Meet your new Facebook friend – the automatic savings app that lives in Messenger

2

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  • jimjames
    jimjames Posts: 17,580 Forumite
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    Malthusian wrote: »
    No, that's a different article. That article was about Chip and is from December 2016, this was about Plum and was posted on March 2. See my link to Google's cached version.

    Would be nice if MSE bloggers actually came back to explain why an article they promoted has been deleted. Maybe lack of FSCS protection?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Former_MSE_Rosie
    Former_MSE_Rosie Posts: 105 Forumite
    I've been Money Tipped! Newshound! Best Buy Bear
    Hi all, the blog's back up now - we were just tweaking a couple of details on the interest offer. The blog explains the level of protection that Plum offers, it's of course up to you whether you're happy to take out a product that doesn't have FSCS protection.

    Thanks, MSE Rosie

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  • Gambler101
    Gambler101 Posts: 580 Forumite
    You would need to be certifiably mad to sign up for this lol
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX :D:D
  • george4064
    george4064 Posts: 2,809 Forumite
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    Looks terrible.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • Malthusian
    Malthusian Posts: 10,921 Forumite
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    MSE_Rosie wrote: »
    The blog explains the level of protection that Plum offers, it's of course up to you whether you're happy to take out a product that doesn't have FSCS protection.

    Why is MSE happy to promote a product that doesn't have FSCS protection and offers zero reward in exchange for the risk of losing every penny of your savings?
  • Reaper
    Reaper Posts: 7,279 Forumite
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    I said this before in the Plum thread but may as well repeat it here:

    I am constantly amazed how careless people are with their personal data.

    I would not allow 3rd party access to all my financial transactions, even if it is read only (and I'm not sure how that can be done). They will know which gas and electricity supplier you use, where you shop for food, whether you are rich or poor, belong to a gym, who your internet provider is, whether you subscribe to Sky or Netflix, how often you holiday abroad and so on.

    In time expect to be bombarded with highly targeted junk mail for all the above.
  • WithPlum
    WithPlum Posts: 1 Organisation Representative
    Hi All, Plum here :) We wanted to address and clarify some of your points. But please keep up the conversation and email us hello@withplum.com if you have any further questions.

    - On earning interest on your savings we have now partnered with RateSetter so you will be able to earn interest through P2P lending very soon! We're really excited about this, prior we just wanted to help people start saving money and now we can really grow your savings.
    - On protection, your savings are ring-fenced from all operations. Meaning there is no need for FSCS because your savings are not lent out (like a bank would typically do with your savings), the money is fully reimbursed should anyone go bust.
    - You can withdraw your money at any time with no cost
    - We will also never sell on any of your data, so no need to worry about marketing spam relevant to your transaction history.
    “Official Company Representative
    I am the official company representative of Plum. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
    :beer:
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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    I think I might have spotted a contradiction...
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • martinthebandit
    martinthebandit Posts: 4,422 Forumite
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    JohnRo wrote: »
    I think I might have spotted a contradiction...
    Just a small one, makes you wonder what other li... er inaccuracies they are hiding.
  • Malthusian
    Malthusian Posts: 10,921 Forumite
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    WithPlum wrote: »
    - On protection, your savings are ring-fenced from all operations. Meaning there is no need for FSCS because your savings are not lent out (like a bank would typically do with your savings), the money is fully reimbursed should anyone go bust.

    If anyone believes this flagrant nonsense then Google "client money FCA fined" and see how many household names you can count.

    The market that Plum is aimed at shouldn't be putting their money anywhere near something that is not FSCS-protected.
This discussion has been closed.
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