Question 1

Account Name

Accepted Answer

The Interest Pocket provided is called a 95-day Notice Pocket and is a savings account provided by Investec Bank Plc.

Question 2

What is the interest rate?

Accepted Answer

4.08% AER (variable). Interest is calculated daily on the full closing balance in the Account and added to the account on the following business day. If you make a withdrawal request, interest will be calculated on the total amount in the Account up to, but not including the day of the withdrawal.

Question 3

Can Plum change the interest rate?

Accepted Answer

Yes, the interest rate is variable and can be increased or reduced at any time. If our partner, Investec, increases the interest rate on your account, the change will take effect on the first day of the next calendar month (or in some cases, immediately). If Investec decreases the interest rate on your account, we will notify you at least 109 calendar days before the decrease takes effect and provide a reminder notice to you 14 days before.

Question 4

Are there any fees for this account?

Accepted Answer

Though there are no fees for the 95-day Notice Pocket, it’s only available when you have Plum Max. Plum Max is a subscription that costs £14.99 per month. You might be eligible for a free trial for your first month. Check your Plum app for more details.

Question 5

If I deposit £5,000, how much would I earn?

Accepted Answer

A deposit of £5,000 would earn £218.67 after 12 months, for a total balance of approximately £5,218.67. Bear in mind that Plum Max costs £11.99 per month, or £143.88 per year. If you only used Plum Max to access the 95-Day Notice Pocket and didn’t take advantage of the other features included with a Max subscription, your net balance after fees would be approximately £5,074.79. Bear in mind that you’ll get more with Plum Max, like better interest rates on Easy Access Savings Pockets, higher returns on Plum Interest, and lifestyle perks like 2-for-1 dining. You'll also get exclusive budgeting features, the Plum card, access to our Stocks and Shares ISA and our lowest investment fees. Read more about Plum Max.

Question 6

How do I open and manage my account?

Accepted Answer

This account is available to all UK residents over the age of 18, with a minimum balance of £0.01. To remain open, the account must retain a minimum balance of £0.01. You can open, operate and close the Investec 95 Day Notice Account all directly through Plum App.

Question 7

Can I withdraw money?

Accepted Answer

You should consider whether the 95 Day Notice Account is a good fit for you as you can only withdraw your money by providing us with 95 days’ notice. Standard withdrawal requires 95 days notice. Immediate withdrawals are only possible in specific emergencies. Contact help@withplum.com. Withdrawals can be made through the Plum app at any time after opening the account, at any amount, however, you will not receive your funds until the end of the 95 day notice period and your balance cannot drop below the £0.01 minimum to keep the account open. At the end of the 95 day notice period Investec will return the funds to Plum at which point they will be available to return to your designated bank account. There are no limitations on the number of deposits or withdrawals you can make, but each withdrawal will be subject to the 95 day notice period. There are no charges or penalties for withdrawing your money in line with the notice period requirements on the account.

Question 8

Is there a cooling-off period?

Accepted Answer

Yes. You can withdraw all funds and cancel the account within the first 14 days by contacting customer support, help@withplum.com. You can do this without waiting for the 95 Day Notice period.

Question 9

Additional information

Accepted Answer

The information provided in this summary box is a summary of the key features of this Account. *AER (Annual Equivalent Rate) (variable) illustrates what the interest rate would be if interest was paid and compounded once a year and the rate may change in the future *Interest will be paid gross. Gross interest does not take into account any tax payable. Depending on your individual circumstances, you might have to pay tax on any interest you earn. If you have any specific tax questions you should seek professional tax advice. Alternatively, further guidance can be found on the HMRC website, for further information please go to: https://www.gov.uk/apply-tax-free-interest-on-savings. Please note that your tax treatment may be subject to change in the future. You are protected by FSCS up to a maximum of £120k across all of your eligible Investec accounts. Therefore, this maximum is the total protection for this deposit and any others you may hold with Investec directly. For all the information you need on FSCS please go to https://www.fscs.org.uk/. Placing funds via the Plum will impact how quickly FSCS can return your deposit to you if Investec Bank should fail. For all information you need on the FSCS repayment timelines please go to https://www.fscs.org.uk/what-we-cover/banks-building-societies/. The Interest Pocket provided is called a 95-day Notice Pocket and is a savings account provided by Investec Bank Plc. If you have any questions, feel free to 'chat to a human' within the Plum app.

95-DAY NOTICE POCKET
4.08% AER (variable)

Great rates for those who wait

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95-DAY NOTICE POCKET4.08% AER (variable)

Great rates for those who wait

Get even more with Max

Let’s get started

95-DAY NOTICE POCKET
4.08% AER (variable)