A pain in the PLUMs

masonic

Middle_of_the_Road said:

Ch1ll1Phlakes said:

Middle_of_the_Road said:

jimjames said:

flat_to_stack said:

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.

I'm thinking of reporting them to the financial ombudsman and 2nd your view on thinking MSE should not recommend them 

MSE don't recommend any providers, they provide a list for users to be able to choose from that meet certain criteria like being FSCS protected. It's down to the person to choose the one that meets their requirements.

You may say that, but they do offer this...
(see pic above)

Yeah, I get what you mean but MSE doesn't review providers. They give lists highlighting high interest rates to try to help savers benefit from them. As mentioned, whether you choose that provider is up to you. They give a summary of each account savings people loads of time comparing accounts. The MSE page never says that their list gives you the best savings provider, just the best interest rate.

I get what you say, which is often stated on here. 
I would suggest though, that the text I indicated, could easily be seen as an endorsement.
To avoid such confusion, and the regular complaints posted on here, removing that single line of text wouldn't hurt.

They changed to this style of marketing products a good while after being bought up by MoneySupermarket. I wonder if the reason is to differentiate from a straight rate comparison and offer options to cater for different tastes. Hence the "well known provider" section, and offering up cash ISA suggestions in a conventional savings section. It also gets them off the hook if they miss a provider, and allows them to set their own metrics, such as the mythical "equivalent rate over 1 year", without fear of challenge by providers. After all it's just an editorial opinion.

The question is did complaints increase in frequency since the change? I don't think so. People pretty much take an email in their inbox highlighting an account as a recommendation whatever the accompanying text says.