Plum cash ISA

derek007

The rate is 5.05% made up of 3.54% + 1.01% 12 month bonus.

However the 1.91% is lost if you "transfer in". I would be transferring in from another cash ISA. 
Is there a way of depositing the principal amount without losing the !.91% bonus ?

masonic

I was under the impression that you'd continue to receive the 5.05% on your new subscriptions and only the transferred amount would earn the lower rate.

If you have some of your ISA allowance available to do so, you could simply withdraw a sum from the old ISA and pay it into the new one as new money.

trickydicky14

derek007 said:

The rate is 5.05% made up of 3.54% + 1.01% 12 month bonus.

However the 1.91% is lost if you "transfer in". I would be transferring in from another cash ISA. 
Is there a way of depositing the principal amount without losing the !.91% bonus ?

I think you will find this rate has dropped, this is part of an email I received 

we’re reducing your Plum Cash ISA interest rate by 0.25 points in line with the base rate change. From tomorrow (Friday 7 February), you’ll start earning interest at the new rate on your Cash ISA. The bonus section of your Cash ISA rate is unaffected.*

As an indicative example, Cash ISA customers with a total rate of 4.93% AER (variable) will see their rate change to 4.68% AER (variable), including the 1.14% AER (variable) bonus which remains the same.

Aretnap

If you're talking relatively small amounts of money, just withdraw from the old ISA and pay it in to the new one as a new subscription.

If it's more than £20K and/or you've already used your £20K subscription limit this year then there's no way to get the full rate on transfers in. It's not uncommon for market leading rates to not be available for transfers in. They tend to be loss-leaders for the bank, and excluding transfers means that the ISA subscription limit of £20K acts as a natural cap on the amount that the bank can "lose" to each customer.

You can of course deposit £20K of new money into Plum (assuming you haven't already used your £20K limit this year) and transfer the other money to a different account that offers the best available rate on transfers. You don't have to keep ask your money in a single account (though it does make admin a bit simpler).

Newbie_John

I'd avoid plum if I could.
That bonus makes it so tricky to understand what interests and when will you earn.
The 3% core interests comes late - at the end of next month, the bonus comes.. on anniversary.. so after a year. The app shows bonus earned "this year" so I have no clue how much I've earned last year.. then you also need to keep at least £100 there to keep account alive (and get bonus?).

WinsEveryTime

I tried and failed to log into the Plum app to open a plum cash ISA. On entering a phone number, receiving and entering a 6 digit code the app repeatedly failed to register me. I gave up. On looking at your forum comments I see that Plum is useless at handling glitches.