Transfer ISA from T212 to Plum

NebulaNova

Hi, my T212 rate is to end next month and I want a good rate for my current ISA and another £20k from April.

Am I right in saying I can transfer from T212 to Plum now, and then in April I can add another £20k to Plum on the same rate for the new tax year?

Anyone had issues with a transfer this way?

Thanks

Ayr_Rage

The transfer-in rate for Plum is not the same as the new money rate as far as I can see, check those "other conditions" too.

Do your homework regarding adding new funds at a later date.

From the website

*Rate includes a Plum bonus of 1.99% AER (variable) if kept for 12 consecutive months and other conditions are met. After 12 months, the rate will be 2.54% AER (variable) The transfer-in rate is 4% AER (variable) which includes a bonus rate of 1.46% AER (variable). Interest on our Cash ISA varies. This is the rate from 04/03/26. ISA rules and T&Cs apply. Plum is not a bank.

NebulaNova

Thanks. So it looks like most companies will only offer a transfer rate and not a high rate if you're transferring one in. Might be best and easier to just keep it with T212.

darkcloudi

I switched from T212 that is now 3.6% to Tesco which was 4.08% but appears its now dropped to 3.97% (2.92% is the extra bonus so will need to remember to switch)

NebulaNova

Looks like it may be easier to do a transfer to one company then keep a different company for my new one

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81915474#Comment_81915474

I don't believe it's true that most ISA providers take this approach, but there are undoubtedly a few of the better-paying ones with such conditions.

NebulaNova

I'm yet to find any. I think T212 will drop to around 3.5% next month.

I could transfer it to Plum, but then I'm unsure if from April 6th, I can then transfer another £20k to Plum and have the 4.5% rate on that.

eskbanker

I could transfer it to Plum, but then I'm unsure if from April 6th, I can then transfer another £20k to Plum and have the 4.5% rate on that.

Are you using the word 'transfer' for two different things there, i.e. the first being an ISA transfer (the usual meaning in this context) and the second being a deposit, or do you have another ISA to transfer in?

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81915689#Comment_81915689

You could transfer from Trading212 into Plum but you'll only be getting 4% on those funds, which can be beaten (slightly) by other ISA providers without similar restrictions. I've never held an ISA with Plum but, presumably, if you transferred in and then subsequently paid your 2026-27 ISA allowance into that same account then the new subscriptions would earn the higher (headline) rate, but that'll only be possible if they're able to treat your transfers and new subscriptions separately for their interest calculations.

As mentioned above, offering a different interest rate for transferred-in funds is definitely not a common approach and can only be found among a few providers like Plum, Trading212 and Moneybox.

These providers offer high, loss-leading easy access cash ISA rates in the hope that you'll use the other products and services they offer once you're on their platforms, so it's not in their interest to offer these rates to those with huge sums and offering a lower interest rate for transferring in effectively discourages this.

If you look at the more conventional ISA providers a little further down the 'best buy' tables, the stated interest rates apply to both new subscriptions and transferred-in funds but it won't explicitly state this in the T&Cs because this is the norm. ISA providers will only highlight when the rates are different.

If you really want the best returns for your ISA cash, it strikes me that you'll be best off opening a new ISA account with one of the providers mentioned above for any new subscriptions and then sticking with a conventional provider for any transfers from ISAs containing cash from previous tax years.

NebulaNova

Thanks all.

Apologies, when I say transfer, I mean transfer an existing ISA. What can beat 4% for a transfer at the moment?

With a new ISA to deposit new funds in, this seems easy to find a provider, it's just transferring my existing one I'm having issues with.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81915959#Comment_81915959

https://www.moneysavingexpert.com/savings/best-cash-isa/ has some >4% easy access (and other) options, and the listings at MoneyFacts are more comprehensive so will have more.