The fintech revolution continues to deliver for UK savers as money app Plum launches a highly competitive new Easy-Access Cash ISA. This move directly challenges high-street banks by offering a standout annual equivalent rate (AER) of 6.17% on deposits.
This new product provides a vital opportunity for Britons to shield their savings from the taxman, utilising the annual £20,000 ISA allowance. In a financial climate where every penny counts, securing a tax-free return is more valuable than ever.
Why This ISA Stands Out From The Crowd
Plum's offering isn't just another savings account. Its key features are designed for flexibility and growth:
- Market-Leading Rate: The 6.17% AER is positioned amongst the best available for easy-access ISAs, instantly making traditional bank offerings look uncompetitive.
- True Easy Access: Savers can withdraw their money at any time without facing penalties, providing crucial financial flexibility.
- FSCS Protection: Funds are protected up to £85,000, offering the same security as a high-street bank.
- Seamless App-Based Management: Opening and managing the ISA is done entirely through Plum's intuitive app, a process that takes mere minutes.
Beating Inflation and the Tax Man
The double benefit of this ISA is its core advantage. Not only does the rate aim to outpace inflation, helping the real value of money grow, but all interest earned is completely free from UK Income Tax and Capital Gains Tax. For higher and additional-rate taxpayers, this tax-efficient wrapper is particularly valuable.
Victor Trokoudes, founder and CEO of Plum, stated: "In an environment where interest rates are high, it’s more important than ever that people can make the most of their tax-free allowance... Our new Easy-Access Cash ISA does exactly that."
How to Get Started
For those looking to capitalise on this offer, the process is straightforward:
- Download the Plum app (available on iOS and Android).
- Complete the quick registration process.
- Locate the new Easy-Access Cash ISA within the app.
- Follow the simple steps to open and fund your account instantly.
This launch signals a continued shift in the savings landscape, where agile fintech companies are forcing established institutions to up their game. For UK savers, this competition has finally started to yield some genuinely rewarding returns.
