plum cash isa ..help

kev1744

hi all,
ive just opened a plum cash isa which gives its rates as 5.04%...so ive put some fresh money into it...however ive read on a couple of articles and also on the plum site the following:-

*Rate includes a Plum bonus of  1.50% AER (variable) if kept for 12 consecutive months and is for new customers only. The interest rate for ISA transfers is 3.54% AER (variable). Interest on our Cash ISA varies. This is the rate from 17/04/25. 

so does this mean if i transfer in an existing isa it will only get the 3.54% rate? if so then why would anyone transfer an isa to them?

flaneurs_lobster

kev1744 said:

so does this mean if i transfer in an existing isa it will only get the 3.54% rate? if so then why would anyone transfer an isa to them?

Q1: Yes
Q2: Good question.

friolento

kev1744 said:

 

so does this mean if i transfer in an existing isa it will only get the 3.54% rate? if so then why would anyone transfer an isa to them?

They are trying to take advantage of people who don't read the T&Cs. Which is one of the reasons why I dislike Plum and why I won't have accounts with them as long as there are plenty of accounts without trip hazards.