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Considering stoozing

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When I first joined MSE some years back I considered stoozing but at the time decided I wasn't quite ready or sharp enough to keep on top of it, plus I had several other avenues to explore first.

Now I have come full circle and I am taking into consideration stoozing again and seeing if it would be worth it for me.

Currently we use the ASDA cashback CC for all purchases (without fees) which gives a paltry 0.5%.

I already have two santander 123 accounts with 20k in each to maximise their 3% interest. Given that bank interest rates are so poor at the moment and as far as I can tell the santander only allows two accounts and many other providers offer poorer returns, do you think its still worth?

Mortgage free - 01/05/2019, mortgage high £200k 2011

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Given that bank interest rates are so poor at the moment and as far as I can tell the santander only allows two accounts and many other providers offer poorer returns, do you think its still worth?
    A singleton can get £50.5K in current accounts making 3-5% AER. A couple, using joint accounts, can get £130.5K making the same AER.

    When you add in regular savers it's possible to average over 4% AER on a very large sum of cash.

    Since there are, at the moment, some 7-8 cards (that's 14-16 per couple) offering fee-free 0% BTs for up to 2 years I'd say "it's still worth it" if you haven't got substantial savings of your own.

    In my stoozing heyday 10 years ago, my £80K stooz pot was making 5% AER...so not a million miles away from today's profit levels.
  • Thanks for the reply yorkshireboy. It sounds more beneficial than we currently get from the cashback card so I'll investigate which accounts are open to me and give it a go.

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • So I've looked into it further and the OH seems to think it'll be more hassle that its worth however I am still not so sure.

    Looking at available bank accounts, several have monthly pay ins I am assuming people simply setup standing orders to send the money in and then out a few days later in order to fulfill that requirement?

    As far as I can see the main banks which Martin has listed have a maximum limit of about £30k anything above they don't give any interest on. Which based on the interest rates I make it as £1100 more in my pocket.

    I've read about people with much larger pots so how do people generate extra interest above the threshold these accounts give?

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • mrs_T
    mrs_T Posts: 1,017 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Offset mortgage?
  • MallyGirl
    MallyGirl Posts: 7,202 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    mrs_T wrote: »
    Offset mortgage?

    That's what I do. Am just exploring the regular savers (got FD) and looking at other interest returning options for when we finish paying off the mortgage next year.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
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