CASH ISA

Plum Cash ISA.

The total rate for the Plum Cash ISA to new customers is 4.82% AER (variable). This includes:

• a basic rate of 2.54% AER (variable); and
• a Plum Bonus of 2.28% AER (variable), where available.

Basic interest accrues daily and is paid monthly on the first day of each month.

Where a Plum Bonus applies, it accrues daily and is paid at the end of your 12-month bonus term, provided the bonus conditions are met.

If you transfer in an ISA from another provider, the funds will earn a bonus rate of 1.46% AER (variable) in addition to the basic rate. This bonus applies for 12 months from the date your account is opened.

The Annual Equivalent Rate (AER) shows the rate of return if interest were paid and compounded once each year.

The interest you earn is tax-free, as long as your account complies with the HMRC’s ISA rules. Tax treatment and regulations may change, and the benefit of the tax exemption depends on your individual circumstances.

If you close or transfer your Plum Cash ISA during the 12-month bonus period (where applicable), you will lose the bonus rate and forfeit any unpaid bonus interest.

If you close your account during a calendar month, you will receive any basic interest accrued up to the day of closure, but you will lose all bonus interest already accrued. 

Yes. The Plum Cash ISA has a variable interest rate that may go up or down in line with market conditions (for example, changes in the Bank of England base rate) and changes made by the third-party banks where your funds are held. If we lower the rate, we’ll notify you as soon as possible. If the rate increases, we’ll apply the new rate immediately and display it in the Plum App.

A bonus interest rate applies for the first 12 months after opening your Cash ISA. Bonus interest is calculated daily and paid at the end of the 12th month, along with the monthly accrued interest. If you close or transfer your account before the end of the bonus term, you’ll lose any bonus interest and forfeit the interest accrued for that month.

If you were to save £1,000 in your new Plum Cash ISA (and assuming you don't withdraw) with a total AER of 4.82% for 12 months, after 1 year you would have accrued £48.20, giving a total of £1,048.20.

The rate you see on this page (4.82% including a Plum bonus) is an AER (Annual Equivalent Rate), rather than a gross rate, which means it accounts for compounding. Compounding is the concept of earning a return on the principal amount saved, as well as any previous earnings.

You can open a Plum Cash ISA through the Plum App if you:

• are 18 years or older;
• are a UK tax resident with a valid National Insurance Number; and
• have a Plum Account.

To open your Cash ISA, you’ll need to follow the steps in the Plum App and agree to the Plum Cash ISA Terms and Conditions and Plum General Terms. We may use third-party providers to verify your identity during the application process.

You can add funds to your Cash ISA from your Plum Wallet or directly from your linked bank account.

You can manage your account entirely through the Plum App, where you can:

• view your balance and interest rate;
• see accrued interest and bonus information (if applicable);
• make deposits and withdrawals; and
• contact customer support.

You can hold only one Plum Cash ISA at any time but may hold other types of ISAs with different providers, as long as your total annual subscriptions stay within the HMRC ISA allowance.

Your Plum Cash ISA is a flexible ISA. This means you can withdraw money and replace it within the same tax year without the replaced funds counting towards your annual ISA allowance.

Yes, it’s quick and easy to withdraw from your Plum Cash ISA, with withdrawals paid within 1 working day. Because this is a flexible ISA, you can withdraw money and put it back in during the same tax year without affecting its tax-free status or using up more of your annual ISA allowance.

Important to know

If you close or transfer your Plum Cash ISA during the 12-month bonus period (where applicable), you will lose the bonus rate and forfeit any unpaid bonus interest.

If you close your account during a calendar month, you will receive any basic interest accrued up to the day of closure, but you will lose all bonus interest already accrued.

Firstly, you must move the money into your Plum Primary Pocket. From here, you can then withdraw to your linked bank account.

To do this, tap the ‘Pockets’ menu button, then the ‘Cash ISA’ tab and finally ‘Move’. We’ll show an estimated settlement date in the app when you request a movement but please note this is just an estimate. Movements are typically processed within 1 working day.

Once your movement has been processed, the money will be credited to your Primary Pocket balance. You can then withdraw to your bank on the same day.

There are no limits, fees or restrictions on withdrawing your money as it's a flexible ISA.

The process can take up to 30 calendar days, but our average completion time is within 20 calendar days. To help the Plum team process your transfer as quickly as possible, make sure your:

1. • Name matches across both providers i.e. Matthew not Matt
   • DOB matches across both providers
   • Address matches across both providers
   • National insurance matches across both providers

We provide email updates from isa-transfer-updates@withplum.com at key stages in the transfer process. We’ll let you know when we start, when we make contact with your current provider, if there are any issues with your transfer that need your attention and most importantly, when your money has arrived safely.

If you want to transfer your Cash ISA, we offer both full and partial transfers. This means you can choose to move your entire balance or select a specific amount of your current Cash ISA to transfer over to Plum.

Plum uses a range of banks for its Cash ISA. The proportion of money held with each bank can vary over time. The banks we currently use are:

Citibank NA London Branch
Lloyds Bank Plc
Qatar National Bank (Q.P.S.C.)
Banco Bilbao Vizcaya Argentaria SA (BBVA)
Nationwide Building Society TA Virgin Money

You can find out more about how your money is protected here.

Plum uses a range of banks for its Cash ISA. The proportion of money held with each bank can vary over time. 

Bonus interest rates for existing Cash ISA customers vary depending on when you opened this product.

This content should not be read as legal, tax, investment, financial, or any other kind of advice. Tax treatment depends on your individual circumstances and may change in the future. Always do your own research.