You can close your Cash ISA at any time, but the impact on your ISA allowance depends on how long the account has been active. If you wish to close your Cash ISA, you need to reach out to our Customer Success team through our in-app chat or via email at help@withplum.com.
Impact on Your ISA Allowance
The effect of closing your Cash ISA on your annual ISA allowance depends on the duration your account has been active:
Active for less than 15 calendar days – Closing your account will reset your ISA allowance for the current tax year.
Active for more than 15 calendar days – Your ISA allowance will not reset if you have contributed during this tax year. Your contributions will still need to be reported to HMRC.
Impact on Your Money
Deposits: Any money you have deposited will be returned to your Primary Pocket.
Main Interest: Any main interest accrued for the month of the closure request will be lost. You will still get the interest for the previous completed months.
Bonus Interest: Any bonus accrued from the activation moment will be lost if you close your Cash ISA account before the credit of the bonus.
Please note that if you have any pending interest payments, the Cash ISA closure process will be completed after the interest is paid in your account.