You can close your Plum Cash ISA at any time by contacting us via in-app chat or at help@withplum.com. However, the timing of your closure affects your tax-free allowance and earned interest.
1. Impact on Your ISA Allowance
How closing affects your £20,000 annual limit depends on when you made your first deposit:
Less than 14 days ago: Your ISA allowance for the current tax year will reset.
More than 14 days ago: Your allowance will not reset if you have already contributed this tax year. Your account closure will be reported to HMRC. Because this is a Flexible ISA, we will report your net subscriptions for the current tax year (your total deposits minus any withdrawals).
Please note: By closing the account, you permanently lose the flexible ability to replace any previously withdrawn funds, meaning you cannot put that money back later to reclaim your allowance.
2. Impact on Your Money & Interest
Principal Deposits: All deposited funds will be returned to your Primary Pocket.
Base Interest: You will keep interest from previously completed months, but you will forfeit any base interest accrued during the month you request the closure.
Bonus Interest: If you close the account before a bonus is credited, any bonus interest accrued from the moment of activation will be lost.
Please note that if you choose to reactivate your Plum Cash ISA in the future, it will be reinstated under the same conditions that applied prior to its closure, including the relevant rates and terms. Reactivating an account will not provide access to any new or promotional rates available after the closure.