FAO Plum (ISA) App users

TooOrangeyForCrows

Hi. So I set up an ISA (Cash) with Plum around a week ago - as it was listed here as the top ISA (variable rate) along with Moneybox.

One thing that concerns me is that on the Plum app the amount is just showing as a static figure (i.e. it hasn't increased)

In the home menu it's displaying:

Your plum value 15,000

Pockets 15,000  (alongside +Investments +Pensions +Card

Also underneath that is says 
Get set up 3 out of 5 complete (where step no.4 is "Give your bank a brain").

My concern is that I have the money in some kind of 'holding account' and it's not earning interest. Or is this normal?

On Moneybox for example it shows the interest going up daily. Like on my £500 investment - one day later the balance was already showing 500.07, then 500.14.

Basically I just want to know from other Plum app users if I have set up the Plum ISA correctly and it's normal for them to show no daily (or even weekly, monthly) interest.

SECONDLY - The Plum app is showing my external (but linked) bank statements with all the ingoings and outgoings under something called Spend Tracker in the app.
Is there any way to stop this as it seems a bit snoopy (but not in a cute dog kind of way)?

Thanks.

masonic

It is not normal for interest to be credited daily. It is a novelty feature that a couple of providers have added.

Normally interest is credited either monthly or annually. In the case of Plum it is credited monthly but 2 months in arrears.

TeaBee72

What I’m finding with plum is that your direct debits etc go into a pot.
and then you have to go into that pot and move it manually into the actual ISA. One I’m not sure many will realise - 

kten

The Plum app would be far too complicated if what you want to do is simply put some money in its cash ISA, and nothing else such investments. Annoyingly the plum app won't show the number pad on some makes of mobile phones, not sure why.

Cobbler_tone

At the last count I have 7 accounts and Plum is the one that just confuses the hell out of me. Can't get on with it at all and the money seems to be pending for ages.
Chase and Zopa are my favourites.

bsms1147

Click 'Pockets'
Scroll down - if your ISA is open that should hold all £15,000 in it
Click 'Cash ISA'
Your earnings to date (interest) should be written below the total ISA value.

TooOrangeyForCrows

TeaBee72 said:

What I’m finding with plum is that your direct debits etc go into a pot.
and then you have to go into that pot and move it manually into the actual ISA. One I’m not sure many will realise - 

I just noticed this. The AI spy has been moving money into a pocket via a standing order (I think) which I thought I had turned off.
The thing is my ISA is maxed out for this year so the extra money the account has been syphoning out has been sat in a pocket that has no interest rate.
Plum really is over complicated and annoying. Grrrrrr!

Incidentally as I opened the ISA almost 3 months ago the App keeps sending me messages to re authenticate the link to the account.
I presume that if I do not re authenticate this that my cash ISA will still be okay, but the AI won't be spying on my account any more and taking money out - which is more than a bit unnerving.

Intastella

TooOrangeyForCrows said:

TeaBee72 said:

What I’m finding with plum is that your direct debits etc go into a pot.
and then you have to go into that pot and move it manually into the actual ISA. One I’m not sure many will realise - 

I just noticed this. The AI spy has been moving money into a pocket via a standing order (I think) which I thought I had turned off.
The thing is my ISA is maxed out for this year so the extra money the account has been syphoning out has been sat in a pocket that has no interest rate.
Plum really is over complicated and annoying. Grrrrrr!

Incidentally as I opened the ISA almost 3 months ago the App keeps sending me messages to re authenticate the link to the account.
I presume that if I do not re authenticate this that my cash ISA will still be okay, but the AI won't be spying on my account any more and taking money out - which is more than a bit unnerving.

I turned all mine off in the app, did you go in and move the sliders for each 'rule' in the 'brain' part?


You have to renew the connection to your bank every 90 days. If it's not connected you can't add or withdraw money. Although, it does connect almost immediately (IME) so you can leave it and reconnect any time you want to make a deposit or withdrawal.