Plum isa

Rlw1204

Plum customer services confirmed this week that they have removed the commitment to pay the bonus interest on the anniversary and that it will now not be paid until the last day of the following month. Their advice was to not transfer out until after 31st May otherwise I would forfeit the interest. That is the bit that was not communicated and that is why I have complained.

masonic

Rlw1204 said:

Plum customer services confirmed this week that they have removed the commitment to pay the bonus interest on the anniversary and that it will now not be paid until the last day of the following month. Their advice was to not transfer out until after 31st May otherwise I would forfeit the interest. That is the bit that was not communicated and that is why I have complained.

Yes, that's definitely worthy of complaint, especially as it isn't even reflected in the information on their website yet.

If it is helpful to your complaint, they are still committing to pay the bonus for the current 3 month offer at the end of the bonus period.

MeteredOut

Rlw1204 said:

Plum customer services confirmed this week that they have removed the commitment to pay the bonus interest on the anniversary and that it will now not be paid until the last day of the following month. Their advice was to not transfer out until after 31st May otherwise I would forfeit the interest. That is the bit that was not communicated and that is why I have complained.

Did you see this?

https://help.withplum.com/en/articles/9070552-transfer-cash-isa-out-of-plum

Partial Transfer outs do not affect your Bonus and Main Rate, as long as the remaining balance is above £100.

If you close your Cash ISA with Plum and/or Transfer Out within the bonus rate period, you will lose any bonus accrued from your Cash ISA opening, and you will forfeit any interest earned the month of the request.

I've done a partial transfer out (outside bonus period) and left >£100 in. I'll report back what happens with the remaining interest.

chipp

Another unhappy Plum ISA customer here.

I opened a Plum ISA at the beginning of this week with just £1 to check the deposit landed safely, intending to top it up.  Once I could see the deposit I sent a further small amount and then a bigger amount, however these seemed to stay in limbo.  I couldn't see either transaction in Plum and they hadn't left my bank account, so I contacted Plum to cancel the bigger amount.  I left the smaller amount to take its course as a test of timescales.  Plum decided to cancel both transfers and froze the account .  So my ISA still had £1 in it.  I opened one elsewhere and submitted a transfer request.  I got an email from Plum on 9th explaining that the transfer would take place if I didn't contact them to stop it, also pointing out the complex interest arrangements (covered by another post in this thread).

The transfer was showing as pending with both ISA providers. The new provider messaged me yesterday to say the transfer was complete, but strangely it wasn't showing in my balance.  Nor was it showing today.  Then this morning Plum have sent me an message and email.  The email is bland - "As requested, your Plum account has now been closed, and any savings withdrawn have been returned to your linked bank account (my italics).  We're really sorry to see you go, but before you do, we wondered if you'd mind sharing some quick feedback on your experience using Plum?"  Too right I'll be sending feedback!  The message was of a different tone.  "No longer able to provide our services to you";  "profile deactivated";  and words to the effect of "don't darken our doors again".

I'm so glad it was only £1, I'd have been pretty upset if it was a larger amount that I wanted to transfer out and which lost its tax-tree status.

MeteredOut

chipp said:

Another unhappy Plum ISA customer here.

I opened a Plum ISA at the beginning of this week with just £1 to check the deposit landed safely, intending to top it up.  Once I could see the deposit I sent a further small amount and then a bigger amount, however these seemed to stay in limbo.  I couldn't see either transaction in Plum and they hadn't left my bank account, so I contacted Plum to cancel the bigger amount.  I left the smaller amount to take its course as a test of timescales.  Plum decided to cancel both transfers and froze the account .  So my ISA still had £1 in it.  I opened one elsewhere and submitted a transfer request.  I got an email from Plum on 9th explaining that the transfer would take place if I didn't contact them to stop it, also pointing out the complex interest arrangements (covered by another post in this thread).

The transfer was showing as pending with both ISA providers. The new provider messaged me yesterday to say the transfer was complete, but strangely it wasn't showing in my balance.  Nor was it showing today.  Then this morning Plum have sent me an message and email.  The email is bland - "As requested, your Plum account has now been closed, and any savings withdrawn have been returned to your linked bank account (my italics).  We're really sorry to see you go, but before you do, we wondered if you'd mind sharing some quick feedback on your experience using Plum?"  Too right I'll be sending feedback!  The message was of a different tone.  "No longer able to provide our services to you";  "profile deactivated";  and words to the effect of "don't darken our doors again".

I'm so glad it was only £1, I'd have been pretty upset if it was a larger amount that I wanted to transfer out and which lost its tax-tree status.

Has the £1 hit your linked account?

If not, and since the new provider has said the transfer is complete, I wonder the issue here is simply the Plum "account closed" email is ambiguous. It says "any savings withdrawn" - but you have not withdrawn any - you have transferred.

I'd hope the £1 will appear in your new ISA soon. Have you contacted them?

Closing an account and sending funds back to the link bank account, when the request was for a transfer, would obviously be a big issue for anyone not just testing things out, so it'd be good to know how this ends.

chipp

MeteredOut said: Has the £1 hit your linked account?

yes it has and the new provider has messaged me that there was a problem with the transfer, apparently it wasn't an ISA that I was trying to transfer (err ... yes it was, before Plum closed it).  I think Plum "pulled" the transfer after notifying the new provider it was on its way, and paid it out to me instead.

Following my feedback to Plum I have had a flurry of emails "reaching out" and "circling back", contradicting themselves but never actually addressing the problem.

MeteredOut

chipp said:

MeteredOut said: Has the £1 hit your linked account?

yes it has and the new provider has messaged me that there was a problem with the transfer, apparently it wasn't an ISA that I was trying to transfer (err ... yes it was, before they closed it).

Following my feedback to Plum I have had a flurry of emails "reaching out" and "circling back", contradicting themselves but never actually addressing the problem.

Wow, thats verging on incompetent. I've got a transfer out in progress for £20K+. They'd better not make the same mistake with me!

Still, you should raise a complaint that you've effectively now lost £1 of your 25/26 ISA allowance and require some compensation

chipp

MeteredOut said:

Still, you should raise a complaint that you've effectively now lost £1 of your 25/26 ISA allowance and require some compensation

indeed 

Tonibell

Rlw1204 said:

Plum customer services confirmed this week that they have removed the commitment to pay the bonus interest on the anniversary and that it will now not be paid until the last day of the following month. Their advice was to not transfer out until after 31st May otherwise I would forfeit the interest. That is the bit that was not communicated and that is why I have complained.

Yes, my husband and I have been very disappointed too with the changes to interest and bonus payment dates. We've been trying to make our transfers out (leaving over the £100 in to get the final bonus out) but that's been a very painful process- trying to get the correct info from them to give to our new provider. Then they said they hadn't received the request and to send again....they now say it's being processed but can't give me a completion date...very frustrating and I definitely would not recommend them to anyone else!