You can close your Lifetime ISA at any time, but the impact on your ISA allowance depends on how long the account has been active.
Your Lifetime ISA was opened less than 30 Calendar Days ago:
When you open a Lifetime ISA (LISA), you have a 30-day cooling-off period to decide if it's right for you. During this time, you can cancel your account without any penalties. If you choose to cancel within the 30-day period, we’ll return any contributions you’ve made in full, and your account will be closed as if it was never opened.
Cancelling your LISA during the cooling-off period will not count towards your annual £4,000 LISA contribution limit or your overall ISA allowance.
Your Lifetime ISA was opened more than 30 Calendar Days ago:
If your Lifetime ISA has been active for more than 30 calendar days, any account closures or withdrawals will be considered Early Withdrawals. This means that there is going to be a penalty and any potential government bonus you have earned will be lost.
If you'd like to proceed with the closure of your Lifetime ISA, please contact our customer support team directly via the in-app chat or via email to help@withplum.com.
Our operations team will review the details and proceed with the cancellation. Please keep in mind that any money you have invested will be withdrawn back to your Primary Pocket.
Plum Interest Rate
Basic Interest
Before 24 July 2026: If you request to close your Lifetime ISA, any unpaid basic interest accrued will be forfeited.
After 24 July 2026: If you request to close your Lifetime ISA, any unpaid basic interest accrued will be credited upon closure.
Bonus Interest
The bonus interest is paid after the end of your 12th month bonus period of your Lifetime ISA with Plum. Therefore, if you close the Lifetime ISA before 12 completed months, the bonus will be lost.