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 process with your new provider, they should initiate the transfer process on their side, and your new provider will inform us accordingly about the technical procedures.
What Happens to Your Interest?
Base Interest: If you transfer your Cash ISA at any point during the month, you’ll forfeit the base 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.
If you transfer out the full amount of your Cash ISA or your remaining balance following a partial transfer out is less than GBP 100, you will get the reduced interest rate of 3.29% AER.
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.
In cases of full Cash ISA transfers out of Plum, you have the following options regarding your residual interest:
Request a New Transfer Out: You can ask your new provider to initiate a new transfer request for the residual interest.
This ensures that the process complies with ISA regulations, and they will contact us directly to complete the transfer.
Withdraw to Your Primary Pocket: If you prefer, you can withdraw the interest directly to your Primary Pocket. If this option works for you, please let our support team know so that they can assist further.
Remember, our customer support team is always here to help!