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Frequently Asked Questions


Saving Investing Data & Security Your Account

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.

How do I access my Plum savings?

You can access your savings only via Plum. Plum will inform you how much savings you have and will save or withdraw for you whenever you want. Additionally, it will accumulate money it thinks you can safely put aside in the background.

How can I withdraw from my savings?

You can always withdraw your money by just texting Plum ‘withdraw’ and then an amount. When you withdraw your money it will be with you within 24 hours on business days. There is no limit of withdrawals nor fees for withdrawing money.

Where are my Plum savings held?

When Plum sets money aside for you, it is moved from your bank account, to a protected bank account by our partner MangoPay, which is regulated to hold your money as an 'Authorized Electronic Money provider'. This bank 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 all of your money back.

Can you guarantee that you will not take me into overdraft?

Yes, our algorithm will use a number of safeguards specifically designed to prevent you from going to 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 help@withplum.com and we'll happily cover the overdraft fees. We know, we hate fees as well.

Can I save if I am in my overdraft?

The default behaviour of our automatic savings algorithm is to avoid saving if you have a negative balance. If you have a pre-authorised overdraft with your bank and you would like us to save for you while you are in your overdraft you can let us know at help@withplum.com or by tapping "Chat to a human" during working hours. Plum might also reach out to you first if it detects that it cannot save for you because of an overdraft.

Alternatively, you can keep automatic savings off and save manually whenever you like by typing 'save' in Messenger.