Plum is rated as ‘Excellent’ on Trustpilot scoring 4.5 out of 5.0 stars from over 3,100 reviews. 79% of users rate it as ‘Excellent’, with most commenting on how great it is at helping them to save money and great customer service.
How long does Plum take to invest?
It takes on average 5 working days for an investment to finish processing compared to a saving. However, when you invest from your bank account the money must first enter your Plum account and is then redirected into your investment fund. This means it takes an extra 4 days to complete.
Can I trust plum?
Is Plum safe? In short, yes Plum is safe to use. It has taken all the correct steps to ensure the safety of your funds. They are covered by the Financial Services Compensation Scheme (FSCS) which means you could get up to £85,000 compensation should anything happen to Plum or their custodians to put your money at risk.
Can you make money from Plum?
Yes, it is possible to earn interest on your Plum savings. Although we don’t pay interest on any money stored in your Plum account, we do offer Easy Access Interest Pockets provided by Investec Bank to all of our customers.
Is it worth using plum? – Related Questions
Why can’t I withdraw my money from Plum?
This is because your funds are still pending from your bank account to Plum. If the funds have not yet reached your Plum Pockets, please note that deposits take 4 working days to reach your account from the day they were initiated.
How often do plum investments update?
Earnings are gains/losses for investments and is updated every trading day. Its value is from when you first started investing money and does not reset if you take money out. (C) This section shows the breakdown of you investment profile with the different funds. (D) The total balance in this particular fund.
When can you withdraw money from Plum?
If you need the funds from your Maximiser pocket, you can withdraw your funds back to your linked bank account by going to Maximiser pocket and tapping ‘Withdraw”. If you initiate the withdrawal on Friday after 2 PM, or anytime on Saturday or Sunday, the funds will be returned to your account on Monday.
Why is plum not taking my money?
Plum hasn’t been able to save for you because you have a low bank balance. We have designed Plum not to take you into unauthorised overdraft unless you specifically enable it in the app. Once your bank balance is a bit higher, Plum will start saving for you.
Is Plum or Moneybox better?
Plum Vs Moneybox… the winner
But Plum is the close winner, based on the fact that it just feels easier to navigate and use, plus its great autosaving feature. What is this? But don’t rule out Moneybox as it does come with more savings options such as the Lifetime ISA and Stocks & Shares ISA.
Who owns Plum?
Plum Financial Services
Industry |
Financial services |
Services |
Superannuation |
Number of employees |
Over 160 |
Parent |
IOOF |
Website |
www.plum.com.au |
Which is best plum or chip?
A difficult choice. Chip pips it because most people will opt for a cash account and not want to pay a subscription fee. But Plum provides more investment funds, so is a better choice when it comes to investing.
What is Plum investment?
A Plum Self Invested Personal Pension (SIPP) lets you consolidate existing pension policies and invest in risk managed or other well diversified global funds. Capital at risk. Pension and tax rules apply. Learn more about Pension → Please remember that your capital is at risk when it comes to investing.
Is Plum FCA regulated?
Plum is authorised and regulated by the Financial Conduct Authority (FCA), and your money is also covered by other regulations too.
Does Plum support Metro bank?
Plum currently connects to 19 UK banks, with some big names such as Barclays, Halifax, Lloyds, Nationwide and TSB included as well as the newer fintech/challenger banks such as Monzo and Starling. They do not support Metro or Co-operative, but do have a connection to Tesco Bank.
What bank accounts work with plum?
Neobanks that link to Plum are Monzo, Revolut and Starling. ‘Traditional’ banks that link to Plum in the UK are Barclays, Danske Bank, First Direct, Halifax, HSBC, Lloyds, M&S, Nationwide, Natwest, RBS, Santander, Bank of Scotland, Tesco, TSB.
What other apps are like plum?
And, like Plum, Chip is also compatible with most app-based banks: Monzo, Revolut and Starling. Chip’s free version allows you to use the savings account and three basic investment funds (however, they do charge a 0.5% fee on all investments).
Does Plum affect your credit score?
All in all, applying for a Stocks and Shares ISA or General Investment Account with Plum will not affect your credit score and may only appear in the soft searches section of your credit report which is not visible to others than you.
Is Plum a savings account?
Top autosaving apps
Do note Plum and Moneybox also offer investments as well as savings, so make sure you’re signing up to a savings plan – if that’s what you want. If you do want to invest, these apps aren’t usually the cheapest way (see Investing for beginners for more).
How do I invest in plum stocks?
To do this:
- Tap ‘Investments’ on your Plum menu (or type ‘Invest’ in Messenger)
- Then hit ‘Deposit’
- Pick the fund you want to invest in.
- Enter the amount you wish to invest (i.e. £5)
- Press ‘Done’ and you’re all finished!
Is it bad to withdraw money from a credit card?
They can impact your credit score: Cash advances from your credit card won’t show up on your credit report as their own line item, but they can harm your credit score if the amount you withdraw causes the percentage of available credit you’re using, also known as your credit utilization rate, to increase.