Plum being scammy..?

masonic

Sanvish said:

masonic said:

Sanvish said:

masonic said:

They specifically aren't recommending it. They've excluded it from the "what we'd go for" rundown - I don't recall previously seeing them do this for a top rate. It is only listed in the "in rate order" table. That's as close to a "we don't recommend this" as you will get from a best buy article.

booneruk said:

MSE don't recommend, they list in rate order. 

Fair enough, not recommend but the listing could be caveated to advise, as they did with CMC investment for example.

The CMC caveat is factual - the money is not held in deposit accounts so there is investment risk. The issues raised in this thread are hypothetical and conjecture-based. If MSE put a warning against every provider some of their readers have formed a negative opinion about, there would be nothing left.

From what I understand for the cash ISA there isn't an investment risk. The money is currently held with NatWest which may change. The risk is with protection if you have other deposits with whatsoever bank CMC are holding the deposit in.

Then you've misunderstood both Plum and CMC's products. This is what MSE says:

QMMF is an investment fund run by an investment provider where you could get back less than you invest. The FSCS protection is that of investments not cash deposits and there is no protection for the investment risk. The money is not held with any bank or in a deposit account of any kind. It is a low risk investment, but it is not equivalent to saving in a bank or building society.

Sanvish

Then you've misunderstood both Plum and CMC's products. This is what MSE says:

QMMF is an investment fund run by an investment provider where you could get back less than you invest. The FSCS protection is that of investments not cash deposits and there is no protection for the investment risk. The money is not held with any bank or in a deposit account of any kind. It is a low risk investment, but it is not equivalent to saving in a bank or building society.

So be it. I shall carry on misunderstanding.

Just wanted to share my experience with plum.

masonic

Just as long as this isn't the ISA you are now transferring in to without understanding the above.

ricey155

Not been a great experience with plum from the start, 15k ISA 0.88 bonus tells me I've earned £40.11 the monthly rate is so poor without the bonus. This week they rejected my transfer out to T212. I've given up totally and withdraw. App is so bad and agree on backwards interest payments what a pain #avoid

Uriziel

ricey155 said:

Not been a great experience with plum from the start, 15k ISA 0.88 bonus tells me I've earned £40.11 the monthly rate is so poor without the bonus. This week they rejected my transfer out to T212. I've given up totally and withdraw. App is so bad and agree on backwards interest payments what a pain #avoid

It is shocking that they are allowed to reject this. I requested a transfer and they told me that it is done but the money is still with them and the account is frozen. Monument are saying they are not receiving any replies from Plum and neither is Plum responding to my messages.

masonic

Uriziel said:

ricey155 said:

Not been a great experience with plum from the start, 15k ISA 0.88 bonus tells me I've earned £40.11 the monthly rate is so poor without the bonus. This week they rejected my transfer out to T212. I've given up totally and withdraw. App is so bad and agree on backwards interest payments what a pain #avoid

It is shocking that they are allowed to reject this. I requested a transfer and they told me that it is done but the money is still with them and the account is frozen. Monument are saying they are not receiving any replies from Plum and neither is Plum responding to my messages.

They aren't allowed to reject it unless there was something materially wrong with the transfer request (which seems very unlikely). That would be a breach of the ISA regulations. And they also need to comply with cash to cash ISA transfer requests within defined timescales. So in both cases this would be grounds to raise a formal complaint.

Lifes_Grand_Plan

Hi folks, just found this thread after falling foul of the same issue. Hope you don't mind me jumping in.

So I had a 12m bonus rate that ended yesterday and although the Plum rate dropped away as a best-buy a while back, I stuck with them because if I moved sooner i'd lost the bonus rate on the time funds were already with them.

So today I checked and no bonus had been paid so thats when I realised that my April interest and bonus won't be paid until end of May. So looks like I need to wait until that's paid before transferring out? But then if I do that and transfer everything out at end of May, i'd lose my May interest because that wouldn't be paid until end of June (i.e. after the account had closed)? Have I understood that correctly? Any way around not letting Scummy Plummy nick a months worth of my interest?

masonic

Lifes_Grand_Plan said:

Hi folks, just found this thread after falling foul of the same issue. Hope you don't mind me jumping in.

So I had a 12m bonus rate that ended yesterday and although the Plum rate dropped away as a best-buy a while back, I stuck with them because if I moved sooner i'd lost the bonus rate on the time funds were already with them.

So today I checked and no bonus had been paid so thats when I realised that my April interest and bonus won't be paid until end of May. So looks like I need to wait until that's paid before transferring out? But then if I do that and transfer everything out at end of May, i'd lose my May interest because that wouldn't be paid until end of June (i.e. after the account had closed)? Have I understood that correctly? Any way around not letting Scummy Plummy nick a months worth of my interest?

According to the T&C and their website, if you transfer out now, you will forfeit only May's interest. If you wait until June you will receive the basic interest for May and forfeit any earned during June. There doesn't seem to be any benefit to waiting given you've only accrued 2 days interest for May so far. If you transfer out before the April interest and bonus is received, then these will still be paid at the end of this month (and you will need to arrange a follow-on transfer to move those to your new provider).

It seems some people may have been given contradictory information via secure message, but the above is what you can hold them to.

Uriziel

It has now been a whole calendar month and this still is ongoing. I want to now do a formal complaint so that I can send this to the FCA. Can someone please tell me whether I have to complain to Monument or Plum?

masonic

Uriziel said:

It has now been a whole calendar month and this still is ongoing. I want to now do a formal complaint so that I can send this to the FCA. Can someone please tell me whether I have to complain to Monument or Plum?

The FCA does not get involved in consumer complaints. You would need to wait 8 weeks after raising the complaint before you can refer it to the Financial Ombudsman Service. This is why I suggested getting in early with your initial complaint on 2nd May.

You would normally raise a complaint against the receiving provider, since they are responsible for managing the transfer. However, this is not set in stone and if there are clear failings on the part of Plum, then you could opt to complain to Plum, or raise complaints against both. You can then choose which to pursue further as you learn more.