Where to put my Stooze Pot!!

Cardinal-Red

Hi,

Just started the stoozing phase of my new money plan after moving all my expensive debt onto Texaco (3.9%) and Barclaycard (1.9%).

Anyway I opened my A&L Premier Account and their savings account for my stooze pot of Egg (1.9% until October).

Now A&L have offered me £10k on their 9 months 0% offer and obviously happy to take it, BUT... will they notice if I deposit this cash in my A&L Savings Account?

Should I stash it somewhere else?

lipidicman

I dont think it will matter. Especially as the A&L CC is actually run by US company MBNA. Even if this were not the case it probably wouldnt be a problem.

If you are stoozing then maybe you should use some to get that 3.9% balance paid off as you cant be making much on that (say 5.35 less 20% thats 4.28% - not much over 3.9% on the debt) Better to pay it off and save the hassle of stoozing for now?

Clariman

They might notice if you try to move it to an A&L savings account. As lipidicman says, the A&L card is operated by MBNA so you may get away with it. You certainly wouldn't be able to do it if it was a normal UK credit card to a savings account with the same company.

If it is a problem you can simply route the money via your current account. It just means it will take a few more days to get there but is no big deal.

Clariman

fatboyonadiet

I've had my money from my Egg Card in my Egg Savings account without any problems, but it was via my current account.

Cardinal-Red

lipidicman wrote:

If you are stoozing then maybe you should use some to get that 3.9% balance paid off as you cant be making much on that (say 5.35 less 20% thats 4.28% - not much over 3.9% on the debt) Better to pay it off and save the hassle of stoozing for now?

I did think about this but then even though it's not much, I'm still 'better off' doing it this way, i.e. minimum payments on the Texaco Card.

I'm also saving seperately from my salary and once this reaches the debt on Texaco card I'll probably pay it off and close it down.

I just don't want to risk moving it onto 0% cards and struggle to move it when the deal ends - I'm moving house, taking on a mortgage etc in next few months and so stoozing opportunities might be reduced for a few months!

lipidicman

Your method works well if you have MEGA discipline. I have this, but not many people do! Even so, you may still be better of using your salary payments to reduce the texaco debt. Interest rates are going to drop and it will only take a little before your savings underperform the 3.9% you incur.