Money Transfers

[megarain]

I have just been sent a flyer from Barclaycard that I can get a money trf of about 20k, interest-free for 18 mths. A 3.9% transfer fee applies.

Current fixed interest rates are 4.5-5% fixed for 1yr.

Isn't this a no-brainer to trf the money, invest it in the fixed rate account, and scoop 700 or so

Setup fee - 780.
Interest for 18 months 1500

[jamesedwards]

This is known as stoozing. On the face of it, it is indeed free money with zero risk as long as you are investing in a financial institution that is protected by Financial Services Compensation Scheme.

Just be careful to consider any impact of having that "debt" showing up on your credit file, especially with the impending gambling affordability checks likely heading our way in the UK. Also any potential future credit/remortgaging etc.

Also, 3.9% fee is quite expensive. You should pretty easily find 3% fee if you shop around.

[ShaunWhite]

The only good fixed rates I've seem are ones where you're expected to deposit of your wages too. Or you're limitted to a few grand.

[Crazyskier]

I recently moved my old Chase 4.1% saver to Barclays Easy Saver 5% (Premier Banking). There's also the odd 5% cashback for limited periods when using the black PB debit card. The only issue is the £5k Easy Saver limit they apply.

I am currently juggling Premium Bonds with their recent increased payouts (yet to see one though!), and a few £5k capped instant-access savings, and watching the 2 and 3 year fixed savings plans with monthly interest where up to £85k (so covered if go bust) will get around 6% with the likes of Tandem and others, all still fscs covered. I think the Bank of Egypt was on on Raisin's list too, which surprised me!

CS

[ShaunWhite]

Isn't this a no-brainer to trf the money, invest it in the fixed rate account, and scoop 700 or so

Setup fee - 780.
Interest for 18 months 1500

This is why I'll never be a millionaire, I just can't get excited enough about £1.30 a day to look at stuff like that.

But how unlike a bookie to be a tight-fisted b*gger I bet if you drop a quid you hit the floor before it does.

[megarain]

Finding money on the floor used to be a thing, but am not sure I would pick up less than a quid now.

As you get older, charity becomes more relevant.

For the sake of a few mouse clicks, I will take the 700 or so.

[ShaunWhite]

I am currently juggling Premium Bonds with their recent increased payouts (yet to see one though!)

Had a decent month, checked the Mrs account first and she got £375, I was sure she'd beaten me this month and mine was £700 (100 + 100 + my first ever 500)

Extends my lead to 1,575 vs 1,150 for this year, one month to go

[iambic_pentameter]

I am currently juggling Premium Bonds with their recent increased payouts (yet to see one though!)

Had a decent month, checked the Mrs account first and she got £375, I was sure she'd beaten me this month and mine was £700 (100 + 100 + my first ever 500)

Extends my lead to 1,575 vs 1,150 for this year, one month to go

Is Betfair running a market on this and if not, why not?