Stoozing Calculator

_dave__4

Clariman wrote: »

My understanding of the way most savings accounts operate is as follows ...

• Assumption - interest is paid annually

Hi Clariman,

Is that really true? I hadn't realised that - I thought most savings accounts either automatically paid interest monthly, or at least gave the option to have interest paid monthly. But I suppose that even when interest is only paid yearly, it'd probably be extremely unlikely for the end of the intro period to coincide with the yearly interest payment date, so the 'stoozing.com' calculator is likely to be a little wrong either way? Of course, the two other calculators will also be a little out if interest is paid yearly, although they maybe more accurate when interest is paid monthly...

Clariman

_dave_ wrote: »

Hi Clariman,

Is that really true? I hadn't realised that - I thought most savings accounts either automatically paid interest monthly, or at least gave the option to have interest paid monthly. But I suppose that even when interest is only paid yearly, it'd probably be extremely unlikely for the end of the intro period to coincide with the yearly interest payment date, so the 'stoozing.com' calculator is likely to be a little wrong either way? Of course, the two other calculators will also be a little out if interest is paid yearly, although they maybe more accurate when interest is paid monthly...

Dave

Some accounts pay interest monthly, some annually, some give you the option of choosing which you prefer. The tax calculation is done at the time that the interested is credited to the account (credited rather than accrued). Rather than make the stoozing.com calculator over-complex by giving all sorts of additional options - such as "is interested paid monthly or annuall", I have chosen to make the assumption that
interest is paid annually.

Dave - I have happily answered your questions in relations to the calculator on the stoozing site and explained any discrepancies that you feel that there might be. I am also happy to acknowledge what my connection with the stoozing site is and that I am the author of the calculator. Would you be so kind as to do the same i.e. let us know what connection you have with the site and calculator that you have linked to (a site that the vast majority of your MSE posts link to) and would you also explain some of the very strange results and assumtions that calc-calc stoozing calculator seems to make (as per previous posts). I think that is only fair, given that you are happy to criticise other stoozing calculators.

Regards
Clariman

_dave__4

Clariman wrote: »

Dave - I have happily answered your questions in relations to the calculator on the stoozing site and explained any discrepancies that you feel that there might be. I am also happy to acknowledge what my connection with the stoozing site is and that I am the author of the calculator. Would you be so kind as to do the same i.e. let us know what connection you have with the site and calculator that you have linked to (a site that the vast majority of your MSE posts link to) ...

I guess you could call me a "happy user"(!) - I like using that site, because you can paste a link to it which includes all the inputs to the calculation - then other forum users here don't need to type all the numbers in themselves. They've also got quite a few different calculators, which saves going to different places.

Clariman wrote: »

... and would you also explain some of the very strange results and assumtions that calc-calc stoozing calculator seems to make (as per previous posts).

I'm not sure. It seems to work OK for me! I know you said you got a profit of £1500 for a 6 months stooz on £10000, but I don;t know how you got that. YorkshireBoy got a different figure when he didn'y enter 0 for the % minimum with Virgin £25 minimum repayment, so I guess it must use some default other than 0 if you don't enter anything for that.

Clariman wrote: »

I think that is only fair, given that you are happy to criticise other stoozing calculators.

I'm sorry if you feel I've overly criticised your calculator, I didn't mean to. I was just trying to pick-out the difference in the way the savings interest is taxed, because that seemed to explain the main differences between your calculator and the other two.
Anyway, didn't I point out that all three calculators will be wrong if interest is paid yearly? ;-)

Clariman

The stoozing calculator on the stoozing site has been enhanced. It now has a "details" option which will display a month by month view of how your anticipated stoozing profit builds up.... including credit card balance, stooz pot balance, min payment, interest charged and interest earned for each month.

Clariman

daks

i hope so:money:

ragingbass

Clariman wrote: »

The stoozing calculator on the stoozing site has been enhanced. It now has a "details" option which will display a month by month view of how your anticipated stoozing profit builds up.... including credit card balance, stooz pot balance, min payment, interest charged and interest earned for each month.

Clariman

Dude, I reckon this calc rocks!!

Jake'sGran

I have never known what stoozing was but have now read up on it. I don't owe anyone a penny and pay my CC in full each month. I always thought there was a charge for borrowing from a CC but obviously not. Is there any point in someone like me having a go at stoozing?

CannyJock

Jake'sGran wrote: »

I have never known what stoozing was but have now read up on it. I don't owe anyone a penny and pay my CC in full each month. I always thought there was a charge for borrowing from a CC but obviously not. Is there any point in someone like me having a go at stoozing?

There's always a point if there's a profit to be made. Main difficulty at the moment is finding somewhere to put your stooze pot to earn interest above the typical 3% fee for the balance transfer.

Bit of debate on alternative investments on the main stoozing site www.stoozing.com

moneymouth77

That was my problem, in the current market it's hard to find anywhere to stooze, as no one's giving out cards unless our record is spotless.

Apparently Capital One have started taking on more customers again, but that's just a rumour.

butlinsmum

I have done this in the past but interest rates at the moment don't justify it any more unless someone can recommend somewhere to put a stooze pot that beats the transfer fee?

butlinsmum x