Plum Problems, what can I do?

Trying2BSmarter

I am currently saving for a significant financial goal. To maximize my returns, I have been actively seeking out the most advantageous savings options across various financial institutions. Upon researching available options on MSE, I discovered that Plum was offering a highly competitive interest rate exceeding 5%.

Intrigued by this prospect, I decided to transfer my existing easy access ISA from my current provider to Plum. I initiated this transfer process before the start of the 2024 financial year, anticipating a seamless transition. However, as of September 2025, the transfer remains incomplete.

Following my initial transfer request, I contacted Plum after a few weeks due to the prolonged "awaiting funds" status displayed within their app. I was informed that they had not received a response from my previous provider.

Subsequently, I contacted my previous provider, who revealed that Plum had submitted an incomplete transfer request, lacking essential information such as my account number. My provider further clarified that they require all necessary information to be submitted in full, either via encrypted email or by post.

Despite having previously communicated the account number issue to Plum, I expected both providers to collaborate and resolve the matter efficiently.

Despite repeated follow-ups, Plum consistently cited a lack of response from my previous provider and assured me they would escalate the issue. This pattern of delays and unfulfilled promises continued for several months.

By June 2025, I had grown increasingly frustrated by the protracted timeline. I inquired about the possibility of backdating the transfer to reflect the original intended transfer date, but this request was denied.

Furthermore, Plum initiated frequent and often intrusive inquiries about my preferred course of action, despite my having already clearly expressed my desire to proceed with the transfer.

These interactions were further complicated by personal travel commitments, leading to additional delays in communication.

Eventually, Plum informed me that the transfer had been automatically canceled due to the lack of response from my previous provider.

Despite my reservations, I reluctantly agreed to resubmit the transfer request using the provided form. However, this renewed attempt has encountered similar roadblocks, characterised by miscommunication, delayed responses, and a lack of progress.

The root of the issue appears to be a fundamental incompatibility between the transfer methods preferred by each institution. My previous provider exclusively accepts paper-based transfer requests due to security reasons, while Plum exclusively facilitates electronic transfers, for security reasons.

This persistent impasse has left me deeply frustrated and uncertain about the best course of action. I am now faced with the difficult decision of either leaving my savings with my current provider, where they are earning significantly lower interest, or attempting another transfer with a different provider, potentially encountering similar challenges.

I have explored the possibility of legal action, such as pursuing a claim through the Financial Ombudsman Service, but the complexity and uncertainty surrounding the situation have deterred me.

This entire ordeal has been an extremely frustrating and time-consuming experience, leaving me feeling profoundly dissatisfied with the service provided by Plum.

eskbanker

Trying2BSmarter said:

I have explored the possibility of legal action, such as pursuing a claim through the Financial Ombudsman Service, but the complexity and uncertainty surrounding the situation have deterred me.

If the issue is incompatibility between the processes of two providers, you'd have a job establishing that either has been negligent enough to warrant any legal action, especially if they've each been pointing the finger at the other, so I suspect that the most pragmatic option would be to choose a better new provider and transfer there instead.  Apart from anything else, Plum's ISA rate is only 3.79% for transferred funds, not the 5.01% headline rate for new money, so it's never been the market leader if you're transferring....

https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy

KajiKita

Resurrecting this thread as,I am also having problems with Plum and I don’t seem to be able to start a new thread on the ISA board …

I am trying to withdraw at least some my funds from my Plum ISA but can’t work out how to do it. I did a goggle and follow the recommended steps but all it seemed to want to do was put it in a pocket, rather than give me the option to pull it out to another linked account. Anybody got any tips or advice? 

KK 

eskbanker

From doing another quick 'goggle', it seems that withdrawals are initially to your "Primary Pocket", and then need to be withdrawn separately from there to your bank account, is that what you've tried?

jimjames

Trying2BSmarter said:

 I discovered that Plum was offering a highly competitive interest rate exceeding 5%.

Intrigued by this prospect, I decided to transfer my existing easy access ISA from my current provider to Plum. 

Probably done you a favour in reality, if they'd gone ahead I'm sure you'd be here complaining the rate isn't correct. If you look carefully you should see the rate for transfers is much less than 5% , currently 3.79% according to website so you can get much better rates

KajiKita

eskbanker said:

From doing another quick 'goggle', it seems that withdrawals are initially to your "Primary Pocket", and then need to be withdrawn separately from there to your bank account, is that what you've tried?

Thanks for com8mg back to me. No I didn’t as I didn’t want to ‘embed’ my funds any deeper in the Plum labyrinth ….

I might just try closing the account! 😂

KK

Cobbler_tone

Plum are AWFUL in my experience. I have only played with limited amounts of money, as I always do to check the platforms and timings.
It took 5 days for an initial small deposit to arrive. Then another day for it to land in their saver (internal transfer), then three days to move it from the saver to primary pocket. I haven't tried to withdraw this small amount from the primary to my main bank but can imagine it won't happen quickly! 
It's not the kind of service I would entertain if chasing percentage points.

KajiKita

Cobbler_tone said:

Plum are AWFUL in my experience. I have only played with limited amounts of money, as I always do to check the platforms and timings.
It took 5 days for an initial small deposit to arrive. Then another day for it to land in their saver (internal transfer), then three days to move it from the saver to primary pocket. I haven't tried to withdraw this small amount from the primary to my main bank but can imagine it won't happen quickly! 
It's not the kind of service I would entertain if chasing percentage points.

I’m glad it’s not just me! 

Thanks for the reminder btw. Just been and checked the pocket and done the withdrawal from there. Apparently it moved straight to my linked account! I mean literally, within seconds … Let’s see if that’s true shall we …? 😊

KK

Danzantipoppytops

Just picking up on this thread. My Plum ISA has matured, there are better options in the market so I decided to transfer. It's a digital on-line bank so it should be easy - Nope, not at all.
Initiate the transfer with the new provider, in my case Lloyds. Select the current provider from the drop down list - guess what, no Plum or any other of their business names.
Ask Lloyds - you'll need to do a paper transfer using an application form in branch - well try finding one of those!
This should not be the case, Plum are FCA registered so it should be a very simple case of moving the cash from one place to another and it isn't.
Just in case it was Lloyds I looked at transferring to Oak North another digital bank, same drop down list so same problem.
Any one with any ideas?