Concerns re Plums lack of transparency

Canny_mal

wackie said:

My understanding exactly: you don’t get the bonus percentage on the ISA interest unless you hold the ISA for the full term. You also don’t get any interest at all until the account is closed or has served the full term.
also, bearing in mind that this is a variable rate, so probably within the next couple of months it’ll take a nosedive.
I think the same conditions applied to the Moneybox ISA, in as much as you have to hold it for the full year to get the bonus interest

It's my understanding that Moneybox doesn't work the same way as Plum when it comes to interest. I believe with the Moneybox cash ISA you get the full advertised rate of 5.16% without having to hold the account for a year. So for example, if you were to transfer out after 6 months you would get interest at 5.16% added to your balance on the day the funds are transferred. The amount of interest paid would cover the period from first deposit to the date the funds were transferred to the new provider.

Can anyone else confirm whether my understanding is correct?

masonic

Canny_mal said:

wackie said:

My understanding exactly: you don’t get the bonus percentage on the ISA interest unless you hold the ISA for the full term. You also don’t get any interest at all until the account is closed or has served the full term.
also, bearing in mind that this is a variable rate, so probably within the next couple of months it’ll take a nosedive.
I think the same conditions applied to the Moneybox ISA, in as much as you have to hold it for the full year to get the bonus interest

It's my understanding that Moneybox doesn't work the same way as Plum when it comes to interest. I believe with the Moneybox cash ISA you get the full advertised rate of 5.16% without having to hold the account for a year. So for example, if you were to transfer out after 6 months you would get interest at 5.16% added to your balance on the day the funds are transferred. The amount of interest paid would cover the period from first deposit to the date the funds were transferred to the new provider.

Can anyone else confirm whether my understanding is correct?

Yes, that's what the terms say. The only oddity about Moneybox is that they state interest isn't FSCS protected until it is credited.