A compact reconfigurable UWB MIMO antenna with four radiators that accomplish on-demand band rejection from 4.9 to 6.3 GHz is presented. An LC stub is connected to the ground plane by activating the PIN diode for each radiator. Two radiators are placed perpendicular to each other to exploit the polarization diversity on a compact 25 × 50 mm 2 FR4 laminate. Two additional radiators are then fixed obliquely on the same laminate (without increasing size) in angular configuration at ±45 ∘ perpendicular to the first two planar radiators still exploiting polarization diversity. The design is validated by prototyping and comparing the results with the simulated ones. On demand band rejection through the use of PIN diodes, wide impedance matching (2–12 GHz), high isolation amongst the radiators, compactness achieved by angular placement of the radiators, low gain variation over the entire bandwidth, band rejection control achieved by adjusting the gap between stub and ground plane, and low TARC values makes the proposed design very suitable for commercial handheld devices (i.e., Huawei E5785 and Netgear 815S housings). The proposed configuration of the UWB MIMO radiators has been investigated first time as per authors’ knowledge.