Transfer Out Plum ISA

Speedbird676

Has anybody successfully transferred out a Cash ISA from Plum?

I initially opened an ISA with Cynergy Bank but as part of the account opening, Plum (Plum Fintech Ltd (Saveable Limited - FCA: 739214)), wasn't listed. I contacted Cynergy once the account was open, only to be told they only accept transfers from institutions on the list as part of the account opening form.

Next I tried Vanquis Bank. Plum were listed on their Transfer In list as part of the application and I duly entered the details of my Plum ISA. The account has been open a week and no sign of anything being transferred so I contacted them by secure message.

Their first response was that I should have downloaded a paper form as part of the account opening as the institution I requested only accept transfer instructions by mail, which is contrary to what it says on the Plum website - "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."

I replied to them questioning this and their reply is they have mailed me a new form or I can download one and then post it to them.

TeaBee72

I had this exact problem. I would never use Plum again. They appear to be using MSE to draw in customers but they’re borderline rogue traders imo.

Opened a fixed isa with high street bank. High street couldn’t accept a transfer electronically as Plum wasn’t a listed institution. Plum refuses to help as it’s do the new bank to do. Eventually paper form in branch ( after finding one ). 
Month later still no transfer. High street bank state not had any response from Plum. 

Numerous emails and online chats with Plum (and their adult AI)

one threat of going to regulator and resolved in days. High street bank very helpful at trying to resolve in their defence - Plum… awful.

Keep at it / and drop in escalation

Speedbird676

Finally got a notification from Plum today that they have actioned by transfer request. Only took 22 days from account opening...

robert31

I wish I had never opened a Plum ISA. The rate is poor and I wanted to transfer to Tandem but Plum is not on their list of providers who do digital transfers. Tandem were unwilling to help.

I tried Vanquis as the original poster suggested and filled out the paper form to post. I have raised a complaint with Plum. I expect the transfer to take a while.

Save yourself the hassle and don't use Plum.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81866192#Comment_81866192

What's the basis of your complaint? It's hardly Plum's fault that Tandem don't allow transfers from them.

masonic

I'll be transferring out in April, but I don't regret opening my Plum ISA for a moment. In truth the experience has been much better than I thought it would be and they've kept the rate competitive for much longer than I thought they would. If I have issues with a provider having a shortlist they'll accept transfers from, I'll just transfer to any provider that accepts my instruction, then on to where I really want to hold it.