New feature released: Weekly Depositor

Plum was built on the principle of automation.

Once you link your bank accounts and credit cards, our algorithm will analyse your spending and adapt to your lifestyle to help you set more money aside over time.

It’s a great way to boost the amount you put away because Plum calculates your auto-deposits based on what you can actually afford. But we also understand that personal finance is just that... personal!

Sometimes you might prefer to predict exactly how much money will be saved in a given week, and this is where the Weekly Depositor can be easily built into your budgeting plan.

What is the Weekly Depositor?

The Plum Weekly Depositor is a new rule that lets you specify exactly how much you want to set aside each week.

Included in the free version of Plum, the Weekly Depositor can be used in conjunction with our other rules to help make managing your money management simple and intuitive.

How does the Weekly Depositor work?

You can enable the Weekly Depositor just like any other rule, from within the ‘Brain’ in your Plum app.

The default Weekly Depositor amount will be £2, with the rule intended as a way to gradually build the savings habit and to help you reach your financial goals over time.

Like everything with Plum, the rule is totally customisable, so you can specify exactly how much you want to contribute.

There are suggested defaults for deposits of £1, £2, £5, £10 or £20. Alternatively, you can specify another amount of your choosing, if you prefer.

And as with all our rules, you can pause the Weekly Depositor at any time.

Who can use the Weekly Depositor?

The Weekly Depositor was designed for anyone who wants to improve their financial situation or budget better.

The rule will be available to all Plum customers across Android and iOS devices 📲

How can Plum help me set more money aside?

Automation is a big part of what we do. And if you’re serious about stashing more cash, then automation is a tool to help you achieve this!

As well as our standard algorithm, you can use Plum to set extra money aside when you first get paid, or even help you work towards paying off your overdraft.

In addition to helping you set money aside, Plum can also help with money management by automatically apportioning your deposits between your Primary Plum Pocket, any additional Savings Pockets that you’ve created or investments you’ve previously chosen.

If you’re still keen to stash more cash away, then a subscription to one of our premium tiers* will allow you to access more exclusive saving rules. Options like our 52 Week Challenge or Rainy Days Rule will allow you to make saving fun by gamifying the experience 👾

And if you’re wondering how to budget more effectively, Plum’s Money Maximiser is our most advanced budgeting solution yet. It helps you maximise the interest you earn on your savings, while still making sure you have money available to pay your bills when you need it… useful for making sure they’re paid on time, and helping you maintain healthy credit scores.

*Additional saving rules available with a Plum Pro or Plum Ultra subscription.

How does Plum’s automation work?

Because Plum can be linked to all your bank accounts and credit cards, the free budgeting app can act as a one-stop money dashboard.

This high level view of your finances helps you stick to spending limits, with Plum in the background calculating how much can be automatically saved, without leaving you short for what’s important.

By automating your deposits it can mean that you’re more likely to stick to the savings habit, because you don’t even need to think about it.

What happens to the money Plum sets aside?

By default, the money you set aside with Plum is stored in your Primary Pocket. These funds are stored as e-money (which is covered by e-money safeguarding rules), which means it doesn’t earn interest… but this is where savings Pockets come into play.

All Plum customers can create a separate Interest Pocket* (your banking app might call this a pot) that pays a return on your savings. These Pockets are like segregated savings accounts, and are covered by the Financial Services Compensation Scheme (FSCS). So this money is covered by the same protection that applies to money saved with a high street bank.

However, we’ve reserved the very best rates for our premium subscribers.

Customers using our Plum Pro or Plum Ultra tiers can earn more interest on their savings, and create and customise extra Pockets to help them keep track of their cash flow and saving goals.

Separating your money into spending categories can be a great way to track your spending.

*Easy Access Saving Pockets are provided by Investec Bank Plc.

How is my money protected with Plum?

Plum is a smart finance app for people wondering how to save money with the help of automation. The idea is that you can put your finances on autopilot, to promote best-practice without you needing to think about it.

However, as with any financial product, it’s important that there are also safeguards in place to help protect you and your personal capital.

When it comes to money, security is always paramount. Plum is regulated by the Financial Conduct Authority (FCA), and whether you’re stashing some extra cash, earning interest on your savings or investing for the future, there are various ways that your money is protected.

To learn more about Plum you can check out our website.

For all the latest Plum news and discussion, head to our Plummunity Forum, or follow us on Instagram and Twitter.