In case you want to transfer your Cash ISA account out of Plum, you need to initiate the process with your new provider. Your new provider may ask for the following details:
Product Provider: Plum Fintech Ltd (Saveable Limited - FCA: 739214)
Investment Account Number: Please use your National Insurance number as your account/reference number.*
Once you complete the request with your new provider, they will contact us directly to process the transfer behind the scenes.
*Plum is not a bank, your account does not have a sort code/account number tied to it. We use your personal details and NI number to identify your account.
We do not accept transfers via post. All the transfers must be done digitally, either via our app or your provider. Any postal requests will be rejected, and you will need to contact your provider to resubmit digitally.
What Happens to Your Interest?
Basic Interest: If you transfer your Cash ISA at any point during the month, you’ll forfeit the basic interest for the current month. However, interest from previous months will still be credited to your account.
Bonus Interest: If you transfer your Cash ISA during your bonus period, you’ll forfeit the bonus interest you’ve accrued. If you wait and transfer after the bonus period ends, you’ll still get the bonus that has already been earned.
Keep in mind that when partially transferring out a Cash ISA that you have funded via both deposits and transfer ins, deposited funds are prioritised.
For full Cash ISA transfers out of Plum, your entire balance is sent to your new provider, and your account with Plum will close.
Current Year Withdrawals: Because the Plum Cash ISA is flexible, we will report your Net Subscriptions (your total deposits this year minus any withdrawals) to your new provider. This means any withdrawals you made this year will lower your used allowance.
Losing Flexibility: However, once the transfer is complete, you permanently lose the flexible ability to replace any funds you withdrew from previous tax years.