Plum ISA

Intastella

Hello 👋

I'm a bit (a lot!) confused about my ISA.
It's my 1st time saving this way, and I struggle to get to grips with money rules, taxes etc due to dyscalculia and autism, and I always feel stupid for asking 🤦🏻‍♀️

I started it November and only have 5K saved. I keep getting notifications about the end of the tax year, and obviously I'm way under the 20K limit. But, I get paid on the 3rd April and it says to get as much as I can in before the 5th.

What I'm confused about is whether my ISA lasts for the 12 months since I started using it, or does it finish at the end of the tax year? Can I just leave it in there or do I have to start a new one? I've made one withdrawal so far (to pay for my dog's cremation 😢) and I'm only allowed three in 12 months, but I don't know which 12 months they mean! 

Could somebody explain it to me like I'm 5 please? I'm getting so stressed out about it!

Thank you 🙏

masonic

The Plum Cash ISA is about as complicated as an ISA could be, with multiple different rates that apply under different circumstances, and interest paid 2 months in arrears, that includes a bonus only payable if you keep for 12 months and don't exceed the withdrawal limit. The 12 months run from the date you opened the account.

You can keep the ISA for as long as you like, but after 12 months the rate halves, so you'd be mad not to transfer it elsewhere. The end of the tax year only matters for those who haven't yet used their annual ISA allowance and want to.

Intastella

Ah OK, great stuff! Thanks very much 😊

Is it really that complicated? Just my luck! 🤦🏻‍♀️😂

I can't even remember opening the account TBH, I think when they first appeared they were offering £5/10 to referrers and the same to people who signed up. I found it again earlier last year and thought I'd try it out. I'm getting 4.42% at the moment...all I know is that it's a better rate than my bank, and every bit helps when you don't have much, doesn't it. 

I learned that after this month's unexpected expense that I should keep a bit of a buffer in my normal savings account, just in case. The withdrawal speed with Plum is actually ridiculous. I was really upset about how long it was taking to get transfer the money to pay for my dog, and that was during the week. They don't transfer anything at all at weekends, which is unreal in this day and age.

So, short story long...change it up in November. Got it! 

Thanks again, much appreciated 🫡

where_are_we

Masonic you are so correct. I`m glad I`m not mad! I will be transferring my Plum Cash ISA out at the earliest possible date which is the beginning of May. Almost a year ago I deposited £100 in their cash ISA with a 5.17% rate which included a .88% bonus. However I have not been happy with them. I`m not the only one to voice my displeasure with them on this forum. Little things like having to update your linked account every 90 days are irksome but the fact that I have to wait such a long time to get my bonus interest before transferring is devious - " On top of any interest you have earned, your additional 0.88% Plum Bonus will be added to your balance on the last working day of next month."

Also on April 16 my ISA will reduce to 4% total interest rate actually 3.54% without the added bonus because you need to hold the account for 12 months to get it and that won`t happen because I am leaving.

Newbie_John

Agree with all above, been with them for nearly a year and it changed so much that I have no idea how much I earn / will earn.
Rate changed like 5 times, the interests came early now 2 months later and the bonus.. no idea when this will come and how much - no where to check in the app as it only shows bonus for current year - and I emptied it at the end of the last year (kept £150 for bonus rules) as I was scared they were short of money and decided to pay interests 2 months later instead.

Even the app is bad, you click something random and money are taken from your linked account to random pocket, some of the direct debit also aren't obvious.

If you haven't started, look elsewhere - it's so over complicated!

jimjames

Try Chip, maybe slightly lower rate but instant transactions and it's flexible so you can add money back. It also doesn't have a promotional bonus so you don't need to worry about moving it after 12 months.

Bigwheels1111

I opted for Trading212 ISA.
Very simple, put money in via open banking, withdraw as much and as often as you want.
States can take up to 3 days, but has been instant, then put it back in.
Just don’t put more then 20k in and all is good.