How do automatic savings work?
Plum analyses your transactions and then identifies your regular income, rent, bills and daily spend. Using this and other factors like your available balance, our smart algorithm will run every few days and calculate an affordable amount to save for you.
What's going on behind the scenes is Plum sets up a Direct Debit with your chosen bank account. This allows it to automatically transfer money to your Plum Savings, without having to ask for permission every single time.
Can you guarantee that you will not take me into overdraft?
Yes, Plum's algorithm applies a number of safeguards specifically designed to prevent you from going into your overdraft. Having said that, we cannot predict and prevent your future impulse purchases – for now at least! If you feel it was our fault let us know at email@example.com and we'll happily cover the overdraft fees. We know, we hate fees as well.
Can I choose to save if I'm in my overdraft?
Yes! While Plum's default behaviour is to avoid saving if you have a negative balance, you can type "overdraft savings" and Plum will start to save automatically for you, even if you have a pre-authorised overdraft with your bank.
How do I access money in my Plum savings?
You access your money by chatting to Plum on Messenger, which allows you to check how much savings you have, and choose either to save more, or to withdraw.
How do I withdraw money from my Plum savings?
You can always withdraw your money by typing "withdraw" to Plum. Your money will be returned to you within 24 hours during business days. Note that there is no limit on how much you can withdraw and withdrawing doesn’t cost you anything!
Where are my Plum savings held?
When Plum sets money aside for you, it is moved from your bank account and held in an e-money account, which is held and administered by our partner, MangoPay. They are regulated to hold your money as an 'Authorized Electronic Money provider'. This e-money account is not FSCS protected, but is subject to strict European regulation, meaning that in the unlikely event that Plum, MangoPay, or the bank should go bust, you will get your money back. You won’t earn interest on your balance (we're working on this!) but you can put the funds to work by investing them, or withdraw them when you've met your goals.