Plum AI Banking

sacdiver

Hi
Can anyone advise or recommend - PLUM
The website links your accounts and boasting it can save you money.
I am a little nervous that it advertises it automatically takes money from your account to savings.
Has anyone had any issues with this system?

Thanks
Sacdiver

Willing2Learn

Hi sacdiver. Welcome to the forum and merry xmas…

When Plum sets money aside for you, it's moved from your bank account and held in an e-money account, which is held and administered by their partner, MangoPay. They're regulated to hold your money as an 'Authorised Electronic Money provider'. This e-money account is not FSCS protected.

Without FSCS protection, I would not want to have my savings with them. If Plum (or MangoPay) were to go bust, your money could be at risk. For that reason, I would not recommend Plum.

https://www.fscs.org.uk/

jonesMUFCforever

OP Have you got anything to do with them at all - are you an employee?

Speedster2

sacdiver wrote: »

Hi
Can anyone advise or recommend - PLUM
The website links your accounts and boasting it can save you money.
I am a little nervous that it advertises it automatically takes money from your account to savings.
Has anyone had any issues with this system?

Thanks
Sacdiver

Plum is not a bank and as such are not covered by FSCS. As they point out in their FAQs though, they must comply with the 2011 Electronic Money Regulations.


It links to ONE of your bank accounts and calculates a margin that it transfers roughly weekly into your Plum account. You set an approximate level of margin you want it to work with. You withdraw through Facebook Messenger or the Plum app and it takes 2-3 days to appear in your bank account. The service is free but You don’t get interest on the balance with Plum. They also have an investments module that you pay a fee to use.


I’ve used Plum for 18 months and haven’t had too many issues. Its a very easy way of setting aside manageable amounts of money. The savings margin logic has gone a bit haywire once or twice but has never caused me difficulties.


There is a Nifty Roundup feature that tracks your spending and then weekly takes this as a savings deposit. I withdraw my Plum balance monthly and put that in an interest-paying account.


Some people get het up that they can’t get their money out quickly when they have a minor crisis, often their fault for not planning ahead over Bank Holidays etc.


If you Facebook have a look for a group called Plum Squad on there, all your questions answered by Plum and Plum users many times over.

Poor_Leno

So, I thought I'd give both chip and plum a go to see what this app based saving thing is about.  Granted, there's no interest on offer, but I figured the extra little bits and pieces it takes from round-ups and such I can just withdraw on a monthly basis or whatever to my Marcus account.  

Anyway, both those apps are offering sign up offers, £20 at chip (albeit after a dozen or so auto-saves) and £5 with plum.  I got re-directed (from MSE) to this page :
https://withplum.com/?c=mse-dbg
but, I couldn't see a referral link on the actual registration once I downloaded the app.  Unless its embedded in the link on that page or something.  Or, maybe they stopped offering it.  Probably.  I just wondered anyhow.  Unless I missed some other referral on that page.

scragend

I started to use both Chip & Plum a year or so ago, purely to get some active Direct Debits. I never held much of a balance in there. Then towards the end of last year they both stopped working. I checked that my bank account was linked, and it was, so I have no idea what happened. By then though I had enough Direct Debits elsewhere that I didn't need these, so I just gave up.

EDIT: What a coincidence! I've just had an e-mail from Plum to tell me that certain banks have failed to provide a "suitable and stable open banking connector", and therefore Plum can no longer interact with them. One of the banks on the list was Co-op, which is the account I was using. At least that explains it!

Archie_Duke

Had an email today from Plum about their expanding range of services. You can now link more than 1 bank account at a time, something I’ve seen a lot of questions about. Their new app is rolling out this month and is called OneView https://blog.withplum.com/new-look-plum-app/

Here’s what I got in the email:

We just want to let you know that we’ve updated our General Terms and Conditions, Interest Pocket Terms and Privacy Notice. You can find these changes right here.

Mostly these are just small updates, but we’ve summarised some of the bigger things below so you can easily keep track of what is going on with our services.

Introducing the Interest Pockets 

We’re super-excited to start rolling out our brand new Interest Pockets! These will allow you to deposit your money with a UK Bank and earn interest on that money, making it work harder for you.

In our Interest Pocket Terms, we cover:

• What products we will offer, now and in the future;
• How interest works;
• The process of depositing with the Bank, the function of the Trust and what rights and protections that affords you;
• How to open and close your account, as well as rights and timelines for depositing and withdrawing funds;
• How to get in touch with queries and concerns.

We are always growing, and as we grow we will be able to offer more and more exciting accounts and products. Watch this space!