Smart Money App Plum Removes Withdrawal Restrictions for Cash ISA

Smart money app Plum has removed withdrawal restrictions from its popular Cash ISA product. The move comes as savers seek more flexibility from their savings products.

Previously, Plum Cash ISA account holders could make up to three withdrawals per year without their interest rate being impacted and had to hold £100 to access the bonus rate.

Now, all new customers can benefit from the full 12-month bonus rate on balances from just £1, regardless of how many withdrawals they make, so long as they don’t transfer their funds to another provider.

The app currently offers 4.37% interest with its Cash ISA, well above the Bank of England base rate.

Rashmi V D’Souza, VP of Product at smart money app Plum, commented: “We want our savings products to be best-in-class, so we’ve been making significant changes to help our customers set aside more money. The removal of withdrawal restrictions on our popular Cash ISA is just one of the ways we’re making changes to positively impact our customers.

“Now more than ever, savers want more flexibility when it comes to balancing liquidity and returns, and we’re determined to meet that need. We hope this development will help our customers to access their money when they need it and boost interaction with the Plum app.”