For Mutual Funds Under a Stocks & Shares ISA (Individual Savings Account):
Step 1: Fill out the cancellation form: Plum - ISA Cancellation Form.pdf
Step 2: Send the form back to help@withplum.com
Our operations team will review the form and proceed with the cancellation. Please keep in mind that any money you have invested will be withdrawn back to your Primary Pocket.
Please note that:
The ISA is open for less than 30 calendar days:
If your ISA has been active for less than 30 calendar days, closing the account will reset your ISA allowance for the current tax year.
The ISA is open for more than 30 calendar days:
If your ISA has been active for more than 30 calendar days, closing the account will not reset your ISA allowance if you have contributed during this tax year. Your contributions will still need to be reported to HMRC.
For Mutual Funds Under a GIA (General Investment Account):
You cannot completely close a Mutual Funds GIA.
However, you can withdraw all funds by selling your investments, which will make the account inactive until you decide to invest again. There’s no impact on your ISA allowance since a GIA is not an ISA.
In both cases, you need to ensure that you have no automated transactions going to your Investments. You can check this through the Splitter settings in the app.