Plum launches market-leading cash ISA with 5.15% AER.
In brief:
- Smart money app Plum is launching its Cash ISA today with a market-topping rate of 5.15% AER (variable)*, designed to reward savers and protect their savings from tax.
- The Plum Cash ISA, by contrast, is offering the top variable rate on the market, more than double the rate offered by the four main high street banks and higher than the average industry rate of 3.5%.
- The product sits alongside a portfolio of wealth-building tax wrappers already available in the Plum app, including its popular stocks and shares ISA and SIPP products so people can manage their money all in one place.
What does this mean?
Plum’s CEO and founder Victor Trokoudes comments: “Our goal since day one has been to give customers the best tools to maximise their money. It’s brilliant that people can now get decent returns on cash savings. But high interest, coupled with many people moving into a higher tax bracket, means tax on savings is becoming more of an issue. This isn’t right – everyday savers shouldn’t have to lose out on the tax front just because they want their money to be accessible in cash.”
