Plum increases ISA rates to stay competitive

Plum, a money app, has increased interest rates on its Cash ISA and Lifetime ISA, offering new customers up to 4.95% to stay competitive. The Cash ISA now offers 4.95% AER, including a 1.66% bonus, while the Lifetime ISA provides 4.75% AER with a 1.14% bonus. These changes follow a recent Bank of England base rate reduction. Plum's CEO noted the savings market remains competitive, with some providers increasing rates despite the base rate cut. Savers should research deals, considering factors like bonus periods.