Plum Savings Account (4.21%) Easy Access Savings

Mediamonarch

I recently discovered the Easy Access Savings account with Plum at 4.21% (with a premium subscription). I currently have all my savings in a Santander eSaver at 1.97%. I was considering moving a large majority of my savings to take advantage of the 4.21% but It makes me feel a bit apprehensive (probably due to it being not a mainstream bank) so I have a fear of my money getting "stuck" somehow in that account and not being able to access it. Does anybody know if it's generally safe to use? I was thinking of having my money in for a year before I apply for a mortgage this time next year 

Jami74

Mediamonarch said:

I recently discovered the Easy Access Savings account with Plum at 4.21% (with a premium subscription).

But you have to pay £9.99 a month! There are plenty of easy access accounts paying similar which are free, for example Tesco 4.5%, or one year fixed rate savers with high street names such as Natwest 5%.

Richard1212

In simple terms : you are losing a considerable amount of money in interest by using the useless Santander eSaver.

And Plum is poor, as it is still nowhere near the top rates at present, which are 4.8% to 5%.  Google the top easy access accounts online and choose a  decent rate from a savings bank  (which I prefer to a Building Society) and transfer all your money up to £85, 000 into one of the top rate accounts of 6.5% or more ( or if you have more than £85,000 ---- the limit that is ensured by any savings body----put more up to another £85,000 into a similarly high interest savings bank.

I have had over £100,000 in Shawbrook Bank easy access account for about a year and the current interest rate is 4.93% and I highly recommend it ( if you have a Joint Account as my wife and I do, you can put in £170,000 which is assured up to that figure by Shawbrook in case of Bank crashes etc---just like every other reputable savings institution such as Santander , Plum and virtually all).

As you mention keeping your money for perhaps a year , you can get a slightly higher rate for a fixed interest account which, once again, are easy to google to tell you the top payers at the moment but don't let you withdraw within the 12 months or do so at a loss of some of your interest. Best wishes.

gt94sss2

Mediamonarch said:

I recently discovered the Easy Access Savings account with Plum at 4.21% (with a premium subscription). I currently have all my savings in a Santander eSaver at 1.97%. I was considering moving a large majority of my savings to take advantage of the 4.21% but It makes me feel a bit apprehensive (probably due to it being not a mainstream bank) so I have a fear of my money getting "stuck" somehow in that account and not being able to access it. Does anybody know if it's generally safe to use? I was thinking of having my money in for a year before I apply for a mortgage this time next year 

Have a look at something like https://moneyfactscompare.co.uk/savings-accounts/ to choose better accounts than the Santander savings account you have or Plum

If you want an instant access account, Cahoot for instance (owned by Santander) pay 4.9%.

Other providers will pay higher rates of you're willing to take out a fixed rate bond.

jimjames

Richard1212 said:

And Plum is poor, as it is still nowhere near the top rates at present, which are 4.8% to 5%.  Google the top easy access accounts online and choose a  decent rate from a savings bank  (

I'd strongly advise anyone to take extreme care if using Google to find a good interest rate as that's generally the route that scams take to attract your money. Far better in my view to use sites such as this that have verified accounts and links that will take you to them.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

PixelPound

jimjames said:

Richard1212 said:

And Plum is poor, as it is still nowhere near the top rates at present, which are 4.8% to 5%.  Google the top easy access accounts online and choose a  decent rate from a savings bank  (

I'd strongly advise anyone to take extreme care if using Google to find a good interest rate as that's generally the route that scams take to attract your money. Far better in my view to use sites such as this that have verified accounts and links that will take you to them.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

You mean like
citybαnk  vs citybank

friolento

It’s not just Google you need to be careful about. I got this text the other day. At first sight, it looks a perfectly 

valid reminder about scams but I am sure there’s something really nasty behind that 159 link. I never clicked but tried to report it to 7726. I could not complete the report because the fraudsters had hidden their phone number.

flaneurs_lobster

friolento said:

It’s not just Google you need to be careful about. I got this text the other day. At first sight, it looks a perfectly 

valid reminder about scams but I am sure there’s something really nasty behind that 159 link.

That message is genuine. You've got a Co-op bank account. The '159' is a short dial number for the new(ish) banking industry switchboard that will direct you to your bank's fraud reporting service. 

Now if you ever get a message that proports to be from '159', that IS a fraud.

EDIT : Just to add, that 159 in the original message is NOT a link, the recipient's phone has created a clickable shortcut to the phone's dialler. 

It is possible, and common, to receive links in SMS messages and you should treat these with exactly the same caution that you have for any other unknown link.

Mediamonarch

Jami74 said:

Mediamonarch said:

I recently discovered the Easy Access Savings account with Plum at 4.21% (with a premium subscription).

But you have to pay £9.99 a month! There are plenty of easy access accounts paying similar which are free, for example Tesco 4.5%, or one year fixed rate savers with high street names such as Natwest 5%.

The only reason why I was tempted was that they were offering 50% off for a years membership so it would be £4.99 a month rather than £9.99 and there are some other additional benefits such as cashback and discounts but you may be right, sometimes I forget that interest rates are going up for all of them and I forget to check out where the mainstream banks are current offering 

Mediamonarch

gt94sss2 said:

Mediamonarch said:

I recently discovered the Easy Access Savings account with Plum at 4.21% (with a premium subscription). I currently have all my savings in a Santander eSaver at 1.97%. I was considering moving a large majority of my savings to take advantage of the 4.21% but It makes me feel a bit apprehensive (probably due to it being not a mainstream bank) so I have a fear of my money getting "stuck" somehow in that account and not being able to access it. Does anybody know if it's generally safe to use? I was thinking of having my money in for a year before I apply for a mortgage this time next year 

Have a look at something like https://moneyfactscompare.co.uk/savings-accounts/ to choose better accounts than the Santander savings account you have or Plum

If you want an instant access account, Cahoot for instance (owned by Santander) pay 4.9%.

Other providers will pay higher rates of you're willing to take out a fixed rate bond.

Cahoot seems good, I also like that it is owned by Santander I feel a bit more at ease with something like that personally 

phillw

flaneurs_lobster said:
That message is genuine.

I received an email once claiming to be from nationwide which had spelling mistakes and grammar like it had been written by someone who's first language wasn't english. There was also a big "click here to login" button with a rather odd looking url.

I contacted nationwide and their response was, "yes that is a genuine email".

So I now treat all communication as both legitimate and fraudulent at the same time.