Plum ISA - confused about interest

Kwintasesh · 9 July at 10:13AM

I also paid into Plum's Cash ISA on 6th April ... and withdrew all, bar £100, on 7th July. Had Plum advised me of the +1.2% new bonus kicking in after three months, I may well have left it invested. They didn't. On the other hand, I probably would still have bailed, as I am not impressed by their newly adopted interest payment policy, paying out on the last day of the FOLLOWING month that the interest accrues.

Furthermore, I have a screenshot (not able to post it as a newby), taken from the Plum App help assistant, taken on 30th June, which states: "Bonus Payment: the plum bonus interest is paid into your account on the last working day of the month after the bonus rate period ends". For me, this would have been 31st August. The Plum App now says the bonus interest will be paid out after 9 months. I find this moving of the goal posts during the game to be unacceptable at best, shady even. Who's to say what they might spring upon investors next?

masonic · 9 July at 1:11PM

The bonus will be paid on the last working day of the month after your bonus period ends, i.e. 29th August for those with an end date in July. The "after 9 months" is for the new 9 month bonus.

I must be the only one pleased to be getting better terms than I signed up for. I don't mind goalposts moving in that direction.

Daringly · 10 July at 10:18AM

I understand @masonic has the bonus interest shown as pending in their activity section. Does everyone else have this, too?

Just curious as my interest rate has now updated to 4.49% (as expected) but I still don't have anything in my activities. I'm not too worried as I had it confirmed by their customer support anyway but interesting that it's apparently showing for some but not all?

clairec666 · 10 July at 1:20PM

Kwintasesh said:

I also paid into Plum's Cash ISA on 6th April ... and withdrew all, bar £100, on 7th July. Had Plum advised me of the +1.2% new bonus kicking in after three months, I may well have left it invested. They didn't. On the other hand, I probably would still have bailed, as I am not impressed by their newly adopted interest payment policy, paying out on the last day of the FOLLOWING month that the interest accrues.

Furthermore, I have a screenshot (not able to post it as a newby), taken from the Plum App help assistant, taken on 30th June, which states: "Bonus Payment: the plum bonus interest is paid into your account on the last working day of the month after the bonus rate period ends". For me, this would have been 31st August. The Plum App now says the bonus interest will be paid out after 9 months. I find this moving of the goal posts during the game to be unacceptable at best, shady even. Who's to say what they might spring upon investors next?

All seems a bit iffy - even if the new bonus terms are better overall, they shouldn't promise a bonus payment after 3 months then delay it. Forces you to keep the account open.

masonic · 10 July at 4:45PM

Daringly said:

I understand @masonic has the bonus interest shown as pending in their activity section. Does everyone else have this, too?

Just curious as my interest rate has now updated to 4.49% (as expected) but I still don't have anything in my activities. I'm not too worried as I had it confirmed by their customer support anyway but interesting that it's apparently showing for some but not all?

For reference, here is what I see when I go into the cash ISA in the app:

Image: https://us-noi.v-cdn.net/6031891/uploads/editor/0u/5ec6ez0nd4eo.png

masonic · 10 July at 4:50PM

clairec666 said:

Kwintasesh said:

I also paid into Plum's Cash ISA on 6th April ... and withdrew all, bar £100, on 7th July. Had Plum advised me of the +1.2% new bonus kicking in after three months, I may well have left it invested. They didn't. On the other hand, I probably would still have bailed, as I am not impressed by their newly adopted interest payment policy, paying out on the last day of the FOLLOWING month that the interest accrues.

Furthermore, I have a screenshot (not able to post it as a newby), taken from the Plum App help assistant, taken on 30th June, which states: "Bonus Payment: the plum bonus interest is paid into your account on the last working day of the month after the bonus rate period ends". For me, this would have been 31st August. The Plum App now says the bonus interest will be paid out after 9 months. I find this moving of the goal posts during the game to be unacceptable at best, shady even. Who's to say what they might spring upon investors next?

All seems a bit iffy - even if the new bonus terms are better overall, they shouldn't promise a bonus payment after 3 months then delay it. Forces you to keep the account open.

It doesn't force anyone to stay. If anyone doesn't want to stay until 29th August when the bonus is paid, then they can transfer out now and the bonus can be moved out separately upon payment.

Daringly · 11 July at 1:04PM

masonic said:

Daringly said:

I understand @masonic has the bonus interest shown as pending in their activity section. Does everyone else have this, too?

Just curious as my interest rate has now updated to 4.49% (as expected) but I still don't have anything in my activities. I'm not too worried as I had it confirmed by their customer support anyway but interesting that it's apparently showing for some but not all?

For reference, here is what I see when I go into the cash ISA in the app:

Interesting. Still not showing for me.

At least they sent out some comms today via email. They must have received many support requests…

Image: https://us-noi.v-cdn.net/6031891/uploads/editor/w0/q15vq0scx29m.png

masonic · 11 July at 1:10PM

Yes, I just received the same email. The date in the email is customised to when your bonus period ended (for those who haven't got it yet).

I believe them when they say they'd intended to send it sooner, after all you don't apply such an offer and not milk it. It won't stop people leaving if they don't know. But poor planning and execution if it has taken a week or longer to get it out.