Plum Interest Ireland - savingsaccount

harry_ireland · 16-10-2023 02:42PM #1

I'd like to share some thoughts on the new player on the Irish savings market, Plum Interest.

Before bothering with setting up an account, I'd like to issue a warning before your mouth waters with the 3,61% * interest-rate Plum offers.

*the 3,61% interest-rate is subject to fees and DIRT*

You can check out the terms and conditions before going through the trouble of setting up an account.

This is NOT covered by the DSG (Deposit Guarantee Scheme).
DIRT still applies to the 3,61% rate which would make the real rate 2,42% before fees

While I find the current compensation on Irish deposits (instant access) appalling, I'd advise against depositing your savings at unsecured entities.

16-10-2023 02:49PM

Are they authorised by the Central Bank?

harry_ireland · 16-10-2023 02:56PM

https://www.boards.ie/discussion/comment/121245800#Comment_121245800

I would advise you to check the terms of service on their website.

From what I can see there, this is a company based in Cyprus, registered with the European Banking Authority.

I cannot advise you in any sort of way, other than to remind you of the fact that deposits with Plum are NOT covered under the European DSG.

Jim2007 · 17-10-2023 11:24AM

https://www.boards.ie/discussion/comment/121245800#Comment_121245800

The OP failed to understand the nature of the product. Their website and their T&C make it very clear that: "Plum is not a bank. Capital at risk if you invest. T&Cs apply." It is a money market fund (MMF) with the objective of benchmarking the central bank rate and not a savings account.

Closing this thread as it serves not useful purpose.

Plum Interest Ireland - savingsaccount

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