Plum Interest Ireland - savingsaccount

harry_ireland

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.

AndrewJRenko

Are they authorised by the Central Bank?

harry_ireland

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

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.