Is stoozing still a thing in 2016?

goldmercury

Hi guys - i was an active stoozer and used MSE all the way back in 2005-2011 for stoozing purposes.

In the later years once interest rates dropped I used stoozing to offset my mortgage - knocked around 3 years off it!

However I stopped all this when interest rates went really low.

Question now - is it still something you guys actively do in 2016 with rates so low?

If so for what purposes?

Strummer22

Yes, this is a thing.

I have a balance of nearly £10,000 stoozed. The cash is in my Santander 123 account (and trickling into regular savers at 5 & 6%).

Why am I doing it? Because it's £300+ per year for free

Superscrooge

There are plenty of posts from active stoozers. I've now got about £23,000 stoozed across a number of 0% credit cards, with the cash saved in high interest current accounts.

Initially it was easy with credit card providers falling over themselves to lend me money. But I have noticed once my credit card debt exceeded £20,000 my odds on the eligibility checker of being accepted for further balance transfer credit cards greatly reduced. The last couple of credit cards I took out would only give me smaller credit limits than I had been getting previously..

A high earner could probably stooze more. I suspect credit providers are getting a little nervous when they see my credit card debt now exceeds my annual pension!

jamesd

Stoozing is definitely still a thing, though I'm normally using investments rather than savings or offset mortgage these days. I expect to make something in the £6,000 and up range in interest a year from credit card debt at the moment.

MisterMotivated

Yep, still going, although I had to clear all my cards last year when buying a house, so only about £6k at the moment

noh

Around £25K stoozed at present.
I have just received an offer, from Virgin, of 0% Money Transfer for 36 months with a single £100 upfront fee.
This is a card I have held for 5 or more years and haven't used in the past 2 years. I wasn't looking to increase my stooz pot but another £15k is tempting.

MallyGirl

Still stoozing here. I have been offsetting against my 3.9% mortgage but now that this is nearly paid off, and the tax on interest earned has changed, I have started to trickle into 6% regular savers as well.

Strummer22

Stu_N_ wrote: »

Yes, this is a thing.

I have a balance of nearly £10,000 stoozed. The cash is in my Santander 123 account (and trickling into regular savers at 5 & 6%).

Why am I doing it? Because it's £300+ per year for free

Well phooey. At 1.5% and whatever else will be on offer it really doesn't seem worth it. I think I'll just pay off the cards and buy a house!

Kendall80

Stu_N_ wrote: »

Well phooey. At 1.5% and whatever else will be on offer it really doesn't seem worth it. I think I'll just pay off the cards and buy a house!

TSB are still currently offering 5% accounts as are nationwide. Also, at time of writing Lloyds still offer the 4% account. You could safely build a sizeable stooze pot with these especially if you are a 2some.

Strummer22

As Martin wrote in his blog though we don't know how those accounts will look come November time. It'd be a right pain to open 2-3 other current accounts only to watch the interest dry up there as well.

swindiff

I have just under £50k stoozed, currently earning just under £1700/year