How to escape the Plum trap?

Soontoberich2026

Hi. So I have 40k in a Plum ISA (the current interest rate there is only 2.7% - which is pretty poor).

The problem is that there doesn't appear to be an easy way to transfer the ISA from Plum (I think it's officially listed as Plum Fintech) to another provider as when I have tried with a couple of other providers (including Monument App) here hasn't been a Plumtech option and upon asking I was told that they didn't accept Plum transfers.

I've also read that there is some kind of loop where providers only accept paper forms yet Plum only does digital transfers which further confuses things.

Has anyone managed to transfer an ISA from Plum to another ISA provider in recent times and which provider did you use (assuming there's a better rate than 2.7%) and how did you go about it?

Thanks.

MeteredOut

I transferred my Plum Cash ISA to a CMC Cash ISA in September last year, via the CMC app. It looks like CMC currently only offer 3.69% - not the worst, but better can be had, but could be used as a stepping stone for transfers elsewhere. I since transferred to CMC to HSBC - that took a long time, but due to HSBC slowness.

masonic

I had a smooth transfer from Plum to Moneybox earlier this year, took around 4 days IIRC. I followed the advice at https://help.withplum.com/en/articles/9070552-transfer-cash-isa-out-of-plum