Imagine waking up one day to find the spare change you’ve been squirreling away has blossomed into a substantial nest egg. Sounds too good to be true, right? Well, whether you’re dreaming of a secure future, funding your education, planning a dream vacation, saving for home renovations, or simply building a rainy-day fund, there’s an app making investing accessible and effortless for millions of Brits: Plum.
Plum is on a mission to empower its users to save for life’s milestones through the magic of AI and automation. Its intuitive rules and diverse investment options are helping people reach their financial goals faster than ever before. The app seamlessly connects to your bank account, discreetly setting aside funds based on personalized rules that you have complete control over.
From there, Plum takes the reins, managing your money in a way that aligns with your preferences. Whether you’re interested in exploring Plum’s curated investment funds or simply stashing your savings in an Easy Access Interest Pocket, your financial journey is tailored to your needs.
The Power of Automation
Plum’s automation capabilities are truly game-changing. You can create a range of automatic saving rules, such as ’round-ups’ (rounding up your purchases to the nearest pound and setting aside the difference), ‘rainy day’ savings (setting aside a designated amount for unexpected expenses), or ‘splitter’ (dividing your money across various accounts and investments). But if you’re looking for even more hands-off convenience, Plum’s smart algorithm will do the heavy lifting. By analyzing your spending patterns and income over the past few months, it intelligently determines how much you can safely set aside without impacting your daily life.
A Real-Life Success Story
Jordan, a 34-year-old resident of Stratford-upon-Avon, is a testament to Plum’s effectiveness. Despite being a diligent saver, Jordan often found himself dipping into his savings account to cover unexpected bills or when he miscalculated his spending. ‘It felt like my savings goals would never quite be reached,’ he admits.
Plum’s Primary Pocket changed everything. ‘With Plum’s Primary Pocket pulling money that I can afford to save, it means at the end of each month I know that money is safe to use and I can then distribute it into the other pockets I have for savings,’ he explains.
Unveiling the Primary Pocket
The Primary Pocket acts as the central hub for all deposits and withdrawals within your Plum account, bridging the gap between Plum and your bank account. Any time you withdraw funds from other pockets or investments, the money will flow to the Primary Pocket first. From there, you can easily initiate a transfer to your bank account.
The Power of Small Change
Jordan’s experience highlights the impact of Plum’s auto-saving feature. By automatically putting aside spare change from his income, Jordan estimates he’s saving between £1,000 and £1,200 per year. Since 2020, he’s amassed close to £12,000 in savings through Plum.
‘It’s the most user-friendly app I have used for my money, especially when it comes to the investment side of things,’ he enthuses. Jordan was particularly drawn to Plum’s competitive interest rates and diverse range of interest accounts, which offer higher returns compared to the default Primary Pocket and Regular Pockets.
Navigating Investments with Confidence
While Jordan had some prior experience with other investment apps, he found himself lacking confidence in his decisions. Plum’s transparent approach to investment management changed his perspective. ‘I can easily understand where my money is invested, with graphs and data from previous years accessible so I can clearly see if a particular investment is worth investing into or not,’ he says.
Beyond Saving and Investing
Plum is more than just a saving and investment app. It offers a suite of intelligent features designed to empower you to take control of your finances.
Its new Spend Tab provides comprehensive spending overviews across all your linked accounts, allowing you to monitor your financial habits and make informed decisions.
FAQs About Plum
*
Is Plum free?
Plum’s basic version offers a range of features without any fees. If you’re looking to unlock additional functionalities and optimize your saving and investing journey, you can upgrade to a subscription plan.*
Do I need to link my bank account to Plum?
Yes, to enjoy the app’s features, you’ll need to link your bank account. The primary method for depositing money into Plum is through Direct Debits, allowing Plum to withdraw funds on your request, either through your automated saving rules or manual deposits initiated within the app. Plum also offers a ‘Quick Transfers’ option for faster deposits. Rest assured, no money will be withdrawn from your account without your express consent.*
What security measures does Plum have in place?
Plum employs robust security measures, including encryption and face and fingerprint ID authentication for added protection. It holds the Cyber Essentials certification and complies with the security frameworks of CIS and ISO 27001, underscoring its commitment to data protection.*
Is Plum regulated?
Plum is regulated by the Financial Conduct Authority. Money held in an Easy Access Interest Pocket is protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000 per customer. Non-interest earning pockets, such as the Primary Pocket, are safeguarded by the E-Money Safeguarding Rules.Embracing a Brighter Financial Future
Jordan is a prime example of how Plum can empower individuals to achieve their financial goals. By taking control of his savings and investments, he’s confidently building a solid financial foundation for the future. He’s excited about the potential of reaching his dreams, including saving for a dream holiday and funding his Astrophysics degree.
‘It’s awesome to be able to see each individual pot grow and your savings goals seem to come to life quicker,’ he shares. ‘Plum has enriched my life both on the investments and on the savings side and has allowed me to truly take hold of my finances in the way I wanted to – I’m not the sort of person who is bad with money in the first place, but it’s optimised my time for sure.’
Ready to embark on your own financial journey? Download Plum today! It’s available on both the App Store and Google Play.
