Max out savings

Options
2»

Comments

  • Malchester
    Malchester Posts: 877 Forumite
    First Anniversary Photogenic First Post Name Dropper
    Options
    Sorry cannot answer the question. I have some paint to watch dry!!!!!!!!!!!!!!
  • fred246
    fred246 Posts: 3,620 Forumite
    First Anniversary Name Dropper First Post
    Options
    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.
  • rich06
    rich06 Posts: 5 Forumite
    First Post First Anniversary
    Options
    fred246 wrote: »
    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! :)
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,723 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    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/calculator
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,723 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    rich06 wrote: »
    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 made
  • fred246
    fred246 Posts: 3,620 Forumite
    First Anniversary Name Dropper First Post
    Options
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards