PLUM ISA, want Current Acct access too!

flaneurs_lobster

eskbanker said:

400ixl said:

Many ISA's use the linked account as an extra security measure. If the funds can only be withdrawn to that account then anyone trying to cash it our will have to have access to both accounts to successfully be able to access the money.

Its likely the provider of the ISA today also had a similar requirement, but that link was done as part of the funding process, so less obvious.

There are two different linkage processes being referred to here - as you say, it's normal for there to be a linked account, in the sense of one nominated to, and recorded by, the ISA provider, from which deposits will be accepted and withdrawals paid.

However, the Plum model entails establishing an Open Banking connection directly to the bank account, as explained in the FAQs linked (in another sense!) above....

I've opened a Plum cash ISA this am. The Plum account was already open (used to score a bonus cashback) and is linked to a current account that has never had a balance greater than £10.

If you have concerns about setting up an Open Banking connection to your "main" current account then linking to something less concerning may be a way forward.

dantep

Ayr_Rage said:

CHIP offer the use of the Open Banking system as well, it is safe and yesterday very fast when opening my cash ISA and funding it from Santander.

Fast is one thing you can't say for Plum. My first transfer in took 8 days. The next one is promising to take 10. That's not my only issue with them. I think I should probably get out.