Plum Cash isa

unhappywithPlumisa

Warning to anyone initiating a fund transfer to another provider on maturity. Plums T&C’s require you to keep the account open until the end of the following month after maturity. If not, month 12 interest & final bonus will be forfeited.

masonic

That doesn't stop you transferring your funds out of the account though. The ISA just needs to be left open to receive final interest and bonus at the end of the month. The final bonus will not be forfeit unless you close or transfer out within the bonus period.

friolento

Plum T&Cs are loaded with pitfalls. The easiest to avoid them is to simply avoid Plum. It’s what I have done.

MeteredOut

unhappywithPlumisa said:

Warning to anyone initiating a fund transfer to another provider on maturity. Plums T&C’s require you to keep the account open until the end of the following month after maturity. If not, month 12 interest & final bonus will be forfeited.

This part I've highlighted is incorrect.

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

The T&Cs are not 100% clear on the matter, so I transferred all but £100 and received the interest at the start of this month as expected. I'm in the process of transferring the remainder.

VNX

friolento said:

Plum T&Cs are loaded with pitfalls. The easiest to avoid them is to simply avoid Plum. It’s what I have done.

I wouldn’t touch plum with a barge pole 

unhappywithPlumisa

Plum subsequently reviewed the previous advice, which was AI generated! Investors do not forfeit bonus or final interest. However, they get to use your fund for a clear month without paying if you transfer out. You can transfer straight after maturity, but the bonus & interest will get paid & remain with Plum until a second transfer is initiated, or cashed out. Shame, plum looked promising at the start. 

masonic

unhappywithPlumisa said:

Plum subsequently reviewed the previous advice, which was AI generated! Investors do not forfeit bonus or final interest. However, they get to use your fund for a clear month without paying if you transfer out. You can transfer straight after maturity, but the bonus & interest will get paid & remain with Plum until a second transfer is initiated, or cashed out. Shame, plum looked promising at the start. 

It is unlikely they "get to use" anything for any period of time. Most likely, their banking partners are the ones who are paying late and Plum is merely passing on the interest when they receive it. The bonus shouldn't be delayed by a month though, even if it is a direct loss they are incurring to incentivise people to join.

Uriziel

I've been waiting for Plum to release my money for nearly a month. What a sickening business they are and any attempt to contact them ends up in me having to wait a few days just to be told that this has already been done.

masonic

Uriziel said:

I've been waiting for Plum to release my money for nearly a month. What a sickening business they are and any attempt to contact them ends up in me having to wait a few days just to be told that this has already been done.

Have they acknowledged your formal complaint?