Can anyone talk me through transferring an ISA out of Plum - I'm really confused

[SqueakyDoor]

Need to transfer my Cash ISA out of Plum and I can't fathom it out.

First off, how do I find out which banks, if any, accept a transfer in from Plum? Which, I gather is listed as: Plum Fintech Ltd (Saveable Limited).

From doing a bit of research, it's looking like the transfer will have to be done via a paper form that gets posted out - and this is the bit I don't get - Plum state this: "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."

How do I do an ISA transfer if Plum won't accept a form?

Any help and advice, particularly if you've successfully transferred out of Plum would be hugely appreciated. I'm not very techy and am just trying to simplify things and have my ISA in a bank rather than an app-only place.

Thank you!

Interesting and following. I have Isa with them and find it a pain having to connect to my bank every 90 days. Won't use them again

Do you mean into a new ISA? If so, you go to the new provider’s website and sign up with the transfer option. You fill in details and they will contact Plum and arrange for it to be transferred. Most places don’t use post now or at least prefer digital. When you open an ISA with your bank it will ask if you want to transfer in, so select that option and it will guide you through.

Go to the new provider and tell them the details you are transferring from and they will sort it out for you

Find an ISA provider who you're interested in transferring TO

Set up the transfer using THAT organisation's website

Never had an account with Plum but have done lots of cash ISA transfers. Some building societies don't do electronic transfers but most of the larger savings providers do. Try Virgin Money (mostly online but do have a few branches) or Charter savings bank. You may need to transfer to one of these or similar and then do a paper based transfer if your preferred provider only does paper based translate and Plum only do electronic transfers.

If it's like a normal isa you don't take it out of plum, you just tell the new firm you want an isa with them and they transfer it over. You just give the new firm the details of the plum account?

I've not used plum but it's not for you to do anything with the current one when you switch.

Thank you for speedy replies.

From the bit of research I've done, Plum isn't a provider that can be transferred digitally.

And Plum emphatically state they will only accept a digital request to enable a transfer out. This is the bit I'm really stuck on.

If the banks won't do a digital transfer and Plum are only digital, what do I do?

Ah, I think this makes sense - so should I look at, say Virgin Money, and if they accept a digital transfer from Plum, do that and then transfer out of Virgin to the new provider I'm looking at, which will be a big bank, like Natwest/Barclays/etc?

https://help.withplum.com/en/articles/9070552-transfer-cash-isa-out-of-plum

This tells you to do it through the new provider. It doesn't look as complicated as youre making it out to be

Except for the fact that no providers seem to accept a transfer-in from Plum!

And you'll see at the bottom of that page from Plum that they state they'll only do a digital transfer, but I can't find anywhere that will allow a digital transfer in. So that's why I'm asking for a little advice from anyone in the know, or who has successfully transferred out their cash ISA from Plum!

@ConBatulations - I've just opened a cash ISA with Virgin Money in the hope they'd allow a transfer-in from Plum, which I could eventually move to a bank )using Virgin as a kind of holding area) and guess what?

Plum isn't on their list of accepted digital transfer-ins!

Yep, I'm finding it all a bit complicated @dementedpixie

@SqueakyDoor That's a shame as I've found Virgin good in the past.

There is a thread on MoneySavingExpert and one post mentions trying Saveable Limited instead of Plum.

forums.moneysavingexpert.com/discussion/6549546/transfer-out-of-plum-isa

Yep, I've looked for Saveable as well as Plum @ConBatulations

Thank you, though, as I'm looking at a Chip account now as I spotted them on the long list of providers on the Virgin site that do digital transfer ins, so that might be an option as they're an app-based provider too.

So, I'll have a go at opening a Chip ISA and see if I can do a digital transfer-in, then transfer over to Virgin.

Hope it works out. Will avoid using Plum even though they have a good interest rate.

Trading 212 accepts transfers into their cash ISA from Plum - (it's on their list of transfer-in options). Very quick and easy process.

Ohh, fab, that's god to know. Thank you

@SqueakyDoor

I was wondering if you resolved this issue? As I currently have the same problem.

I did! Thanks to the advice here (thank you everyone!)

I transferred it out to Chip, thence to Virgin Money and onward to my old school bricks and mortar bank.

When first transferring to Chip, there was a choice of either account and sort code (like most ISAs use), or your National Insurance number ( used by Plum).

I was so, so, so relieved when the transfer went through and I could delete Plum and their 2.5% interest.

Note also that, if you transfer your ISA Out before the end of the 'bonus' interest period, you'll forfeit the whole bonus.

Good luck and post here if you need more info.

So frustrated! I opened a fixed rate ISA today with a High St bank which had a decent interest rate and cashback offer with the expectation that I could transfer from Plum easily but no such luck.
Plum wasn't on their list of providers to transfer from digitally, so I rang them and they said that they'd send a paper form. I got in touch with Plum who said they don't accept transfer requests by post.
Rang the bank back who have said they'll email their transfer team for advice and then I can ring in 2 working days to see what they suggest. The person taking the call said they have had a lot of trouble with Plum.
So bloody frustrating! Especially as you can't phone Plum but have to use a chat thing.

There was a previous person with issues with Plum. Think she had to transfer to another provider that accepted Plum and then transfer from there to the one they wanted. Maybe do a search for the thread

That's for @FrankSinatraonToast

Oops, just realised this is the thread and it gave a provider that accepts transfers from Plum

Found another bank with a slightly better Interest rate than halifax and checked before I opened it that I could transfer from Plum and they said yes so it's all going smoothly. What a palaver though. I'd never recommend Plum to anyone as all contact is done via chat

It doesn't matter that Plum say they don't deal with paper transfers (this applies to transfers IN to Plum). Just do the form that your NEW ISA provider requires to transfer IN and they'll do the rest.

I was able to transfer digitally from Plum to MoneyBox and by paper form to Santander.

Plum don’t use the standard electronic transfer system. That’s where the banks bounce messages between each other using PayUK and the funds are sent electronically.

Plum operate more manually, in the past this type of provider would operate by paper forms and payment by cheque. Plum are now on the same sort of system, but the forms need to be scanned in on the new provider side and sent to the ceding provider (Plum) by email, Plum then sends the money by Faster Payment.

You’ll be able to transfer from Plum to most banks. I work with a lot of challenger banks and they all accept transfers in from Plum.