Plum savings and invesment app

andy301

Is this a good app to use, is it safe I have some savings and would like to regularly save

grumiofoundation

The money in Plum is not FSCS protected so in the event of Plum going bust you are not guaranteed your money back - so not ‘safe’ in the way a bank is ‘safe’.

Investing though plum - presuming you would be investing relatively small amounts is likely to be far more expensive than elsewhere since it costs £1 a month plus 0.15% (for comparison vanguards own platform is only 0.15%).

If you think plum can help you save then might be a product to help you. But sensible withdraw the money regularly and if you want to invest do it via vanguard or legal and general or various other platforms it will be a lot cheaper. 

If you don’t need the plum feature to help you save - no reason to use it. 

andy301

Thanks that really helps. I will have a look at the other platforms instead.