Smart money app Plum will now be offering its bonus interest rate for transfers-in to its popular Cash ISA product.
Previously, the bonus rate was only available to customers depositing new funds into their Plum Cash ISA.
Transfer-in customers will now be eligible for the full interest rate, including the bonus – a much more competitive rate than many high street banks offer.
The app currently offers 4.45% AER (variable) interest with its Cash ISA, one of the highest variable rates directly available from a provider and well above the Bank of England base rate of 4%.
This latest change follows the removal of withdrawal restrictions, demonstrating Plumโs commitment to ensuring its savings products are best-in-class.
Rashmi V DโSouza, VP of Product at smart money app Plum, said,โWe understand that now more than ever, with rising bills and high inflation, customers are looking for competitive interest rates for their cash savings with tax-free returns. By extending our bonus offer to Cash ISA transfer-ins, customers can get higher returns not just on Cash ISA deposits from this tax year, but transfers from previous years as well.
โThatโs all the more important with the Chancellor reportedly considering slashing the Cash ISA allowance in half. Itโs also paramount that customers consider a range of options to secure better long-term returns for their money, especially if interest rates continue to fall, like a Stocks & Shares ISA.
โThatโs why we offer a competitive range of ISAs to suit people at every stage of their financial journey. Essentially, we want to make it simple and rewarding for customers to manage their money all in one place with Plum.โ
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