Free money??



  • Disclaimer:

    This thread is aimed at :-
    1- Those that understand net spends and the bonus T&C's.
    2- Haven't maxed out on the £1,500 limit (or £18,181 net spends).
    3- Plan to reinvest their bonus.

    This occurred to me last night. I am expecting about £1300 bonus on Friday. I am leaving this bonus in FI and haven't quite maxed out my bonus.

    I have just deposited and spent £1,000. I will now get a further £82.50 bonus on that. When the bonuses are paid out I will withdraw today's £1,000. The other £380 or so I will reinvest.

    Advantages:
    Further 8.25% on top of my bonus money. Spent £1,000 today rather than later so may return extra dividends.

    Disadvantages:
    Some prices may dip after bonus (but surely not by 8.25%). If Thursday's announcement is a deposit bonus of over 8.25% I would have been better waiting (very unlikely). Waiting 5 days, maybe longer in a busy time, to get my £1,000 returned.

    Apologies if you already know this and have all done this already. Previous bonuses I have either maxed out or ignored so it has only just occurred to me.

    Basically calculate your Friday bonus, deposit and spend that amount and then withdraw same amount on Friday. Equals free money virtually risk free.

    Or have I made an obvious error?? Apart from topping up Fat Hazard??



  • @Martyn-B said in Free money??:

    Or have I made an obvious error??

    No your strategy makes sense but never gamble more than you can afford or are comfortable with having on the platform.



  • @NewUser159387 said in Free money??:

    No your strategy makes sense but never gamble more than you can afford or are comfortable with having on the platform.

    Yes, wise words and that should have been part of my disclaimer.


  • Banned

    I think if you dont need the money in a hurry, it works. If you need the money out quick (as one guy on social media wanted to do yesterday with bill money) then there is a risk of long sell queues and having the money stuck in.

    All depends how quickly you need it



  • @MrWh1te What sell queue?? At some point on Friday FI will deposit £1,380 or so into my cash balance. I will take the £1,000 from there.


  • Banned

    @Martyn-B
    To get the bonus you have to spend it. Then you need the sell queue to sell, to be able to withdraw


  • Banned

    @Martyn-B oh I see



  • @MrWh1te Either you misunderstood me or the bonus. I have spent about 17k in the bonus period, including 1k today. Therefore I am guaranteed £1,380 on Friday in my cash balance. I withdraw from that.


  • Banned

    yeah i noobed it. i get it now



  • I like it, might do it,,,but do i have the strength to withdraw the bonus when it comes to it...



  • @Westy said in Free money??:

    I like it, might do it,,,but do i have the strength to withdraw the bonus when it comes to it...

    I nearly added that to my disadvantages, do I have the will power to carry out my first withdrawal?? My OCD will kick in and not be able to handle 41k net deposits, so that 1k is coming out or another 9k is going in!!

    I like being ahead of the curve, this time I have spent my bonus money before anyone else!!



  • @Martyn-B sound plan, I've just done the same (all be it with a substantially smaller bonus of £250) as @Westy said will I have the self discipline to with draw?! 🤔 If I don't I'm coming after you mate!! 😂😂 Seriously though thanks for sharing, its effectively a free £20 for me there 👍



  • @9stevo said in Free money??:

    @Martyn-B sound plan, I've just done the same (all be it with a substantially smaller bonus of £250) as @Westy said will I have the self discipline to with draw?! 🤔 If I don't I'm coming after you mate!! 😂😂 Seriously though thanks for sharing, its effectively a free £20 for me there 👍

    Your welcome!! I was in two minds about starting this thread, don't want to promote irresponsible gambling or have a new user misunderstand and mess it up.

    We all spend hours researching strategies etc that can return 20%+ over time with risk. The above will return a guaranteed 8.25% in a few days.

    So decided to share.



  • @Martyn-B yeah mate, its bomb proof, its literally free cash. Thanks again 💰



  • @9stevo As long as FI don't go bust!! 🤢



  • Free? You’ve put 15k+ in



  • @Westy Exactly that....



  • @GSP said in Free money??:

    Free? You’ve put 15k+ in

    I have put in £1,000 today. Getting £82.50 bonus on that. Withdrawing £1,000 on Friday. £82.50 free money.

    The previous 16k was already deposited and returning £1,300 on Friday.

    I am just maxing out on my future bonus.

    Edit: The same applies to any bonus due between £1 and £1,370.

    Further edit: That £1,000 into my ISA would return £2 a year!!



  • @Westy the most difficult part taking money out of fi knowing there’s a good chance it could double in 12 months haha



  • Bumping this ahead of tonight's deadline.

    @Westy did you commit in the end??


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