Is stoozing still a thing in 2016?

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?
:money: IT Geek & Martin Wannabee :money:

Replies

  • Strummer22Strummer22 Forumite
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    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 ;)
  • SuperscroogeSuperscrooge Forumite
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    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!
  • jamesdjamesd Forumite
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    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.
  • MisterMotivatedMisterMotivated Forumite
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    Yep, still going, although I had to clear all my cards last year when buying a house, so only about £6k at the moment
  • edited 15 August 2016 at 10:20AM
    nohnoh Forumite
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    edited 15 August 2016 at 10:20AM
    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.
  • MallyGirlMallyGirl Forumite, Senior Ambassador
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    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.
    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 [email protected].
    All views are my own and not the official line of MoneySavingExpert.
  • Strummer22Strummer22 Forumite
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    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!
  • Kendall80Kendall80 Forumite
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    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.
  • Strummer22Strummer22 Forumite
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    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.
  • swindiffswindiff Forumite
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    I have just under £50k stoozed, currently earning just under £1700/year
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