Q1. What is Plum?

Plum is a money management app. You could call Plum a personal finance assistant, if you want to be fancy. In tech speak, Plum's powered by an algorithm. Strip away the elaborate monikers, and Plum is really a way to automate your finances. We aim to empower everyday people, because behind the tech is the simple desire to promote financial best practice for all!


Q2. How does Plum work?

Once you connect your bank, Plum adapts to you, calculating how much you can afford to set aside every few days, without you needing to think about it. By checking utility tariffs in your area Plum also ensures that you're not overpaying for things like gas or electricity. And, if you'd like to try and grow your money for the future, we offer a range of carefully selected investment options designed to cater for newbies and seasoned-pros alike.

Note: your capital is at risk if you choose to invest.


Q3. Can I use Plum without Facebook?

You sure can! Originally developed to work through Messenger, Plum is now available in an app for either iOS 🍏 or Android 🤖.

Q4. Is Plum free?

It's free to stash money with Plum, with no extra fees for withdrawing your money whenever you like. If you want to try and earn a return on your money, then there is a fee of £1 per month for Plum Plus, our investments platform. We also charge a subscription fee (the amount is dependent on your platform) for our premium tier, Plum Pro, which lets you build interest on your savings, earn cash back on purchases, and access exclusive deposit rules.


Q5. How does Plum make money?

Whilst our vision is to operate Plum as a sustainable business, it may surprise you to know that we don't earn any money from our auto-stashing service. We charge a subscription for Plum Plus and Plum Pro (see question 4, above), and we earn a referral fee if you switch your utility supplier through our app.


Q6. Is Plum a bank?

No, Plum is definitely not a bank! Plum was designed as an alternative to the old-fashioned banking system. We're all about helping you... rather than lining our pockets with hidden fees and charges. Money stored in your Plum account will not be lent out, and instead will be held in a UK bank account (protected by E-Money Safeguarding Rules) until you choose to withdraw or invest it.

Q7. Does Plum pay interest?

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 now offer interest bearing Pockets to our Plum Pro and Plum Plus subscribers.


Q8. Is Plum safe?

Security is paramount in everything we do. We never have access to your bank login details, and are only given read-only access to your transactions. So, in the unlikely event of a breach, no money can be transferred from your bank account. In addition, we also use symmetric cryptography (AES) to store any sensitive data, with 256-bit TLS encryption to communicate with our servers.

If you want to learn more about our approach to security and privacy feel free to contact us direct at help@withplum.com


Q9. Is Plum FSCS protected?

Your money is always protected with Plum, but the Financial Services Compensation Scheme (“FSCS”) is a very specific type of protection, and is only relevant to certain aspects of our product.

Plum Account: Our provider maintains a specific UK customer bank account for all Plum customers, which is protected by the E-Money Safeguarding Rules. If the worst was to happen to either Plum or our E-Money Provider, the money from your customer bank account will be returned to you, and not touched by anyone that Plum or the provider could potentially owe money to.

Plum Investments: Unlike the money in your Plum Account, your share of investment funds is safeguarded by a regulated custodian. If anything should happen to Plum or our investment fund provider, your share will be passed back to you and can’t be touched by anyone else. And if the custodian fails... this is when you could benefit from the FSCS.

Your capital is at risk if you choose to invest.

Plum Interest Pockets: Money saved with Plum in an Interest Pockets is held on Trust with a UK Bank (legally it never stops belonging to you). If anything were to happen to Plum then the bank can return your money to you directly. And should something happen to the bank, you could benefit from the FSCS and claim up to £85,000 of your money back, if the scheme applies to you.


Q10. How often does Plum save?

Once you connect your bank, Plum analyses your transactions to identify regular income, rent, bills and spend. Once your first auto-deposit is arranged, Plum normally calculates the amount that can safely be set aside every 4-5 days, and will transfer this via direct debit. Other rules like Round Ups, our 52 Week Challenge, or Rainy Days are calculated and set aside once per week.


Q11. How much does Plum save?

Plum adapts to your spending, calculating how much you can afford to set aside at any time by using an algorithm that automates the process. This means that the amounts are tailored to you, so you’re never left short for what's important. With extra deposit rules and a variety of moods to choose (ranging from ‘Shy’ 🙈 to ‘Beast Mode’ 🦁), you control how much you want to put away. You can also pause Plum completely at any time.

Q12. Where is Plum based?

Although many of our employees work remotely, Plum is a registered UK business, with offices in London 🇬🇧 and Athens, Greece 🇬🇷


Q13. Where is Plum money held?

Your money is always safe with Plum, but where it's stored will depend on which area of the product you're using.

Plum Account: We use an Electronic Money Provider to administer an E-Wallet for you. Our provider holds any money stored in non interest bearing pockets in a separate UK customer bank account for all Plum customers.

Plum Investments: If you choose to invest with Plum, your money is used to buy part of a fund through our Investment Provider. A fund is really just a big pot of money that is controlled by professional investment managers, but ultimately you're investing your money in the stock market.

As with all investments, capital is at risk.

Plum Interest Pockets: Money saved with Plum in an Interest Pocket is held on Trust with a UK Bank. A Trust is a legal mechanism which means we can look after your money, but legally it never stops belonging to you.


Q14. How do you withdraw from Plum?

You can withdraw your money from Plum at any time, and as often as you like. There are also no fees, additional charges or limits for withdrawing your money from Plum. To withdraw money from Plum using our iOS or Android app, just tap 'Account' and then 'Withdraw' from the home tab.

Q15. How long do Plum withdrawals take?

Withdrawals from your Plum account are usually processed in less than 2hrs (we recommend allowing 24hrs to avoid disappointment), and will appear on your bank statement as YOUR NAME PLUM (e.g. JOHN SMITH PLUM).

Withdrawals from investments take longer because the funds must be sold on your behalf. Depending on the investment, it normally takes 5 working days for the money to be deposited back in your Plum account (rather than your bank).


Q16. Do you need a photo ID to use Plum?

You don't need to provide any proof of identification to create and use your Plum account, but there are limits on the amount of money that you can hold in or withdraw before we must verify your identity. As with all financial institutions, we must comply with a set of guidelines called Know Your Customer (KYC), but we'll give you plenty of notice if you're approaching the relevant thresholds.


Q17. How do you cancel Plum?

To cancel your Plum account just tap ‘You’, and then ‘Close account’. If you have withdrawn all your money (or sold any investments) and you have no deposits pending, then your account will be closed immediately. If you have deposits pending, you first need to wait for the funds to hit your Plum account (or investments), before withdrawing them back to your linked bank.

If you want to close your Plum account then you should ensure you've paused all automatic rules from the Brain section of your app.


Q18. Is investing with Plum easy?

Plum was designed to make investing simple! Rather than expecting you to pick specific stocks, we’ve done the hard work and instead offer a carefully selected range of investment ‘funds’. These funds are professionally managed portfolios containing a combination of shares, bonds, and other assets, which means you don't have to be a stock market whiz to get started.

Note: capital is at risk if you choose to invest.

Q19. How do Plum investments work?

You can create your Plum investment profile in under 2 minutes, and start investing today with as little as £1. Just choose between a Stocks & Shares ISA (Individual Savings Account), or GIA (General Investment Account), then select your fund(s) to invest in what matters to you. Our Splitter can even be configured to automatically divide your deposits between your main Plum account and/or any investment funds that you’ve previously chosen.

Note: capital is at risk if you choose to invest.


Q20. Why is Plum called Plum?

We love fresh produce here in the Plum office, but the company name didn't come about due to our affinity with the fruit! In finance terminology, a 'plum' is considered to be an investment that performs well over a long time without presenting undue risk... though this is only apparent with hindsight.


So that's us, in twenty nutshells! 🥜

If you still have more questions then you can check out the Plum website.

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