To deposit money in Cash ISA, you need to follow the steps below:
Select the Pockets category in the app
Tap on the Cash ISA tile
Press the Deposit button
Choose the source of your money - it can be either the main bank account you have linked in the app or your Primary Pocket
Type the amount of money that you want to invest (from £1.00 and above)
Press Continue
Once the confirmation screen appears, press Done
If your money is already in Plum (in your Primary Pocket), you can just make a transfer to Cash ISA by following the steps above. You only need to select the Primary Pocket as the source of your funds during Step 4.
Cash ISA - Deposit Timeframes
It's important to understand that Cash ISA transactions are not instant. The deposit process takes 1 business day to be completed if done via instant deposit. This delay happens because we need to send the money to our banking partners and kickstart the process of earning interest.
Until your money is in our Cash ISA banking partners accounts (i.e. a “cleared balance”), you will not earn any interest but if Plum earns interest from the third-party providers or banks who provide the accounts, we will retain any such interest. Here is the timeline that you should expect:
If you have selected to deposit money from your Primary Pocket, the money should be transferred instantly to our banking partner(s), and you should start earning interest on the same day (or the next working day if you deposit after 3 pm)
If you have selected to deposit money from your bank account through the Direct Debit method, the money should reach Plum within a few business days. Then, the money will be transferred to our banking partners to start earning interest.
If you have selected to deposit money from your bank account through the Instant Deposit method, the money should reach Plum instantly.