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The account takes a "highly attractive" position in the easy access Cash ISA sector.
ByKatie Elliott, Senior Personal Finance Reporter based in London
Savings provider raises interest on Cash ISA to 5.06% and earns 'excellent' rating (Image: Getty)
Money app Plum has increased the interest on its easy access Cash ISA to 5.06%, earning an “excellent” Moneyfacts rating. The account takes an “attractive” position in its sector, and savers can launch it with a minimum deposit of £1.
The 5.06% AER is paid on deposits of £100 and more, and the rate includes a 1.5% bonus for 12 months. Up to three withdrawals are allowed per 12-month period. Basic interest (3.54%) is paid monthly, but the bonus (1.5%) will be paid after 12 months. Cash ISAs have become popular over the past few years as higher interest rates drag more people into savings tax thresholds. These accounts allow people to save up to £20,000 a year tax-free.
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The account takes a “highly attractive” position in the easy access Cash ISA sector. (Image: Getty)
Commenting on the deal, Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Plum has improved the rate on the £100 tier of its Plum Cash ISA this week, now paying a highly attractive rate of 5.06% AER.
“Savers can make up to three withdrawals before an interest penalty, so it would be wise to keep a note of any withdrawals. The interest is paid monthly, which may be a plus for those looking to supplement their income.”
However, she pointed out that the overall rate includes a 1.5% gross bonus for 12 months, so “careful planning” is necessary to review the rate just before this expires.
Ms Springall added: “Overall, this deal earns an Excellent Moneyfacts product rating.”
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What else is out there?
Moneybox takes the top spot for easy access Cash ISAs with an Annual Equivalent Rate (AER) of 5.71% on a minimum deposit of £500. The rate includes a 1.51% bonus for three months, after which the rate will drop. Up to three withdrawals are allowed per year, and interest is paid annually.
For savers looking for more flexibility with withdrawals, Trading 212 places just behind with an AER of 5.07%. The deal includes a bonus rate of 0.72% for 12 months, and savers can launch the account with just £1. Interest is paid monthly, and withdrawals are not restricted.
Tembo Money is offering the top rate for savers searching for a Cash ISA without a bonus, with an AER of 4.8%. Savers can launch the account with just £10 and interest is paid monthly. There are no restrictions on withdrawals.
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