Plum ISA Issues

Luxton28

Hi there, has anyone had any trouble transferring out a Plum cash ISA?

As they are digital they apparently don't give you an account number or sort code. Plum has told me to use my National Insurance number as my account number and put zero's in the sort code when initiating the transfer. It doesn't seem to like my account number as understandable it wants numbers only.

I am getting nowhere at the moment so was wondering whether anyone could shed some light on this whilst i wait to get a response from Plum!

eskbanker

If Plum expect the receiving provider to send them your NI number then this will presumably need to be in the 'roll number' field of their form rather than account number, as the latter do need to be numeric.

Luxton28

https://forums.moneysavingexpert.com/discussion/comment/81963005#Comment_81963005

Thanks, i've also tried to do this option but it doesn't work either 🙃

masonic

In that case I'd suggest all zeroes for sort code and account number. You provide your NI number elsewhere on the form so I'm sure Plum will be able to work with this.

Which bank has such a restrictive form?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81963017#Comment_81963017

To be fair, Plum do make it clear what they expect from receiving providers:

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

so it's probably more of an issue with the receiving provider, and you might ultimately need to find an alternative ISA provider, who is able and willing to relay non-numeric identifying data to Plum on transfer requests…

Luxton28

https://forums.moneysavingexpert.com/discussion/comment/81963029#Comment_81963029

Yes i've tried putting zero's in both account and sort code, but whatever box i try to correct it just doesn't except. I'm trying to transfer to Vanquis bank. Vanquis did say i wasn't the only customer that's having problems transferring out of Plum and other digital accounts. It's definately putting me off digital accounts going forward.

Luxton28

https://forums.moneysavingexpert.com/discussion/comment/81963031#Comment_81963031

Yep it does make perfect sense and should be a seamless transfer in theory. I'm just trying to get my head around why it isn't working. Back on the phone to the new provider tomorrow.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81963086#Comment_81963086

It would put me off Vanquis. Other providers have systems that are far more accommodating. It is not only digital accounts that don't conform to standardised account number and sort code. Several building societies have been using alphanumeric account numbers for decades. Vanquis is itself a digital bank, having no branch network, and is new enough not to have any excuse regarding these limitations. Most other digital providers have better processes. MoneyBox, for example, had no issue at all actioning my recent transfer from Plum.

pwood

i have just spoken to skipton BS and they have said that as plum doesnt use electronics transfers i will have to do it manually. they are sending me a form that i need to sign and return to them which they then forward to plum. so transfers can take 2 weeks.

the bonus isnt paid out after a year you have to wait until the end of the month (so 13 months) and their customer service is awful you cant speak to anyone only get a AI robot. if i had known what i know now i would never have used them.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81981558#Comment_81981558

Plum doesn't do manual transfers, they have to be electronic:

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

Also, you don't have to wait 13 months to get the bonus. If you transfer out after 12 months, they credit it early and send it with the transfer. I was able to get them to confirm this to me via their online chat facility and lo and behold that's exactly what they did when I transferred out the day or two after my anniversary.