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Max out savings
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Sorry cannot answer the question. I have some paint to watch dry!!!!!!!!!!!!!!0
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I combine using the best savings rates with borrowing as much as I can on 0% credit cards. My spreadsheet has indicated a gain of £200 to £300 a month for years. Goes down when a credit card expires or a monthly saver matures. A spreadsheet is essential for keeping track of expiry dates etc. Time consuming but definitely there is money to be made.0
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I combine using the best savings rates with borrowing as much as I can on 0% credit cards. My spreadsheet has indicated a gain of £200 to £300 a month for years. Goes down when a credit card expires or a monthly saver matures. A spreadsheet is essential for keeping track of expiry dates etc. Time consuming but definitely there is money to be made.
Can you elaborate a bit more on the 0% c/cards strategy you use?
TIA!
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There is definitely money to be made through the multiple current account "savings" route but in my experience it is a bit time consuming to open up the accounts - the opening processes for each bank has not gone 100% smoothly for me. Once open however, you can automate most of the transfers in/out which makes managing them mostly a breeze. Definitely worth checking out the savings fountain mentioned above, or the calculator below I found while browsing the UK Finance subreddit.
https://www.bankaccountsavings.co.uk/calculator0 -
Can you elaborate a bit more on the 0% c/cards strategy you use?
TIA!
Check out the stoozing board for more info on that
The basic strategy is to "borrow" money on a 0% card (eg. do all your normal spending on a 0% card then pay off only the minimum balance each month) and set aside the money you'd normally have spent on your debit card into a savings account that pays interest. Make sure to make a note of when your 0% deal runs out and pay off the balance however as the 20+% interest on the card easily wipes out any savings made0 -
I guess you need a good income and credit history but I would have 3 or 4 credit cards maxed out. Eg £20k for 30 months. I'd have £50k-60k of 0% debt. One mistake though and you lose a lot. Have to be a bit obsessional. The wife was the biggest risk. You had to make sure that she only has the right credit card in her purse. I have just retired early so I don't think they will lend me much now. They were all pretty fed up with me anyway.0
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