A pain in the PLUMs

Thriftyfiftysomething

On MSE recommendation I started a PLUM Cash ISA. No real issues, other than the usual digital format over-optioned click fest app (no I don't want this app to be the conduit of my life with various add ons and options - just want to save money get interest end off). The issue is now - trying to transfer the ISA out. As it is not on the list of easily transferable ISAs (i.e. established/high street brand) a formal application had to be made to the new provider (09th June) who petitioned PLUM to initiate transfer proceedings. It is the 1st July tomorrow and no one knows what is going on. The new provider says communication is poor and now stopped and I have waited previously patiently, but now just bloody angrily for a real response. I have had the initial level of chat responders saying they'll pass on to relevant team, even an email to same effect but still no idea when the monies will be transferred to a flexible ISA so I can withdraw monies for the house completion that was supposed to happen on the 4th of July ... now jeopardised by PLUMs inaction/lack of response. Any thoughts, advice or recourse?

VNX

Transfer to any easy access isa that accepts transfers from plum then move it again from there,

a pain but may help 

Thriftyfiftysomething

Neither Nationwide nor Skipton (existing ISA providers) offered direct/e-transfer options ... both required a written type/formal request. I imagine (but happy to be wrong) this will apply to most mainstream providers i.e. Plum are not set up for quick/e-transfers. 

gravel_2

You hate apps but you could set up a Chip ISA just to get Plum out, assuming Chip is on your new provider's list for transfer purposes.

Chip has Plum (Saveable Ltd) as an option for incoming transfers.

masonic

Besides Chip, some non-app only options include, Trading212, MoneyBox and Tembo. The first two have a good reputation for transfer speed, while all three have more modern systems that are more likely to have been updated to include Plum in their list.

A paper-based transfer isn't necessarily any slower though. In some cases it is faster than electronic, especially when there are communication issues between the two providers.

Thriftyfiftysomething

Finally got a response from a 'chat person' at Plum ... all they typed was an ISA transfer to Nationwide has been initiated ... (the request was 9th June) ... my pleas for a date of transfer completion were not answered nor any other information, it was a short, uninformative and unhelpful as that

jellyhead2

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

clairec666

jellyhead2 said:

Trading 212 - has been great and they add the interest every day.

Not quite correct - your interest is calculated every day, but only added once a month.

wmb194

clairec666 said:

jellyhead2 said:

Trading 212 - has been great and they add the interest every day.

Not quite correct - your interest is calculated every day, but only added once a month.

With T212's S&S Isa it's added daily.

baggiewhite

My wife and I are having the same issue trying to get a transfer to Leeds Building Society. Would definitely not recommend Plum as they delay in the transfer is beyond a joke

flat_to_stack

jellyhead2 said:

Hi,
I would not recommend plum - as they don't add interest for say May until After the first of July.
The rate for existing customers after 1 year is not great.
I have just done a transfer out - and it took almost a month and completed on the 30/6.
So they have now added my May interest to the account (the plum isa that is). Apparently there are 2 options - I can initiate another transfer - or just take the interest out of the isa world completely - which is not ideal.
Also I believe I wont get any interest for June as you forfeit the current months interest - which in my case was 30 days. 
I really don't think MSE should be recommending this account at all. 
Trading 212 - has been great and they add the interest every day.

This has been my experience too...
It took YBS 2 attempts and 7 weeks to get my ISA transferred out, I then initiated another transfer (which is bizarre) on 17th June 25, YBS has now requested a 2nd time to get my full ISA away from Plum... Never again for me
I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them