- May 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Misleading Interest Rate Information by Plum
Here’s Plum stating an interest rate of 5.17%, including ISA transfers, only to reveal at the bottom of the page that the actual rate is 4.29%.
This misleading information can lead customers to make decisions based on incorrect assumptions, ultimately affecting their financial decisions and trust in the company.
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****** just grabbed a
It gives you a 0.88% boost for first 12 months to bring it up to 5.17%
If you think a financial promotion is unfair, unclear or misleading, you can report it to the FCA
https://www.fca.org.uk/consumers/misleading-financial-promotions/report
Judging by the comments in this thread – it’s certainly confusing.
I wouldn’t say it’s misleading it clearly says transfers in are 4.29%. Hence why I didn’t open the account.
That’s misleading and I’m pretty sure after working in financial services, that the fca would not like that at all.
My devils advocate take is that it says you can get 5.17% interest and that you can transfer your ISA to them but doesn’t explicitly say you can do both and it also clearly states what your interest rate is if you transfer your ISA.
However my normal person takes is that it heavily implies both and is hence misleading and do people actually read the small print?
Yeah that’s bullshit. If they remove the switch bit then sure, it just shitty. But having that there is just false.
For those saying the bonus makes up the rate to 5.17% by my understanding of this section in their FAQs ISA transfers in don’t get the bonus, so they only get the base rate of 4.29%. That’s how MSE read it too.
https://i.ibb.co/cXcz9V4/IMG-0860.jpg
Interested to know why they do that? What’s the logic? Wouldn’t it be good business for them to pull ISA money from competitors?
“Hey, here’s a nice interest rate, because we want your money, because we think we can make more than that rate with that money and pocket the difference. Actually, we dont want money that’s already in an ISA, lol”.
Anyone know?
Their ISA rate is 4.29% (which is variable), and the first year gives you a bonus of 0.88%. This giving you 5.17% for the first 12 months.
So there is nothing misleading as they give you all the information.
It looks to me as though you get 4.29% when you transfer in your ISA and a bonus of 0.88% if you keep it there for 12 months, making up the rate of 5.17%.
No bait and switch.
Seems clear. headline rate for first 12 months.
Not available on transfers.
I’d prefer they write it differently, but it’s pretty obvious the headline rate has restrictions and won’t be unconditional
It’s 4.29% variable, but they’ll improve the rate if you fix it, after that it returns to the variable rate.
I looked into Plum recently. The 5.17% includes a 0.88% bonus for the first year.
Transferring from an other ISA does not have that bonus.
If you have money in savings you want to add into an ISA then the extra bonus is rather nice and makes it one of the best interest rates for an ISA you can get.
I do agree they made it far more confusing and very manipulative to get into the money expert top cash ISA rates.
Yeah flexible cash ISAs with good rates for *transfers* are hard to find right now.
Luckily I still have a 5% one for previous years’ cash and use Chip’s 5.1% one for this year’s cash.
They are giving a bonus for 12 months on the money you deposit this year … that means there is a maximum amount they will give you … and therefore they can reserve funds for X new customers deposits this year … you could transfer in £1M+ … that’s a lot of extra interest to get that they don’t want to allow you to … which is reasonable … they aren’t lying … it’s always necessary to read the smaller print behind the headlines.