Plum – Do more with your money | Up to 5.12% VAR Easy Access (2024)

FAQs

Why has Plum taken money from my bank account? ›

We analyse your Personal Account so we can learn about your income, expenses and spending patterns. We will set up a direct debit mandate for you with an appropriately authorised Payment Services Provider and every few days money will be transferred from your Personal Account to your Plum Wallet.

Keep in mind that past performance is not a reliable indicator of future results. Plum is not a bank. Plum Interest is an investment product, and therefore, your capital is at risk.

Plum uses an e-money provider that maintains a specific UK bank account and so it says your money is protected by the E-Money Safeguarding Rules. It is important to note that money held in an instant-access primary pocket or on a Plum Card is not protected by the Financial Services Compensation Scheme (FSCS).

Money saved with Plum in these Easy Access Interest Pockets is held with Investec Bank Plc, which is part of the Financial Services Competition Scheme (FSCS). Unlike your Primary Pocket, money saved in an Interest Pocket is therefore protected by FSCS.

To withdraw money from your Plum account to your bank account, please open the Pockets section in the app and then the Primary Pocket. You should be able to see the Withdrawal button there. Open the app and go to the Pockets section. Tap on the pocket you would like to withdraw money from.

The protection is provided by an independent organisation, which means if any of the FSCS-protected firms that provide investment services to Plum were to fail, this independent body is legally obligated to repay all money to eligible customers (typically up to a maximum of £85,000, for consumers).

Saving. Plum also offers a number of savings features that aim to make saving money as streamlined as possible. Users can set aside cash in an easy access 'Interest Pocket*,' paying up to 4.21% AER (variable). This rate is reserved for Premium subscribers, while the free Basic plan pays 3.65%.

Plum Interest - Fees | Plum Help Center. Plum Interest has only an annual fee of 0.25% of your total amount of investment. In detail: Blackrock Fee: 0.10% of the fee is going to Blackrock, the manager of the investments behind Plum Interest.

Safety: Your personal data is safeguarded through state-of-the-art security measures. Importantly, Plum never stores or has access to your bank login credentials. You only enter your login credentials after being securely redirected to your banking app, ensuring an additional layer of safety.

Can you make money on Plum? ›

You connect your bank account and it will work out how much spare change you have every week and will automatically add that to your plum account, which can either then be saved as cash and earn interest, or invested with the aim of growing your money over time.

Is Plum free? You can begin your Plum journey for free, as our Basic version of the app offers numerous features without any charge. Enjoy the following functionalities without spending a penny: Automated rules (Automatic, Round-Ups, Weekly, PayDays)

There is no limit of withdrawals nor fees for withdrawing money.

This can occur for various reasons, with the most common scenarios being: Insufficient balance: Automated rules may not run if there's an insufficient balance in your bank account. It's important to note that these rules require you to have a sufficient amount of money available in your account for proper execution.

Please be sure that you have withdrawn all your funds and that there are no pending transactions before initiating the account closure process, otherwise, the process will fail. ⚠️ Once your account is closed, the action is irreversible, and you will no longer have access to your Plum account or any associated data.

Safety: Your personal data is safeguarded through state-of-the-art security measures. Importantly, Plum never stores or has access to your bank login credentials. You only enter your login credentials after being securely redirected to your banking app, ensuring an additional layer of safety.

Plum Interest - Fees | Plum Help Center. Plum Interest has only an annual fee of 0.25% of your total amount of investment.

Generally, a bank may take money from your deposit account to make a payment on a separate debt that you owe to the bank, such as a car loan, if you are not paying that loan on time and the terms of your contract(s) with the bank allow it. This is called the right of offset.

Remove Bank Account | Plum Help Center. Unfortunately, you cannot remove your bank account completely as it would significantly impact the functionality of the app. We recommend considering alternative options for account management.