account and when?

I thought I would do this, as at the moment it all goes into my regular savings accounts and it would be good to see how much I save!

Comments please!!

sicker

My route would be an on line banking account with ICICI PAYING 6.05%.

John

sicker

As of 23rd July make that 6.3%

emma396

i've put a lump sum in to alliance and leicester direct saver. i think it;s 6.17%.

sicker

emma396, my (A&L) direct saver pays 5.74% but I think new applicants get 6.1 for a while. REMEMBER that you get NO INTEREST in any month that you make a withdrawel.

John

emma396

that's ok. i have no intention of moving the money. i also have 2 monthly savers. one with lloyds and one with hsbc. both r 8% and i am paying £250 into each every month. i am about to change my account with abbey and pay in my wages to get 8% for a year on balances up to 2500.

wayoflife

thanks for the replies guys, but that wasnt really what I was getting at...

I have some e-savings accounts, which earn me a decent amount of money with no penalties for withdrawing and only £1.00 minimum deposit. Its also linked to my current account allowing a direct transfer to it instantly.

However I was getting at the methos and timing of it. i.e. do you work out how much money you have saved on a monthly basis and transfer this into a savings account? do you stash it as soon as you save it? and do you spend this or save it indefinately?

thanks

emma396

save indefinitely! any spare money lives in my online saver. i use my credit cards for EVERYTHING. the balance on my current account is usually only enough to cover my DD or SO that i know is going out. i do have an overdraft just incase it goes wrong tho

wayoflife

emma396 wrote: »

save indefinitely! any spare money lives in my online saver. i use my credit cards for EVERYTHING. the balance on my current account is usually only enough to cover my DD or SO that i know is going out. i do have an overdraft just incase it goes wrong tho

yer me too emma, I have four credit cards now for different things!! the only thing that annoys me is the silly credit cycles, 25 or 29 days, which mean you never pay them on the same day of each month....grrrr!

what card have you got?

wayoflife

Al_Mac wrote: »

I have a separate stooze savings pot and each time I pay the minimum, the same amount gets transferred to another account. So hopefully at the end, the dedicated account should still have money in it, the profit

You mean the minimum payment on a credit card?

YorkshireBoy

wayoflife wrote: »

the only thing that annoys me is the silly credit cycles, 25 or 29 days, which mean you never pay them on the same day of each month....grrrr!

Why not move the statement dates so that they're all 'due' on (broadly) the same date?...ideally 3-4 days* after your salary hits your current account.

I've found that this is by far the easiest, most profitable, way to manage my cards (and I've had as many as eleven stoozing cards on the go at the same time).

Any shortfall can be brought back from the stooz pot, and the interest lost due to money in transit is kept to a minimum.


* To give you chance to bring in some money from elsewhere should your salary be late.


Edited to add: I pay all but one of my cards by DD.