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Thread: Free Money Transfer tip

  1. #1

    Free Money Transfer tip

    I posted this before as I wanted to know whether it would work. I did it, it does work and in the spirit of sharing I thought I'd give the details.

    I applied for a 0% balance transfer card with Santander. Got 8.5k limit at 27 months interest free and crucially there was no fee for the transfer.

    I held c3k with a Nationwide card that was coming to the end of its interest free period.

    Applied for Santander to pay 8k to Nationwide as the balance transfer, rather than the 3k owed.

    It went through. Nationwide card then had a positive balance of 5k. They transferred it into my current account.
    That 5k is now safely in my ISA earning interest.

    As money transfer cards usually have a 3-4% fee, stoozing just doesn't work at current savings rates unless you stick it something pretty risky. This trick above is a nice little workaround to avoid that problem.

    Feel free to give it a go - no charge from me

  2. #2
    You still owe the 5k it!!!8217;s not free money.

  3. #3

  4. #4
    I'm aware that I owe it. This is why I'm keeping it in a cash ISA with a historically poor rate of interest, only 1.4% with Nationwide. I don't want to take any risks that may jeopardise paying it back in full when the interest free period runs out.

    If you want to do this and he more speculative, the money could be placed in a Stocks and Shares ISA, if you go for fairly vanilla stocks you'd be very unlikely to lose money over the 2 year interest free period, however I'm not in a position where I have an appetite for that risk level.

  5. #5
    Depends how you read it, whether you think he meant that.

    I saw it as "Free Money Transfer."

    not as "Free Money."

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